“Pharmageddon” Strikes US Drugstores As 5,000 Workers Walk Off Job

“Pharmageddon” Strikes US Drugstores As 5,000 Workers Walk Off Job

Mostly non-unionized employees at CVS Health Corp. and Walgreens Boots Alliance drugstores have walked off the job in protest about harsh working conditions.

Reuters said the three-day walkout of thousands of pharmacy workers began on Monday and has been dubbed “Pharmageddon” on various social media platforms, like X and Facebook. 

The protest garnered support from the American Pharmacists Association, the largest advocacy group for pharmacy workers, which expressed: 

APhA stands with every pharmacist who participated in the walkout today. The bottom line is that we support every pharmacist’s right to work in an environment with staffing that supports your ability to provide patient care. We know that these are steps you deem necessary in order to be heard by your employer.

Reuters spoke with Shane Jerominski, an ex-Walgreens pharmacist and one of the organizers of the protest, who said it’s unclear how many stores are affected nationwide by the walkout. He noted at least 5,000 pharmacy workers are participating in the non-unionized labor action. 

Workers at Walgreens and CVS have staged walkouts before. Several pharmacies in the US were closed in Arizona, Washington, Massachusetts, and Oregon in September and early October over labor action disputes. Walgreens told CNN the current labor action is only impacting operations “minimally.” 

The Facebook page “The Accidental Pharmacist,” with its 122,000 followers – many of whom are pharmacists and technicians – has been actively sharing updates regarding the ongoing walkout.

Drugstore disruptions? 

This latest labor action comes as workers are getting record-breaking pay hikes thanks to strategic strikes, according to Bloomberg. 

“We are seeing an incredible moment of worker power,” Acting US Labor Secretary Julie Su said in an interview. 

Su said, “We said that essential workers matter, and now workers are saying, ‘Let’s really figure out what that looks like.'”

The drugstore walkout shows a new labor movement emerges.

Tyler Durden
Tue, 10/31/2023 – 20:45

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Time Magazine’s Stunning Reversal: Zelensky ‘Deludes’ Himself Into Thinking Ukraine Can Win

Time Magazine’s Stunning Reversal: Zelensky ‘Deludes’ Himself Into Thinking Ukraine Can Win

Authored by Dave DeCamp via AntiWar.com,

One of Ukrainian President Volodymyr Zelensky’s closest aides has told Time Magazine that the Ukrainian leader has deluded himself into thinking Ukraine can win an ultimate victory against Russia after the failed counteroffensive and amid waning support for the conflict in the West.

The report said that despite the setbacks, Zelensky “does not intend to give up fighting or to sue for any kind of peace. On the contrary, his belief in Ukraine’s ultimate victory over Russia has hardened into a form that worries some of his advisers. It is immovable, verging on the messianic.”

The aide said Zelensky “deludes himself,” adding, “We’re out of options. We’re not winning. But try telling him that.” The report said that the idea of negotiating peace or a temporary truce with Russia remains taboo to Zelensky.

“For us it would mean leaving this wound open for future generations,” Zelensky told Time. “Maybe it will calm some people down inside our country, and outside, at least those who want to wrap things up at any price. But for me, that’s a problem, because we are left with this explosive force. We only delay its detonation.”

A senior Ukrainian military officer told the magazine that the armed forces has had to second guess orders that came from Kyiv’s political leadership, including an order to capture the Donetsk city of Horlivka.

“They don’t have the men or the weapons,” the officer said. “Where are the weapons? Where is the artillery? Where are the new recruits?”

Ukraine is not just running low on weapons to fight the war but also manpower. One of Zelensky’s aides said even if Ukraine’s Western backers supplied all the arms they need, “we don’t have the men to use them.”

The report also detailed the corruption in the Ukrainian government that led to Zelensky’s recent move to sack former Defense Minister Oleksii Reznikov. The author of the Time story, Simon Shuster, said he naively thought a Ukrainian official would think twice before taking a bribe, but an adviser to Zelensky told him otherwise. “Simon, you’re mistaken,” the adviser said. “People are stealing like there’s no tomorrow.”

Tyler Durden
Tue, 10/31/2023 – 20:25

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RFK Jr. Renews Plea For Secret Service Protection After Second Stalker Arrest

RFK Jr. Renews Plea For Secret Service Protection After Second Stalker Arrest

Robert F. Kennedy Jr., whose father and uncle were assassinated over politics, has renewed his call for the Biden administration to provide him with Secret Service protection after a man was arrested twice in the same day for scaling the fence of Kennedy’s Los Angeles home on Oct. 25.

Kennedy has been twice refused by DHS Secretary Alejandro Mayorkas.

It’s not right for the President to provide protection to his family and political favorites while denying it to political rivals. During his first week as Attorney General, my father assembled all the DOJ’s senior prosecutors to tell them that he would not tolerate any politicization of law enforcement,” Kennedy wrote on X last week.

The incident comes roughly a month after an armed man posing as a US Marshall was arrested at a Los Angeles event.

Kennedy made a third request for protection in an Oct. 25 letter to Mayorkas, detailing the September 15 incident, as well as the Oct. 25 incident involving a man named Jonathan Macht.

Mr. Macht, 28, was arrested on the morning of Oct. 25 at Mr. Kennedy’s Los Angeles property after being detained by the candidate’s security detail. He climbed a fence and asked to see Mr. Kennedy, according to the LAPD.

Authorities said the man was taken into custody at a nearby police station where he was cited for trespassing and then released. Police said he returned to Mr. Kennedy’s home and was arrested at 5:45 p.m. for violating a protective order. He is being held on $30,000 bail.

Mr. Macht is known to the U.S. Secret Service and Mr. Kennedy’s security Gavin de Becker and Associates (GDBA), Mr. Kennedy’s campaign said.

“GDBA had notified the Secret Service about this specific obsessed individual several times in recent months, and shared alarming communications he has sent to the candidate,” according to the press release. –Epoch Times

“After being released from police custody, the man immediately returned to Kennedy’s residence and was arrested again. The candidate was home at the time of both arrests,” Kennedy’s campaign said in a statement.

Not the norm…

While the law dictates that all major presidential candidates and their spouses must be protected within 120 days of an election, history reveals that several have received Secret Service detail much further out than that – with Obama receiving it 551 days before an election, Trump and Ben Carson receiving it a year before the 2016 election (when Trump was a ‘joke’ candidate), and Ted Kennedy receiving it 410 days before the 1979 election.

The 2024 election is currently 370 days away.

It doesn’t take too much tinfoil to conclude that Kennedy is being denied because it would legitimize his candidacy, splitting the Democrat vote, and handing the 2024 election to Donald Trump.

Tyler Durden
Tue, 10/31/2023 – 20:05

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“I Pray To God This Isn’t World War III”

“I Pray To God This Isn’t World War III”

Submitted by QTR’s Fringe Finance

If there’s one takeaway I have from witnessing the discourse over the Israeli-Palestinian conflict, it’s that nuance is an absolute necessity when discussing it, yet nobody seems able to exercise even a modicum of nuance while doing so.

Because the issue is complex, polarizing, and demands reasoned thought, I’d like to start off my piece today by offering a sentiment that hopefully everyone can agree on: I pray to God that this isn’t the start of World War III.

However, as the days over the last several weeks have gone by, I find there’s less and less to be optimistic about — and I’m not talking about as it relates to the stock market, I’m talking about as it relates to humanity.

Like all problems stemming from deep threaded conflict and a necessity for complex, intellectual reasoning and compromise, I fear this one will only worsen until it reaches some type of point of no return.

The scenes on Sunday of a mob at an airport in Dagestan, surrounding an airplane and reportedly searching for Jewish people arriving on a flight from Tel Aviv, were a new type of horrifying. It appears as simply a modern day pogrom.

Putting aside the fact that many on social media just wrote off Dagestan as a fourth- or fifth-world country, thereby backhandedly justifying the behavior, the backdrop of a modern-looking airport stocked with state of the art commercial jets is enough to elicit comparisons to many airports we’ve all traveled through.

And to me, the mob mentality taking place among those storming the airport, and eventually accosting passengers accused of being Jewish, seems like only a small step from the mob mentality we saw in U.S. cities during the protests and riots of 2020: there was no reason, there was no civility, and there were no dissenting voices.

How many people have brushed off this occurrence, or other similar occurrences, thinking it could never happen in the United States or Europe? To me, it feels like we are on a hairpin trigger for exactly this type of senseless mob rule.

There are millions of supporters of Palestine who only seek out peace, have only ever sought out peace, and want an end to all war. These are things I am always going to get behind. Absolutely nobody wants to see innocent civilians killed, and hopefully everybody knows that war is hell.

But sadly, there is also a constituency of uneducated, virtue-signaling reactionaries, coupled with actual extremists, that have commingled with protesters seeking out peace and sullied much of the noble cause for many of those who support peace.

Of course, as these fools will argue, Hamas “had their reasons” for carrying out the atrocious act of killing more than 1,000 Israelis, including innocent people at a music festival. The question isn’t whether or not they thought they were justified; the question is whether it is a morally sound undertaking to, before Israel even gets a chance to respond, tacitly bless Hamas’s actions by overlooking them and immediately protesting in support of Palestine.

Other than the logical fallacy that people were protesting retaliation that hadn’t even happened yet, it’s also just tasteless. While the Middle East is one of the most polarizing conflicts in the world, think about why anybody would cheer on the death of innocents, anywhere. Maybe I’m just old fashioned, but I don’t even wish death upon my worst enemies.

Next, think about the mindset of somebody living in the United States and tearing down photographs of kidnapped Israelis that have been plastered in public.

Sure, one could make the argument that these posters, located 5,000 miles away from Israel, do little. Put that aside. How askew does one’s moral compass need to be to walk by and tear these photographs down? If, like many suggest, they do nothing, then leave them be. I already hear some 20 year old dorky white “activist” kid from the Villanova suburbs argue: “The mindset of those tearing down the flyers is that of people who feel as though they have a legitimate grudge!”

Uh, yeah. And hey, Hamas also thinks they have a legitimate grudge. And so does Israel. But when are we going to realize that at some point this endless jihad joyride is going to have to end and we’re going to have to choose peace? And when are we going to realize that it’s easier to choose peace after years of no major conflict and not the day after over 1,000 innocent people are murdered?

When are we going to realize that no matter how big of a grudge you think you have, the systematic targeting and killing of members of any ethnic group simply isn’t the answer?


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What worries me most is that there is a massive absence of nuance when discussing the situation. On Sunday, I commented on Twitter that the footage of the Dagestan airport mob was “horrifying.”

Someone promptly responded by saying:

“Interesting you haven’t said the same of the 4,000+ kids in Gaza who were murdered by F-35 fighter jets. Unsubscribed from your shitty podcast.”

This is a perfect example of the thoughtless, reactionary, borderline-esque reasoning that causes conflicts like these to perpetuate. That Tweet is the reason I decided to write this piece: I knew such a complex issue couldn’t be discussed in 280 character quips.

And of course I am not blessing the death of 4,000 kids in Gaza by calling the situation in Dagestan horrifying. Most people with basic reasoning skills would understand that. But that isn’t how the dialogue regarding this conflict is taking place, as this response shows. You are either for one side or the other, and there’s no in-between. This type of thoughtless polarization is only going to lead to more chaos, not resolution.

For many “intellectuals” who have lived silver spoon lives in the very same Western world that Hamas hates (without ever experiencing the slightest inclination of discomfort or loss of security, let alone rocket attacks or a massacre of family members), the horrors of Hamas’s actions are completely justified.

The self appointed “scholars who are committed to robust inquiry about the most challenging matters of our time” (vom) at Columbia University said over the weekend:

“In our view, the student statement aims to recontextualize the events of October 7, 2023, pointing out that military operations and state violence did not begin that day, but rather it represented a military response by a people who had endured crushing and unrelenting state violence from an occupying power over many years.”

A statement that was then beautifully summed up by my friend Nathan Anderson:

“Columbia faculty saying Hamas’ October 7th rape and massacre of families and festival-goers represented a ‘military response’ to an occupation of Gaza that hasn’t existed since 2005.

Has the value of an Ivy League education ever plummeted so quickly as it has this past month?”

Elsewhere in the “Ivy League”, on a Cornell online forum late Sunday, there were calls to slit the throats of Jewish people, resulting in a lockdown on campus.

To me, it’s simple: at some point, when both states go to their respective corners and there are years of peace, blame can be assigned regardless of history to the state that restarts the conflict in the meaningful way that Hamas just did. If Hamas hadn’t engaged in terrorism this month, we wouldn’t be talking about this conflict right now. End of story.

Even more worrisome is that Russia has failed to condemn Hamas’s actions in any meaningful way.

And to me, I can’t help but get the feeling that the entire world is once again dividing the way it did during World War II. On one side, you have the United States, Ukraine, Israel, and Europe – the West, and on the other, you have Russia, China, India, and most of the rest of the Middle East. The entire world feels more divided than it has in recent memory.

Several years ago, this was a trend that I only noticed taking place economically. Now, the rubber has met the road, and it feels as though it is starting to take place militarily. With two major conflicts now taking place on the global stage, I feel as though we are one catalyst—perhaps China trying to take Taiwan—away from a Third World War. Let’s hope to God that I’m wrong, and that I’m simply paranoid.

Amidst this global volatility and confusion, the United States feels as though it is still struggling to maintain its economic and financial gravitas on a global stage. We continue to run what can only be described as abusive fiscal and monetary policy. The nations opposite us are openly challenging the U.S. dollar — and U.S. policy — while hoarding gold.

Our own country seems more divided and confused than ever. Ivy League universities have been turning out students who have openly and actively made attempts to justify Hamas’s recent actions. The institutions that were supposed to ensure that students had a bedrock of reason and morality have instead been instilling an entire generation with entitlement and what can only be described as a warped sense of reality.

As Bret Weinstein said in 2019, universities and students have lost their way because ideas that would have never cut the mustard 20 or 30 years ago at U.S. colleges and institutions have been given an affirmative action of sorts, all because people in the United States are afraid to, for lack of better words, call out bullshit when they see it, as we don’t want to hurt anybody’s feelings. Weinstein makes the point perfectly here:

And so not only do we have an increasingly bifurcated world, with multiple conflicts that all require critical thinking and nuance that we are no longer capable of deploying, we have an entire generation of people in the United States that are so entitled, confused, and narcissistic that they are literally exercising zero reason in choosing the causes they support.

For example, there’s a large constituency of the LGBTQ community (or whatever it’s called today) that is coming out and throwing their support behind Palestine and Hamas. You’ll notice, however, that none of these supporters are buying plane tickets and making their way to the Middle East to show support, because, of course, their interest is strictly in feigning support for causes that would result in their death, but not actually succumbing to risking their lives. Odd how that works.

We have angry far left 20-something-year-old college students in the United States, in between unknowingly serving their corporate overlords on trips to their local Starbucks and making TikTok videos on their iPhones assembled with slave labor, publicly calling for the killing of Jewish people. Ironically, they are partaking in these protests because the United States allows for free speech and the freedom to live their life however they choose. I think everybody that wants to wave a Hamas flag in the United States (yes, they waving Hamas flags at some protests, and not Palestine ones) should be required to go and live in the Middle East for a couple of weeks and see exactly how their lifestyle compares to the lifestyle that they are “fighting” for.

There’s definitely a moral equivalency when it comes to senseless killing. I stand with all the people who do not want to see innocent civilians killed, no matter where they are around the globe. I don’t subscribe to the notion that an eye for an eye makes sense. Rather, as the old adage goes, I believe that the whole world will wind up blind. But after years of relative peace, when one group murders over 1,000 innocent civilians of another group, jumping up in arms about the victim retaliating before it ever even takes place is an ugly look.

Sadly, it appears to me that many people in the United States protesting in support of Palestine, in the days after Hamas committed these atrocities, are part and parcel with a larger group of people who simply deem themselves activists and don’t realize there is not a moral equivalency in how both sides see the world. These “activists” pride themselves on fighting for any cause, regardless of how much sense it actually makes.

It is the same lack of logic and flawed thinking that has me worried that the Middle Eastern conflict will continue to spread, not just among the governments of other countries, but among the citizens in other countries as well. Watching the Dagestan airport video, I understand that it is unlikely something like that would happen in the United States. But bearing that in mind, I think there has never been a time in recent history where the conditions have been ripe enough for it to actually take place.

While it’s no secret that the right side of the aisle in the United States has had their fair share of disagreement and confusion over the last month, I simply have no idea how any Democrats believe that they’re going to be able to retain the support of the Jewish community heading into the next election. Even The Nation has had enough.

The breeding ground for the horrifically flawed and extremely troubling “woke” ideology, which is actively justifying the actions of Hamas while condemning any response from Israel, all sprang from the fertile ground of the far left. This is not a political rant, but I simply can’t imagine any Jewish person voting for the party that chose to stand with Palestine after the massacre of 1,200+ innocent people and well before Israel ever even had a chance to retaliate.

I’m not the biggest Sam Harris fan, but he nails the nuance here in this 13 minute video (and here is another version that’s similar, but not as up to date):

It is, of course, true that we in the West have been on the wrong side of these dichotomies in the past. Most Western armies, including Israel’s, have at one time or another been guilty of war crimes. And if you go back far enough, all of human conflict was just a litany of war crimes. You don’t have to go back all that far, in fact, to find large pockets of Western culture that were morally indistinguishable from what we now see in much of the Muslim world.

If you have any doubt about this, study the photos of white mobs celebrating the lynchings that occurred in the American South in the first half of the 20th century. Here, seemingly whole towns—thousands of men, women, and children—turned out as though for a carnival to watch some young man or woman be tortured to death and then strung up on a tree or lamppost for all to see…

The point, of course, is that if we recognize the monstrosities of the past, we should recognize the monstrosities of the present and acknowledge that at this moment in human history, not every group has the same ethical norms governing its use of violence, for whatever reason.

When I step outside and walk the streets of Philadelphia, I see many of these confused people protesting for both sides. To me, I don’t see people fighting for causes; I see broken individuals incapable of being at peace with their sense of self, which, to me, is where true calm, respect for others, and peace comes from.

I also look around and see tons of level-headed, rational-minded individuals who I know are, in fact, capable of critical thinking about the issue and genuinely do seek peace. But it’s not these people I’m worried about. It is the radicalization of a small group of people that can set off a chain of events like we are seeing now: one reactionary decision after another, which spirals endlessly until one large, decisive end.

Domestically, ask yourself: which group is more likely to do that, Jews or Jihadists?

Regardless, in this case, the only thing I hope and pray for is that the terminus this conflict is eventually heading for doesn’t wind up being World War III.

Can we at least all agree on that?

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Tyler Durden
Tue, 10/31/2023 – 19:45

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US Crude Production Breaks Records As Shale Drives All Growth In Global Oil Supply Over Past Decade

US Crude Production Breaks Records As Shale Drives All Growth In Global Oil Supply Over Past Decade

With core OPEC+ cartel members Russia and Saudi Arabia doing everything in their power to throttle oil output and push the price of oil higher, the US is again emerging as not only a thorn in OPEC’s side but as the marginal producer of world oil. According to EIA data, US crude oil production hit an all-time high in August, as production surpassed pre-covid levels.

US field production of crude oil reached 404.6 million barrels during the month of August, new EIA data showed, for an average of 13.05 million barrels per day, breaking the previous record US drillers set in July of 401.73 million barrels. Compared to this time last year, U.S. production is up by a total of 33 million barrels for the month. Remarkably production hit all time highs even as the number of rotary US oil rigs has slumped in the past year. How is this possible? We answer that question below.

Increases in production were seen in PADDs 1, 2, 3, and 4, with the largest percentage increase in production seen in PADD 4, which comprises Colorado, Idaho, Montana, Utah, and Wyoming. The largest actual increase was seen in PADD 2, which includes North Dakota, Illinois, and Kentucky, among other states.

Crude production in Texas in August – home to a large portion of the Permian Basin and where Exxon will soon be undisputed energy king after its merger with Pioneer closes –  rose from 173.775 million barrels to 174.562 million barrels.

Despite the record-breaking production levels seen in August, inventories of crude oil in the United States are estimated to be within 3 million barrels of where it began the year.

The new record in crude production in the United States comes shortly after U.S. supermajor ExxonMobil spent $60B on purchasing another Permian player, Pioneer Natural Resources, although most oil companies in the United States have chosen fiscal restraint resulting in a slow and steady increase in output versus the no holds barred investment strategies during previous boom cycles.

What is perhaps more remarkable is that in a recent report (available to pro subscribers) from Goldman commodity analyst Daan Dtruyven, the bank found that “the US has driven all the growth in global oil supply over the past decade and the past year, and the Permian basin has driven all growth in US crude supply since early 2020.”

US supply has also grown faster than expected. According to Goldman, US liquids supply is on track to exceed IEA expectations for the 13th consecutive year, except for 2016 and 2020. That said, the 2022 and 2023 forecast errors will likely be smaller than before the pandemic, and US total liquids supply has been roughly flat since June.

Furthermore, the US remains the key short-term marginal oil producer, where flexible short-cycle private producers sit high on the global cost curve.

So is the US falling in the overproduction trap that marked much of the 2010s and which led to the defaulting of dozens of junk debt-funded US energy producers, and sharply oil prices?

According to Goldman, the answer is no as crude output growth in the Permian has slowed from 1mb/d in 2019 to 0.5mb/d year-over-year in September given the drop in the rig count, and the stabilizing well productivity trend.

However, Permian output is still edging up because of rises in the number of drilled wells per rig and well length. In other words, the Permian new well output per rig is still trending higher because of:

  1. A rise in the number of drilled wells per rig given progress in multi-well pad technology
  2. A structural rise in the average lateral well length to 10,000 feet(Exhibit 9)
  3. A boost to output per rig through a composition effect arising from the larger drop in less productive private rigs (“high grading”). The output per rig in 2022 was nearly 2.5 times greater for public rigs than for private rigs since public firms account for over 60% of production, but under 40% of rigs (Exhibit 10).

This is important because the lack of well productivity growth (which reflects an offset between deteriorating rock quality and improving technology) suggest that Permian output growth will slow further. In fact, the emergence of the Permian as the world’s key oil market variable may explain why Exxon recently purchased Pioneer: the new supergiant will have every opportunity to turn oil output in the US on (or off) as only it sees fit.

Finally, a question that Wall Street would love answered: are US producers still capital disciplined?

Goldman’s answer, “yes, three pieces of evidence show that the US upstream sector remains capital disciplined.”

  • First, US public independent firms are sticking to the moderate single digit growth targets they announced in 2020-2021. As Exhibit 11 shows, we expect crude production growth by the independent US E&Ps under GS coverage to slow from around 235kb/d (or 7%) in 2023 to 135kb/d (4%) in 2024, and just around 90kb/d (2.5%) in 2025. That companies continue to guide to slower growth despite the 2022H1 and the summer 2023 upswing in prices is the essence of capital discipline, and the main driver of the reduction in supply elasticity. These lower growth targets reflect investors’ scarring 2014-2020 experience when excessive growth depressed returns, and growing concerns about inventory quality.

  • Second, reinvestment rates—capex as a share of operating cash flow—of public producers remain in a 40-60% range, well below the historical average (Exhibit 12, left panel). The 2022-2023 pickup in capex reflects that the 2020-2021 levels were likely unsustainably low, and the boost to nominal capex measures from rapid cost inflation (Exhibit 12, right panel).
  • Third, broader capital allocation strategies of public E&Ps remain focused on limiting leverage and returning cash to shareholders (see Appendix Exhibit 18). To illustrate further, equity (rather than debt) is now typically used to fund acquisitions (as for ExxonMobil-Pioneer).

Much more in the full Goldman report available to pro subscribers.

Tyler Durden
Tue, 10/31/2023 – 19:25

via ZeroHedge News https://ift.tt/Uc8S1qv Tyler Durden