Month: March 2024

Authored by Michael Clements via The Epoch Times (emphasis ours),

South Carolina is now the 29th state to allow any resident who is legally able to carry a firearm to do so without a permit—so-called constitutional carry.

On March 7, Gov. Henry McMaster signed H 3594 into law, which eliminates the requirement for a concealed weapons permit, sets the minimum age to receive a license to 18, and sets a comprehensive list of “sensitive areas” where guns are prohibited.

The list includes schools, government buildings, health care facilities, places of worship, law enforcement centers, and any place where guns are prohibited by federal law.

It leaves the current permitting process in place for those who wish to get a permit to carry in states that recognize South Carolina’s license. South Carolina’s concealed carry permit requires eight hours of training.

The new law also sets steeper penalties for those convicted of carrying a gun in a sensitive area without a permit as an incentive to get licensed.

Mr. McMaster released a statement celebrating the new law.

“This bill expands the Second Amendment rights of our law-abiding citizens and will keep violent criminals behind bars with increased penalties for illegal gun use and possession,” Mr. McMaster’s statement reads.

Supporters of the measure say the proposed law enables South Carolinians to finally exercise their Second Amendment right.

Gun rights advocates hailed the new law as another step toward fully restoring Americans’ Constitutional rights.

“We’re excited that South Carolina Finally did the right thing. We’re grateful to see the expansion of Second Amendment rights,” Chris Stone, state and local affairs director for Gun Owners of America, told The Epoch Times.

The National Rifle Association also weighed in on the development.

“The NRA celebrates another significant milestone as South Carolina becomes the 29th state to enact the landmark NRA-backed Constitutional Carry legislation. This pivotal move ensures South Carolinians are no longer required to obtain permission to defend themselves and their families, reinforcing the fundamental right to self-defense,” Randy Kozuch, the executive director of the NRA Institute for Legislative Action, said in an email to The Epoch Times.

Everytown for Gun Safety, which the South Carolina Chapter of Moms Demand Action is affiliated with, didn’t respond to an email seeking comment. The group has opposed this and similar legislation in the past.

Dan Roberts, outreach director and media liaison for South Carolina Carry, said he has been working with other South Carolinians to institute constitutional carry in the state for 10 years.

“It’s been quite a slog,” he told The Epoch Times.

Mr. Roberts said that while he’s pleased with the bill overall, there are some parts he would change if he could. He said he doesn’t see why a person who carries a gun into a sensitive area without a license should face a stiffer penalty than someone who has a permit.

Although the law does away with the training requirement, the permitting process still mandates eight hours of training. Mr. Roberts said that both provisions should be changed to provide incentives for training. He said it would be more effective to offer tax breaks for the purchase of gun safes or to allow carry in certain sensitive areas for those who receive training.

“If you incentivize it, that’s the way you motivate people to get the training,” Mr. Roberts said.

Focus On the Good

Still, he said that in his political career, he has learned one valuable lesson.

“Never let the perfect be the enemy of the good,” he said.

Republican state Sen. Rex Rice was an early proponent of the legislation. He said he also favors the training element of the law. He strongly encourages even those who choose not to get a license to get some training if they are going to carry a gun.

“You need to be proficient with the weapon you’re carrying, and you need to know what the law says,” Mr. Rice said.

Mr. Rice said that many of his constituents supported constitutional carry because they don’t trust the government. He said they are concerned their personal information would be used to compile a registry of gun owners.

“People don’t want to give the government their information,” he told The Epoch Times.

Mr. Roberts said the new law is more than just an expansion of gun rights. He pointed out that a majority of states have expanded gun rights. He said that in an election year, it would do federal incumbents well to pay attention to the message he said is being sent by state legislatures: Gun control as crime prevention is not working.

“People are tired of being demonized, villainized, and scapegoated for the criminal acts of people that they had nothing to do with.”

In fewer than 50 years, the world population has doubled in size, jumping from 4 to 8 billion.

In this visualization, Visual Capitalist’s Marcus Lu maps the populations of major regions at three different points in time: 1900, 2000, and 2050 (forecasted). Figures come from Our World in Data as of March 2023, using the United Nations medium-fertility scenario.

Population by Continent (1900-2050F)

Asia was the biggest driver of global population growth over the course of the 20th century. In fact, the continent’s population grew by 2.8 billion people from 1900 to 2000, compared to just 680 million from the second on our list, Africa.

China was the main source of Asia’s population expansion, though its population growth has slowed in recent years. That’s why in 2023, India surpassed China to become the world’s most populous country.

Southeast Asian countries like the Philippines and Indonesia have also been big drivers of Asia’s population boom to this point.

The Future: Africa to Hit 2.5 Billion by 2050

Under the UN’s medium-fertility scenario (all countries converge at a birthrate of 1.85 children per woman by 2050), Africa will solidify its place as the world’s second most populous region.

Three countries—Nigeria, Ethiopia, and Egypt—will account for roughly 30% of that 2.5 billion population figure.

Meanwhile, both North America and South America are expected to see a slowdown in population growth, while Europe is the only region that will shrink by 2050.

A century ago, Europe’s population was close to 30% of the world total. Today, that figure stands at less than 10%.

Authored by Douglas Schoen via RealClear Wire,

The tragic killing of 22-year-old Laken Riley in Georgia two weeks ago by Jose Ibarra, a Venezuelan migrant in the country illegally and with a criminal record, is the latest example of a much larger problem: Criminal gangs are brazenly taking advantage of America’s broken immigration policies to invade our country. 

Quite simply, the stream of criminals pouring over the nation’s Southern border is now a tsunami with potentially disastrous implications, not only for America’s national security but also for President Biden’s reelection chances. Unless the president takes bold action to seriously strengthen the border, voters are likely to punish him in November. 

That being said, any attempt to address the border issue is doomed if the president does not confront the problem at its source. 

Venezuela, the largest source of illegal immigrants, is rapidly becoming a failed state, and its strongman leader, Nicolás Maduro – who has deepened economic and military ties between his oil-rich nation and other hostile regimes such as Russia, China, and Iran – is reportedly emptying the country’s jails, pushing criminals and gang members north, right over our porous border.  

According to a former Venezuelan official, Maduro “is releasing convicted criminals on the condition that they would emigrate from the country to the United States.” Unsurprisingly, these criminals are establishing local cells of the same criminal gangs, particularly Tren de Aragua, which is notorious for drug trafficking, human smuggling, and kidnappings for ransom. 

Law enforcement is sounding the alarm, with a senior FBI agent recently warning that Tren de Aragua is “rapidly expanding its criminal empire,” particularly in New York and Miami, where the FBI says gang members are behind a series of robberies and at least one murder. 

Given the 340,000 Venezuelans encountered at the Southern border last year alone, the FBI is seriously concerned that these gangs will have little problem finding new recruits to further their expansion.  

A South American dictator opening his jails and dumping criminals in American cities sounds more like a movie than real life, but the data is clear. Coinciding with a surge in Venezuelan migration to the U.S. is a drop in violent crime in Venezuela to levels not seen in nearly a quarter-century. 

Notably, violent deaths in Venezuela declined from 35.3 for every 100,000 people in 2022 to 26.8 per 100,000 in 2023 – the lowest since 2001, according to a Bloomberg report. Meanwhile, the same report quotes the director of the Venezuelan Violence Observatory, who points out that “gangs have emigrated due to the lack of opportunities to commit crimes.”  

For his part, last year President Biden struck a deal with Maduro, offering sanctions relief in exchange for increased political liberalization – specifically, holding free and fair elections – and consenting to deportation flights of migrants from the U.S. to Venezuela. The deal was supposed to be a victory for Biden, who could claim to be taking a tougher approach. 

Early last month, however, those flights abruptly stopped after deporting just 1,300 migrants. Some speculated that the move owed to Biden’s reimposition of sanctions after Maduro reneged on his promise to hold free and fair elections. 

While the attempt to stop the uncontrolled flow of migrants may have been admirable, the president should have known better. Never close to anything resembling an ally, Venezuela under Maduro has solidly aligned itself with the new “axis of evil” alongside Russia, China, and Iran. 

The relationship between these countries should deeply worry the White House, particularly in light of intelligence reports indicating that Iran is looking to build a naval base in Venezuela, China’s increasing investment in the country, a massive influx of Russian weapons into Caracas, and Maduro’s strong support for Russia following its invasion of Ukraine in 2022 – critical for helping both countries skirt U.S.-led sanctions. 

Additionally, Venezuela’s role in hosting Russian troops and advanced air defense systems, not to mention the deep connections between Maduro and Iranian-backed terrorist group Hezbollah, which has a heavy presence in the South American country, cannot be overstated, particularly in light of Hezbollah’s daily attacks on Israel since its war with Hamas began on Oct. 7.  

Viewed in this light, it is clear that Venezuela represents more than just an immigration problem, but an extreme foreign policy and national security challenge. The Venezuelan threat extends far beyond the typical debate over immigration – and solving it lies squarely within the president’s remit. 

It also constitutes a rapidly expanding political vulnerability for Biden, one that he has so far failed to address. 

Indeed, last month, Americans ranked immigration as the most important issue facing the country, the first time since 2019 that it has topped the list. Nearly 3 in 10 (28%) Americans chose immigration, 8 points ahead of the second-place issue, the “government,” and more than double the portion identifying the economy (12%) and inflation (11%), per Gallup polling. 

Worse still for Biden is that while the president’s general approval rating is a substandard 40%, his approval on immigration is a dismal 31%, according to the RealClearPolitics Average.

Voters do not trust Biden to address the issue. A majority (52%) of swing state voters say that they trust Donald Trump – rather than Biden – to handle immigration, while just 30% trust the president, per Morning Consult polling. 

To be sure, while Biden does not bear full responsibility for the recent collapse of a border security deal in Congress, he is not powerless to deal with the issue, even if through executive order. 

Even passing a border security bill would do little to stem the problem, anyway. Many solidly blue states and cities define themselves as “sanctuary cities,” barring them from cooperating with immigration officials – even when illegal migrants commit felonies, as Mr. Ibarra did in New York prior to killing Ms. Riley. 

To be clear, unless President Biden takes concrete steps to strengthen the border and deal with Venezuela, his reelection would – justifiably – be in serious jeopardy.  

Ultimately, Biden must close our Southern border and make it unmistakably clear to Maduro that dumping criminals on American shores will not go unpunished. Nor will Maduro’s deepening ties with hostile nations, which include hosting an Iranian naval base in the Americas.  

Next, Biden should put America’s full economic, political, and diplomatic weight behind free and fair elections in Venezuela. The carrot and stick: the promise of much-needed sanction relief, or the threat of increasingly tough sanctions.   

If Biden doesn’t do so, he will have to explain to the nation why he could not bring a South American dictator to heel and therefore endangered the safety of all Americans. That’s hardly a winning campaign strategy. 

Douglas Schoen, a Democratic consultant, is the co-author of “The Threat Closer to Home: Hugo Chavez and the War Against America” (Free Press, January 2009)

Former US Attorney General Loretta Lynch tried to quietly push the Department of Defense to remove Chinese drone maker SZ DJI Technology Co Ltd from a list of Chinese military companies, a damning Reuters report has revealed.

The Obama-era official lobbied the DoD on behalf of the firm when it came under US government scrutiny over ties to China’s People’s Liberation Army. The Shenzhen-based company turned to Lynch as well as former Assistant United States Attorney Michael Gertzman and Associate White House Counsel in the Obama administration Roberto Gonzalez.

The Pentagon starting in 2021 named DJI as constituting a potential threat to US national security for its military ties. A DoD statement at the time made clear that “The Department of Defense (DOD) position is that systems produced by Da Jiang Innovations (DJI) pose potential threats to national security.” 

And further, “Existing DOD policy and practices associated with the use of these systems by U.S. government entities and forces working with US military services remain unchanged contrary to any written reports not approved for release by the DOD.” Of big concern was that some of Chinese company’s products were making their way into highly sensitive military programs, including used by special forces. 

Lynch’s efforts have been described as technically legal, as they fall within a “loophole” inherent in The Foreign Agents Registration Act, or FARA. The decades-old law requires that current and former US officials publicly disclose work, especially lobbying efforts, done on behalf of foreign entities and governments. But there’s also a not insignificant list of exemptions which is increasingly coming under scrutiny.

Congressional leaders are outraged, and some have vowed to end the type of loopholes which allow former officials like Lynch to secretly work on behalf of China:

Almost a dozen critics of FARA told Reuters the law’s loopholes have allowed less transparency for other companies with alleged ties to China’s military, including surveillance technology firm Hikvision and biotech firm WuXi AppTec.

Jim Risch, the top Republican on the Senate Foreign Relations Committee, says reforms to the law are needed, given the blurry lines between many Chinese companies and the Chinese government, and to keep former members of the U.S. government from effectively lobbying on their behalf.

Risch said: “It is appalling that former senior U.S. officials use their connections to serve the interests of U.S. adversaries.”

China’s State Councilor and Minister of Public Security Guo Shengkun meets US Attorney General Loretta Lynch in Washington on Wednesday. pic.twitter.com/DDz9GA9xU7

— China Daily (@ChinaDaily) December 8, 2016

While it might be easy to dismiss this as the usual D.C. beltway revolving door of foreign interests and willing US politicians and K Street operatives lining their pockets… that a US Attorney General has been engaged in these kinds of top level and hidden dealings with China is a massive scandal in and of itself.

Lynch has previously simply claimed that because the Chinese drones in question were already in “wide use” in the US, the company’s “threat to national security” designation should be dropped.

Authored by Michael Clements via The Epoch Times (emphasis ours),

Whether the state of Wyoming gets rid of its gun-free zones is in Gov. Mark Gordon’s hands.

On March 8, the Legislature passed and sent to Mr. Gordon HB 125. The bill’s primary sponsor, state Rep. Jeremy Haroldson, a Republican, said he is cautiously optimistic that Mr. Gordon will sign the bill but that he knows there are no guarantees.

The bill repeals the designation for most places currently listed as gun-free zones, including public schools, colleges, and public buildings. This includes the state capitol, legislature, and other government buildings. It also makes it a crime to prevent a legal gun owner from carrying a concealed weapon anyplace but in areas that remain off-limits.

Those off-limits areas include hospitals, mental health facilities, and jails.

The law allows private property owners to prohibit weapons on their property and prohibits students of elementary and secondary schools from carrying weapons in their schools.

School administrators can set policies for employees to carry on school property. This includes required training, certification, and annual recertification.

The law also vests all authority for regulating firearms in the state, taking that authority away from county and municipal governments.

An email from Mr. Gordon’s communications director, Michael Pearlman, confirmed on March 8 that the governor had received the bill. But Mr. Pearlman did not indicate the law’s future.

“HB 125 was received by the Governor today,“ Mr. Pearlman told The Epoch Times. ”As our legislative session is scheduled to conclude today, he will have 15 days to act on this bill. He will give this bill careful consideration, as he does all legislation that reaches his desk.”

Under Wyoming law, if the Legislature had remained in session, Mr. Gordon would have had three days to either sign or veto the bill. Since the Legislature completed its work on the state budget and ended the session, Mr. Gordon has 15 days. If he does nothing, the bill becomes law without his signature.

Mr. Haroldson said the bill has been vehemently opposed by teachers unions and the state’s colleges and universities.

The Epoch Times was unable to contact a representative of the Wyoming Educators Association by press time, but the group posted a guide on its Facebook page on how to ask state senators to vote against the legislation.

The guide states that guns on school grounds would undermine students’ confidence in teachers, create a dangerous environment, and create liability for districts, educators, and students. The guide also claims that a majority of law enforcement agencies oppose such laws.

“Arming teachers places a life-and-death liability on educators, who typically lack the proper training to use a firearm in defense of students at school effectively,” the information reads.

According to Mr. Haroldson, the bill will enable Wyoming gun owners to protect themselves in places where they are currently disarmed. He said this is why a majority of Wyoming residents support the bill.

He would not speculate on what Mr. Gordon might do.

“It’s a dangerous place to be to veto a bill of this nature,” Mr. Haroldson told The Epoch Times.

Chris Stone, state and local affairs director for Gun Owners of America, expresses optimism that the bill will become law because it has broad public support.

“Public perception is behind us. We believe Gov. Gordon will do the right thing and sign that into law,” he told The Epoch Times.

Mr. Stone said people support the measure because research indicates that most mass shootings happen in gun-free zones.

On its website, the Crime Prevention Research Center (CPRC) shows data indicating that between 1998 and October 2023, 82 percent of mass shootings occurred in gun-free zones.

The CPRC also posted a report indicating that many mass shooters wrote in their manifestos that they selected gun-free zones so they could maximize the number of victims.

Sailed Through the House

According to the Wyoming Legislature’s website, the legislation entered the Senate after leaving the House on a 54–7 vote on Feb. 27, 2024.

Mr. Haroldson said the bill got a cooler reception in the Senate.

Wyoming has short legislative sessions, only 20 days in even-numbered years, when the Legislature is writing the budget, so the bill was on a tight deadline. He said the bill was sent to the Senate Judiciary Committee, where it died under the weight of amendments that would have neutralized the bill.

But on March 7, the bill’s supporters were able to use parliamentary procedure to revive the bill and vote it out of committee and onto the Senate floor with no amendments. The bill passed the Senate by a 22–8 vote.

Mr. Haroldson credited public support for the bill with encouraging senators to give it a second chance. He said his constituents are fully aware of what’s at stake.

“The Second Amendment is the one amendment that protects all others. I think people know that,” he said.

“I just think that’s something that red state people understand.”

China, the world’s top agricultural importer, has canceled half a million tons of wheat from the US over the past week, adding to the record number of cancellations that have weighed on Chicago futures, according to Bloomberg. 

On Monday, private exporters exited purchases of 264,000 metric tons of US soft red winter wheat to China. This is the third consecutive day with such an announcement, and cancellations total 504,000 metric tons—the most in USDA history dating back to 1999. 

Early last week, speculation about China canceling US wheat orders pushed wheat futures in Chicago lower. There have been mounting concerns that Brazil and the Black Sea markets will have increased wheat production. 

Rumors that China may cancel open U.S. wheat sales hovered of SRW futures, while increased production prospects in Brazil & looming Black Sea competition cast an additional pall over the wheat complex.

— Pro Farmer (@profarmer) March 6, 2024

There are rumors that #China may cancel open US #wheat sales, pushing the May Chicago wheat contract to new contract lows. pic.twitter.com/a3bbbgSxlf

— Jim McCormick (@jpmccormick3) March 6, 2024

Wheat futures dropped 6% from last Tuesday to Monday morning. However, futures quickly erased losses and surged 4% by early afternoon. 

Farm Journal’s Michelle Rook spoke with ag trader Kevin Duling about the cancellations. He said China “could still have more to go, and they can have another half million tons to go.” 

Rook asked: “Are they going to cancel the rest of what they bought from the United States, and why are they doing this – is it just because prices have gotten much cheaper?” 

Duling runs through several possible factors, including China might have “overshopped” last fall. 

Is China just manipulating ag markets, or have they found a buyer elsewhere? 

Authored by Katabella Roberts via The Epoch Times,

Former President Donald Trump has vowed to release individuals imprisoned over the Jan. 6, 2021, breach of the U.S. Capitol if he wins the 2024 election in November.

President Trump made the comments in a statement on Truth Social on March 11, noting that it would be among one of his first acts upon taking office in the White House.

The Republican said shutting down the U.S.-Mexico border and increasing oil drilling as part of efforts to make America more energy independent would also be among his first actions as president.

“My first acts as your next President will be to Close the Border, DRILL, BABY, DRILL, and Free the January 6 Hostages being wrongfully imprisoned!” President Trump said.

President Trump said during a rally in Texas in 2022 that he would consider pardoning those convicted of their involvement in the Jan. 6 breach, noting that his administration would treat them “fairly.”

“If it requires pardons, we will give them pardons, because they are being treated so unfairly,” he said at the time.

Last year, President Trump told a town hall hosted by CNN at Saint Anselm College in New Hampshire that he was inclined to pardon a “large portion” of those charged with crimes relating to the breach.

However, the Republican stressed he would not pardon all of those imprisoned, telling the audience that “a couple of them, probably they got out of control.”

Jan. 6 ‘Hostages’

At a rally in Iowa on the third anniversary of the breach at the start of this year, President Trump referred to the individuals arrested in the wake of the Jan. 6 breach as “hostages” who had suffered enough.” He then urged President Joe Biden to release them adding: “You can do it real easy, Joe.”

President Trump’s latest comments mark the first time he has suggested that releasing those imprisoned over the Jan. 6 breach would be a top priority and that he will take immediate action to do so if he wins the November election.

According to the most recent statement from the Department of Justice (DOJ), more than 1,358 individuals from nearly all 50 states have been charged with crimes linked to the breach of the U.S. Capitol.

This includes more than 486 individuals who were handed felony charges for assaulting or impeding law enforcement.

Most recently, a 43-year-old Maryland man was arrested on felony and misdemeanor charges—including offenses of civil disorder and assaulting, resisting, or impeding certain officers—in relation to the events of Jan. 6.

President Trump himself has been indicted over allegations related to his actions on Jan. 6 and alleged attempts to challenge the results of the 2020 election, including conspiring to defraud the country and obstructing an official proceeding.

He has pleaded not guilty to the charges.

Demonstrators entered the Capitol on Jan. 6, 2021, as Congress debated the 2020 presidential election. (Brent Stirton/Getty Images)

Trump Claim ‘False’

President Trump’s comments came on the same day that a Republican-led House committee released a report on its investigation into work done by a Democrat-dominated select committee that probed Jan. 6.

According to the GOP committee report, four individuals who served in the Trump administration did not corroborate testimony made by former aide Cassidy Hutchinson before the Jan. 6 committee in 2022.

Ms. Hutchinson, a former White House official, testified that she was told by Secret Service agent Anthony Ornato that he was informed by a fellow agent that, on the day the U.S. Capitol was breached, President Trump tried to grab the steering wheel of the SUV he was in after being told he could not go to the Capitol.

However, according to the Republican-led House committee, the Secret Service agent who was driving President Trump at the time of the breach denied the claim. However, this testimony was allegedly concealed by the Democrat-led committee.

“Despite the driver of the president’s SUV testifying under oath that the Hutchinson story was false, the select committee chose to validate and promote Hutchinson’s version of the story as fact,” House Republicans said in the new report.

“The select committee hid the driver’s full testimony and only favorably mentioned his testimony in its final report, it did not release the full transcript,” the report added.

Earlier today, CNBC’s Brian Sullivan took a horse dose of Red Pills when, about six months after our readers, he learned that the US is issuing $1 trillion in debt every 100 days, which prompted him to rage tweet, (or rageX, not sure what the proper term is here) the following:

We’ve added 60% to national debt since 2018. Germany – a country with major economic woes – added ‘just’ 32%.   

Maybe it will never matter.   Maybe MMT is real.   Maybe we just cancel or inflate it out. Maybe career real estate borrowers or career politicians aren’t the answer.

I have no idea.  Only time will tell.   But it’s going to be fascinating to watch it play out.

He is right: it will be fascinating, and the latest budget deficit data simply confirmed that the day of reckoning will come very soon, certainly sooner than the two years that One River’s Eric Peters predicted this weekend for the coming “US debt sustainability crisis.”

According to the US Treasury, in February, the US collected $271 billion in various tax receipts, and spent $567 billion, more than double what it collected.

The two charts below show the divergence in US tax receipts which have flatlined (on a trailing 6M basis) since the covid pandemic in 2020 (with occasional stimmy-driven surges)…

… and spending which is about 50% higher compared to where it was in 2020.

The end result is that in February, the budget deficit rose to $296.3 billion, up 12.9% from a year prior, and the second highest February deficit on record.

And the punchline: on a cumulative basis, the budget deficit in fiscal 2024 which began on October 1, 2023 is now $828 billion, the second largest cumulative deficit through February on record, surpassed only by the peak covid year of 2021.

But wait there’s more: because in a world where the US is spending more than twice what it is collecting, the endgame is clear: debt collapse, and while it won’t be tomorrow, or the week after, it is coming… and it’s also why the US is now selling $1 trillion in debt every 100 days just to keep operating (and absorbing all those millions of illegal immigrants who will keep voting democrat to preserve the socialist system of the US, so beloved by the Soros clan).

And it gets even worse, because we are now in the ponzi finance stage of the Minsky cycle, with total interest on the debt annualizing well above $1 trillion, and rising every day

… having already surpassed total US defense spending and soon to surpass total health spending and, finally all social security spending, the largest spending category of all, which means that US debt will now rise exponentially higher until the inevitable moment when the US dollar loses its reserve status and it all comes crashing down.

We conclude with another observation by CNBC’s Brian Sullivan, who quotes an email by a DC strategist…

.. which lays out the proposed Biden budget as follows:

The budget deficit will growth another $16 TRILLION over next 10 years. Thats *with* the proposed massive tax hikes.

Without them the deficit will grow $19 trillion.

That’s why you will hear the “deficit is being reduced by $3 trillion” over the decade.

No family budget or business could exist with this kind of math.

Of course, in the long run, neither can the US… and since neither party will ever cut the spending which everyone by now is so addicted to, the best anyone can do is start planning for the endgame.

Authored by Tom Ozimek via The Epoch Times (emphasis ours),

A federal judge in Washington state rejected a gun rights group’s challenge of a new regulation that opens firearm manufacturers to lawsuits for crimes committed with their products.

U.S. District Court Judge Mary Dimke on March 8 dismissed a lawsuit against Washington state Attorney General Bob Ferguson brought by the National Shooting Sports Foundation (NSSF), which sought to prevent Senate Bill 5078 from taking effect.

The bill, known as the Firearm Industry Responsibility & Gun Violence Victims’ Access to Justice Act, imposes state-level legal liability on Washington’s firearms industry, allowing lawsuits to be brought on behalf of people who are killed or injured with the industry’s products.

The measure also opens firearms makers and sellers to legal liability if they fail to establish, implement, and enforce “reasonable controls” in the manufacture, sale, and distribution of firearms.

SB 5078 was signed by Washington Gov. Jay Inslee on April 25, 2023, with the NSSF filing its lawsuit on the same day.

The measure faced opposition from the National Rifle Association’s Institute for Legislative Action (NRA-ILA), which argued that the legislation would subject licensed firearm manufacturers and sellers to frivolous lawsuits and kill thousands of jobs in the state.

The Lawsuit

The NSSF’s lawsuit against Mr. Ferguson challenged the constitutionality of SB 5078, arguing that it imposed “sweeping liability” on gun makers and distributors, opening them up to lawsuits that amount to “unconstitutional efforts to stamp out lawful and constitutionally protected activity.”

The group also argued that the law would allow the bypassing of the federal Protection of Lawful Commerce in Arms Act (PLCAA), which gives gun-makers and dealers immunity from civil suits for crimes committed with firearms that they manufacture or sell.

“Washington is now trying to resurrect the very kinds of lawsuits that the PLCAA was enacted to eliminate,” the group stated in its complaint.

Congress invited states to regulate firearm sales and marketing practices by creating state-level laws that establish exceptions to the PLCAA, with SB 5078 being such a law.

Seeks to Sue Gun Industry ‘Out of Existence’

In expressing its opposition to the law, the NRA-ILA said in a statement that the bill “simply seeks to sue the firearms industry out of existence in the state of Washington.”

“Without the firearms industry, Washingtonians will not have access to firearms and ammunition and the fundamental right to keep and bear arms,” the NRA-ILA stated.

In its lawsuit, the NSSF requested a ruling that would declare SB 5078 unconstitutional and sought an injunction preventing it from being enforced.

The judge disagreed, stating in her order that the group “failed to bring a live case or controversy” before the court, while dismissing the case without prejudice, meaning that the issue can be tried again.

Mr. Ferguson, who is considering running for Washington state governor, hailed the decision, saying in a statement that the new law imposes “real accountability” on the gun industry.

“My legal team remains undefeated against the gun lobby in court,” he said in the statement.

“This law protects Washingtonians from gun violence by ensuring that gun industry members face real accountability when their irresponsible conduct harms our communities.”

NSSF did not respond to a request for comment on the judge’s decision.

Four other states—Delaware, New York, New Jersey, and California—have adopted similar legislation to SB 5078, with the New York law already having survived a challenge in federal court.

The NSSF, which challenged the New York law, has appealed that decision, with the case pending.

The New York law, which was signed into law in July 2021 by former New York Gov. Andrew Cuomo, a Democrat, allows gun makers to be sued if they “knowingly or recklessly create, maintain or contribute” to a dangerous condition in the state with their products.

Several Chinese stock indices have been in rally mode since the start of February, fueling market bottom calls by some Wall Street analysts. This comes as Beijing ramps up its commitment to end the market rout. 

On Tuesday, the Hang Seng Tech Index became the latest Chinese index to enter a technical bull market, joining tech-heavy ChiNext, materials index, and renewables. 

Market sentiment was improving from a month ago when Chinese shares were among the world’s worst performers. 

We pointed out the extreme bearishness in a Jan. 19 note titled “China Stocks Hit Rock Bottom: After $6.3 Trillion Market Loss, Brokers Suspend Short-Selling.” By Feb. 18, we cited a UBS note that outlined buying returned to Chinese stocks as flows improved. 

M&G Investment Management now believes a bottom in Chinese equities has formed, mainly influenced by Beijing’s market interventions, signs of improving economy and earnings, and a return of foreign flows into the equity market. 

“It’s rare to see China’s markets sustain a rally for weeks since the second half of last year,” said Fanwei Zeng, investment analyst at GAM Investment Management. 

Zeng continued: “Most Chinese tech and renewables companies have been focusing on cost-cutting and improving efficiency; we’ve seen improvements in margins and decent topline growth.”

Despite the ongoing deflation and property crisis concerns, investors are coming to terms with Beijing’s attempts to restructure its economy. Some are betting on President Xi Jinping’s attempt to drive high-tech growth and end the real estate crisis. 

Even with the lack of massive stimulus, some investors see a reduction in the mortgage reference rate and more liquidity, and a crackdown on quants is sufficient to make bottom calls (for now). 

“We expect high single-digit or low-teen earnings growth overall this year,” said Nicholas Yeo, head of China equities at abrdn plc, adding, “We expect deflationary pressure to reduce this year which would provide companies with more pricing power. We are around the range of the bottoming.”

Earlier this month, Goldman’s Si Fu and Kinger Lau asked clients: “When will flows come back to China?” 

Responding to their own question, the analysts stated:

“Recent “National Team” buying has put a near-term floor on the market and boosted investor confidence.” 

Early Tuesday, US-listed Chinese stocks traded higher, with KraneShares CSI China Internet ETF up nearly 3%. If premarket gains hold, this would be the highest level since Dec. 29. 

Fu outlined his strategy for buying Chinese stocks:

“We believe 1) companies with low PB(<1x), solid fundamentals and strong cash returns; and 2) technology-oriented SOEs with high R&D investment and aligned management incentives may benefit the most from the reform." 

The question remains whether this is the start of a crazy new V-shaped bull market recovery or if it is similar to Japan’s L-shaped three-decade bottom.