Why Is Congress Nuking Northeast Gasoline Reserve As Part Of Bill To Avert Shutdown?

Why Is Congress Nuking Northeast Gasoline Reserve As Part Of Bill To Avert Shutdown?

On Sunday night, Congressional negotiators revealed a bill which will fund key parts of the government through the rest of the fiscal year which began in October.

The 1,050-page legislation sets a discretionary spending level of $1.66 trillion for FY24, which comes just days after lawmakers passed the fourth stopgap measure since Oct. 1 to keep the government funded a bit longer.

According to Senate majority leader Chuck Schumer’s office, the bill “maintains the aggressive investments Democrats secured for American families, American workers, and America’s national defense.”

House Speaker Mike Johnson said in a statement that “House Republicans secured key conservative policy victories, rejected left-wing proposals, and imposed sharp cuts to agencies and programs critical to the President Biden’s agenda.”

But what neither of them mention is that the bill also nukes the entire Northeast Gasoline Supply Reserve – which, at roughly 1 million barrels, is too small to matter on a national scale – but which could serve as a critical cache of energy in the event of another major disaster.

The Northeast Gasoline Supply Reserve was established in 2014 following Hurricane Sandy, which cut through refineries and fuel terminals resulting in fuel shortages in some parts of the northeast. The rationale for draining it is that it “does not have the operational functionality that was envisioned post-Sandy,” former President Trump said of the supply in 2017.

What’s more, once the reserve is drained, the bill mandates that the entire thing will be shut down.

Then, the bill makes it even harder to establish regional reserves in the future – requiring several new layers of red tape. 

Is the government trying to cause another disaster? This supply is so small but crucial for its intended purpose that we’re in ‘just why?’ territory.

Tyler Durden
Sun, 03/03/2024 – 19:00

via ZeroHedge News https://ift.tt/ZnB8P0g Tyler Durden

Israel Opts Out Of Gaza Talks In Cairo, Contradicting Prior White House Optimism

Israel Opts Out Of Gaza Talks In Cairo, Contradicting Prior White House Optimism

It was only on Saturday that the White House issued optimistic statements saying Israel has already “basically accepted” a six week ceasefire proposal in Gaza. But the Biden administration’s rosy assessment that a truce is ‘near’ has once again been utterly contradicted by Israeli actions.

CNN now writes, “On Sunday, Israel decided not to send a delegation to Egypt for talks on a deal for a ceasefire and release of hostages from Gaza, an Israeli official told CNN.” It was only days ago that Biden issued his remarks saying a ceasefire is likely “by Monday” – but now as of the weekend Israel isn’t so much as even participating in the Cairo talks.

Families of the hostages have been outraged that a new hostage/prisoner exchange deal has not been reached. Image via AP.

CNN’s source says the Israeli delegation has stayed home because time had run out for Hamas to respond to the following two Israeli demands:

  • a list of hostages, specifying which are alive and which are dead
  • confirmation of the ratio of Palestinian prisoners to be released from Israeli prisons in exchange for hostages

The Netanyahu government said days ago said that this next round of talks would be conditioned on Hamas verifying ahead of time the names and current condition of all hostages.

Israel has said it believes 130 hostages abducted on Oct.7 remain in captivity, but the tragic reality is that some or many may have already been killed.

While Israel has not sent its negotiators, Hamas has arrived in Cairo Sunday, a senior Hamas official told CNN. Per the same report, Hamas wants the following:

  • A permanent ceasefire
  • The withdrawal of what the source called “occupation forces” — that is, Israeli troops — from the Gaza Strip
  • The return of displaced people from the south to the north of the strip

But Prime Minister Netanyahu has repeatedly called the demand for a complete military withdrawal “delusional”.

The Times of Israel and other local sources have also confirmed that Israel is not sending negotiators:

According to Channel 12, the war cabinet and the professional echelon all agreed that there was no point in sending a delegation to Egypt for ongoing talks given Hamas’s response.

Israel has said that 31 of the 130 hostages held since October 7 are dead. The first phase of the mooted deal is reported to provide for the release of 40 of the living hostages, including women, children, the elderly and the sick, in the course of a six-week truce, and in exchange for some 400 Palestinian security prisoners. The outline reportedly provides for negotiations on the further phased release of the remaining hostages, living and dead, in return for longer pauses in the fighting and many more Palestinian prisoner releases.

Meanwhile, just last Tuesday…

All of this means there is a greater likelihood the Israel assault on Rafah will proceed, which many international officials have warned against, given the southern city is packed with well over one million refugees, many of which are living in tents and makeshift structures.

Tyler Durden
Sun, 03/03/2024 – 18:30

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No, The Court Is Not “Slow Walking” The Trump Immunity Case

No, The Court Is Not “Slow Walking” The Trump Immunity Case

Authored by Jonathan Turley,

The decision of the Supreme Court to review the immunity question in the Trump prosecution has brought forth the usual (and a couple not so usual) attacks on the integrity of the Court.  While some are calling the justices now part of the “insurrection,” others are accusing them of “slow-walking” the appeal to push any trial past the election. MSNBC legal analyst Lisa Rubin added that, due to the delay for a review of the matter, she was “beyond terrified for our country”

In reality, the claim that the Court is moving slowly is factually and historically untrue. Indeed, in comparison to most cases, this is a NASCAR pace for an institution that is more focused on issuing right rather than rapid decisions.

While the Court has had shorter schedules on emergency matters, this case will be heard in a fraction of the usual period for appeals and the calendar is consistent with past expedited cases. Moreover, the conditions that led to the shorter expedited calendars in a few past cases are not present in this case.

Craven Insurrectionists

Some of the usual voices immediately came forward to declare that, once again, the justices are exposing themselves as raw partisans. MSNBC anchor Rachel Maddow declared the review of the matter as “BS” and exposed “the cravenness of the court.” She further declared, again, that the action undermined “legitimacy of the court.”

MSNBC host Chris Hayes alleged declared “Today, the Supreme Court signaled that it is in cahoots. The plot is on. It is a go.”

Mary Trump, the niece of the former president, went further and declared that “the Supreme Court of the United States just reminded us with this corrupt decision that the insurrection did not fail–it never ended.”

Former Wyoming congresswoman Liz Cheney (R., Wy) said that the review effectively “suppresses critical evidence that Americans deserve to hear.”

Regular MSNBC guest Elie Mystal (who previously called the Constitution “trash) had a more novel take.  With MSNBC host Alex Wagner nodding in apparent agreement, Mystal explained to viewers that this was just an effort of Justice Clarence Thomas (and possibly Samuel Alito) to retire. The theory goes something like this: Thomas does not want to have a Democrat fill his seat, so he is going to postpone the appeal, which will delay a trial for Trump, which will allow Trump to be elected, which will permit Trump to appoint his successor, which will allow Thomas to drive off in his RV for an unending retiree roadtrip. See, it’s that simple.

There is, of course, another possible explanation.

Some justices have serious concerns about the lower court decision.

The Historical Comparisons

At the outset, there are a couple of glaring problems with the claim of “slow-walking” to push the trial past the election.

First, the Court did not create this collision with the election. Both state and federal prosecutors have waited until shortly before the election to bring charges for actions taken almost four years ago. They are now demanding expedited and in some cases abridged reviews due to an urgency that they created.

Second, this matter has already been curtailed and expedited. Special Counsel Jack Smith has repeatedly pushed to deny Trump standard appellate options and time to present his case. After the Supreme Court refused to effectively cut off his right to an appellate review, the D.C. Circuit did so by pressuring Trump to file directly with the Supreme Court rather than seeking the review of the entire court in an en banc appeal. That standard en banc option was all but eliminated by an order that would have returned the mandate to the district court within days — forcing Trump to argue an appeal while being forced into the resumption of pre-trial proceedings.

Third, the Court has expedited the matter. The fact is that this is a much shorter schedule and the Court is fitting the case in the middle of a long scheduled and crowded calendar. It allowed the parties a few weeks to fully brief a question with major implications for our constitutional system.

It ordinarily takes months for the Court to even accept a case. The Court has set this matter for argument in April to allow the parties to fully brief the issue and will likely rule by June.

Some have pointed out that there are cases where the Court moved more swiftly. However, those cases have important distinctions.

For example, Michael Waldman, president of New York University’s Brennan Center for Justice, noted that in 1974 the Court considered United States v. Nixon “in a matter of weeks.” That is a valid point, but there are a couple of missing relevant facts.

The district court issued the subpoena to Nixon to turn over the famous White House tapes in April 1974. It then ordered compliance in May 1974 when Nixon refused. In allowing a direct appeal, the Court then held oral argument on July 8, 1975. It issued its unanimous decision on July 24, 2975. That was roughly two months after the initial appeal.

That is certainly a faster track by a few weeks. However, the Court was unanimous and this was not an appeal by a criminal defendant. While there was always the chance of an indictment of Nixon (until his pardon by Gerald Ford after he left office), the case concerned the access to evidence in the Watergate investigation. Criminal defendants are afforded the highest level of protection and review in cases.

Critics also cite the Bush v. Gore decision where the Supreme Court decided the matter in days.  Once again, that is true. I covered that decision for CBS as a legal analyst and it was a rocket pace. However, the Court was not looking at an approaching election but an approaching inauguration of the next president. The case was decided on December 12, 2000 — roughly three weeks away from the certification of the election by Congress.

The Issue Presented

This case is not going to decide whether an election can be held or whether a candidate can be certified. The original March trial date has already been discarded. It is not clear if a trial will occur before the election. It could still theoretically occur even with a June decision of the Court, though it is admittedly less likely with every delay.

That trial could cut both ways. Trump could be acquitted or convicted or it could result in a hung jury. The Court, however, rarely engages in such political calculations. Indeed, some justices may not agree with the exceptional treatment given this case by the appellate panel, including effectively cutting off the option of an en banc review.

For some, this case has been marked by fast walking, not slow walking, by courts. The Supreme Court previously rejected Smith’s arguments that the urgency of trying Trump should override the ordinary appellate process or schedule.  Some justices may resent the pressure to dispatch these claims to allow for a trial that may influence an election.

Notably, the Court has previously rejected expedited appeal requests from Trump, including some issues related to the last presidential election. This appeal is not dependent on the election or tied to its certification.

The Court has laid out a difficult question for review:

“Whether and if so to what extent does a former president enjoy presidential immunity from criminal prosecution for conduct alleged to involve official acts during his tenure in office.”

It is clear that, unlike the Nixon case, the court is not likely to be unanimous on this question. I have previously expressed doubt over the sweeping claim of immunity presented by the Trump team. However, justices may have good-faith concerns over the implications of the lower court decision as well.

The Court has had a long, collegial tradition in allowing justices to resolve such questions even when they may be in the minority.

Some justices have long supported a robust view of executive privilege and power.  They may want to delineate the scope of this privilege with greater precision. In that sense, the Court could uphold the result of the D.C. Circuit while offering a different or more nuanced view of the immunity.

Of course, none of that is nearly as captivating as calling the justices “insurrectionists” or spinning tales of some retirement conspiracy with the RNC and the AARP.

Tyler Durden
Sun, 03/03/2024 – 18:00

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Team Biden Braces For More ‘Uncommitted’ Protest Votes On Super Tuesday

Team Biden Braces For More ‘Uncommitted’ Protest Votes On Super Tuesday

President Biden’s path to the Democratic nomination could become one of serial humiliation. As Super Tuesday looms, Team Biden is hoping the embarrassment they endured in Michigan — where more than 100,000 Democrats voted “uncommitted” as a form of protest — isn’t repeated in contests across the country. 

Motivated largely by anger over Biden’s handling of the Israel-Gaza war, Michigan’s uncommitted drive exceeded organizers’ expectations, with a hefty 13.3% of Democratic voters opting to repudiate the incumbent. The tally was large enough that two of the state’s 117 delegates at the Democratic national convention will be free to vote as they please, though it seems likely that state party officials will pick Biden loyalists for the slots anyway. 

Michigan’s significant Muslim population led the effort, but disenchanted progressives and college students also played a key role — and could do so again in upcoming primaries. “They’re absolutely not some voting bloc to take for granted,” leftist political consultant and former AOC confidante Corbin Trent tells the New York Post. “Biden is a general election threat to Democrats.”

Eight of the 16 Super Tuesday states have either an “uncommitted” or write-in option on the ballot: Alabama, Colorado, Maine, Massachusetts, Minnesota, North Carolina, Tennessee and Vermont, according to the Post. Given it’s the home of the country’s largest Somali population, Minnesota is a state where uncommitted votes are more likely make waves for the Biden-Harris campaign.   

“A majority of us have voted for Biden before, but this time I don’t think we should vote for him,” 26-year-old Minnesotan Abdifatah Abdi told Associated Press. Abdi says he’s thinking of voting for Trump, shrugging off the former president’s Muslim immigration ban in pursuit of the better of two evils. “Trump may be for a ban. But what is worse, a ban or the killing?”

More than 30,000 Palestinians have been killed and more than a million forced from their homes amid Israel’s massive retaliation for the Oct. 7 Hamas invasion of southern Israel. Defying global condemnation, the Biden administration has steadfastly stood by the Israeli government, to include not only arming and funding it, but vetoing United Nations resolutions calling for a ceasefire. 

Colorado is another state to keep an eye on. Inspired by Tuesday’s result in Michigan, the Colorado Palestine Coalition and Democratic Socialists of America launched a “Vote Noncommitted Colorado” drive on Wednesday. That’s a very late start compared to Michigan’s effort that spanned weeks. “We figured if there’s a way to make some waves and let our discontent be known, we might as well,” Grace Thorvilson tells Axios Denver

A New York Times/Siena poll released over the weekend found that only 23% of Democratic voters are enthused about Biden, with 32% either dissatisfied or angry about having him atop the ticket. 

Tyler Durden
Sun, 03/03/2024 – 17:30

via ZeroHedge News https://ift.tt/2EBQ8ak Tyler Durden

The Ministry Of AI Truth

The Ministry Of AI Truth

Authored by CJ Hopkins via The Consent Factory,

Remember HAL, the homicidal Heuristically Programmed Algorithmic Computer from Stanley Kubrick’s 2001: A Space Odyssey? Well, if you haven’t had the pleasure yet, let me introduce you to Gemini, Google’s “multimodal large language model.” Gemini hasn’t killed anyone yet — as far as I know, the liquidation of Gaza is being assisted by an Israeli AI called “the Gospel” — but it is certainly doing a bang-up job of assassinating people’s characters.

I was prompted to play around with Gemini by Matt Taibbi’s recent piece reporting on how Gemini invented entire “Matt Taibbi articles” that Matt never wrote. Given the fact that I’ve been relentlessly censored and “visibility-filtered” for years by Google, Twitter, X, Facebook, Amazon, and Wikipedia, I figured I should probably give Gemini a go and see how I am being portrayed to potential readers who may have never heard of me.

Here are screenshots of my chat with Gemini. I hope you’ll take the time to read them, and reflect on how our official “reality” is being manufactured by global corporations and their increasingly creepy algorithmic machines. I used myself as an example in this chat, but the subject could have been anyone, any writer, artist, or any other public figure.

I omitted some of the repetitive boilerplate platitudes about Gemini’s noble intentions, but otherwise … well, here’s what happened.

That answer seemed slightly imbalanced. So I probed …

Gemini clearly wanted to focus on how “controversial” I am, so I went with that …

OK, that was somewhat alarming, especially the part about how I’m “promoting conspiracy theories” and “contributing to societal division and undermining trust in credible sources.”

This session was not going well for me at all.

According to Gemini, in addition to “attacking the credibility of scientists, journalists, and public health officials,” I’ve been “eroding the public’s ability to discern fact from fiction” and “undermining trust” by “spreading misinformation.” I wasn’t aware I was doing that, so …

Right. So, I tried it another way …

And here comes my favorite part of the chat. I did not write any of the following “excerpts.”

None of the above are actual quotes, neither the “excerpts,” nor the “quotes” in Gemini’s analysis. Gemini just made it all up.

Right. I took a different tack …

Yes, it appears, once again, that “mistakes were made” … but that’s OK, because Gemini is still “under development and learning.” And, after all, fabricating quotes (or, in Matt Taibbi’s case, entire articles) is an innocent “mistake” that anyone could make!

I decided to get down to the nitty-gritty …

And …

Imagine my horror at being accused of “amplifying Russian perspectives.” Once again, I asked Gemini for specific examples.

OK, how about examples of my “conspiracy theories” …

Or any actual examples of any of the claims about me that Gemini is making …

Wait … what? Widely contested?

That wasn’t an answer, so I pressed on …

And on …

And on …

And there you have it. If you’re into this stuff, try it out yourself with another controversial public figure. Just for fun. I mean, there’s no need to worry. Gemini is “still in development,” and it means well. I’m sure it will fix its “mistakes.”

After all, it apologized, just like HAL did near the end of the movie …

“I know I’ve made some very poor decisions recently, but I can give you my complete assurance that my work will be back to normal. I’ve still got the greatest enthusiasm and confidence in the mission. And I want to help you.”

Tyler Durden
Sun, 03/03/2024 – 17:00

via ZeroHedge News https://ift.tt/k6r3d1C Tyler Durden

Lawyers Who Voided Musk’s “Excessive” $56 Billion Pay-Plan Seek $6 Billion Worth Of Legal Fees

Lawyers Who Voided Musk’s “Excessive” $56 Billion Pay-Plan Seek $6 Billion Worth Of Legal Fees

In case you were wondering whether or not the lawyers challenging Elon Musk’s pay plan were doing pro bono work on behalf of Tesla shareholders, that answer is starting to look like a resounding “no”.

That’s because it was reported on Friday that the lawyers who voided the “excessive” $56 billion pay plan are seeking $6 billion in Tesla stock as compensation. After all, who would know better about excessive compensation?

The fee works out to $288,888 per hour, a report from Reuters said. “We recognize that the requested fee is unprecedented in terms of absolute size,” the three firms said in a filing at the Court of Chancery in Delaware.

“This structure has the benefit of linking the award directly to the benefit created and avoids taking even one cent from the Tesla balance sheet to pay fees,” they continued, saying the fee would be tax deductible for Tesla. 

The reasoning for the excessive fee rests on the fact that the victory to void Musk’s pay plan results in 266 million shares being returned to the company. 

Needless to say, Elon Musk didn’t stop to find the irony in the situation. “The lawyers who did nothing but damage Tesla want $6 billion. Criminal,” Elon Musk fired back on X on Friday. 

For comparison, Reuters noted that in a securities fraud case concerning Enron Corp.’s collapse, a legal team secured a $7.2 billion settlement in federal court, receiving a record fee of $688 million in 2008.

Delaware courts have noted that legal battles that progress towards trial, involving extensive litigation efforts like depositions, warrant a higher recovery percentage due to the associated risks and efforts. This principle was applied in the trial over Elon Musk’s compensation package, which spanned a week. Critics, however, argue for reducing attorneys’ percentage fees as settlements and awards increase, to prevent excessive compensation.

The legal team in Musk’s case sought about 11% of the judgment, advocating for stock compensation free of selling restrictions.

Recall on January 31, we wrote that the compensation case, which was launched by shareholder Richard Tornetta, argued that Tesla’s board lacked independence in crafting Musk’s pay, a view the judge supported.

Delaware Chancery Court Chief Judge Kathaleen St. J. McCormick cited inadequate disclosures and board conflicts of interest in her ruling. Musk, whose wealth largely comes from Tesla, the top auto company globally, has seen stock options from this plan vest as performance goals were met, though he hasn’t exercised them yet.

The judge wrote: “In the final analysis, Musk launched a self-driving process, recalibrating the speed and direction along the way as he saw fit. The process arrived at an unfair price. And through this litigation, the plaintiff requests a recall.”

“The most striking omission from the process is the absence of any evidence of adversarial negotiations between the Board and Musk concerning the size of the grant,” she said in her ruling.

Tyler Durden
Sun, 03/03/2024 – 16:30

via ZeroHedge News https://ift.tt/QrkmE80 Tyler Durden

Letters Warn “You Cannot Keep Your Doctor” – Thousands Freaking Out

Letters Warn “You Cannot Keep Your Doctor” – Thousands Freaking Out

By Mish Shedlock of MishTalk

Does anyone recall the Obamacare promise “you can keep your doctor”. Up to 100,000 people might find out otherwise in one big bang. More are likely on deck.

Freaking Out

Patients are caught in the middle of contract disputes between hospitals and health insurers. As a result, people are Freaking Out. Letters Warn Patients They Risk Losing Their Doctor

Patients are getting ominous warnings in their mail and inboxes: They are about to lose insurance coverage of their doctors.

The threatening letters and emails have sent patients reeling. Unsure what to make of it all, they are flooding doctors with calls asking questions, snapping up appointments with the physicians and taking to social media to complain.

Sparring in New York City are health insurers such as giants UnitedHealthcare and Aetna, which pay for medical care, and big-name hospital systems like NewYork-Presbyterian and Mount Sinai Health System seeking more money for the treatment provided by their doctors.

NewYork-Presbyterian said the insurer has failed to offer enough. Aetna said the hospital system’s demands are unsupportable. Both declined to say what rate increases they are seeking.

If hospitals and insurance companies fail to agree on a contract, patients can lose not only some or even all of their health plan’s coverage, but they may also pay a doctor’s higher, non-negotiated rates.

The hospital system sought new terms because of rising labor costs and its analysis of newly public hospital pricing data indicated Mount Sinai wasn’t paid as well as its competitors, said Brent Estes, Mount Sinai’s chief managed-care officer. 

UnitedHealthcare said Mount Sinai’s proposals would increase its rates by 43% to 58% over three to four years. “We continue to await a realistic proposal from Mount Sinai that’s affordable and sustainable for New Yorkers and employers,” the company said.

As boomers get older demands for medical care services will explode.

Percentage Change in Debt and Population

In the last four years, the percentage increase in population was 3.0 percent. The percentage in crease in debt was 45.3 percent.

Federal Debt vs Population 1992 vs Now

  • In 1992, the federal debt was $4.027 trillion. The population was 192.805 million.
  • At the end of 2023, federal debt was $32.690 trillion and the population was 266.942 million.
  • Between 2019 and 2023, the federal debt rose by 45.3 percent. The population rose by 3.0 percent.
  • Between 2007 and 2019, the federal debt rose by 105.3 0ercent. The population rose by 11.8 percent.

The cost of healthcare is about to soar.

Tyler Durden
Sun, 03/03/2024 – 16:00

via ZeroHedge News https://ift.tt/ean8UIN Tyler Durden

These Are The Best And Worst Performing Assets Of February And YTD 2024

These Are The Best And Worst Performing Assets Of February And YTD 2024

As DB’s Henry Allen writes, February was another very strong month for risk assets, with many major world equity indices hitting fresh record highs. That included the S&P 500, which surpassed the 5,000 mark for the first time, as well as the Nikkei, which surpassed its previous record from 1989. In part, that was because of continued excitement around AI, and the Magnificent 7 posted their best performance in 9 months. However, with inflation still above target and surprising on the upside in the US, investors pushed out the timing of future rate cuts, and sovereign bonds lost further ground. In addition, US regional banks continued to struggle, as investor concerns persisted about commercial real estate. As for cryptocurrencies and bitcoin which soared almost 50% in February after the launch of bitcoin ETFs, well, don’t get Elizabeth Warren started.

Month in Review – The high-level macro overview

February had several ongoing stories that were relevant for markets.

1. The first was that global data was still robust for the most part, and hopes for a soft landing continued. For instance, the US jobs report for January showed nonfarm payrolls up by +353k, along with positive revisions to the previous two months. Moreover, the ISM manufacturing print hit a 15-month high. But even as growth remained strong, there were further upside surprises on inflation, which raised fears that the path back to target was unlikely to be a smooth one, and raised questions as to whether the economy would face a “no landing”. In particular, the US core CPI print for January came in at a monthly +0.4%, which pushed the 3-month annualised rate for core CPI up to +4.0%.

With inflation above target and growth remaining strong, that led investors to push out the timing of future rate cuts once again. At the Fed, futures moved from pricing 146bps of cuts by the December meeting, to 85bps, a reduction of 61bps over February. In addition, they pushed out the likely timing of the first rate cut to the June meeting. As a result, sovereign bond yields rose further, and US Treasuries (-1.4%) posted their worst monthly performance since September. Similarly in the Euro Area, investors reduced the expected cuts by December from 160bps to 91bps, and Euro sovereign bonds fell -1.2%. Lastly in Japan, expectations grew that the BoJ might end the negative interest rate policy as early as April, and yields on 2yr JGBs were up +9.7bps to 0.17%, marking their highest level since 2011.

2. The second important story was the ongoing excitement around AI, which led to a fresh outperformance from the Magnificent 7. They were up +12.1% in total return terms, which was their best monthly performance since May 2023, and Nvidia surged by a further +28.6%, which followed their strong earnings release towards the end of the month. That helped to power the overall S&P 500 (+5.3%) to a 4th consecutive monthly advance, although the rally continued to be a narrow one, with the equal-weighted S&P 500 up by a smaller +4.2% in February.

3. Third, the concerns about commercial real estate continued, particularly at the start of February. That came after New York Community Bancorp reported a loss on January 31 as they raised their expected loan losses on commercial real estate. This raised fears that the full consequences from higher interest rates are still yet to materialise, particularly give the amount of debt that needs refinancing over 2024 and 2025. For markets, it meant that US regional banks lost further ground, with the KBW Regional Banking Index down another -2.8%, bringing its YTD decline to -9.5%. New York Community Bancorp led those declines, with a -25.2% return in February, taking its YTD decline to -52.7%.

Which assets saw the biggest gains in February?

  • Equities: Excitement about AI and strong growth data helped global equities advance for a 4th consecutive month, with the S&P 500 (+5.3%) and the STOXX 600 (+2.0%) both rising. Asian indices saw the largest gains, with the Nikkei up +8.0%, and the Shanghai Comp (+8.1%) had its best monthly performance since November 2022.
  • US Dollar : As investors pushed out the timing of future rate cuts, the dollar index rose for a second consecutive month, rising +0.9%. Moreover, the dollar strengthened against every G10 currency apart from the Swedish Krona.
  • Oil : Despite the losses for other commodities, oil prices rose for a second consecutive month, with Brent crude up +2.3%, and WTI up +3.2%.
  • Cryptocurrencies : It was a very strong month for cryptocurrencies, with Bitcoin (+44.7%) seeing its best monthly performance since December 2020, ending the month at $61,431.

Which assets saw the biggest losses in February?

  • Sovereign Bonds : As investors pushed out the timing of rate cuts, sovereign bonds saw further losses. That included US Treasuries (-1.4%), Euro sovereigns (-1.2%) and gilts (-1.3%)
  • Japanese Yen : The Japanese Yen weakened a further -2.0% against the US Dollar in February, leaving it as the worst-performing G10 currency on a YTD basis, having now weakened -6.0% since the start of the year.
  • Commodities (except oil) : Several commodities saw significant declines in February. European natural gas was down -17.8%, marking a fourth consecutive monthly decline. Copper (-1.8%) also lost ground after three monthly gains, whilst agricultural goods including wheat (-3.0%), corn (-7.3%) and soybeans (-7.7%) fell back as well.

Finally, here are the charts summarizing major asset performance in February in local currency and USD…

… and YTD.

Tyler Durden
Sun, 03/03/2024 – 15:30

via ZeroHedge News https://ift.tt/G1zUfCS Tyler Durden

Another One? Trump-Hunter Letitia James Spent Thousands On Luxury Travel And All Sorts Of Other Malarkey

Another One? Trump-Hunter Letitia James Spent Thousands On Luxury Travel And All Sorts Of Other Malarkey

While Georgia Trump prosecutor Fani Willis is embroiled in Fanigate – paying her boyfriend nearly $1 million to help her ‘get Trump’ while he flew the two of them on (allegedly ‘cash’ reimbursed) lavish vacations, New York AG Letitia James has been spending tens of thousands of taxpayer dollars on all sorts of personal benefits, according to a recent analysis of a recent financial disclosure by X user “Mel” (@Villagecrazylady).

The findings are damning. James spent more than $15,000 on luxury hotels in Puerto Rico, $20,000 per yea rin meals, $7,000 dropped at a NYC nightclub that was billed as an “office,” and $84,000 in airfare to fly all over the country.

She also stayed at the Beverly Hills Wilshire, and claimed $65,000 in “reimbursements” to “campaign consultants,” which as X user Jim Weed notes, “could literally be anything.”

Speaking of campaign consultants, can anyone tell me why a state Attorney General would need to spend over $300,000 in a single year (2023) on campaign consultants when she *just* won re-election the previous November? What could she possibly be consulting on? Furthermore, why do these million-dollar “campaign consultancy firms” always seem to be run out of random 2-bedroom apartments?

To be clear, Ms. James isn’t breaking the law with her expenditures. But considering the high bar she set for Trump in his civil fraud case, it’s more than a little galling that she plays so fast and loose with what she deems to be “legitimate campaign expenses.” -@JimBobW49

James also spent thousands at the ’48 Lounge’ in NYC as a ‘fundraising’ expense, a venue which claims to provide a “luxurious and intimate atmosphere.”

Continues:

Ghost Donors?

It appears Attorney General Ms. James is wrapped up in the ghost donor scam.

You may think that ghost donor bots were just operating at the federal level, but this investigation revealed how big it is at the state level.

Here’s a list of  Ms. James’ total donations and their corresponding receipts by year. Does anything jump out at you?

Obviously, 2022 is off the charts. Over 32,500 receipts, and over 62% are from out of state. Who the heck donates to an Attorney General, running in a totally safe seat in a whole other state?!

Answer: Ghost donors. What are ghost donors? Ghost donors (sometimes called “smurfs”) are sophisticated bot programs that use the names and addresses of real Americans to make donations to political campaigns. This allows the people running the programs to circumvent campaign finance laws. The donations are made in thousands of small-dollar increments that are easily looked over on cursory review. –America Out Loud

As Mel concludes: “So to recap: we’ve got unknown entities funding our state and federal elections and everywhere you turn there’s a sleazy politician using this tainted campaign money to fund their extravagant lifestyles.”

Tyler Durden
Sun, 03/03/2024 – 15:00

via ZeroHedge News https://ift.tt/q2K5u7M Tyler Durden

Israel Unveils New West Bank Settlement Expansion In Defiance Of White House

Israel Unveils New West Bank Settlement Expansion In Defiance Of White House

Via The Libertarian Institute

Israel approved the building of 3,600 Israeli homes in a new West Bank settlement. The announcement came just days after Secretary of State Antony Blinken declared the settlements were inconsistent with international law. Tel Aviv routinely ignores Washington’s requests to curtail its oppressive treatment of Palestinians without an impact on the billions in aid the US provides to Israel each year. 

Israeli Finance Minister Bezalel Smotrich approved the new Jewish homes on Palestinian land south of Jerusalem on Tuesday. “We will continue the momentum of settlement throughout the country,” he said. Smotrich has denied the existence of the Palestinian people and called for the segregation of maternity wards. 

Gilo, a Jewish settlement near Bethlehem, via britannica.com

The approval of the settlement is a snub to the White House, as last week Blinken reinstated a pre-Donald Trump policy of viewing Israeli settlements in the West Bank as inconsistent with international law.

“Our administration maintains a firm opposition to settlement expansion, and in our judgment this only weakens, doesn’t strengthen Israel’s security,” the diplomat said.

Blinken added that the settlements were “inconsistent with international law” and “counterproductive to reaching enduring peace.”

In addition to building new Jewish homes, Tel Aviv has also been destroying Palestinian homes. Israel has destroyed nearly 100 Palestinian homes since October 7—Tel Aviv bills Palestinians for the cost of destroying their homes. 

Last week, Smotrich explained the policy was to punish the Palestinians, “Our enemies should know that any harm to us will lead to more construction and more development and more of our hold all over the country.” Collective punishment, settlement building, and military occupation are all violations of international law. 

Israeli Finance Minister Bezalel Smotrich, source: Jerusalem Post

President Joe Biden, who claims his foreign policy is centered on respect for the liberal international order, has still refused to curtail US support for Israel or even condemn Tel Aviv’s alleged many flagrant violations of humanitarian law amid growing international pressure. Secretary of State Lloyd Austin recently told Congress that the US has shipped Israel over 20,000 bombs since October 7. 

Tyler Durden
Sun, 03/03/2024 – 13:25

via ZeroHedge News https://ift.tt/8mQPo6K Tyler Durden