German Mayor Call Concerns Over Child Safety “Unfounded” Amid Plans To Accomodate 80 Asylum-Seekers At A Primary School

German Mayor Call Concerns Over Child Safety “Unfounded” Amid Plans To Accomodate 80 Asylum-Seekers At A Primary School

Authored by Thomas Brooke via Remix News,

Outraged parents have condemned the local mayor’s decision to accommodate up to 80 asylum seekers in containers on the grounds of a primary school in the German town of Monheim am Rhein.

Dozens of local residents attended a recent question time of the local council to voice their displeasure over the controversial move proposed by Mayor Daniel Zimmerman’s administration and expressed their concerns for child safety, calling the plans both inappropriate and unacceptable.

Starting next spring, a cohort of migrants will reside in containers located on the school grounds, which are no longer used for educational purposes.

In response to the protestations of locals, the council cited economic factors as a primary reason for the move, insisting that the estimated €150,000 it would cost to convert the containers into housing was substantially lower than the cost of renting private accommodations, where around 80 percent of the migrants recently received by the municipality currently reside.

“We simply can’t keep up with renting anymore,” a city press spokesperson told parents at the meeting.

Concerned parents told the council meeting that the housing of traumatized refugees in the vicinity of young children was wholly irresponsible, and expressed worries of potential conflict between the new arrivals and their children including the danger of rape or abuse.

However, Zimmerman called these fears “unfounded” and insisted that the migrants are “people like you and me” and are not dangerous.

“The safety of our children is the primary goal – I personally guarantee that,” the local mayor assured parents.

He explained that with the municipality receiving significantly more refugees from Ukraine, Syria, and Afghanistan, private accommodation in Monheim has become saturated and the town is reaching its acceptance limits.

The council therefore needs to resort to alternative measures to accommodate further arrivals.

The mayor added that while he was open to discussing the matter further with concerned parents in the next few weeks, for instance at parent meetings, such correspondence will not change the city’s decision to repurpose the containers on the school grounds and considered the matter to be closed.

Tyler Durden
Mon, 10/02/2023 – 02:00

via ZeroHedge News https://ift.tt/Cq3bGL6 Tyler Durden

The Mad Propaganda Push To Normalize War-Profiteering In Ukraine

The Mad Propaganda Push To Normalize War-Profiteering In Ukraine

Authored by Caitlin Johnstone via Medium.com,

There’s been an astonishingly brazen propaganda push to normalize war profiteering in Ukraine as Kyiv coordinates with the arms industry and western governments to convert the war-ravaged nation into a major domestic weapons manufacturer, thereby turning Ukrainians into proxies of the military industrial complex as well as the Pentagon.

At an event in Kyiv which hosted 250 “defense” industry corporations from 30 different countries on Friday, President Zelensky gave a speech urging war profiteers to open factories in Ukraine to cut out the middleman of securing and delivering so many weapons from abroad. This is an investment that the arms industry would ostensibly have plenty of time to set up, given that western officials are now going out of their way to communicate to the public that this war will stretch on for many more years to come.

Zelensky’s speech twice made use of the phrase “defense-industrial complex”, and used the phrase “arsenal of the free world” no fewer than three times.

“Ukraine is developing a special economic regime for the defense-industrial complex,” Zelensky said. “To give all the opportunities to realize their potential to every company that works for the sake of defense — in Ukraine and with Ukraine or that wants to come to Ukraine.”

“Right now, the most powerful military-industrial complexes are being determined, as are their priorities and the global standard of defense. All of this is being determined in Ukraine,” Zelensky tweeted with photos from the event.

This move has been accompanied in recent weeks by some of the most appalling mass media headlines that I have ever seen, all geared toward normalizing the military industrial complex in the eyes of the public.

In an amazingly awful Wall Street Journal op-ed titled titled “In Defense of the Defense Industry” and subtitled “Populists of the right and left attack U.S. companies that make weapons. Who do they think protects us?”, Future of Capitalism’s Ira Stoll argues that the military industrial complex is actually a wonderful thing we should all love and support.

“The weapons industry protects America and its allies, keeping us safe from ruthless enemies who would otherwise exterminate or enslave us,” Stoll writes. “Raytheon helps make weapons systems that defend Israeli civilians against attacks from Iran-backed terrorist groups. These include the Iron Dome, David’s Sling, SkyHunter interceptor systems and Tamir missiles. Raytheon also produces the Javelin antitank missile that Ukraine has used against Russian armor and the early-warning radars that would detect incoming missiles aimed at the U.S.”

Stoll does not name the alternate universe he is describing in which the US military is used to keep Americans safe rather than to advance imperial interests abroad.

Another recent Wall Street Journal article titled “The War in Ukraine Is Also a Giant Arms Fair” and subtitled “Arms makers are getting orders for weapons being put to the test on the battlefield” glorifies the way war machinery is being field tested on human bodies to the benefit of war profiteers.

“The Panzerhaubitze howitzer is part of an arsenal of weapons being put to the test in Ukraine in what has become the world’s largest arms fair,” writes WSJ’s Alistair MacDonald. “Companies that make the weapons being used in Ukraine have won orders and resurrected production lines. The deployment of billions of dollars worth of equipment in a major land war has also given manufacturers and militaries a unique opportunity to analyze the battlefield performance of weapons, and learn how best to use them.”

A Reuters article from two weeks ago titled “At London arms fair, global war fears are good for business” gushes over how much money is being raked in by arms manufacturers as a result of this war, with one unnamed arms industry executive telling Reuters, “War is good for business.”

Just the other day CNN anchor Erin Burnett followed up some clips of “far right lawmakers” voicing their opposition to funding for the Ukraine proxy war by pausing to explain to her audience that this funding is actually good for Americans, because it goes straight into the US arms industry.

“It’s worthwhile with all of this gaining some steam in public perception to be clear on some facts,” Burnett said. “First and foremost, the vast majority of this money is going to American companies and jobs, right, because those are the people that are making the Abrams tanks, the ammo and everything else. And you take Lockheed Martin, which makes the HIMARS, that have been core to Ukraine’s counteroffensive, the company announced it’s going to increase its workforce in Camden, Arkansas, by 20 percent, just because of this new demand.”

“That money is going to America,” Burnett added.

All this propaganda energy is going into normalizing the act of war profiteering because if you let the idea stand on its own, it would make people scream in horror. The fact that a deliberately-provoked war is being used as a giant field demo to show prospective buyers and investors how effective various weapons systems can be at ripping apart human bodies in order to profit from all this death and destruction is more nightmarish than anything any dystopian novelist has ever come up with.

Ukraine is a giant advertisement for weapons of mass slaughter, and the cost of that corporate ad is not money but human blood. If you look right at this thing it absolutely chills you to the bone. Which is why so much effort is being poured into making sure people don’t look at it.

*  *  *

My work is entirely reader-supported, so if you enjoyed this piece here are some options where you can toss some money into my tip jar if you want to. Go here to buy paperback editions of my writings from month to month. All my work is free to bootleg and use in any way, shape or form; republish it, translate it, use it on merchandise; whatever you want. The best way to make sure you see the stuff I publish is to subscribe to the mailing list on Substack, which will get you an email notification for everything I publish. All works co-authored with my husband Tim Foley.

Bitcoin donations: 1Ac7PCQXoQoLA9Sh8fhAgiU3PHA2EX5Zm2

Tyler Durden
Sun, 10/01/2023 – 23:30

via ZeroHedge News https://ift.tt/7Dpg5k4 Tyler Durden

Charting The Depths: The World Of Subsea Cables

Charting The Depths: The World Of Subsea Cables

Data may be stored in the “cloud,” but when it comes to sending and receiving data, a lot of that action is actually happening along the depths of the ocean floor.

Hidden beneath the waves, these subsea cables account for approximately 95% of international data transmission.

As Visual Capitalists’ Bruno Venditti details below, these maps, by Adam Symington, use information from TeleGeography to show the distribution of subsea cables around the planet.

Wired for Connectivity

It’s estimated that there are nearly 1.4 million kilometers (0.9 million miles) of submarine cables in service globally. They ensure emails, content, and calls find their way, linking colossal data centers and facilitating worldwide communication.

Currently, there are 552 active and planned submarine cables:

Submarine cables harness fiber-optic technology, transmitting information via rapid light pulses through glass fibers. These fibers, thinner than human hair, are protected by plastic or even steel wire layers.

Cables usually have the diameter of a garden hose, but often with added armor near the shore. Coastal cables are buried under the seabed, hidden from view on the beach, while deep-sea ones rest on the ocean floor.

Length varies widely, from the 131-kilometer CeltixConnect cable, connecting Dublin, Ireland, and Holyhead, UK, to the sprawling 20,000-kilometer Asia America Gateway cable, connecting San Luis Obispo, California, to Hawaii and Southeast Asia:

Asia America Gateway. Image: TeleGeography

With the current technology, cables are designed to last 25 years at least but are often replaced because of damage. Nearly two-thirds of cable damage is caused by fishing vessels and ships dragging anchors.

The Bottom Line

Traditionally dominated by telecom carriers, the makeup of the subsea cable market has shifted over more recent decades. Tech giants like Google, Facebook, Microsoft, and Amazon now heavily invest in new cables.

With data demand surging, at least $10 billion is expected to be invested in subsea cables worldwide between 2022 and 2024, driven by cloud service providers and content streaming platforms.

Even with the growth of satellites in telecom, cables still can carry far more data at a much lower cost than satellites. In fact, according to TeleGeography, satellites account for less than 1% of all U.S. international capacity.

Tyler Durden
Sun, 10/01/2023 – 23:00

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

Why Did People Comply?

Why Did People Comply?

Authored by Maximilien Lacour via The Brownstone Institute,

On Monday 16th of March 2020, when Boris Johnson first proclaimed, “You must stay home,” I very meekly said “OK!” And the chances are that you did too. 

Polling from the time shows that self-reported compliance with the stay-at-home orders was high – a finding broadly corroborated by mobility data, which has the marked advantage of not depending on respondents’ honesty about following the law (Ganslmeier et al. 2022; Jackson and Bradford 2021). 

In itself, however, this data alone does not tell us why an unprecedented suspension of our civil liberties enjoyed such high levels of compliance.

There are, however, surveys that do provide some insight (see, for example, Jackson and Bradford 2021; Foad et al. 2021; and Halliday et al. 2022) and amongst their more surprising findings is that instrumental considerations – that is, personal fear of the virus or of coercion by the State – may have been relatively unimportant in driving compliance with the lockdown rules. Instead, they found that, in general, people followed the rules because (1) they were the law and (2) because they provided us with a shared understanding of what was good and right to do, which many of us seem to have internalised (Jackson and Bradford 2021).

The first of these is not particularly surprising. The law enjoys a ‘reservoir of loyalty’ amongst Brits who are therefore already predisposed to respect its edicts just because they have been made law (Halliday et al. 2022, p.400). 

This, however, does not explain the second driver of compliance. That is, it does not explain why we bought into lockdown laws and willingly accepted them as the basis of our public morality – to the point that we even often justified our non-compliant behaviours as nonetheless remaining within the ‘spirit of the law’ (Meers et al. 2021). It does not explain why we looked upon the sanitised, terrorised redrawing of society and saw that it was good. It is worth briefly revisiting, with the benefit of cooled heads and hindsight, what exactly this looked like. 

Over the course of a week or so, our lives and concerns were dyed a COVID monochrome and narrowed down around a single, shared priority – slowing the spread of the novel coronavirus, or, in the stock phrases of the time, “flattening the curve” and “bringing R below 1.” And, to achieve this, we were asked to abandon almost every single activity that make up our shared lives and distinguish us from battery-farmed animals, including but not limited to, seeing friends, going to school, shopping, going to the theatre, playing team sports, meeting for romance or sex, and just hanging about (Wagner 2022, p.61). 

In a way, it also radically simplified our lives. 

Under the radical, bewildering uncertainty of early 2020, the lockdown rules saved us from having to negotiate the perils and ambiguities of being mortal amongst mortals in time of plague, by telling us what we needed to do in most cases. Want to see Grandma? Simple! You can’t. Want to go shopping? Essentials only and follow taped lines across the floor! Want to continue an affair with the milkman or just see your girlfriend? Well, again, you can’t – and pray that you don’t live in Leicester

Borrowing a term from moral philosophy, the lockdowns introduced a decidability (or, at least, the illusion of it) into our lives that would otherwise have been absent (Taylor 1997). Under its sway, we no longer had to engage with our lives as moral agents tasked with making imperfect judgements about what is right or wrong, as we could assume that those judgments had already been made by a higher authority and were reflected in its rules. Life under lockdown settled all philosophical difficulties and faced with a course of action, one wasn’t to ask, “Is this the right?” but “Does this Flatten The Curve?” 

This decidability may go some way to explaining why we internalised the lockdown worldview so easily. In his 2005 essay, “Afraid to be Free: Dependency as Desideratum,” James Buchanan identified a widely shared set of expectations that he termed ‘Parental Socialism’ and described as: 

… paternalism flipped over, so to speak. With paternalism we refer to the attitudes of elitists who seek to impose their own preferred values on others. With parentalism, in contrast, we refer to the attitudes of persons who seek to have values imposed upon them by other persons, by the state or by transcendental forces. (Buchanan 2005)

Buchanan very loosely defines socialism as the range of political projects that seek to impose some kind of collectivized control over the individual’s liberty of actions and provides a list of its possible sources, which includes parental socialism. Unlike the other sources identified by Buchanan, however (which have to do with the structure and powers of the State), parental socialism concerns the expectations that citizens have of said State. Freedom and agency, observes Buchanan, come with responsibility.

A free agent is forced to struggle with the complexities and ambiguities of his life and to come to a judgement about what matters – and bears responsibility for both struggle and judgement. This, observes Buchanan, is a heavy burden that many people are simply too afraid to shoulder. Instead, they (i.e. parental socialists or, more simply, us!) demand that the State be an engine of order and certainty in their worlds, much like a parent is in their child’s, and that it make and impose these judgments upon them. Parental socialists want to be told what matters by the State, told what is safe and right and what is risky and wrong, not given the freedom to deliberate themselves. 

This amounts to demanding the sort of decidability provided by stay-at-home orders and, of course, means compromising on some of one’s freedoms. If Buchanan’s diagnosis is correct, we may have accepted the lockdowns because they fit with a long-standing pattern of expectation that we have of the State. Though the pandemic-management policies themselves were unprecedented and shocking, the role they gave to the State in our lives was not entirely, and thus may help explain why we accepted them so readily. 

Now, this sits at odds with much of what is written by critics of lockdowns. For many of these (otherwise often insightful) writers, the lockdowns were an essentially top-down phenomenon, primarily driven and maintained by the machinations of politicians, scientific advisors, or some more obscure elite group. Explanations of this sort range from the conventional, like Laurent Mucchielli’s analysis of the French government’s centralising predisposition and the perverse incentives shaping WHO recommendations to the more unorthodox, like Michael P. Senger’s argument that Xi Jinping deliberately shut down the world on the pretext of a benign virus (Mucchielli 2022; Senger 2021). 

However, if what I wrote above is correct, then, while these theories are not necessarily incorrect per se (well, Mucchielli’s isn’t), they are necessarily limited by their failure to consider the role of bottom-up forces like parental socialism in driving compliance with the lockdowns. They do not do justice to the way that lockdowns were both continuous with and made possible by a set of long-standing, popular expectations that we have of the State.

This omission risks having deleterious consequences for the project of lockdown critique, assuming that its goals include preventing any future lockdowns. If lockdowns were made possible by popular parentalistic expectations, then legal reform, though obviously welcome, may prove insufficient and powerless against the very real threat of ‘voluntary’ lockdowns, whereby a population complies with a stay-at-home request without needing it to be made a legal requirement. 

Consider the comments made by David Halpern, a prominent behavioural scientist and Chief Executive of the UK government’s notorious ‘Nudge’ unit, and reported in the Telegraph:

Britain has been drilled to comply with lockdown under a future pandemic, the chief executive of the ‘nudge unit’ has said.

Professor David Halpern told the Telegraph that the country had “practised the drill” of wearing face masks and working from home and “could redo it” in a future crisis.

Speaking on the Lockdown Files podcast, the government adviser Prof Halpern predicted that the country would comply with another ‘stay at home’ order because they “kind of know what the drill is.”

In an interview given before Mr Hancock’s testimony, the leading behavioural scientist even suggested that the nation’s prior experience made it “much easier to now imagine” the population would accept future local restrictions.

Having been trained up by a first round of stay-at-home orders, our previously abstract paternalistic expectations of the State have been given a new form: in times of plague, lock down! Though Halpern does not say this explicitly (he still refers to a stay-at-home ‘order’), his remarks nonetheless suggest that future lockdowns may not even need to be legally mandated – we will just know what to do when recommended to by the State or Public Health. 

The threat of voluntary lockdowns should lead lockdown sceptics to cast their net beyond the institutions of the State and bring them to confront the harder-to-limn, bottom-up drivers of lockdown like parental socialism. They need to find ways of addressing our collective self-infantilisation and to reemphasize the value and importance of free agency. 

This does not mean rejecting any role for the State in our lives or condemning any socialist scheme (Buchanan himself is quite clear that his critical project remains compatible with aspects of social democracy such as redistribution through taxation). But it does mean trying to foster and perpetuate a popular scepticism of the State in its didactic and moralising functions. Critics of lockdown need to go beyond criticising the public institutions and individuals who designed COVID-19 policy, and to start attacking the popular mindset that made them thinkable and practicable in the first place. 

Tyler Durden
Sun, 10/01/2023 – 22:30

via ZeroHedge News https://ift.tt/6hljHSk Tyler Durden

Putin Is Now Evading Western Sanctions On Almost All Oil Exports, And Using Yuan To Avoid Import Sanctions

Putin Is Now Evading Western Sanctions On Almost All Oil Exports, And Using Yuan To Avoid Import Sanctions

When western nations rolled out a grand plan to throttle Russian oil imports and impose sanctions on Kremlin energy exports, we – and many others – laughed: after all, we have repeatedly seen how toothless western sanctions are when seeking to contain “rogue regime” oil profits, from Iran (which is pretty much selling oil to China at max capacity) to Venezuela and onward. One year later, our laughter has been well justified, because as the FT reports, “Russia has succeeded in avoiding G7 sanctions on most of its oil exports”, a shift in trade flows that will boost the Kremlin’s revenues as crude rises towards $100 a barrel, and as Russian Urals prices hit $80, the highest level in over a year.

According to the report, almost 75% of all seaborne Russian crude flows traveled without western insurance in August, the only lever used to enforce the G7’s $60-a-barrel oil price cap, according to an analysis of shipping and insurance records by the Financial Times. That is up from about about half this spring, according to data from freight analytics company Kpler and insurance companies. The rise implies that Moscow is becoming more adept at circumventing the cap, allowing it to sell more of its oil at prices closer to international market rates.

More importantly, it means that few if any Russian clients are worried about retaliation by the Biden regime for purchasing Russian oil.

The FT reports that the Kyiv School of Economics (KSE) has estimated that the steady increase in crude prices since July, combined with Russia’s success in reducing the discount on its own oil, means that the country’s oil revenues are likely to be at least $15bn higher for 2023 than they would have been; it is also an indication that for all its talk and posturing the West is content with allowing Putin’s regime to benefit from surging oil prices as the far more draconian alternative of taking all Russian oil off the market, would have sent global oil prices much higher.

Indeed, as the FT admits, while the EU and US have largely barred imports of Russian oil, the G7 price cap was designed to keep Russian oil flowing into global markets: “The aim was to prevent a squeeze on supplies and an economically and politically damaging jump in prices.”

Providing western services such as shipping or insurance is allowed under the price cap as long as Russia’s oil is sold for less than $60 a barrel. Russian oil is now selling for $20 more.

The shift is a double blow for western efforts to restrict Russia’s revenues from oil sales — which make up the biggest part of the Kremlin’s budget — following its full-scale invasion of Ukraine.

Not only is a higher proportion of Russian oil being sold outside the cap, but Moscow’s increasing independence as a seller has coincided with a strong rally in oil prices, which topped $95 a barrel for the first time in 13 months this week.

Worst of all for Western neocons, while Russia’s oil sector is still facing several challenges, including claims of shortages in its domestic refined fuels market and a dip in export volumes overall, the figures still suggest more oil revenues will be flowing into the Kremlin’s war chest.

Ben Hilgenstock, an economist at the KSE, said: “Given these shifts in how Russia ships its oil, it may be very difficult to meaningfully enforce the price cap in future. And that makes it even more regrettable that we did not do more to properly enforce it when we had more leverage.”

Meanwhile, in further weaponization of its commodities (in response to the US weaponization of the US Dollar), Russia this week banned the export of diesel and other fuels, a significant move from one of the biggest global sellers of diesel. The move has raised fears that Russian president Vladimir Putin is trying to disrupt the oil market as he did with natural gas, sparking last year’s energy crisis.

And while the Kremlin is steamrolling western export sanctions, it is Beijing that is allowing Russia to evade import sanctions.

A new study has found that Russia is using Chinese currency for at least a fifth of its imports, illustrating both Moscow’s increasing reliance on Beijing and its efforts to evade western sanctions.

As a reminder, sanctions imposed on Moscow by the EU, US and others as a result of its war against Ukraine have made it increasingly difficult for Russia to get hold of large amounts of western imports. It’s also made it more expensive for it to trade using the dollar, euro or other western currencies, especially after Russia was effectively kicked out of SWIFT and its banks can no longer transact in dollars.

What happened then? Well, by the end of 2022, 20% of Russia’s imports were invoiced in yuan — up from 3% a year previously, according to a research paper published this morning by the European Bank for Reconstruction and Development, the FT reported.

While some of that increase is owing to increased imports from China itself, the use of yuan to settle imports from third countries rose to 5% from just 1% before the war was launched in February 2022.

“Yuan is being used as a vehicle currency,” said Beata Javorcik, the EBRD’s chief economist and one of the paper’s authors. “Russia is now the third-largest clearing centre for offshore yuan transactions.”

Asking trade partners to invoice them in yuan is just one way Moscow is evading sanctions, alongside tactics such as importing products through middleman countries or exporting its oil on tankers that sail without western insurance.

The EBRD paper makes stark just how much Moscow is avoiding western banks when trying to bypass sanctions: when it comes to sanctioned goods and dual-use equipment, which can be used by civilians but also to make weapons, “the increase in [yuan] invoicing was more pronounced,” the paper found. The research also strikes a warning for any western policymakers who might see the data as a sign that their measures are working.

Rising geopolitical tensions in general, and the use of trade sanctions in particular, may reduce the attractiveness of the use of the US dollar as a vehicle currency in international trade,” they write. “This, in turn, might lead to a greater fragmentation of global payment systems.”

Yet despite all the signs, in a few years there will still be those who are stunned to learn that the dollar is no longer the world’s reserve currency.

Tyler Durden
Sun, 10/01/2023 – 22:00

via ZeroHedge News https://ift.tt/Gpy3ng0 Tyler Durden

China Investors Say Worst Yet To Come For Property

China Investors Say Worst Yet To Come For Property

By John Liu and April Ma, Bloomberg Markets Live reporters and strategists

China’s property sector has yet to see the worst of the crisis that has cast a pall over the nation’s economy and helped drive an exodus of global funds from the world’s second-largest stock market.

That’s the view from nine of 15 respondents in an informal Bloomberg News survey of analysts and money managers based in Hong Kong and mainland China. Six of them listed housing woes as the biggest risk for equities for the final quarter of 2023, followed by geopolitical tensions.

The results are a reflection of the worsening malaise in China’s real estate industry, as policymakers appear reluctant to undertake more aggressive stimulus measures lest they may fuel long-term financial risks. Sentiment worsened last week as worries about liquidity and weak housing demand intensified, sending a Bloomberg Intelligence gauge of property stocks to its lowest level in 12 years.

Pessimism over the property sector aside, the informal survey showed investors have otherwise turned optimistic on the overall market given a series of recent policy support measures and inexpensive valuations. Roughly around 70% of the respondents said they plan to add stock positions both onshore and in Hong Kong.

“We are in the worst of this cycle and we are not out of woods yet. It’s going to take a long time for the current property crisis to be over,” said Kenny Wen,  head of investment strategy at KGI Asia Ltd. who participated in the informal poll. “Before the property crisis is properly handled, it’s unlikely for the stock market sentiment to recover meaningfully.”

Investors may be staring at an added level of uncertainty after China Evergrande Group — an indebted real estate conglomerate which sits at the center of the sector’s years-long crisis — said Thursday that its billionaire chairman Hui Ka Yan is suspected of committing crimes. Meantime, Country Garden Holdings Co., formerly China’s biggest developer, continues to fight an uphill battle to avert a public bond default.

The CSI 300 Index benchmark is down 4.7% so far in 2023, on track for an unprecedented third straight year of losses. That’s dragged the gauge’s valuation to 10.8 times its estimated earnings for the next 12 months, almost two points below the five-year average.

The CSI 300 is expected to end the year at 4,100, based on the median forecast of the informal poll, implying a potential gain of about 11% from the latest close. The Hang Seng Index is projected to hit 20,500, indicating upside of around 15%, the results showed.

More than half of the informal survey’s respondents said they see equities as the best investment option at the moment, versus cash or commodities. Nine out of the 15 polled also ruled out the need for state-backed funds to support the market in the fourth quarter.

Overseas investors sold about 37 billion yuan ($5.1 billion) of mainland China stocks on a net basis in September via trading links with Hong Kong. That’s after a record 90 billion yuan selloff last month, which drove their positioning to the lowest since October 2022, when the nation’s reopening from stringent Covid curbs sparked a sharp rebound over the next three months.

The continued selling by foreign funds has driven bets that the worst of outflows may be over. Less than a third of those surveyed expected fund flows via the so-called Stock Connect program to turn negative on a net basis for the year.
“Yuan assets, especially A shares, are currently very cheap and many pockets of the market are oversold,” said Zhu Houzhong, a fund manager at Shanghai Youpu Investment Co. who took part in the informal poll.

Tyler Durden
Sun, 10/01/2023 – 21:30

via ZeroHedge News https://ift.tt/5IwV6Dl Tyler Durden

Federal Prosecutors Push For Gag Order Against Trump After His Recent Remarks

Federal Prosecutors Push For Gag Order Against Trump After His Recent Remarks

Authored by Aldgra Fredly via The Epoch Times (emphasis ours),

Federal prosecutors have urged the federal judge to impose a gag order on former President Donald Trump in the 2020 election interference case, citing the “prejudicial extrajudicial statements” he made on social media.

Former President Donald Trump appears in court at the Manhattan Criminal Court in New York on April 4, 2023. (Steven Hirsch/Pool/AFP via Getty Images)

The special counsel team filed the request for a gag order against Mr. Trump on Sept. 15 to restrict him from making “intimidating” comments about witnesses, lawyers, and other people involved in the criminal case.

Prosecutors said on Sept. 25 that Mr. Trump continued to wage “a sustained campaign of prejudicial public statements regarding witnesses, the court, the district, and prosecutors” even after the proposed order.

The defendant should not be permitted to obtain the benefits of his incendiary public statements and then avoid accountability by having others—whose messages he knows will receive markedly less attention than his own—feign retraction,” they said in a court filing (pdf).

“No other criminal defendant would be permitted to issue public statements insinuating that a known witness in his case should be executed; this defendant should not be, either,” it added.

They referred to recent posts on his social media platform, Truth Social, including one on Sept. 22 in which Mr. Trump accused departing Chairman of Joint Chiefs of Staff Mark Milley of committing treason.

In the post, Mr. Trump said that Mr. Milley’s alleged “treasonous act” could have led to “a war between China and the United States.” He also suggested that Mr. Milley should be executed for his alleged conduct.

Prosecutors also mentioned a video posted by Mr. Trump’s spokesman claiming that Mr. Trump had bought a Glock gun in South Carolina. The post was later removed, and the spokesman retracted his remarks, saying that Mr. Trump had only indicated his interest in buying the gun.

Despite the spokesman’s retraction, prosecutors said that Mr. Trump “re-posted a video of the incident” posted by one of his followers with a caption that suggested he had indeed bought the weapon.

“The defendant either purchased a gun in violation of the law and his conditions of release, or seeks to benefit from his supporters’ mistaken belief that he did so,” the prosecutors stated.

Mr. Trump’s lawyers have objected to the request, and U.S. District Judge Tanya Chutkan on Friday set courtroom arguments for Oct. 16.

Prosecutors Try to Silence Trump With Gag Order

Mr. Trump’s lawyers have previously denounced the gag order request as an attempt to “unconstitutionally silence” his political speech. They called the request a “desperate attempt at censorship.”

“The prosecution would silence President Trump, amid a political campaign where his right to criticize the government is at its zenith, all to avoid a public rebuke of this prosecution,” his lawyers wrote (pdf) on Sept. 25.

“However, above all else, the First Amendment means that government has no power to restrict expression because of its message, its ideas, its subject matter, or its content.

“The prosecution may not like President’s Trump’s entirely valid criticisms, but neither it nor this Court are the filter for what the public may hear,” they added.

Mr. Trump’s lawyers argued that the proposed gag order was “sweepingly broad” and that “many of its terms are undefined.”

If the order is granted, Mr. Trump would be forced to dramatically limit the type of comments he makes about the case even as he seeks to turn his criminal woes — the Washington prosecution is one of four that he currently faces — to his political advantage while running to reclaim the White House in 2024.

His attorneys filed court papers on Sept. 27 saying that more time is required to deal with procedures for reviewing classified information in the federal case in which the former president is accused of trying to overturn the 2020 election.

Jack Phillips and The Associated Press contributed to this report.

Tyler Durden
Sun, 10/01/2023 – 21:00

via ZeroHedge News https://ift.tt/myQoE53 Tyler Durden

Morgan Stanley Warns Of A “Chilly Season for Travel” As Middle-Class Consumers Falter

Morgan Stanley Warns Of A “Chilly Season for Travel” As Middle-Class Consumers Falter

Morgan Stanley US equity strategist Michelle Weaver joins a growing number of Wall Street analysts warning about deteriorating conditions for consumers. Weaver wrote in a recent note to clients that travel companies exposed to “lower-income consumers” are beginning to experience “demand weakness.” 

Weaver’s note, published on Sept. 21, follows JPMorgan consumer trader Brian Heavey’s truth bomb on Sept. 20 when he turned extraordinarily negative on the US consumer. Since then, Mike Wilson, Morgan Stanley’s chief investment officer, penned a note about the ‘consumer falling off a cliff.’ 

“A significant proportion of US Consumers have drawn down their Covid era excess savings and our US Economics team estimates that lower-income households have fully exhausted their excess savings, while middle- and higher-income households are less willing to spend their excess savings on consumption,” Weaver told clients. 

Her note was published after the Fed’s latest beige book that warned: “Some Districts highlighted reports suggesting consumers may have exhausted their savings and are relying more on borrowing to support spending.” And a period when credit card growth wanes, and the consumer has never been in worse shape. 

Also, the three-year pause in student loan payments has expired, as some 28 million borrowers are imminently facing a restart in payments. This will add a $15.8 billion monthly headwind – or $190 billion per year – to US consumer spending. 

Understanding all of this, Weaver’s view is that some of the first impacts of a slowdown will be “travel companies exposed to the lower-income consumer showing indications of demand weakness.” 

Here’s more from the note:

  • Low-Cost Airlines Slowing. A number of major airlines attended Morgan Stanley’s Industrials Conference last week and there was a marked difference in tone between the Ultra Low Cost Carriers (ULCCs) and Legacy Airlines. Two high-utilization ULCCs noted that demand has taken a significant, sharp turn down and these companies now expect pre-tax margins to be significantly lower. These companies may have higher exposure to low-income consumers (though we note that some other ULCC carriers with potential exposure to low-income consumers said that demand was trending in line with expectations). Meanwhile, the legacy carriers were much more positive on the demand environment and their primary concern remains higher fuel costs.

  • Hotels Are Showing Signs of Demand Weakening.TheGaming&Lodging industry has also been cooling especially in the economy segment of the market. Overall revenue per available room (RevPAR) for US hotels has been tracking at a lower trajectory for 3Q vs 2Q and hotel occupancy is down vs 2019. Economy RevPAR has been consistently down 3-4% yoy since April. While on the high-end, luxury RevPAR was down 4% in April, then flat to -2% through summer and down -3% MTD for September. Economy and luxury hotel demand is driven by leisure, consumer travel rather than business travel. There has also been weakness in the regional casino space over the past 6 months, which is primarily exposed to lower- and middle- income consumers.

  • Consumers Intend to Shift to Cheaper Modes of Travel. Our most recent AlphaWise Consumer Survey shows that consumers want to keep traveling and 58% of respondents are planning to travel over the next 6 months. Net spending plans for international travel declined from 0% last month to -8% this month, while domestic travel plans without a flight moved higher. This indicates that consumers want to keep traveling but are increasingly looking at taking cheaper trips and are choosing destinations they can drive or take a train to vs having to fly.

She added:

Travel has shown signs of cooling, led by areas exposed to low-income consumers. This problem could broaden out crimping company margins and earnings. We believe there could be more downside ahead and are underweight the Consumer Discretionary sector.

None of this is a surprise, as we’ve already reported in July, “Airline Stocks Hit Turbulence After Alaska Air Signals Slowing Demand,” and last month, “American Airlines Cuts Earnings Forecast As Headwinds Hit Airline Industry.” In mid-July, we said, “Cash-Strapped Consumers Travel By Bus To Destination Hotspots.” 

Still no recovery in airline stocks. 

Meanwhile, last week, Personal Consumption data in the latest GDP revision collapsed in a stunning 9-sigma miss to expectations

… and there goes the “strong” Bidenomics economy as “strong” data points only last about a month and then are downgraded

Beware of a faltering consumer. 

Tyler Durden
Sun, 10/01/2023 – 20:25

via ZeroHedge News https://ift.tt/k1594Hv Tyler Durden

For Some, Open Border Chaos Is The Goal

For Some, Open Border Chaos Is The Goal

Authored by Pete McGinnis via RealClearPolitics.com,

Beware, the crisis at the southern border may be much worse than it appears…

Free Apple watches, bus and plane tickets all across the continental United States, and sophisticated lawyers standing by to counsel migrants on how to best navigate border officials’ scrutiny of asylum on the occasions when they are actually required to defend their asylum claims. These benefits being offered to illegal border crossers have left the public shocked, angry, and in many cases, feeling the issue closer to home than ever before. Many cities and states have also been overwhelmed as the consequences of the crisis have migrated well beyond the southern border states. Recently, New York City Mayor Eric Adams made news when he emphatically declared that the now-regular stream of migrants into the Big Apple “will ruin the City!”

It’s not just local budgets and social services that are being squeezed to the breaking point, although those are nothing to sneeze at and will have to be addressed. The increase in crime may be the biggest concern. Violent crime rates are up, and violent incidents are prominent on the nightly news. Less visible are the other criminal enterprises causing ripple effects. Human trafficking has gained more attention as its shocking reality is (very) slowly exposed. The recently released independent film, “The Sound of Freedom,” struck a chord for this very reason – human trafficking is striking too close to home for most Americans’ peace of mind. 

Then there are the drugs. The opioid epidemic has gotten substantially worse in the last few years, with annual overdose deaths, after a slight decline from 2017 through 2019, increasing dramatically in the last several years. As if this isn’t bad enough, the opportunities for smuggling in other illegal contraband have increased as well.

Experts speculate that the drug cartels have collaborated with hostile actors, including Chinese Communists, to further take advantage of what they (rightly) view as a U.S. government intent on not enforcing the laws at our southern border. Notably, illicit tobacco and vaping products appear to have become a prime fundraising target for the burgeoning Chinese drug cartel alliance. While teenage vaping and flavored tobacco products have become a major concern for federal regulators, it is projected that most vaping products being sold are illegal and that 90% of the vaping products originate in China. Ironically, the reaction of federal authorities and policymakers has been to propose more prohibitions on legal products – overwhelmingly used by adults and lifetime smokers to transition away from cigarettes – rather than addressing the source of the problem: the flood of illegal products through our open border. It’s another example of the dangers that come from a dysfunctional government.

To elaborate, federal tobacco regulators appear set on using the robust cartel-supported black market in vaping products aimed at kids to further their long-time prohibitionist agenda (and one of Michael Bloomberg’s favorite pet projects). These regulatory efforts have been bolstered by user-fee supported special interest groups who fund splashy ad campaigns highlighting teen vaping use as the basis for their actions. Yet, the regulatory agenda seeks to outlaw a whole host of products used by adults, for which abolition seems certain to offer an even greater market opportunity for the Chinese drug cartel alliance and likely to increase access to illicit products by youth.

This may be a shocking observation to some, but this example and others indicate that senior government officials may see the lawlessness stemming from the border as a feature rather than a bug. Take Claire Trickler-McNulty, the Biden administration’s assistant director of Immigration and Customs Enforcement. Officials like Ms. Trickler-McNulty appear set on turning law enforcement agencies into social services organizations. Before joining the Biden administration, Trickler-McNulty worked for an organization that advocated for the abolition of the agency she now helps lead – in the spirit of the “defund the police” movement. Unsurprisingly, the overrun southern border has given her social service aspirations lots of prospective “clients” seeking federal assistance.

While Trickler-McNulty has faced criticism for the so-called transition from a traditional law enforcement focus, she appears unfazed. The same could also be said of her former employer, Kids in Need of Defense, a major recipient of George Soros’s Open Society Foundation that has also benefited handsomely from its influential role in the Biden administration’s open border policy with a $13 million contract.

The ways in which American families and businesses are being harmed by the open border policies could fill volumes. But it’s clear that state budgets, neighborhood safety, and our children’s futures are all being endangered while the drug cartels and our most powerful foreign adversaries become enriched and empowered. Instead of using these tragedies to advance the special interest agendas of Michael Bloomberg and George Soros, perhaps we could all agree that the American chapter on human trafficking, opioids, and open borders should be relegated to the history books.

Pete McGinnis is director of communications at the Functional Government Initiative.

Tyler Durden
Sun, 10/01/2023 – 19:50

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

Canada To Create Registry Of Podcasters In Potential Censorship Initiative 

Canada To Create Registry Of Podcasters In Potential Censorship Initiative 

Prime Minister Justin Trudeau is taking Canada down a dangerous path of censorship to regulate streaming services and social media platforms. The next regulation phase comes as some podcasters will soon have to register with the Canadian Radio-television and Telecommunications Commission.

The Online Streaming Act, formerly Bill C-11, goes into effect on Nov. 28, meaning any online streaming service that operates in Canada and generates revenue of more than $10 million in a given year will have to register with CRTC. 

The Canadian government pitches the new rule as a “modern broadcasting framework that can adapt to changing circumstances. To do that, we need broad engagement and robust public records.” It requires those podcasters to register with CRTC ‘only once’ and “collects basic information” from them, such as:

“First, the CRTC is setting out which online streaming services need to provide information about their activities in Canada.”

So what’s with the government creating a database of prominent podcasters?

One potential reason could be for the Liberal government to censor unapproved government narratives quickly. Having a registry of podcasters and the type of content they create makes it much easier for those in the government’s censorship department. 

 “The CRTC now wants to regulate podcasts,” Toronto Sun’s Brian Lilley posted on X, adding, “Here is my simple message to them. Go to hell.” 

On Sunday morning, Elon Musk chimed in on the conversation, responding to X account Wall Street Silver: “Regulate podcasts!?” 

While Trudeau has called everyone under the sun a ‘Nazi,’ from a Jewish member of parliament named Melissa Lantsman to “Freedom Convoy” trucker protesters, the radical leftist prime minister recently applauded a literal Waffen-SS Nazi with Ukrainian president Volodymyr Zelensky in Canada’s Parliament. 

Trudeau immediately blamed “Russian disinformation” for applauding the Nazi. 

Even though Trudeau eventually apologized for applauding the Nazi, his attempt to distort reality is another sign that the government routinely engages in mass censorship campaigns and further wants to regulate what podcasters have to say. 

Remember, building a registry makes the job much easier for the government. 

Tyler Durden
Sun, 10/01/2023 – 19:15

via ZeroHedge News https://ift.tt/G7S8pbm Tyler Durden