Grayscale Bitcoin Trust ETF Slides As It Seeds Mini Bitcoin Fund

Grayscale Bitcoin Trust ETF Slides As It Seeds Mini Bitcoin Fund

The Grayscale Bitcoin Trust ETF (GBTC) is lower by about 11%…

…decoupling from the underlying bitcoin price…

The reason for the drop appears to be a distribution event where the GBTC is being used to seed a mini Bitcoin trust:

Grayscale Investments®, the world’s largest crypto asset manager*, offering more than 20 crypto investment products, previously announced that it has set a record date of July 30, 2024 (the “Record Date”) for the initial creation and distribution of shares of Grayscale Bitcoin Mini Trust (the “BTC Trust”) to shareholders of Grayscale Bitcoin Trust (Ticker: GBTC) (“GBTC”) (referred to as the “Initial Distribution”).

Grayscale also previously announced an intention to list Grayscale Bitcoin Mini Trust on NYSE Arca, subject to required regulatory approvals, under the ticker symbol “BTC.”

Today, Grayscale is confirming that from and after July 30, 2024, anyone who purchases GBTC shares will not be entitled to receive BTC shares in the Initial Distribution.

Additionally, Grayscale currently expects the Initial Distribution Date to be July 31, 2024, following (i) the filing and effectiveness of the BTC Trust’s registration statement on Form 8-A to register the BTC Shares under the Exchange Act, (ii) the effectiveness of the BTC Trust’s registration statement on Form S-1 (Registration No. 333-277837) under the Securities Act, and (iii) the BTC Shares having been approved for listing on NYSE Arca.

No assurance can be given that the Initial Distribution will occur on Grayscale’s anticipated timeline, and Grayscale will update the market to the extent its expectations change.

Some more details here:

Today’s distribution aside, GBTC has seen almost constant serial outflows, while the rest of the ETF patch has seen inflows:

That means that the Grayscale Bitcoin Trust ETF (GBTC) has lost an average of approximately $137.7 million daily in almost seven months since its launch on Jan. 11.

As of July 29, GBTC recorded total outflows of $18.86 billion, with CoinTelegraph reporting that Grayscale has recorded over $20.4 billion in outflows from its spot Bitcoin and Ether exchange-traded funds (ETFs) combined.

Tyler Durden
Tue, 07/30/2024 – 06:31

via ZeroHedge News https://ift.tt/gWZuq5x Tyler Durden

Futures Rise As Microsoft Earnings, Central Bank Avalanche Looms

Futures Rise As Microsoft Earnings, Central Bank Avalanche Looms

After yesterday’s market reversal, US equity futures are higher but lacking the strength seen in EU markets. As of 7:50am, S&P and Nasdaq futures are 0.2% higher, with Mag7 stocks mixed and Semis are higher despite NVDA down -63bps and MSFT flat with closely watched earnings after the close.  The yield curve is twisting steeper and 10Y yield is 1bps. The dollar is flat and commodities are lower across all 3 complexes. The macro data focus is on JOLTS and Consumer Confidence in what shapes up to be a quiet session ahead of a central bank bonanza that features the BOJ and the Fed tomorrow: both could impact the yield curve though no large moves are expected. The bond market is pricing no moves tomorrow for the Fed but is not pricing a small probability of a 50bps cut in Sept.

In premarket trading, CrowdStrike dropped 4% after a CNBC report about Delta Air Lines hiring attorney David Boies to seek potential damages from the cyber security company and Microsoft following the widespread outage earlier this month. JetBlue Airways gains 4% after saying it will cut $3 billion in capital spending through 2029 and planning other measures to boost pre-tax income by as much as $900 million. Here are some of the other most notable US movers before the opening bell:

  • Amkor Technology falls 6% after the chip-packaging company provided a disappointing 3Q forecast.
  • Beyond Inc. climbs 7% as the household products retailer reported a smaller-than-expected adjusted loss per share for the 2Q.
  • F5 jumps 13% after the communications equipment company raised its full-year revenue guidance.
  • Howmet Aerospace rises 7% after the company boosted its adjusted earnings per share guidance for the full year.
  • Lattice Semiconductor falls 15% after the chipmaker forecast revenue for the 3Q that came in below the average analyst estimate. Analysts note that the weak outlook is a result of a slow recovery in the auto and industrial markets.
  • Merck & Co. slips 1% after the drugmaker cut its adjusted profit forecast for the full year.
  • Novavax slides 8% after JPMorgan downgraded the vaccine maker, saying share levels “substantially overvalue” the potential economics and revenue to Novavax from its collaboration with Sanofi.
  • PayPal rises 4% after boosting its forecast for 2024 profit as the firm remains focused on streamlining operations.
  • Pfizer rises 1.5% after raising its profit expectations for the year as it seeks to rebuild credibility with investors after a plunge in Covid-related sales.
  • Procter & Gamble slips 3% after reporting quarterly sales that missed analysts’ projections as the maker of Pampers diapers and Tide detergent slows its pace of price increases.
  • Rambus slumps 6% after the technology company forecast product revenue for the 3Q below analyst estimates.
  • Sprouts Farmers Market jumps 17% after the natural and organic food retailer boosted its full-year projections for comparable sales and profit.
  • Symbotic drops 19% after the warehouse robotics and automation firm forecast revenue for the 4Q that came in below the average analyst estimate.

An index tracking the so-called Magnificent Seven technology stocks lost almost 9% in the two weeks through July 26 after investors turned skeptical about the scope for returns from investment in artificial intelligence. The gauge rebounded by 1% on Monday with focus turning again to earnings after downbeat results from Tesla and Google last week. After the close, Microsoft reports earnings which will help determine whether megacaps can turn the tide after an underwhelming start to the reporting season. Apple, Meta and Amazon are due to report later this week.

“For anything AI related, we’ve been in the investment phase but now we want to see how it translates in terms of return on investment,” said Lionel Jardin, equity sales trader at Marex in Paris.

Also in focus are central bank decisions from the Bank of Japan and the Fed on Wednesday, followed by the Bank of England a day later. US policymakers are widely expected to keep rates unchanged at a two-decade high, but will signal a move in September as risks grow of imperiling a solid but moderating job market. Swap traders are currently pricing a full cut for the September-meeting and as much as two further reductions before the end of the year. Further clues about the rate path may come from reports on US consumer confidence and jobs openings due later on Tuesday. In Japan, the yen weakened against all its Group-of-10 peers as the BOJ kicked off a two-day policy meeting on speculation that policy tightening would be too slow to dent the appeal of yen-funded carry trades.

Europe’s Stoxx 600 index advanced 0.5% after the euro-area economy expanded more than expected in the second quarter (even as Germany’s economy contracted), easing fears about the pace of an economic recovery.

Technology and retail shares leading gains, while mining and food beverage stocks are the biggest laggards; the FTSE 100 underperforms with a 0.5% fall as material names weigh on the broader market. Here are the biggest movers Tuesday:

  • BP shares gain as much as 3.3%, the biggest increase since April, after the UK oil and gas company’s 2Q income beat estimates and it maintained the pace of its share buybacks
  • Sika shares rise as much as 4.7%, the most since Feb. 16, with analysts saying that gross margin was the main positive surprise in the Swiss chemical company’s results
  • Standard Chartered shares advance as much as 6.4% after the British lender announced a record $1.5 billion buyback that was better than analysts expected
  • St James’s Place shares soar as much as 25%, the biggest intraday gain since September 2008, after the UK wealth manager reported first-half net inflows that came ahead of consensus expectations
  • Allfunds shares soared as much as 8.4%, best performer on the Stoxx 600 Banks Index, after the fund distribution platform reported soaring 2Q adj. Ebitda
  • Greggs shares advance as much as 6.3%, reaching the highest intraday level since January 2022, after the bakery chain reported first-half results which analysts viewed as strong.
  • Poste Italiane shares gained as much as 4.3%, the most in almost two years after 2Q results beat estimates and the company raised its full-year guidance
  • Diageo’s shares fall as much as 11% to a 2020 low, after the distiller’s results disappointed analysts, with RBC calling the update “grim”
  • Glencore shares fall as much as 3.2%, hitting a four-month low, after production figures for some key commodities came in below expectations. Morgan Stanley warns earnings consensus could suffer hefty downgrades based on its first-half performance
  • Rexel slumps as much as 8.6%, the most since March 2023, after the electrical-supplies company said it now expects full-year adjusted Ebita margin to be toward the lower end of its guided 6.3% to 6.6% range
  • Sage Group shares fall as much as 8.3% as analysts said the software company’s earnings report indicates a slight slowdown in organic sales growth from the past two quarters

Earlier, Asian stocks fell as investors trimmed holdings before a number of key central bank decisions in coming days. Chinese shares extended recent losses amid weak sentiment despite the nation’s top leaders signaling more economic support. The MSCI Asia Pacific Index dropped as much as 0.9% before paring declines, with Tencent and TSMC among the biggest drags on tyhe gauge. Stocks in South Korea also fell, while Japanese benchmarks were mixed. The regional measure was on track for its first monthly decline since April. Investors took some money off the table as they braced for monetary policy decisions from the Bank of Japan and Federal Reserve on Wednesday. While traders are on alert for a potential interest-rate hike in Japan, there’s growing expectation for policy easing in the US.

In FX, the Bloomberg Dollar Spot Index is little changed as traders awaited US employment and consumer confidence data for clues on the Federal Reserve’s policy path. The Japanese yen falls for a second day, weakening 0.5% and briefly going beyond 155 per dollar for the first time in a week as the Bank of Japan kicked off a two-day policy meeting.  Overnight-indexed swaps priced in a 35% chance that the BOJ will raise its policy rate by 15 basis points this week. The wide interest-rate spread between the US and Japan “should continue to buoy the USD/JPY exchange rate as long as global macro volatility remains restrained,” Alvin Tan, head of Asia foreign-exchange strategy at Royal Bank of Canada in Singapore, wrote in a research note. “We are forecasting USD/JPY rising to 164 by early next year.” The euro is up 0.1% after showing little reaction to a flurry of data from the bloc. Euro-area GDP rose more than expected in the second-quarter despite a surprise contraction in Germany, where state CPI readings point to a steady national print later today.

In rates, Treasuries held small gains as US trading gets underway Tuesday. Yields are lower by less than 1bp, with the 10Y yield dropping to 4.17%, and with curve spreads little changed; 2s10s, 5s30s reached least-inverted or steepest levels since May 2023 last week amid declines for US stock benchmarks and increased expectations for Fed rate cuts. German 10-year yields rise 1bps to 2.37%. The Stoxx 600 rises 0.3%, led by gains in technology shares. Treasury coupon auctions resume Aug. 6, with Treasury set to unveil August-to-October issuance plans Wednesday at 8:30am; Treasury officials in May said they anticipated steady note and bond auction sizes for “at least the next several quarters,” but strategists say increases are unavoidable thereafter.

In commodities, oil prices decline, with WTI falling 0.2% to trade near $75.70. Spot gold rises 0.2%. Commodities have erased all of their gains this year as a challenging outlook in China, combined with a selloff in US natural gas and losses in foodstuffs, have weighed on raw materials.

Crypto is mixed with Bitcoin under modest pressure after the weekend’s gains continued on Monday following on from Trump’s bullish commentary. Though, the downside thus far is somewhat limited with BTC currently between USD 66-67k.

Looking at today’s calendar, US economic data calendar includes May FHFA house price index and S&P CoreLogin home prices (9am), June JOLTS job openings and July Conference Board consumer confidence (10am) and July Dallas Fed services activity (10:30am). Fed officials have no scheduled appearances until after this week’s FOMC meeting ending Wednesday

Market Snapshot

  • S&P 500 futures little changed at 5,507.75
  • STOXX Europe 600 up 0.1% to 512.49
  • MXAP down 0.4% to 179.82
  • MXAPJ down 0.4% to 559.71
  • Nikkei up 0.1% to 38,525.95
  • Topix down 0.2% to 2,754.45
  • Hang Seng Index down 1.4% to 17,002.91
  • Shanghai Composite down 0.4% to 2,879.30
  • Sensex up 0.3% to 81,624.35
  • Australia S&P/ASX 200 down 0.5% to 7,953.18
  • Kospi down 1.0% to 2,738.19
  • German 10Y yield little changed at 2.37%
  • Euro up 0.1% to $1.0832
  • Brent Futures up 0.2% to $79.91/bbl
  • Gold spot up 0.2% to $2,389.79
  • US Dollar Index little changed at 104.57

Top Overnight News

  • Venezuela’s opposition said it can prove that Edmundo González won Sunday’s election by a wide margin. Leader María Corina Machado called for nationwide “citizen assemblies” in her first public statement since she was accused of plotting to sabotage the election. BBG
  • German output unexpectedly shrank last quarter, casting a shadow over resilient growth in the euro region’s next three biggest economies. GDP fell 0.1%, while both France and Spain grew more than predicted and Italy slowed only slightly. Euro-area expansion was 0.3%, a tad more than expected. BBG
  • Chinese leaders signaled on Tuesday that the stimulus measures needed to reach this year’s economic growth target will be directed at consumers, deviating from their usual playbook of pouring funds into infrastructure projects. RTRS
  • Samsung won long-awaited approval from Nvidia for a version of its high-bandwidth HBM3 memory chips, people familiar said, helping narrow the gap with rival SK Hynix. It also expects approval for the next gen version in two to four months. BBG
  • Nvidia is accelerating humanoid robotics development by offering new services, including NVIDIA NIM for robot simulation and learning, the OSMO orchestration service for robotics workloads, and a teleoperation workflow for training robots with minimal human demonstration data.
  • Amazon’s Prime Video is undercutting rival Netflix on advertising pricing, as it battles for marketers’ attention in an increasingly crowded field of ad-funded streaming services. FT
  • Trump says he will “probably” debate Harris, but “can also make a case for not”. ABC
  • Banks and other lenders are seizing control of distressed commercial properties at the highest rate in nearly a decade, a sign that the sector’s punishing downturn is entering its next phase and approaching a bottom. In the second quarter, portfolios of foreclosed and seized office buildings, apartments and other commercial property reached $20.5 billion, according to data provider MSCI. That is a 13% increase from the first quarter and the highest quarterly figure since 2015. WSJ
  • Apple utilized AI chips designed by Google to train its models instead of ones from Nvidia. RTRS
  • Berkshire Hathaway further pared its stake in BofA, bringing this month’s disposal to $3 billion. It still owns $39.5 billion worth at Monday’s closing price. BBG
  • Timiraos writes “The NY Fed’s measure of inflation persistence (the “multivariate core trend” rate) fell again in June, to 2.1%”, while he added “With meaningful shelter disinflation arriving in June, the declines in inflation are broadening”: WSJ
  • Former US President Trump said he would probably end up debating VP Harris but added that he could also make a case for not debating.

A more detailed look at global markets courtesy of Newqsuawk

APAC stocks were mostly pressured following the mixed performance stateside and with markets cautious as this week’s major risk events drew closer. ASX 200 was dragged lower amid underperformance in mining stocks after several quarterly production updates and with heavy losses in Fortescue after an investor sought to offload as much as AUD 1.9bln of shares, while a much wider-than-expected contraction in building approvals added to the glum mood. Nikkei 225 retreated amid cautiousness as the BoJ kick-started its two-day policy meeting where it will decide on taper plans and is expected to mull lifting its policy rate by 15bps to around 0.25%. Hang Seng and Shanghai Comp. conformed to the broad negative mood in which the former tested the 17,000 level to the downside with notable weakness seen in consumer, energy and tech stocks, while the mainland was subdued with Chinese official PMI data also due tomorrow.

Top Asian News

  • China customs official said China faces an increasingly uncertain trade environment and challenges to grow trade in H2.
  • Japan reportedly taps brokerages to market JGBs abroad as the BoJ steps back, according to Nikkei.
  • China’s Politburo has held a meeting to study the current economic situation, according to state media; has set out economic priorities for H2 2024. Domestic effective demand remains insufficient.

A mostly firmer start to the session, Euro Stoxx 50 +0.5%, with sentiment on a better footing than APAC counterparts as earnings take the spotlight ahead of this week’s risk events. Sectors have no overarching theme/bias with Autos strong and rebounding from recent pressure, Tech supported by ASML while Basic Resources have been dented by benchmark action. Breakdown dictated by earnings/data; DAX 40 +0.4% firmer but stalling after a soft Flash German GDP print and amid growing pressure in Heidelberg Materials post-earnings. FTSE 100 lags given pressure in mining and most banking names, though BP +2.2% and Standard Chartered +5.5% are strong post-earnings while Diageo -9.0% slips after warning of persisting challenges. Stateside, a modest positive bias remains in play into JOLTS and then earnings; ES +0.2% & NQ +0.2%. Stateside earnings docket has MSFT, AMD, MRK, PFE & PG.

Top European News

  • German Surprise GDP Drop Casts Shadow Over Euro-Area Growth
  • Indra Drops as Morgan Stanley Notes Strategic Plan Costs
  • Deutsche Bank’s DWS Resurrects Corporate Titles to Mollify Staff
  • BNY Mellon Cautious Against Excessive Optimism in Turkish Market
  • Germany Prelim 2Q GDP Falls 0.1% Q/q, Est. +0.1%
  • Diageo Hit By Latin America Slump as Drinkers Spend Less

FX

  • DXY is largely contained vs. peers with specifics light into the week’s risk events; DXY is currently within yesterday’s 104.13-75 range. Upside sees the 50DMA @ 104.88 and 100DMA @ 104.89. Downside sees 10 and 200DMA both @ 104.32.
  • EUR marginally firmer after a slew of data prints which have been headlined by slightly hawkish German regional CPI and a better-than-expected GDP print for the bloc. EUR/USD at the top-end of 1.0815-34 parameters.
  • GBP is essentially unchanged with little follow-through from Reeves’ statement, focus remains firmly on Thursday’s BoE. Cable is currently well within yesterday’s 1.2807-1.2888 range.
  • JPY on the backfoot vs. USD, though has managed to pull away marginally from the USD/JPY 155.21 high for the session. Attention firmly on Wednesday’s BoJ which could potentially be hawkish and is then followed by the FOMC’s gathering.
  • NZD outperforms with nothing by way of fresh fundamental catalyst, NZD/USD is in the process of snapping an eight session losing streak; AUD essentially unchanged vs. USD.

Fixed Income

  • A relatively contained start before a packed morning of data points. EGBs are under modest pressure after a slightly hawkish set of German regional CPI numbers and a stronger-than-expected EZ Flash Prelim. GDP outing.
  • As such, Bunds at the low-end of a 133.09-43 range, the high printed early doors on a cooler Spanish Flash CPI release; Monday’s base at 132.72.
  • Gilts steady at the low-end of yesterday’s 98.34-98.93 parameters. Supply saw the first auction for the 4.25% 2034 line post strong results after a record setting syndication in June.
  • USTs are essentially flat. Holding a handful of ticks below Monday’s 111-16+ best. Docket headlined by JOLTS.
  • UK sells GBP 3.75bln 4.25% 2034 Gilt: b/c 2.93x, average yield 4.082%, tail 0.5bps
  • Italy sells EUR 7.75bln vs exp. EUR 6.5-7.75bln 4.10% 2029, 3.35% 2029 & 3.85% 2035 BTP and EUR 1.5bln vs exp. EUR 1.0-1.5bln 2032 CCTeu

Commodities

  • Crude benchmarks are flat/choppy following APAC losses which were largely a continuation of the weakness that has plagued the complex recently.
  • WTI & Brent in narrow circa. USD 0.50/bbl parameters and are currently around the mid-point of such bands.
  • Nat Gas is flat but with a mild upward tilt following another session of gains for Dutch TTF which settled higher by over 4% yesterday amid hotter weather forecasts for Asia.
  • Metals are mixed; precious metals are slightly firmer with gold at the top-end of a USD 20/oz band that is entirely contained by Monday’s USD 2369-2403/oz parameter; base metals pressured, but off worst.
  • Adnoc announces that the Satah Al Razboot field has attained a 25% increase in production capacity due to advanced technologies, taking it to 140k BPD.
  • Japan’s Eneos has restarted its 129k BPD Chiba CDU on July 28th following system issues, according to a spokesperson cited by Reuters.
  • BP (BP/ LN) CEO says European refining margins are struggling due to weak gasoline and diesel demand, BP expects global fuel inventories to fall during summer driving seasons and lift refining margins.
  • Ukraine is ready to resolve oil transit issues with Slovakia if Slovakia activates relevant mechanism in EU association agreement, according to the Ukrainian deputy energy minister.

Geopolitics: Middle East

  • US is leading a diplomatic push to deter Israel from targeting Beirut and southern suburbs in response to the Golan strike, according to Reuters citing sources.
  • Syrian Observatory said the Israeli army targeted with missiles a military site west of the city of Nawa in the western countryside of Daraa province, according to Sky News Arabia.

Geopolitics: Other

  • Russia’s Navy started drills involving 20,000 personnel and 300 ships, while drills involve Russia’s Northern, Pacific and Baltic fleets and Caspian Sea flotilla, according to Interfax
  • Venezuelan opposition leader Machado said the opposition has the ability to prove truth of election results, while a US senior official accused Venezuela’s Maduro government of “electoral manipulation”. It was also reported that Uruguay’s Foreign Minister said the country will never recognise Maduro’s win due to a clear victory of the opposition and Peru’s Foreign Ministry ordered Venezuelan diplomats to leave the country within 72 hours.

US Event calendar

  • 09:00: May S&P CS Composite-20 YoY, est. 6.50%, prior 7.20%
  • 09:00: May S&P/CS 20 City MoM SA, est. 0.30%, prior 0.38%
  • 10:00: July Conf. Board Consumer Confidenc, est. 99.7, prior 100.4
    • July Conf. Board Present Situation, prior 141.5
    • July Conf. Board Expectations, prior 73.0
  • 10:00: June JOLTs Job Openings, est. 8m, prior 8.14m
  • 10:30: July Dallas Fed Services Activity, prior -4.1

DB’s Jim Reid concludes the overnight wrap

As we swelter here in London with insect bite marks building up a diversified portfolio on my body, markets are wilting a touch at the moment with Asia lower overnight and with the S&P 500 (+0.08%) just about managing to eke out a marginal gain last night after the last two weeks of declines, while bonds mostly posted modest gains. We did see a reverse rotation back into tech away from small caps as we’ll detail below. That all comes as investors face some crucial days ahead, with an array of major earnings announcements, data releases, and central bank decisions all happening that will be critical for the market narrative. That begins in earnest today, as we’ve got Microsoft’s results after the US close, along with the German and Spanish CPI prints for July, and the JOLTS report of job openings from the US. So plenty to keep us occupied as we build up to the BoJ and FOMC  decision tomorrow and three additional Mag-7 earnings releases with Meta tomorrow and Amazon and Apple on Thursday.

With much to look forward to, the one event that did happen yesterday was the latest QRA borrowing estimates from the US Treasury. The borrowing estimate for Q3 was revised down from $847bn to $740bn, effectively in line with our US rates strategists’ expectations (here), while the Q4 borrowing estimate ($565bn) was slightly above their expectation. In any case, this did little to move markets unlike the shock of a big increase in supply this time last year. Longer dated yields rallied by a touch over 1bp on the announcement, with 10yr yields falling -2.0bps on the day. By contrast, 2yr yields ended the day +1.7bps higher at 4.40%.

Earlier in Europe, sovereign bond yields had seen more significant declines, driven by mounting anticipation that the ECB would cut rates several times over the year ahead. That was very clear from the front end of the curve, where yields on 2yr German debt were down -1.5bps to 2.58%, their lowest level since February. And here in the UK, the 2yr gilt yield fell -4.1bps to 3.84% after some weaker than expected data, which is the lowest it’s been since May 2023. So there’s a growing expectation that global central banks are increasingly moving towards a synchronised easing pattern, and that was echoed at the long end of the curve, where yields on 10yr bunds (-5.0bps), OATs (-4.5bps) and BTPs (-5.1bps) were also lower.

One trend that’s boosted the rate cut speculation has been ongoing declines in commodity prices, which are proving to be a very helpful tailwind on inflation. Indeed, yesterday saw Bloomberg’s Commodity Spot Index (-0.58%) hit its lowest level since March. That comes as metals prices have seen significant declines, with copper (-1.04%) falling for the 10th time in the last 11 sessions yesterday. Oil prices fell back yesterday as well, despite the fears of growing tensions in the Middle East, and Brent crude was down -1.66% to a 7-week low of $79.78/bbl. This morning in Asia, Brent crude prices are a further -0.51% lower.

As all that was going on, equities had muted days on both sides of the Atlantic, with the S&P 500 (+0.08%) eking out a marginal gain, while Europe’s STOXX 600 (- 0.20%) fell back. The notable theme was a reversal of the recent rotation trade, with the small cap Russell 2000 down -1.09%, while the Magnificent 7 (+1.01%) posted a second consecutive gain thanks to a rebound from Tesla (+5.60%). On the earnings front there wasn’t much happening yesterday (the bulk are coming today through to Thursday), but McDonald’s reported their first year-on-year decline in comparable sales since 2020 during the pandemic, so that offered another sign of potential consumer weakness that’s been showing up in other reports. That said, their share price was up +3.74%, and it was a good day for the restaurants subcomponent in the S&P 500 (+2.80%), with all 6 companies moving higher on the day. Meanwhile, energy stocks (-0.87%) led on the downside amid the decline in oil.

Here in the UK, the new Labour government made several fiscal announcements yesterday, including £5.5bn of savings over 2024-25, and £8.1bn for 2025-26. Some of that total included announcements already made, including the ending of the agreement with Rwanda on migration, but it also included new ones, including that Winter Fuel Payments would no longer be universal for the elderly, and that previous plans for reforms to adult social care charging would no longer go ahead. Looking forward, Chancellor Reeves also confirmed that the governments’ first Budget would take place on October 30. The announcements came as speculation mounted that the BoE might deliver their first rate cut of this cycle at their meeting this week, with investors dialling up the probability to 54%, up from 50% on Friday. That followed a weak batch of data yesterday, with the CBI’s retail sales volume survey falling to -43 (vs. -10 expected), whilst mortgage approvals were at 60.0k in June (vs. 60.3k  xpected).

Asian markets are mostly trading lower this morning reversing much of the positive start to the week yesterday. Across the region, Chinese equities are underperforming with the Hang Seng (-1.10%) leading losses while the CSI (- 0.85%) and the Shanghai Composite (-0.59%) are also edging lower. Elsewhere, the KOSPI (-1.03%) and the Nikkei (-0.29%) are also trading in the red. S&P 500 (-0.25%) and NASDAQ 100 (-0.43%) futures are also moving lower.

Early morning data showed that Japan’s jobless rate dropped to 2.5% in June (v/s +2.6% expected) from a level of +2.6% in the previous month. Meanwhile, the jobs-to-applicants ratio slipped to 1.23 in June from 1.24 in May

To the day ahead now, and data highlights include the Euro Area Q2 GDP reading and the German CPI print for July. Meanwhile in the US, we’ll get the JOLTS job openings for June, the Conference Board’s consumer confidence for July, and the FHFA’s house price index for May. Finally, earnings releases include Microsoft, Starbucks, Pfizer and PayPal.

Tyler Durden
Tue, 07/30/2024 – 08:15

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

Buffett Disposes 71 Million BofA Shares As Berkshire’s Cash Stockpile Rises

Buffett Disposes 71 Million BofA Shares As Berkshire’s Cash Stockpile Rises

Billionaire investor Warren Buffett’s Berkshire Hathaway has disclosed in multiple filings this month, the latest on Monday, that it is continuing to reduce its stake in Bank of America, locking in sizeable gains. This comes as Berkshire’s cash pile surged to a record in the first quarter, as Buffett has recently complained about the lack of meaningful deals.

Berkshire Hathaway began purchasing shares in late 2011 when they were around the $6 handle and has long been Bank of America’s top shareholder. However, Buffett is now taking a profit, selling about 71.2 million shares this month over the $40 handle. 

According to Bloomberg, Berkshire’s stake has been reduced by 6.9% this month alone. However, it still holds nearly 962 million shares, worth around $39.5 billion at Monday’s closing price. 

Berkshire was a large buyer of BofA during mid-2020 Covid turmoil. Before that, Buffett invested $5 billion into the Charlotte, North Carolina-based bank in late 2011, when the company faced massive legal liabilities after the 2008 GFC. 

In early May, Buffett told investors at Berkshire’s annual meeting that “it’s a fair assumption” that the company’s cash pile would soon reach $200 billion. 

“We’d love to spend it, but we won’t spend it unless we think we’re doing something that has very little risk and can make us a lot of money,” he told investors. 

Buffett’s cash stockpile has been a hidden message for overvalued stocks… 

In this period of lackluster deal flow, Berkshire has turned to buying back its own shares. This lull in deal activity is due to the Fed’s tight monetary policy to tame inflation.

Berkshire’s 12% stake in Bank of America shows he still supports the bank’s CEO: “I like Brian Moynihan enormously,” he said in April.

Did Buffett just call the top in the market? 

Tyler Durden
Tue, 07/30/2024 – 07:45

via ZeroHedge News https://ift.tt/72XG0Vy Tyler Durden

Prepper Paradise: Gold’s Power When It All Goes Down

Prepper Paradise: Gold’s Power When It All Goes Down

Via SchiffGold.com,

Society’s linear march forward is used to justify numerous seemingly innocuous lifestyle choices. The assumption that the way things have been is the way they will continue to be is the unquestionable tenet at the root of a carefree ideology that can lead to horrid unintended consequences when it all goes down.

People in developed western countries, particularly in the past 80 years, have experienced a level of stability and growth that has rarely been seen. This extremely small sample size of history has led many to bank on the success of their country as a grounding point for all other predictions of the future.

A small dive into the past could show that most nations fail or have changes of ownership fairly often. Nothing in this world is certain, but governments are particularly frail. 

While governments in general should not be given our blind faith, we should be particularly wary of governments that seem to fit into historical patterns of pre-failure. The classic arc of strength to moral laxity and decadence to destruction is one to be particularly wary of, because of how many times it has occurred.

Americans and western Europeans with eyes to see could have very easily noticed how many boxes we check off when it comes to this particular type of societal degradation.

We seem to mirror the fall of Rome in particular with great accuracy. 

The general carefree spirit of the enlightened “world citizen” causes little reflection when choosing investments.

The only question that is asked is, “in the circumstances of the recent past, which investments and type of investments have gained the most value?“ 

Stocks typically do quite well when individuals ask such a question. The gains of all stocks lose some luster when they are multiplied by the probability of societal collapse. The punishment for seeking the highest return possible will be meted out on the judgment day when returns become meaningless in comparison to food and water. 

If society were to fall apart, most lucrative investments would be quick to disappear. Our society’s progression of wealth is primarily based on the fact that we have an incredible degree of specialization. The amount of communication and shipping needed to sustain this is not durable to the problems presented by any sort of collapse. The systems of commerce that we currently know are finely tuned and designed around governmental regulations. Even significant changes in regulations have proven problematic for many industries. Imagine how much more powerfully they would be impacted if they had neither the protection of the government, nor the ability to curry favor and limit competition. Some industries would be completely destroyed, such as subsidy-driven soy farming (not to mention that the demand for their crop is nearly fully based on the processing possible through intense specialization). The benefits of rapid gains in the stock market should be tempered with the knowledge that it is fundamentally a gamble on the success of our current institutions. 

When the world rearranges based upon some huge shock to government or industry, few parts of our society will be recognizable.  Churches and social clubs seem to be the most durable historically, because their existence is not predicated on any one type of government or industry. There’s no guarantee that any specific state will still treat a neighboring state as an ally. Shipping from farms in the central valley to the southwest could be restricted and millions would be forced to migrate or die. Depending on how much of state government remained intact, some necessary treaties could be made. City and town governments would have to step up into the sort of role the founders intended them to play. The only thing that is certain is that commerce would be much more local and specialization would be limited. More durable industry like small sustainable farms or local arts and crafts could arise in cities where property rights were enforced. All hell could break loose in cities that failed to fulfill their role as the safeguards of civilization. 

In any of these scenarios, gold would provide a durable store of value. People who question its value in time of crisis have clearly never been to an unstable country. Gold is valued particularly highly when all other investments have hit the floor.

It does have use value in a way most investments don’t, yet it also is so universally accepted that it could allow for migration to other more stable countries if need be.

While some other investments may have flashy short term gains, gold can help protect against the overnight devaluation nightmares of so many assets when the world as we know it rearranges.  

Tyler Durden
Tue, 07/30/2024 – 06:30

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UK High Court Upholds Govt. Emergency Ban On Puberty Blockers

UK High Court Upholds Govt. Emergency Ban On Puberty Blockers

A High Court judge in London on Monday upheld the British Government’s emergency ban on puberty blockers, citing a study which found “very substantial risks and very narrow benefits” in support of the decision.

(Getty Images)

According to a review commissioned by England’s National Health Service, gender care is an area of “remarkably weak evidence,” and that young individuals have been caught up in a “stormy social discourse,” according to AP.

The ruling was a blow to TransActual and an unnamed youth which sought to challenge the decision by former Health secretary Victoria Atkins, who banned the prescription of hormones that can pause the development of puberty. Such hormones are often prescribed to ‘help’ children with gender dysphoria.

Judge Lang, however, tossed this challenge and said the ban was lawful. It restricts the NHS from providing said hormones outside of clinical trials, and bans its prescription by private suppliers.

Health Secretary Wes Streeting said that he welcomes the ruling, but is ‘treading cautiously,’ whatever that means.

“Children’s healthcare must be evidence-led,” he said. “We must therefore act cautiously and with care when it comes to this vulnerable group of young people.”

Meanwhile, protests are brewing over the issue

Tyler Durden
Tue, 07/30/2024 – 05:45

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Pentagon Finds Another $2 Billion In Ukraine Aid ‘Accounting Errors’

Pentagon Finds Another $2 Billion In Ukraine Aid ‘Accounting Errors’

Authored by Connor Freeman via AntiWar.com,

The Pentagon discovered $2 billion in additional accounting errors regarding its valuation of missiles, ammo, and other equipment provided to Kiev, a Government Accountability Office (GAO) report found days ago. The Defense Department made a similar claim last year, saying it availed Washington of $6.2 billion in weapons to fuel the Ukraine proxy war with Russia.

This latest report brings the improperly valued military material to a total of $8.2 billion, with the error said to be a result of unclear accounting definitions. In June 2023, the Pentagon insisted that weapons shipped to Ukraine from US military stockpiles, under the Presidential Drawdown Authority (PDA), over the past two years were overvalued using the “replacement value” of the arms as opposed to the “depreciated value.” This bought the White House some time to continue sending weapons to Kiev after much of the US funding then allocated for the war had dried up.

In April, Congress passed and President Joe Biden signed into law a massive $95 billion foreign military aid supplemental which included $61 billion to keep the Ukraine war going.

This is despite Kiev’s inability to win the war or reclaim significant territory already seized by Russia. After discovering the latest overvaluations, the Pentagon told the GAO it now has another $2 billion in weapons which can be shipped to Ukraine.

“The GAO said a vague definition of value in the Foreign Assistance Act and the absence of specific valuation guidance for [PDA] have led to inconsistencies in the reported value of military aid,” Reuters reported.

For instance, 10 vehicles were incorrectly valued at $7,050,000 compared to their zero net book value. The GAO has made some recommendations to Congress as well as the Pentagon to resolve the inconsistencies.

Military aid for Kiev is provided in another form besides PDA, namely the Ukraine Security Assistance Initiative, whereby aid funds are used to purchase arms directly from the weapons industry.

In April, prior to the passing of the $95 billion foreign military aid bill, the Office of Management and Budget revealed the White House had severely undercounted its total spending on the Ukraine war by at least $14 billion.

Therefore, Washington has spent a total of $186 billion in its effort to “weaken” Russia using Ukraine as a proxy force. Since the invasion, it has been estimated that approximately 500,000 Ukrainian soldiers have been killed or injured.

Tyler Durden
Tue, 07/30/2024 – 05:00

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

The UN’s Green Agenda Will Spark Famine

The UN’s Green Agenda Will Spark Famine

Authored by Thi Thuy Van Dinh via The Brownstone Institute,

“We The Peoples of the United Nations determined…to promote social progress and better standards of life in larger freedom,”

– United Nations Charter Preamble (1945)

This is the second part in a series looking at the plans of the United Nations (UN) and its agencies designing and implementing the agenda of the Summit of the Future in New York on 22-23 September 2024, and its implications for global health, economic development, and human rights. Previously the impact on health policy of the climate agenda was analyzed.

The right to food once drove UN policy towards reducing hunger with a clear focus on low- and middle-income countries. Like the right to health, food has increasingly become a tool of cultural colonialism – the imposition of a narrow ideology of a certain Western mindset over the customs and rights of the ‘peoples’ that the UN represents.

This article discusses how it happened and the dogmas on which it relies.

The Food and Agriculture Organization (FAO), the farming equivalent of the World Health Organization (WHO), was founded in 1945 as a specialized United Nations (UN) agency with a mission to “achieve food security for all.” Its motto “Fiat panis” (Let there be bread) reflects that mission. Headquartered in Rome, Italy, it counts 195 Member States, including the European Union. The FAO relies on more than 11,000 staff, with 30% being based in Rome.

Of its US$3.25 billion biennial 2022-23 budget, 31% comes from assessed contributions paid by Members, with the remainder being voluntary. A large share of voluntary contributions come from Western governments (US, EU, Germany, Norway), development banks (e.g. World Bank Group), and other lesser-known publicly- and privately-funded entities set up for assisting environmental conventions and projects (including the Global Environment Facility, Green Climate Fund and the Bill & Melinda Gates Foundation). Thus, like the WHO, most of its work now consists of implementing the dictates of its donors.

The FAO was instrumental in implementing the 1960s and 1970s Green Revolution, associated with a doubling in world food production that lifted many Asian and Latin American populations out of food insecurity. The use of fertilizers, pesticides, controlled irrigation, and hybridized seeds was considered a major achievement for hunger eradication, despite resulting pollution to soil, air, and water systems and facilitation of the emergence of new resistant strains of pests. The FAO was supported by the Consultative Group on International Agricultural Research (CGIAR) founded in 1971 – a publicly funded group with the mission to conserve and improve seed varieties and their genetic pools. Private philanthropies, including the Rockefeller and Ford Foundations, also played supportive roles.

Successive World Food Summits held in 1971, 1996, 2002, 2009, and 2021 have punctuated the FAO’s history. At the second summit, world leaders committed themselves to “achieving food security for all and to an ongoing effort to eradicate hunger in all countries” and declared “the right of everyone to adequate food and the fundamental right of everyone to be free from hunger” (Rome Declaration on World Food Security). 

Promoting the Right to Food 

The human “right to food” was central to FAO policy. This right has two components: the right to sufficient food for the poorest and most vulnerable, and the right to adequate food for those more fortunate. The first component is to combat hunger and chronic food insecurity, the second provides for balanced and appropriate nutrient intake. 

The right to food was consecrated as a basic human right under international law by the non-binding 1948 Universal Declaration on Human Rights (UDHR, Article 25) and the binding 1966 International Covenant on Economic, Social and Cultural Rights (ICESCR, Article 11) with 171 States Parties and 4 Signatories. It is closely related to the right to work and the right to water, also proclaimed in the same texts. Their States Parties are expected to recognize fundamental rights focusing on preserving human dignity, and work toward their progressive achievement for their citizens (Article 21 UDHR, Article 2 ICESCR). 

Article 25 (UDHR)

1. Everyone has the right to a standard of living adequate for the health and well-being of himself and of his family, including food, clothing, housing and medical care and necessary social services

Article 11 (ICESCR)

1. The States Parties to the present Covenant recognize the right of everyone to an adequate standard of living for himself and his family, including adequate food, clothing and housing, and to the continuous improvement of living conditions. The States Parties will take appropriate steps to ensure the realization of this right, recognizing to this effect the essential importance of international co-operation based on free consent.

2. The States Parties to the present Covenant, recognizing the fundamental right of everyone to be free from hunger, shall take, individually and through international co-operation, the measures, including specific programmes, which are needed:

(a) To improve methods of production, conservation and distribution of food by making full use of technical and scientific knowledge, by disseminating knowledge of the principles of nutrition and by developing or reforming agrarian systems in such a way as to achieve the most efficient development and utilization of natural resources;

(b) Taking into account the problems of both food-importing and food-exporting countries, to ensure an equitable distribution of world food supplies in relation to need. 

The FAO assesses the progressive implementation of the right to food through the annual flagship State of Food Security and Nutrition in the World (SOFI) reports, jointly with four other UN entities – the International Fund for Agricultural Development (IFAD), United Nations International Children’s Emergency Fund (UNICEF), World Food Program (WFP), and the WHO. In addition, since 2000, the Office of the High Commissioner for Human Rights (OHCHR) has established a “Special Rapporteur on the Right To Food,” mandated to (i) present an annual report to the Human Rights Council and to the UN General Assembly (UNGA) and (ii) monitor trends related to the right to food in specific countries (Commission on Human Rights Resolution 2000/10 and Resolution A/HCR/RES/6/2).

Despite an increasing population, remarkable improvement in access to food at the global level continued until 2020. At the 2000 Millennium Development Summit, world leaders had set an ambitious goal to “eradicate extreme poverty and hunger,” among the 8 goals altogether aimed at developing the economy and improving acute health problems affecting low-income countries. 

Millennium Development Goals (2000) 

Goal 1: Eradicate extreme poverty and hunger

Target 1A: Halve, between 1990 and 2015, the proportion of people living on less than $1.25 a day

Target 1B: Achieve Decent Employment for Women, Men, and Young People

Target 1C: Halve, between 1990 and 2015, the proportion of people who suffer from hunger

The UN reported that Target 1A of halving the proportion of people who suffered from extreme hunger, compared to the 1990 statistics, was successfully achieved. Globally, the number of people living in extreme poverty declined by more than half, falling from 1.9 billion in 1990 to 836 million in 2015, with most progress having occurred since 2000.

On this basis, in 2015, the UN system launched a new set of 18 Sustainable Development Goals (SDGs) related to economic growth, social equity and well-being, environmental preservation, and international cooperation, to be achieved by 2030. In particular, Goal 2 on ending hunger in the world (“Zero Hunger”) is coupled with Goal 1 on “ending poverty in all its forms everywhere.”

These goals appeared highly utopian, not taking into account factors like wars, population growth, and the complexities of human societies and their organizations. However, they reflected the global mindset at the time that the world was progressing toward unprecedented, steady economic growth and agricultural production to improve the living conditions of the poorest.

Sustainable Development Goals (2015)

2.1 By 2030, end hunger and ensure access by all people, in particular the poor and people in vulnerable situations, including infants, to safe, nutritious and sufficient food all year round.

2.2 By 2030, end all forms of malnutrition, including achieving, by 2025, the internationally agreed targets on stunting and wasting in children under 5 years of age, and address the nutritional needs of adolescent girls, pregnant and lactating women and older persons.

In 2019, FAO reported that 820 million people suffered from hunger (only 16 million less than in 2015) and almost 2 billion experienced moderate or severe food insecurity, and predicted that the SDG2 would not be achievable at current progress. The most affected areas were sub-Saharan Africa, Latin America, and Western Asia.

Complicit Suppression of the Right to Food through Covid-19 Emergency Measures

Come March 2020, repeated waves of restrictions and interruption of income (lockdowns) were imposed on “the peoples of the UN” for two years. While UN staff, as part of the laptop class, continued to work from home, hundreds of millions of the poorest and most vulnerable lost their meagre incomes and were pushed to extreme poverty and hunger. The lockdowns were decided by their governments based on poor advice from throughout the UN system. On 26 March, Secretary-General Antonio Guterres set out his 3-step plan: suppressing the virus until a vaccine became available, minimizing social and economic impact, and collaborating to implement the SDGs.

UNSG’s Remarks at G-20 Virtual Summit on the Covid-19 Pandemic

We are at war with a virus – and not winning it

This war needs a war-time plan to fight it

Allow me to highlight three critical areas for concerted G-20 action...

First, to suppress the transmission of COVID-19 as quickly as possible. 

That must be our common strategy.  

It requires a coordinated G-20 response mechanism guided by WHO. 

All countries must be able to combine systematic testing, tracing, quarantining and treatment with restrictions on movement and contact – aiming to suppress transmission of the virus.  

And they have to coordinate the exit strategy to keep it suppressed until a vaccine becomes available

Second, we must work together to minimize the social and economic impact

Third, we must work together now to set the stage for a recovery that builds a more sustainable, inclusive and equitable economy, guided by our shared promise — the 2030 Agenda for Sustainable Development.

It was remarkably naive or callous to claim that human, social, and economic impacts caused by the Covid response on hundreds of millions of the poorest and the most vulnerable were minimizable. Naturally, its promoters were not among those who suffered. A decision was made to impoverish populations and drag them down, yet claim publicly that development targets could still be achieved. Lockdowns were contrary to the WHO’s recommendations in 2019 for pandemic influenza (non-pharmaceutical public health measures for mitigating the risk and impact of epidemic and pandemic influenza; 2019).

Only a few months prior to March 2020, the WHO had stated that in case of a pandemic, measures such as contact tracing, quarantine of exposed individuals, entry and exit screening, and border closures were “not recommended in any circumstances”: 

However, social distancing measures e.g. contact tracing, isolation, quarantine, school and workplace measures and closures, and avoiding crowding) can be highly disruptive, and the cost of these measures must be weighed against their potential impact…

Border closures may be considered only by small island nations in severe pandemics and epidemics, but must be weighed against potentially serious economic consequences.

One can wonder if the UN had ever seriously weighed the social, economic, and human rights costs of the measures pushed by Guterres against expected benefits. Countries were encouraged to institute measures such as workplace and school closures that would entrench future poverty for the next generation.

As was predictable, the 2020 SOFI report on Food Security and Nutrition estimated at least 10% more hungry people: 

The COVID-19 pandemic was spreading across the globe, clearly posing a serious threat to food security. Preliminary assessments based on the latest available global economic outlooks suggest that the COVID-19 pandemic may add between 83 and 132 million people to the total number of undernourished in the world

These are the individuals, families, and communities with no or little cushion who suddenly lost jobs and incomes, particularly in informal or seasonal economies, because of the panic caused by a virus predominantly threatening elderly people in Western countries. 

During 2020, the WHO, ILO, and FAO regularly published joint press releases, but they disingenuously attributed the economic devastation to the pandemic, failing to question the response. This narrative was systematically deployed across the UN system, with the rare exception of the ILO, probably the bravest entity of all, which once pointed directly at the lockdown measures as the cause of massive job losses:

As a result of the economic crisis created by the pandemic, almost 1.6 billion informal economy workers (representing the most vulnerable in the labour market), out of a worldwide total of two billion and a global workforce of 3.3 billion, have suffered massive damage to their capacity to earn a living. This is due to lockdown measures and/or because they work in the hardest-hit sectors.”

Given the ILO’s estimation, it is reasonable to assume that the number of people pushed into hunger may well be higher than officially estimated. Adding to this is the number of those who also lost access to education, medical care, and improved shelter.

The strangest thing about this entire episode is the lack of interest of the media, the UN, and major donors. While previous famines had generated wide and specific sympathy and responses, the Covid famine, perhaps because it was essentially directed by Western-based and global institutions and was more diffuse, has been mostly swept under the carpet. This could be a question of financial return on investment. Funding has been massively directed to initiatives to buy, donate, and dump Covid vaccines and supporting institutions driving the “pandemic express.”

The FAO and WHO have been collaborating on developing dietary guidelines in order to “improve current dietary practices and prevailing diet-related public health problems.” They once recognized that links between constituents of food, disease, and health were poorly understood, and they agreed to conduct joint research. The cultural element of diets was also highlighted. After all, human societies had been founded on a hunter-gatherer model heavily reliant on wild meat (fat, protein, and vitamins), then introduced dairy and cereals step-by-step according to favorable climates and geography.

Their partnership led to the joint promotion of “sustainably healthy diets,” which constitutes the consensus of individual approaches of the WHO’s “healthy diet” and the FAO’s “sustainable diets.” As the wording indicates, these guidelines are motivated by sustainability, defined as reducing CO2 emissions resulting from food production. Meat, fat, dairy, and fish are now the declared enemies and should be limited in daily consumption, with protein intake predominantly from plants and nuts, thereby promoting a quite unnatural diet compared to that for which our bodies evolved.

The WHO claims that its healthy diet “helps to protect against malnutrition in all its forms, as well as noncommunicable diseases (NCDs) including diabetes, heart disease, stroke and cancer.” However, it is then somewhat incongruously promoting carbohydrates over meat-based protein. 

The following diet was recommended to both adults and young children by the FAO-WHO 2019 “Sustainable Healthy Diets: Guiding Principles” report:

  • Fruit, vegetables, legumes (e.g. lentils and beans), nuts and whole grains (e.g. unprocessed maize, millet, oats, wheat and brown rice);

  • At least 400 g (i.e. five portions) of fruit and vegetables per day, excluding potatoes, sweet potatoes, cassava and other starchy roots.

  • Less than 10% of total energy intake from free sugars.

  • Less than 30% of total energy intake from fats. Unsaturated fats (found in fish, avocado and nuts, and in sunflower, soybean, canola and olive oils) are preferable to saturated fats (found in fatty meat, butter, palm and coconut oil, cream, cheese, ghee and lard) and trans-fats of all kinds, including both industrially-produced trans-fats (found in baked and fried foods, and pre-packaged snacks and foods, such as frozen pizza, pies, cookies, biscuits, wafers, and cooking oils and spreads) and ruminant trans-fats (found in meat and dairy foods from ruminant animals, such as cows, sheep, goats and camels). 

  • Less than 5g of salt (equivalent to about one teaspoon) per day. Salt should be iodized.

Little evidence on the health impact of the guidelines was presented to back up the report’s allegations of: i) red meats being linked with increased cancer; ii) animal source foods (dairy, eggs, and meat) accounting for 35% of the burden of food-borne disease due to all foods, and iii) the health benefits of the Mediterranean Diet and the New Nordic Diet promoted by the report – both plant-based, with little to moderate amounts of animal-sourced foods. Although these diets are new, the FAO and WHO assert that “adherence to both diets has been associated with lower environmental pressures and impacts in comparison to other healthy diets containing meat.” 

The sister organizations define sustainable healthy diets as “patterns that promote all dimensions of individuals’ health and wellbeing; have low environmental pressure and impact; are accessible, affordable, safe and equitable; and are culturally acceptable.” The paradoxes of this definition are paramount. 

Firstly, imposing a diet is forcing cultural acceptance and, when reflecting the ideology of an external group, can reasonably be considered cultural colonialism. Diet is the product of culture based on centuries or even millennia of experience and food availability, production, processing, and preservation. The right to adequate food not only implies the sufficient quantity of food for the individuals and their families but also their quality and appropriateness. Examples are not scarce. The French still enjoy their foie gras despite the importation restriction, ban, and an international campaign against it. They also eat horse meat, which shocks their British neighbors.

Dog meat, also a victim of negative campaigns, is appreciated across several Asian countries. Invoking moral judgment in these cases may be seen as a neo-colonial behavior, and battery farms of chickens and pigs do not fare better than force-fed geese or alleged cruel treatment to animals considered humans’ best friends in multiple contemporary societies. Western people, rich from fossil fuel use, demand that poorer people change their traditional diets in response is a similar but even more abusive theme. If the cultural aspect of diets is undeniable, then the right to self-determination of peoples, including cultural development, should be respected. 

Article 1.1 (ICESR) 

All peoples have the right of self-determination. By virtue of that right they freely determine their political status and freely pursue their economic, social and cultural development.

Secondly, at the time of their adoption in 1948 and 1966, the treaties’ provisions recognizing the right to food did not link food to its “environmental pressure and impact.” Article 11.2 of the binding ICESR (quoted above) refers to States’ obligation to implement agrarian reforms and technologies for the best use of natural resources (i.e. land, water, fertilizers) for optimal food production. Farming certainly uses land and water and causes some pollution and deforestation. Managing its impacts is complicated and requires local context, and national governments and local communities are better placed to make such decisions with scientifically founded advice and neutral (unpoliticized) support from external agencies, such should be expected from the UN. 

The managerial job has become increasingly complicated with the UN’s emerging climate agenda. After the first UN Conference on Environment in 1972 in Stockholm, the green agenda slowly grew through and eclipsed the Green Revolution. The first World Climate Conference was held in 1979, leading to the 1992 adoption of the UN Framework Convention on Climate Change (UNFCCC) (together with the non-binding Declaration on Environment). This Convention stated, without openness for further discussion, that human activities producing greenhouse gases were, unlike similar prior periods, the main cause of climate warming:

UNFCCC, Preamble

The Parties to this Convention

Concerned that human activities have been substantially increasing the atmospheric concentrations of greenhouse gases, that these increases enhance the natural greenhouse effect, and that this will result on average in an additional warming of the Earth’s surface and atmosphere and may adversely affect natural ecosystems and humankind

With the UN’s goal to keep greenhouse gas emissions as low as pre-industrial levels, governments are now bound by obligations to maintain or reduce national emissions. Applied to agriculture in the context of constant population growth, it will inevitably lead to a reduction of food diversity, production, and accessibility, particularly affecting traditional food cultures emphasizing natural meats and dairy. 

When the Climate Agenda Is More Important Than the Right to Food of “We The Peoples”

In the draft document of the Pact For the Future (revision 2) to be adopted by world leaders in September in New York, the UN still proclaims its intention to eradicate extreme poverty; however, this goal is conditioned to “mitigating global CO2 emissions in order to keep temperature rise below 1.5 degrees Celsius” (para. 9). The drafters seem not to understand that reducing the use of fossil fuels will undoubtedly reduce food production and prevent billions of people from improving their economic well-being.

As a result, the planned Actions 3 and 9 in the document appear to strongly push countries toward “sustainable agrifood systems,” and people toward adopting sustainable healthy diets as a component of “sustainable consumption and production patterns.” 

Pact for The Future (revision 2)

Action 3. We will end hunger and eliminate food insecurity.

(c) Promote equitable, resilient and sustainable agrifood systems so that everyone has access to safe, affordable and nutritious food.

Action 9. We will enhance our ambition to address climate change.

(c) Promote sustainable consumption and production patterns, including sustainable lifestyles, and circular economy approaches as a pathway to achieving sustainable consumption and production patterns, and zero waste initiatives.

In the last decades, the right to food was sacrificed twice by the UN itself, first by the green agenda and second by lockdown measures supported by the UN for a virus predominantly affecting the wealthy countries where the climate agenda is based (and, ironically, where people consume the highest rates of energy). It now mostly means the right to certain types of approved foods, in the name of centralized and unquestionable determinations regarding people’s health and the earth’s climate. Veganism and vegetarianism are promoted while wealthy individuals and financial institutions close to the UN buy up farmland. An intent to make meat and dairyless affordable whilst investing in vegan meat and drink may be seen as a conspiracy theory (technically, it is). However such policies would make sense for climate agenda promoters. 

In this quest, the FAO and WHO omit to highlight the high nutrition of animal fat, meat, and dairy. They also ignore and disrespect the fundamental rights and choices of individuals and communities. They appear on a mission to force people onto pre-approved foods of the UN’s choosing. The history of centralized control and interference in the food supply, as Soviet and Chinese experience taught us, is a very poor one. Fiat fames (let there be hunger) for “We the peoples?”

Tyler Durden
Tue, 07/30/2024 – 02:00

via ZeroHedge News https://ift.tt/hEYpj3i Tyler Durden

The Mandarinate: The 3rd-Party That Isn’t On The US Election Ticket

The Mandarinate: The 3rd-Party That Isn’t On The US Election Ticket

Authored by Amir Taheri via The Gatestone Institute,

Barring another surprise “event,” the coming US presidential showdown is likely to be a duel between former President Donald Trump and Vice-President Kamala Harris.

That duel, if it goes through, will include a number of new features.

Harris is only the second woman to reach the last round in a US presidential contest. She is also the first “black” woman of Indian and Jamaican background to reach the penultimate rung of the ladder.

There are novelties on Trump’s side as well.

He is the second former president after Theodore Roosevelt to seek a return to the White House, in the face of opposition from his party’s traditional elite. But unlike Roosevelt who left the Republican Party to found his foredoomed Progressive Party, Trump did not leave and united it under his flag.

One of the paradoxes of this election is that Republicans enter the final round unexpectedly united while Democrats, including some on the left, are still yes-butting Harris as their standard-bearer.

American presidential elections have often been more about personality than policy.

Of the 46 presidents the US has had, 31 had a military background up to the highest grades. Only Bill Clinton made his refusal to enlist for service during the Vietnam War a badge of honor.

Barack Obama, who also had no service record, claimed military credit on behalf of his maternal grandfather who had served in the army. Grandpa’s picture is on the cover of Obama’s book, Dreams from My Father.

This time round, neither of the finalists has a military record, even through grandpas, to boast about.

What about other ingredients in an American presidential narrative?

The standard fable presents the aspirant as hailing from a modest, occasionally poor, family living in a log cabin but moving up the social ladder thanks to hard work and personal merit. Bill Clinton made much of the claim that he had been an orphan raised by a selfless and dedicated mother, a theme that helped secure votes from single mothers.

Such themes don’t work this time.

Trump may have not lived in the penthouse of Trump Tower from the start, but certainly didn’t grow up in a log cabin either. Harris’s highly-educated parents managed to secure an upper-middle class status thanks to hard work and the luck to live in California, where positive discrimination is almost a creed.

Thus, one might have assumed that the contest this time would shift attention from personalities to policy differences.

The opposite has happened.

The two camps have chosen personal attacks of the kind and at a level seldom seen before. The list of charges made against Trump is too long for this column. He is castigated as guilty of every sin imaginable, including the original one.

As for Harris, she is caricatured as a Jezebel with a law degree and blamed for all the real or imagined failures of the Obama-Biden’s 12-year joint tenure in the White House.

Since neither party allowed an open convention, key policy issues were not debated even at the party level.

What are those issues?

The first is that the US has been engaged in a cultural civil war for over a decade.

The traditional vision of the US as a melting pot of cultural, religious and ethnic identities is challenged by what Samuel Huntington’s disciples present as a salad bar in which double-barrel identity is the rule. The clash of civilizations is happening inside the US.

In it, everyone claims to be, and often genuinely feels to be, a victim.

“We’ll take our country back” implies that someone has stolen it.

The slogan “protect our social rights” means someone is trying to deprive Americans of public subsidies, positive discrimination and perks that almost half of the population receive.

“Black Lives Matter” implies a system of values based on skin color.

Another key issue is that of the nation’s ethno-demographic persona, which has been reduced to tittle-tattle about how many illegal immigrants to round up and expel rather than how to use managed immigration as a source of strength, as it has been in the US since its inception.

One of the dangers that democracies face is that of the machinery of government morphing into a political party with its own culture, traditions, methods and, needless to say, interests — above all that of self-perpetuation. Thus, the US has a third, invisible party, besides the Republicans and Democrats.

The Federal Government employs almost three million people. Of those, between 5,000 and 7,000 change when the White House changes occupants.

Tenured, at times life-long, jobs help perpetuate a Mandarinate that sees its task as keeping the ship of state on a course it has set.

That Mandarinate is especially well-entrenched in the State Department, the Pentagon, the Treasury and, more importantly, the judiciary.

It also has well-established, at times incestuous, relations with lobbyists, single-issue activist groups, universities with their tenured academics, and think tanks with rotating doors to government departments and the media.

The Mandarinate maintains close ties with those unmovable, effectively tenured members of the Senate and House of Representatives.

Conspiracy theorists refer to this Mandarinate as “the deep state”.

However, what we are dealing with isn’t the product of a conspiracy by a cabal in a black chamber. It is the organic product of a system in which democracy is reduced to elections, and elections reduced to a beauty contest, just as a set of rituals is often marketed as a religion.

Winning an election is an art; governing is quite a different one.

Another key issue is the redistribution of power at the federal and state levels. In several states, especially in the South, confederal anxieties abide. This is often unjustly seen as “redneck” prejudice or even rank racism. But the fact is that the closer the decision-making process is to those affected, the stronger a democracy is.

Trump has tried to express that view in his bull-in-the-china-shop style, while advocating the opposite by calling for an increase in presidential power.

Elitist Democrats on the other hand preach the old federalist gospel of states close to water — especially the two oceans and the Great Lakes.

This is why Democrats portray the recent decision by the Supreme Court on allowing some states to set their own rules on abortion as an attack on democracy rather than a move towards decentralization that could be extended to other issues.

Rebalancing power between Washington and the states has been an issue since the end of the Civil War.

The states of the defeated Confederacy suffered 12 years of military occupation by the Union army, not to mention plundering by “carpetbaggers,” at the end of which they signed a treaty that, while ruling out fissiparous dreams, promised a rebalancing process that never happened.

While the two candidates fire abuse at one another, the voter isn’t told what they actually mean to do about cracks in the structures of world order, the war in Ukraine, China as a threat or a rival, the exponential rise of anti-Semitic activities and the deepening of incivility in public life.

On November 5 the Mandarinate or the third party won’t be on any ticket.

Tyler Durden
Mon, 07/29/2024 – 23:45

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

Defense Secretary Orders Review Of 20 Medals Of Honor Awarded For Wounded Knee

Defense Secretary Orders Review Of 20 Medals Of Honor Awarded For Wounded Knee

Authored by Ryan Morgan via The Epoch Times (emphasis ours),

Secretary of Defense Lloyd Austin has ordered a review of the Medals of Honor awarded to 20 U.S. Army soldiers for their role in a deadly armed clash at Wounded Knee Creek, South Dakota, on Dec. 29, 1890.

U.S. Secretary of Defense Lloyd Austin attends the 21st Shangri-La defense dialogue summit in Singapore on June 1, 2024. (Nhac Nguyen/AFP via Getty Images)

The memorandum Mr. Austin wrote on July 19, which the Department of Defense published last week, directs the Office of the Undersecretary of Defense for Personnel and Readiness to form a special panel to review the Medal of Honor citations and other supporting documentation for the awards. The panel will then decide whether each soldier’s conduct warranted a Medal of Honor, the highest U.S. military decoration for valor.

Often referred to as the “Battle of Wounded Knee” or the “Wounded Knee Massacre,” the clash came about when members of the U.S. Army’s 7th Cavalry and other units attempted to disarm a group of Lakota tribe members. Accounts differ as to how exactly the shooting began, but the disarmament effort devolved into an exchange of fire in which an estimated 250 Native Americans, including women and children, were killed and about 100 more were wounded.

Mr. Austin’s memo listed the 20 Medal of Honor recipients from the Wounded Knee battle.

Of the 20 Medal of Honor recipients, 16 were members of the 7th U.S. Cavalry: Sgt. William Austin, Pvt. Mosheim Feaster, 1st Lt. Earnest Garlington, 1st Lt. John Gresham, Pvt. Matthew Hamilton, Pvt. Marvin Hillock, Pvt. George Hobday, Sgt. Bernhard Jetter, Sgt. George Loyd, Sgt. Albert McMillan, Pvt. Thomas Sullivan, 1st Sgt. Frederick Toy, 1st Sgt. Jacob Trautman, Capt. Charles Varnum, Sgt. James Ward, and Pvt. Hermann Ziegner.

Three members of the 1st U.S. Artillery also received Medals of Honor: Army Musician John Clancy, Pvt. Joshua Hartzog, and Cpl. Paul Welnert.

And 2nd Lt. Harry Hawthorne, of the 2nd U.S. Artillery, received a Medal of Honor.

Native Americans, political leaders, and other activists have, for years, called for the awards to be rescinded. Sen. Elizabeth Warren (D-Mass.) and other Democratic lawmakers repeatedly proposed legislation between 2019 and 2021, and Congress included a provision in the fiscal year 2022 National Defense Authorization Act recommending that the Defense Department review the awards.

Two of the Medal of Honor awards credit soldiers with rescuing their wounded comrades during the exchange of fire at Wounded Knee Creek. Two citations credit recipients for continuing to fight and demonstrating bravery after being wounded in the engagement. Another citation credits an officer with leading a charge to capture high ground and cover another troop of soldiers who were withdrawing from the engagement. Still another citation appears to credit a soldier with reenlisting after he “killed a hostile Indian at close quarters” during the engagement.

Four of the Medal of Honor awards focus on soldiers who fought to dislodge groups of Native Americans positioned in one or more ravines near the creek. Another citation credits an artillery soldier with continuing to advance his cannon crew during the engagement after his commanding officer was wounded.

There are 11 less descriptive citations, simply crediting soldiers with “bravery,” “gallantry,” “gallant conduct,” and “distinguished conduct” during the Wounded Knee engagement, with few additional details.

The standards for awarding the Medal of Honor have evolved over time. The defense secretary’s memo states that the review will consider whether any of the awards were given in violation of the Medal of Honor standards in place at the time they were awarded. The review will also examine witness accounts and historical documents, looking for a range of disqualifying actions, including “intentionally directing an attack against a non-combatant or an individual who has surrendered in good faith, murder or rape of a prisoner, or engaging in any other act demonstrating immorality.”

It’s never too late to do what’s right,” a senior defense official said in a statement from the Department of Defense. “And that’s what is intended by the review that the secretary directed, which is to ensure that we go back and review each of these medals in a rigorous and individualized manner to understand the actions of the individual in the context of the overall engagement.”

The Associated Press contributed to this article.

Tyler Durden
Mon, 07/29/2024 – 22:55

via ZeroHedge News https://ift.tt/K67eBEI Tyler Durden

These Are America’s Most-Visited National Parks

These Are America’s Most-Visited National Parks

Visitor numbers have been steadily increasing across national parks in the U.S., as more people are opting to trade city skylines for mountain peaks and lush forests.

In 2023, U.S national parks welcomed 93.4 million visitors and saw a 4% year-over-year increase from 2022.

According to National Park Service data, national parks made up 28% of all visits out of all nationally-regulated park types, which includes national monuments, memorials, historic sites, and more.

This map, via Visual Capitalist’s Kayla Zhu, visualizes the top 10 busiest national parks in the United States by number of visits in 2023. Visits includes recreational visits, and excludes non-recreational visits and camping.

The data comes from the National Park Service and is updated as of February 2024.

Western U.S. Home To Busiest National Parks

Great Smoky Mountains, which straddles the border between North Carolina and Tennessee, saw almost three times the amount of visits compared to second-place Grand Canyon. It is consistently the most visited national park in the country.

This sprawling park is easily accessible for many Americans, located just a day’s drive away for more than half of the U.S. population.

In terms of location, Great Smoky Mountains and Acadia are outliers among the top 10. The Western United States is home to a majority of the busiest parks, like Grand Canyon in Arizona, Zion in Utah, Yellowstone in Wyoming, Montana, and Idaho, and Yosemite in California.

The western half of the country is known for its extensive protected areas, natural landmarks, and outdoor recreation opportunities. California is home to the highest number of national parks, at nine, while other western states like Utah (five parks) and Colorado (four parks) rank among the top five.

Acadia, the only park located in the Northeastern U.S., is significantly smaller compared to other top national parks, spanning about 49,000 acres, compared to the next smallest park, Zion, which has an area of 147,242 acres.

Tyler Durden
Mon, 07/29/2024 – 22:30

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