Business Exodus Continues: China’s Cofco Has Enough With Crime-Ridden Downtown Detroit

Business Exodus Continues: China’s Cofco Has Enough With Crime-Ridden Downtown Detroit

Out-of-control violent crime across downtown Detroit has forced Cofco International Ltd., the trading arm of China’s largest food company, to shift operations outside the metro area to safer suburbs.

Bloomberg spoke with those familiar with the plans to relocate Cofco outside the metro area. They said the move is primarily due to “persistent crime.”

The agricultural commodities trader is planning to move to Oak Brook from the Loop, Chicago’s central business district. 

The Loop

Part of Oak Brook

Oak Brook has several other major corporate headquarters, including Ace Hardware, CenterPoint Properties, Sanford L.P., and TreeHouse Foods Inc. 

Cofco confirmed the move but provided no details on where the new headquarters location would be.

Meanwhile, Chicago has been hit with many high-profile headquarters losses, including Caterpillar, Citadel, Boeing, and Tyson Foods. Guggenheim Partners has also joined the exodus. 

It’s not just businesses leaving the crime-ridden metro area. The latest Census data for 2023 reveals residents fled the city for states with lower crime rates, such as Texas, Florida, and Arizona.

During a 2021 speech at the Economic Club of Chicago, Citadel CEO Ken Griffin, who has since moved his firm to Miami, said, “It’s becoming ever more difficult to have this as our global headquarters, a city which has so much violence … and I mean Chicago is like Afghanistan, on a good day, and that’s a problem.” 

The major problem with Democratic strongholds like Chicago, Baltimore, Philadelphia, New York City, Washington, DC, Portland, LA, and San Francisco is the leadership of radical progressives who have failed spectacularly. Their disastrous social justice and criminal justice reform policies have only fueled crime and chaos. It seems “law and order” is not part of their woke vocabulary. 

Tyler Durden
Wed, 05/29/2024 – 06:55

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Momentum Cools Just As Indexes Hit Record Highs

Momentum Cools Just As Indexes Hit Record Highs

By Jan-Patrick Barnert, Bloomberg Markets Live reporter and strategist

After a surprisingly speedy return to all-time highs this month, upward momentum for European stock indexes is once again cooling.

While market internals are still positive, the Stoxx 600 went overbought again in mid-May. Europe’s benchmark hasn’t been close to oversold territory since late October, which is an unusual pattern compared to the past two years. It suggests that investor risk appetite isn’t going away.

But in terms of momentum, the situation isn’t that rosy. The monitor below is showing some weakness across many major benchmarks, which fits the market pattern of January and April, where momentum weakness was followed by a sideways to mild downturn phase for several weeks.

Inflation data from Germany is due on Wednesday and could further foster the case for interest rate cuts in Europe, which is key for stocks. The European Central Bank is widely expected to decide on its first easing in June, while the path thereafter remains unclear. In fact, investors have recently pared back bets on how much easing it’ll deliver this year, while the economic framework and corporate earnings still look healthy.

As the economy picks up again — especially in Germany — it’s becoming less likely that the 2% inflation target will be achieved or for price growth to fall below it, notes Merck Finck’ chief strategist Robert Greil. He adds however that “even a slight increase in inflation will hardly stop the ECB from making its first key interest rate cut at its June 6 meeting.”

Worth keeping in mind that trading volume, both in Europe and the US, was very weak as of late. This suggests that the latest wave of buying the dip wasn’t accompanied by outright confidence, and gains might stand on shaky ground should the rates narrative shift again.

Last Thursday’s share trading, where the S&P 500 Index was sold hard from top to bottom and volatility rebounded from a multi year low, can act as a warning about how positioning is behaving at the moment and how the chase for upside exposure isn’t as lively as it was earlier this year.

“What I think this sets up for in the medium- to long-term is a price-action that looks more like either a grinding move higher but also one too where we have actual conditions to crash-down,” says Nomura’s Charlie McElligott. He notes that investors’ long exposure has been rebuild to such a degree that it’s creating actual downside hedge demand.

Option skew as a measure of risk-sensitivity in the market is rising further, as is VVIX, as investors are positioned to benefit from a rise in volatility at such low levels. The only problem is that hedges haven’t paid out this year in absence of a real bearish catalyst.

Beyond inflation and economic data, politics may become a risk factor in Europe, both locally and for the wider market. With the UK heading to the polls as well as the European Parliament being elected, there is always a chance for negative surprises. Usually stocks don’t care much, yet near all-time highs, sensitivity might be a bit heightened. With US elections also entering their hot phase soon, it’s worth noting that VIX futures are already reacting with some sensitivity and rather early to this topic.

“It is becoming increasingly apparent that this year’s elections may be more significant than usual,” says Stephen Auth, Chief Investment Officer for equities at Federated Hermes. Firstly, polls are very close for both the US House and the Senate. Furthermore, the economic policy differences between the two presidential candidates are very large, especially on issues such as tax policy, regulation and trade, he says.

Tyler Durden
Wed, 05/29/2024 – 06:30

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5 Reasons To Sign Up For Your Digital ID

5 Reasons To Sign Up For Your Digital ID

Authored by Nicole James via The Epoch Times,

Digital ID is the newest marvel of modern ingenuity, poised to revolutionise life in Australia. But fear not for digital ID is not mandatory—yet. It’s just like the vaccine that wasn’t mandatory, until it was, sort of.

Will this digital firebrand rest in the hands of businesses?

One can only speculate what delightful incentives they’ll be offered to ensure compliance.

Perhaps a shiny new tax break, or a pat on the back from the local MP?

A Free Sausage With Your ID?

Picture the future with digital ID kiosks popping up outside hardware shops, nestled between the sausage sizzle and the garden gnomes.

“Get your digital ID here!” the signs will scream.

And what’s that? A free large fries with every digital ID? How utterly irresistible!

One might even wonder if this newfound digital identity could be the key to saving your dear old grandmother.

The bureaucrats will be rubbing their hands with glee at the thought of a new, streamlined system to manage.

No more messy paperwork or the need to remember pesky details like names and addresses. Everything will be neatly stored in a digital vault, accessible at the click of a button.

And just imagine the possibilities for surveillance! Why, they’ll be able to track your every move with the precision of a bloodhound on a scent trail.

And then there’s the ordinary citizen, who will no doubt revel in the convenience of it all.

No more fumbling for a driver’s license or digging through wallets for a Medicare card. Just a single, magical digital ID, capable of unlocking the doors to the kingdom.

Of course, one might worry about what happens when that digital ID fails to work but let’s not dwell on the negatives, shall we?

Top Five reasons

There are a number of reasons to support digital ID but here are our top five.

1. Imagine how many bank accounts you can open

You can open as many bank accounts as your heart desires with your shiny new digital ID. Of course, you’ll still be skint, but think of the sheer volume of accounts you can amass!

Imagine the joy of the bank fees and having them all taxed and potentially shut down should you dare to share a cheeky meme about our fearless leader.

2. Help out the hackers

Let’s help the government send all our industries off shore—not just cars, toothbrushes and chocolates, it’s time to help the hackers in China.

Hacking is a difficult job so the government has decided to help them out by keeping all our information in one place.

One Russian hacker described Australians as “the most stupidest humans alive” who have a lot of money for no reason (well not for long) and no sense at all. And no doubt he too may benefit from the new digital ID bill.

3. Sow division

Digital IDs will pick up right where The Voice left off, sowing division in their own special way.

The tech-savvy urbanites might breeze through, while the marginalised groups—the elderly, the poor, and rural residents—struggle.

What a perfect recipe for exacerbating inequalities! And, cynics might whisper, isn’t that just the sort of thing that gets the government’s gears turning?

4. We’re really after a vaccine passport

Let’s be honest, it’s not a digital identity we’re really after but a vaccine passport.

We’ve all delighted in flaunting our jab counts on social media.

Now, imagine the joy of collecting a rainbow of emojis alongside each vaccine in your digital wallet.

5. Let’s extend this digital revolution to animals and food

Why stop at humans? Why be speciest? Let’s extend this digital ID revolution to animals and even our food.

The chatter about vaccinating everything from fish to lettuce is gaining ground. So, why not microchip the lot?

Picture a wonderfully equal world where everything, down to your salad, is tracked and tagged. Did someone say social credits?

In the end, digital ID is the latest panacea for our modern woes, a silver bullet wrapped in a digital bow. And as we all march towards this brave new world, one can only hope it comes with a complimentary donut.

After all, a little sugar helps the medicine go down, doesn’t it?

Tyler Durden
Wed, 05/29/2024 – 05:00

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Yen May Ironically Get Help From The Fed Of All Places

Yen May Ironically Get Help From The Fed Of All Places

By David Finnerty, Bloomberg Markets Live reporter and strategist

The dollar-yen’s very near-term risks remain skewed towards rising further, but the yen may get a welcome reprieve from the Federal Reserve in two weeks, not the Bank of Japan.

The Japanese currency remains under carry trade pressure. In the short term, that setup won’t change against the greenback until US yields push lower. Moreover, no catalyst for that to happen is likely to emerge from US PCE or employment data, with the numbers predicted to show inflation remains problematic and labor markets are not collapsing.

However, the Fed’s rate decision could easily be a game changer — even temporarily — in coming weeks. That’s because all eyes will be on the latest dot plot with markets not expecting any rate change from the June FOMC meeting. Given economic data since the last dot plot, and recent Fed rhetoric, no one will be surprised if the median dot moves from signaling three reductions in 2024 to one or two.

With traders pricing in ~33bps pf Fed cuts this year, a dot plot signaling just one cut would only give the dollar a limited boost given not much more than one is already factored into pricing. If the dot plot though signals two cuts, given traders’ seemingly never-ending desire to price in policy easing this year, they will rush through the rate-cut door, bashing US yields lower and taking the dollar with it.

When it comes it the BOJ, it appears another rate hike is unlikely next month, considering that Governor Ueda said Monday the central bank will move cautiously to anchor inflation expectations at 2%. While the BOJ may play with its bond-buying program in another attempt to raise the nation’s yields, or signal a rate hike in July, neither of these may have a big enough impact on yield differentials to deter carry traders. The same cannot be said for the Fed decision.

Tyler Durden
Wed, 05/29/2024 – 04:15

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Study Finds Intermittent Fasting Protects Against Liver Inflammation And Cancer

Study Finds Intermittent Fasting Protects Against Liver Inflammation And Cancer

Authored by Ayla Roberts via The Epoch Times (emphasis ours),

A new study has found that intermittent fasting may protect against liver inflammation and even liver cancer.

The study, conducted at the German Cancer Research Center and the University of Tübingen and published in the journal Cell Metabolism, aimed to understand more about how intermittent fasting can affect the liver. The researchers found that intermittent fasting can halt the progression of non-alcoholic fatty liver disease (NAFLD), a precursor to chronic liver inflammation and liver cancer.

(Nok Lek Travel Lifestyle/Shutterstock)

Study Findings Explained

The researchers conducted their experiment by implementing a fasting regimen on mice with pre-existing liver inflammation. It was found that, after four months of intermittent fasting, the mice had improved liver function tests, less fat in their livers, decreased fibrosis, and were less likely to develop liver cancer in the future.

The mice followed a 5:2 fasting diet, meaning they fasted for two days, then were allowed to consume an unlimited number of calories for five days. The cycle was then repeated for four months until the study was concluded.

The researchers also discovered two proteins (known as PPAR-alpha and PCK1) within liver cells that seem to have contributed to the protective effects of intermittent fasting. The study supports March research that suggests fasting can have a powerful impact on one’s overall health.

“In recent years, caloric restriction and fasting studies have stumbled upon many positive health benefits. Some of the benefits include cancer prevention. It is well established that metabolic factors such as high levels of insulin and blood sugar, increase the risk of breast cancer.” Dr. Francisco Contreras told The Epoch Times in an email. Dr. Contreras is a board-certified oncologist who treats patients in California and Mexico.

Intermittent fasting has proven to reduce the incidence of this malignancy and also to reduce the risk of recurrence after treatment. Patients that could do intermittent fasting during treatment experienced relief of chemotherapy-induced adverse effects and cytotoxicity with significant improvement of their quality of life.”

What Is Intermittent Fasting?

Intermittent fasting is a type of eating pattern that involves alternating periods of eating and abstaining from food. Most people participate in intermittent fasting for health reasons and research supports intermittent fasting as a way to manage weight and some forms of disease, at least in the short-term.

During fasting days, your body runs off ketones derived from stored fats (triglycerides) in your body. But these ketones work as more than just fuel. They regulate the expression of many proteins and signaling molecules.” Dr. Caroline Walker told The Epoch Times in an email. Dr. Walker is a board-certified gastroenterologist based in Denton, Texas. “It is through these molecules that it is thought that intermittent fasting may have effects on cell growth and plasticity, tissue remodeling, decreased insulin exposure and decreased insulin resistance, improved lipid profile, improved blood pressure, and even improved asthma symptoms.”

According to Dr. Contreras, some of the other benefits of eating less, either by amount or by fasting, include:

  • Weight loss
  • Increased insulin sensitivity
  • Improved immunity
  • Body detoxification
  • Lower cholesterol
  • Improved heart health

All of these benefits have the potential to prevent chronic disease, including Type 2 diabetes, heart disease, neurodegenerative disorders, inflammatory bowel disease, and cancer.

Although there are many different intermittent fasting schedules to choose from, it is generally recommended not to fast for longer than 24 hours, as doing so often does more harm than good. Research regarding the long-term efficacy of intermittent fasting has also garnered mixed results, with a January 2023 study finding no evidence that intermittent fasting affects long-term weight loss results.

Furthermore, it is important to remember that intermittent fasting is not the best dietary choice for everyone and can even have dangerous consequences for people with certain health conditions.

“Patients should always speak with their primary care doctor prior to beginning intermittent fasting. It may not be right for those with type I diabetes, history of an eating disorder, pregnant or breastfeeding (or trying to get pregnant), or are taking warfarin,” advised Dr. Walker.

Who Is Most at Risk for Developing Liver Inflammation or Liver Cancer?

The most common liver condition worldwide is known as non-alcoholic fatty liver disease. It is estimated that 24 percent of all U.S. adults and nearly 10 percent of U.S. children have NAFLD. NAFLD results in excessive fat buildup within the liver, which in turn can lead to liver inflammation, also known as steatohepatitis, as Dr. Contreras explains:

“There is no question that the dietary habits of our generation are a major factor of metabolic disturbances caused by obesity and the liver is the organ most affected. The incidence of non-alcoholic fatty liver disease is on the rise worldwide. A very dangerous condition that can progress into steatohepatitis and cirrhosis which can lead to hepatocellular carcinoma, one of the most aggressive malignancies and the fastest-rising cancer in the USA.”

According to Dr. Walker, certain people are more at risk for developing NAFLD, including those who have:

  • Metabolic syndrome
  • Abdominal obesity (defined as waist circumference greater than or equal to 40 inches in males and greater than or equal to 35 inches in females)
  • High levels of triglycerides
  • Low levels of high-density lipoprotein (HDL) cholesterol
  • High blood pressure
  • High fasting blood sugar
  • Hepatitis B or C
  • Heavy alcohol use

Aside from preexisting medical conditions, genes and diet can also influence a person’s likelihood to develop NAFLD. Scientists are also studying how the gut biome may impact NAFLD and have already discovered differences in the microbiomes of people with NAFLD compared to people without the condition.

Opportunities for Future Research

Although the study is promising, the researchers acknowledge that because the study was conducted on mice, there is no way to know definitively if the intermittent fasting regimen would produce the same results in humans. However, the results do show significant promise regarding the potential efficacy of intermittent fasting as a preventative tool for humans.

Beyond this, Dr. Walker feels there is a notable opportunity in the future to compare and contrast a study group following the 5:2 fasting regimen to another group following a different dietary pattern.

“I do believe that they could have added value to their work by having a control group of mice who had lost body weight by another form of dietary control. This would have added value, particularly to their hypothesis that it is specifically the fasting that is responsible for the changes in fibrosis,” says Dr. Walker.

Tyler Durden
Wed, 05/29/2024 – 03:30

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How The War Redirected Ukraine’s Grain Exports

How The War Redirected Ukraine’s Grain Exports

Russia’s invasion of Ukraine and the temporary blockage of its Black Sea ports have redirected the flow of grain from “the world’s breadbasket”.

One of the world’s leading producers of wheat, corn and vegetable oils, Ukraine shipped much of its grain internationally prior to the war, with seven of the 10 most important destination markets for Ukrainian grain exports in 2021 located in Asia and North Africa (eight when including Turkey). When the war suddenly stopped the flow of Ukrainian grain, food commodity prices surged to unprecedented levels amid fears of a global food shortage.

After five months of war, the United Nations brokered a deal between Ukraine, Russia and Turkey that allowed the resumption of Ukrainian grain exports via the Black Sea route. The Black Sea Grain Initiative was signed into force on July 22, 2022 and Ukraine’s grain exports quickly recovered to pre-invasion levels. Even after the end of the grain deal in July 2023, when Russia refused to renew it, Ukraine and its partners found alternative ways (and routes) to keep the grain flowing.

As Statista’s Felix Richter highlights in the chart below, aside from exporting cereal by land via its neighboring countries, Ukraine continued to export grain via an alternative Black Sea route. By staying close to the border of friendly states Bulgaria and Romania, the potential for Russian disruptions was successfully minimized.

Infographic: How the War Redirected Ukraine's Grain Exports | Statista

You will find more infographics at Statista

According to data from the UN Comtrade database, much of Ukraine’s grain exports ended up in Europe last year, with Romania, Poland and Hungary seeing particularly large increases in inflows of grain from their embattled neighbor.

Meanwhile, Indonesia, Iran, Pakistan, Morocco and Tunisia all dropped out of the top 10, as the war forced them to find alternative suppliers of the vital food commodity.

Tyler Durden
Wed, 05/29/2024 – 02:45

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Is Russia Preparing To Strategically Partner With The Taliban?

Is Russia Preparing To Strategically Partner With The Taliban?

Authored by Andrew Korybko via Substack,

The Taliban remain international outcasts due to their refusal to implement a truly ethno-politically inclusive government per their prior promises as well as their treatment of women.

Although no tangible progress has been made on either of those two very sensitive issues, economic and security interests pushed regional stakeholders to enter into de facto relations with this group for pragmatic reasons.

Out of all those that have done so, Russia is far ahead of them all as proven by these latest developments:

* 16 May 2024: “Afghan Taliban no longer Russia’s enemy — Russian diplomat

* 17 May 2024: “Afghanistan to expand range of goods exported to Russia — deputy PM Overchuk

* 24 May 2024: “Taliban can stabilize Afghanistan if left to its own devices — FSB director

* 27 May 2024: “Russia invites Taliban to St. Petersburg International Economic Forum — Foreign Ministry

* 27 May 2024: “Russian ministries propose to Putin to remove Taliban from terrorist list — envoy

As can be seen, Russia’s previous threat perception of the Taliban has disappeared, and it now considers the group to be a regional security provider with respect to containing ISIS-K. Moreover, Afghanistan’s location enables it to facilitate Russian trade with Pakistan, both commercial and energy. These interests have combined to inspire Russia to more openly embrace this group, which comes ahead of next month’s investment forum and October’s BRICS Summit. Here are some detailed background briefings:

* 27 September 2021: “Comparing The Contours of Russia’s Ummah Pivot in Syria & Afghanistan

* 19 August 2022: “The Taliban Envisions Russia Playing A Big Role In The Group’s Geo-Economic Balancing Act

* 6 March 2023: “The Top Five Takeaways From The Russian Ambassador To Afghanistan’s Latest Interview

* 16 June 2023: “Russia’s Afghan Point Man Hinted At The Possibility Of Military-Technical Ties With The Taliban

* 19 May 2024: “Analyzing The Strategic Importance Of Russia’s Reportedly Planned Afghan Oil Hub

Basically, Russia sees Afghanistan as an indispensable part of its larger geostrategic reorientation to Muslim-majority countries, while the Taliban believes that Russia can help their country preemptively avert potentially disproportionate dependence on China and especially Pakistan. They also have shared economic interests with respect to facilitating trade between Russia-Central Asia and South Asia via Afghanistan from which that transit country can profit accordingly to help rebuild its economy.

Something big is obviously in the works between them judging by the timing of Russia’s deliberations on removing the Taliban from its terrorist list just before next week’s St. Petersburg International Investment Forum. In all likelihood, not only does Russia expect to make progress on its reportedly planned Afghan oil hub, but there might even be an update about President Putin’s envisaged delivery of Russian pipeline gas to Pakistan through Afghanistan that he mentioned only once in September 2022.

This doesn’t mean that a deal will be clinched on either since that involves Pakistan finally agreeing to conclude their long-running talks on a strategic energy one, which it’s thus far been reluctant to do under American pressure since April 2022’s post-modern coup. Nevertheless, even a Memorandum of Understanding between Russia and Taliban-led but by-then presumably terrorist-delisted Afghanistan on this and/or a parallel railway would be significant since it could help move Russian-Pakistani talks along.

Therein lies the larger goal being advanced through the latest developments in Russian-Afghan relations, namely the comprehensive expansion of Russian-Pakistani relations, which is considered the last piece of Russia’s Ummah Pivot and Greater Eurasian Partnership concepts to be completed. That South Asian state of nearly one-quarter billion people is seen as a promising market for Russian commercial and energy exports as well as an overland gateway to India with whom Russia has decades-long strategic ties.

From the Kremlin’s perspective, the successful cultivation of Russian-Pakistani relations could enable Moscow to exert positive influence over Islamabad for politically resolving the Kashmir Conflict, most likely by simply formalizing the Line of Contact as the international border. That could then maximally unlock Eurasia’s geo-economic potential by creating a cross-continental corridor, but all of this is only in the best-case scenario, which is far from assured.

For instance, Pakistan might still refuse to budge with regards to reaching a strategic energy deal with Russia due to the previously mentioned American pressure, or it might agree to this but still remain at serious odds with India. Another factor is India’s reaction to the comprehensive expansion of Russian-Pakistani relations, especially if this results in Russia inviting Pakistan to participate in October’s “Outreach”/“BRICS-Plus” Summit, the potential political risks of which were detailed here.

In any case, it’s clear that the driving force for removing the Taliban’s terrorist designation and inviting it to next month’s investment forum is the desire to make tangible progress on reaching a strategic energy deal with Pakistan, which would complete its Ummah Pivot and Greater Eurasian Partnership. Hopefully these interconnected processes will proceed smoothly and not unfold in ways that inadvertently risk offending India. It’s a difficult task, but Russia’s diplomats are more than qualified to handle it.

Tyler Durden
Wed, 05/29/2024 – 02:00

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Polling Reveals What Americans Regard As The Greatest Foreign Security Threats

Polling Reveals What Americans Regard As The Greatest Foreign Security Threats

By the Gatestone Institute

A national poll, commissioned by Gatestone Foundation Trustee Lawrence Kadish of Old Westbury, Long Island, reveals that China has emerged as the nation considered the biggest national security threat to the United States. An overwhelming majority of Americans questioned believed that China will seek to dominate the remaining 21st Century at the expense of the United States.

Vladimir Putin’s Russia ranks second as America’s biggest threat to our national security, with a little more than half of Americans questioned concerned that Putin is capable of launching a nuclear strike on the United States. The result underscores the poll’s finding that a significant majority of Americans are concerned that we have entered a second chapter of the Cold War between the two countries that has considerable consequences for our nation’s future.

Nor do many Americans believe that Putin will stop with his invasion of Ukraine. Nearly three quarters of those surveyed believe Putin will target Western Europe next, and many are fearful he could unleash nuclear weapons to achieve victory.

Turning to the Middle East, more than half of Americans surveyed believe Iran would launch nuclear missiles against Israel if given the opportunity and that the United States should take unspecified measures to prevent it.

Responding to the question of whether North Korea could fire nuclear-tipped missiles against the United States, again, the majority of those Americans questioned said yes.

The survey also reveals a startling loss of patriotism among those questioned, and a significant amount of anger by Americans who acknowledged their fears regarding the range of adversaries who now feel free to confront our nation.

The survey was conducted by the national polling company McLaughlin & Associates, and the data had a margin of error of 3.1%. Its CEO, John McLaughlin, observed:

“To the best of our knowledge, these questions have not been posed before to a statistically valid sample size of Americans and they reveal a nation that recognizes the external threats but is anxious about our current ability or willingness to respond to them.

It is clearly a time of uncertainty, anxiety and not a little bit of anger.

Tyler Durden
Tue, 05/28/2024 – 23:40

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Americans Are By Far The World’s Biggest Tourism Spenders

Americans Are By Far The World’s Biggest Tourism Spenders

China is yet to fully recover from its pandemic-induced travel slump, with projections forecasting outbound tourism to be back on track by the end of 2025. According to the latest available data from the UN World Tourism Organization, the Asian nation lost its position as the world’s leading tourism spender in 2022, after having held the position since 2013.

Although China still saw an increase of some $5 billion in outbound tourism spending between 2021 and 2022, it was not enough to match the surge in spending from the United States in that time period, which more than doubled from $75 billion to $162 billion.

This spate of increased travel includes the phenomenon of “revenge tourism”, a term coined on social media following the lifting of Covid restrictions as people started to go on trips that they previously were unable to take.

Even with the growth, however, both China and the United States were still some way off their pre-pandemic figures in 2022. China’s peak had hit $277.3 billion in 2018, while the U.S. reached a height of $184.8 billion in 2019.

As Statista’s Anna Fleck shows in the chart below, Germany, one of the most populous and richest nations in Europe, continued to rank in the top three big spenders, while the United Kingdom has climbed into fourth position.

Infographic: The World’s Biggest Tourism Spenders | Statista

You will find more infographics at Statista

India, meanwhile, has retained seventh position and also saw a huge increase in tourist spending from $17.8 billion to $31.8 billion. Data for the United Arab Emirates was not published for 2022.

According to the latest update of the UNWTO World Tourism Barometer, international tourism reached 97 percent of pre-pandemic levels in the first quarter of 2024.

This was partly thanks to the opening of Asian markets, including visa facilitation, with China having introduced visa-free travel for citizens from France, Germany, Italy, the Netherlands, Spain and Malaysia for a year staring November 2023.

North America saw the strongest performance of the subregions in Q1 of 2024, per the report, with a 23 percent increase of international arrivals in comparison to the same period from before the pandemic, followed by Central America with an increase of 15 percent, the Caribbean and Western Europe, each with 7 percent, respectively.

Tyler Durden
Tue, 05/28/2024 – 23:20

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Signs Of America’s Declining Power & The Emerging Multipolar World

Signs Of America’s Declining Power & The Emerging Multipolar World

Authored by Christopher Roach via American Greatness,

If we want our country to be safe and powerful, we should start on the firm foundations of respect for peace, human life, and other nations’ sovereignty.

During Bush’s years as president, Democrats frequently criticized his foreign policy, complaining that he acted like a cowboy, pursuing wars unilaterally without the imprimatur of the “international community.” Internationalism was a particular obsession of 2004 Democratic presidential nominee John Kerry, who lambasted the Bush administration for snubbing the United Nations and upsetting France with its Iraq policy.

Obama was mostly a darling of foreign leaders, as he ceded American power and prestige in a bid to right what he considered the historic wrongs of colonialism and western chauvinism. This was evident in his obsession with completing the Iran deal, participating in the Kyoto accords, assisting NATO attacks on Libya and Syria, and in the general tone of public diplomacy during the Arab Spring.

That said, America made quite a few interventions in the Obama years, especially in the second term, and we largely called the shots.

A Fake “International Community”

For all the talk of the international community, it was mostly a fig leaf for American unilateralism no matter which party was in charge. This practice extended from the Clinton presidency through Obama’s. When the United Nations would not approve something, we went to NATO. And when NATO wouldn’t get involved, we acted unilaterally, as in the early attacks on Syria or the targeted killing policy employed against al Qaeda

This is another way of saying that the United States acted as the sole superpower since the end of the Cold War, and this prevailed regardless of the party in power. There were some arguments on the margins, but every administration embraced this prerogative to impose the American vision of a “rules-based international order.” Even Trump, who ran on an America First platform, supported American unilateralism in Syria and expanded the provision of lethal aid to Ukraine.

In practice, the UN, NATO, and other institutions were there either to supply resources and allow the appearance of multilateralism or they were safely ignored. The United States had little fear of the International Criminal Court or the myriad other international institutions because it funded most of them, and they were effectively powerless in the face of American opposition.

The recent weakening of the United States relative to the rest of the world means that reality will begin to match the rhetoric of international institutions and begin constraining every nation, including us.

Evidence of Declining Power and Influence

Three recent examples exemplify the rapid change of our standing in the world.

First, after two decades of effort cultivating good will and cooperation in the war against terror and building a $100 million airbase, the United States is being kicked out of Niger. This follows Niger’s earlier expulsion of American ally France.

Simultaneously, Russia is rapidly and efficiently becoming a major player in Africa. Niger, one may remember, was where the “yellowcake” scandal took place during the George W. Bush administration and also the site of the massacre of an American special forces unit in 2017.

Like so much of our foreign policy, little of our official activity in Niger was known to the public and much was apparently unknown even to key decisionmakers in the government. But whether good policy or bad, it is rare for countries to kick the U.S. to the curb. The last time something like this happened that comes to mind is from 1992, when we were sent packing from Subic Bay in the Philippines.

Niger’s unceremonial expulsion of American forces suggests little interest in maintaining close ties to the United States and reduced fear of consequences. Even if the United States is overextended and overly involved in much of the world, it would still be nice to have the option to be involved (or not) on our own terms.

The second example is the International Criminal Court’s recent issuance of arrest warrants for Israel’s hawkish prime minister, Benjamin Netanyahu, to answer for war crimes. Even at the height of public criticism of the Iraq War or the 2008 Gaza Campaign, no one would have dared to insult the United States and its proxies in this manner.

It is true that Israel has gone to war without much of a strategy, and its tactics have resulted in tens of thousands of civilian deaths. And, after moving most of the citizens of Gaza to the southern end of the small territory, it is now moving them into the opposite direction in order to attack the Rafah refugee camp, in spite of warnings from the ICC.

Of course, every war has disagreements about the right amount of force, and belligerents usually have a more generous standard for themselves than neutral third parties. Even so, these indictments are happening now after the United States engaged in substantial levels of destruction in Iraq, Afghanistan, Libya, Syria, and elsewhere over the preceding 20 years.

What this really means is that the United States cannot control the ostensibly neutral institutions of internationalism. When it was the sole superpower, these institutions were just accoutrements to American power, unable to stop us and, in some ways, blessing American activity through their own silence.

International tribunals would go after people like Slobodan Milsoovic and other gadflies of American power, while they would not dare go after an American leader or one of our allies. These practices understandably fueled allegations of hypocrisy. But, in the latest remarkable turn of events, the ICC feels sufficiently empowered to go after the prime minister of America’s “greatest ally.”

The final example of our country’s loosening grip on power comes from the nation of Georgia. Since its “Rose Revolution” in 2003 and the ill-fated 2008 attack on its separatist province of Ossetia, which led to Russian retaliation, Georgia has clamored for closer ties to NATO and the United States. After Georgia’s defeat, the United States accepted the Russian victory as a fait accompli. While remaining an American ally, Georgia’s prospects of NATO membership were essentially eliminated.

But the United States did respond with military aid, training cadres, and a proliferation of NGOs. The latter are supposedly exemplars of Georgian civil society, but they are largely funded by the United States and often serve to further our foreign policy goals. Fearful of the increasingly negative outcome of the Ukraine War, Georgia’s newly elected leadership is seeking a rapprochement with Russia, and one of their priorities (and Russia’s) is a law requiring NGOs with extensive foreign funding to disclose their affiliations. It sounds very similar to the Logan Act here at home.

The United States responded to this proposed law with extreme measures. In addition to public protests, it has instituted a travel ban on the elected leaders of the populist Georgian Dream Party, which proposed the NGO legislation. Additional sanctions are being proposed in Congress to coerce Georgia into rejecting the registration bill, which is expected to pass on Wednesday.

The preferred mechanisms of American foreign policy in much of the world have consisted of deniable influence operations, support for preferred political parties, and, through means known and unknown, the fomentation of violent political “color revolutions” to install friendly “democratic” regimes, such as those that took place in Ukraine, Georgia, and elsewhere.

Our hectoring of Georgia is really unseemly. Actual democracy means, at its core, majority rule. Georgia elected a government that reflected the will of its people. And its people are turning away from their recent foreign and domestic policies. They apparently do not want an army of foreign-funded NGOs to spread propaganda and influence their politics without some disclosure of their foreign funding sources.

This seems reasonable enough to me, but no country has gone this far in the former Soviet space except Russia itself in 2012. Notably, since the passage of this law, Russia has proven immune from the kinds of intrigue that took down Ukraine’s Yanukovich regime in 2014.

If We Adapt, Our Country Can Flourish in a Multipolar World

These three disparate developments—the forced expulsion of the American military from Niger, the ICC indictment of Netanyahu, and Georgia’s flouting of U.S. pressure—are all harbingers of a true multipolar world. While this means the sole superpower era for the United States is over, it’s not so clear this era did much to serve the interests of the American people or peace and justice more generally.

Did the Georgian defeat at Russia’s hands help the United States? How about the decapitation of the Libyan Regime leading to an explosion of terrorism, the death of an ambassador, and infinity African immigration into Europe?

A multipolar world is one where sovereignty and independence are paramount. This is a substantial departure from the current regime of a single superpower meddling in other nations’ internal affairs at will or the Cold War’s implicit mandate that nations be in the orbit of one side or the other.

In other words, power must now be shared. Realism and justice must be the watchwords. On the realism side of the ledger, American strategy must navigate a multipolar world by setting priorities, abandoning vanity projects, reducing the scope of its ambitions, and tailoring the force structure to achieve objectives commensurate with our existing military and industrial capability, along with the likelihood of sustained public support.

Justice, too, should always be at the heart of our policy. We should not be merely strong but also committed to using our strength morally and responsibly. This is not only principled; it is also practical because it avoids conflict. If we want our country to be safe and powerful, we should start on the firm foundations of respect for peace, human life, and other nations’ sovereignty. To do this, we will have to abandon our self-serving policy of applying unprincipled exceptions to the rules we apply to others.

Tyler Durden
Tue, 05/28/2024 – 23:00

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