Did Biden-Harris Divert FEMA Funds For Luxury Migrant Apartments With Flat-Screen TVs?

Did Biden-Harris Divert FEMA Funds For Luxury Migrant Apartments With Flat-Screen TVs?

FEMA’s entanglement with the Biden-Harris administration’s disastrous open southern border policies by diverting storm relief funds ($1.4 billion, according to NYPost) for illegal and legal aliens may have undermined the federal agency’s ability to effectively manage emergencies, such as the Katrina-like disaster unfolding in the US Southeast. 

Homeland Security Secretary Alejandro Mayorkas dropped the bombshell last week: FEMA “does not have the funds” to see Americans through the rest of this Atlantic hurricane season. The federal agency drained the funds by prioritizing taxpayer funds for illegal and legal aliens versus US citizens as the Biden-Harris globalist team rolled out the red carpet to anyone, even terrorists, via the open southern borders.

“Connect the dots, if you can,” Tim Murtaugh, an adviser to former President Trump’s campaign, wrote on X, adding, “DHS says FEMA might not have enough cash to help people through hurricane season. But in 2 years of a new Biden-Harris program, they’ve spent $1 BILLION on housing and other services for migrants.”

Shedding a whole heck of a lot of color on the situation, Savanah Hernandez, a reporter for Turning Point USA, wrote on X that she has uncovered some of the “first looks” inside fully furnished luxury apartments for migrants that received free rent and utilities for two years. 

Hernandez wrote in a note on The Post Millennial

The Brunswick Landing apartments in Maine sparked controversy earlier this year when it was discovered that homeless migrants in the area were getting the opportunity to live in the units rent-free for up to two years. Migrants living in the apartments shared that not only is the rent-free, the utilities are paid and we got an inside look at the furnished apartments that would run the average American about $2,300 dollars. –

This apartment is in the same county which received $6.1 mill in funding from the FEMA program that spent $1 billion on housing migrants,” Hernandez pointed out on X. 

She continued:

Biden-Harris administration has prioritized illegal and legal aliens over citizens. The botched relief response in the US Southeast exemplifies this great failure unfolding in a Katrina-like event.

Tyler Durden
Sun, 10/06/2024 – 14:35

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Uncertainty Clouds North Carolina’s 2024 Election After Helene: Here’s What We Know

Uncertainty Clouds North Carolina’s 2024 Election After Helene: Here’s What We Know

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Officials in North Carolina warned that voting in some parts of the battleground state might be impacted due to Hurricane Helene’s impacts.

During Helene, critical infrastructure in large swaths of western North Carolina and especially parts of the Appalachian Mountain areas were damaged or totally destroyed.

A man casts a vote during a special election in North Carolina’s 9th Congressional District on in Charlotte, North Carolina, Sept. 10, 2019. Sean Rayford/Getty Images

There may be polling places impacted by mudslides, there may be polling places inaccessible because of damaged roads, and there may be polling places with trees that have fallen on them,” Karen Brinson Bell, the executive director of the North Carolina State Board of Elections, told NPR on Tuesday.

How Many Voters Impacted?

According to the North Carolina elections board website, five county boards of elections were closed as of Thursday morning. That includes Avery, Buncombe, Mitchell, Watauga, and Yancey counties, it shows.

In Avery, Buncombe, and Watauga counties, elections staff are working or taking calls. The status of Mitchell and Yancey counties is not clear as the elections website lists them as “closed” with no other details.

The website also includes a breakdown by party among registered voters in the 25 counties designated as disaster zones. Some 480,000 voters are registered as Republican and 292,000 as Democratic.

Another 490,000 are unaffiliated with either major party, the elections website shows. Around 10,000 people are registered with third parties in the affected areas.

Key Dates

North Carolina’s voter registration deadline for the coming election is Oct. 11, or 25 days before the Nov. 4 election, although some voters can register in person at early voting sites during the early voting interval, lasting Oct. 17 to Nov. 2, according to the elections board website.

For mail-in voters, a county board of elections has to receive a completed voter registration application no later than 20 days before the general or primary election, the election board says. Meanwhile, the deadline to request an absentee ballot in the state is 5 p.m. ET on the Tuesday before Election Day, which falls on Oct. 29. The deadline to return a mail-in ballot is 7:30 p.m. ET on Election Day itself.

A tracking website provided by the University of Florida’s Election Lab shows that about 16,000 people have already cast early votes in the state. All of them are mail-in ballots.

Expected to Be Close

North Carolina is expected to be a key swing state in the 2024 election, coming four years after then-President Donald Trump, a Republican, narrowly defeated then-Democratic candidate Joe Biden by more than 70,000 votes, or 1.3 percent.

The Cook Political Report moved North Carolina to “toss-up” for the 2024 election between Trump and Vice President Kamala Harris in August. Recent polls in the state have shown the two candidates are neck-in-neck with one another, it noted.

Both Harris and Trump have made numerous stops to the Tar Heel State this year.

‘Daunting’ Level of Uncertainty

On Tuesday, Brinson Bell, the state election director, described the storm as causing a “daunting” level of uncertainty, with early in-person voting scheduled to start in just over two weeks on Oct. 17. Still, she said the state is prepared to help voters navigate the emergency.

“We’ve battled through hurricanes and tropical storms and still held safe and secure elections, and we will do everything in our power to do so again,” Brinson Bell told reporters. “Mountain people are strong, and the election people who serve them are resilient and tough, too.”

Federal Officials, National Guard Deployed

More than 6,700 Army and Air National Guard members have been deployed to areas that were hard-hit by Hurricane Helene last month, while a federal official confirmed that more than 5,000 federal employees are responding.

Some 6,700 guardsmen from 16 states were activated, with more than 1,100 members being sent to North Carolina, the U.S. Department of Defense (DOD) said in a statement.

Frank Matranga, the head of the Federal Emergency Management Agency (FEMA), told reporters earlier this week that federal agencies have sent 5,000 personnel to help with the response in the southern United States, including more than 1,500 FEMA staff members.

“I cannot thank enough all of the people across this country, across the federal family, across private and nonprofit sectors that are dedicating their time and energy to help the people in impacted areas and especially help the people of Western North Carolina,” Matranga said in a news conference. “We know it’s a big job and we know there’s still work to do, but we are making steady progress.”

The Associated Press contributed to this report.

Tyler Durden
Sun, 10/06/2024 – 12:50

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Vital Beirut Airport Road Bombed In Heaviest Night Of Israeli Strikes To Date

Vital Beirut Airport Road Bombed In Heaviest Night Of Israeli Strikes To Date

Israeli airstrikes continued to hammer Beirut through the overnight hours and into Sunday, with the Israel Defense Forces (IDF) calling them “pinpoint” attacks, but which has left Lebanese civilians in the capital in a state of panic. Financial Times and others have called it the heaviest night of bombing on the Lebanese capital to date.

Large fireballs were observed overnight, and towering smoke plumes in the dawn hours, as the IDF said it also struck multiple weapons depots and Hezbollah infrastructure across the country. The IDF has said it has hit 150 Hezbollah targets in the past 24 hours, including a building near a key road leading to Lebanon’s international airport.

Airstrike in Dahiyeh, Beirut, Lebanon in the early night hours of Sunday, via AP.

Amazingly, the Lebanese national carrier Middle East Airlines (MEA) has continued to fly passenger planes into and out of Beirut, even as Israel jets are dropping bombs.

“We just saw another plane take off even though air strikes have happened very close to the Rafic Hariri International airport,” an Al Jazeera correspondent writes. “The only airline that is still operating in and out of Lebanon is the local airline. They have refused to shut down the airport despite the threat that they face every single day as they have over the past two weeks.”

One Australian eyewitness says she was sitting on a plane which was readying to take off at the moment the major bombing near the airport unfolded. “While we were sitting in the airplane just before takeoff there was a lot of bombing, like around 500 meters next to the airport, and as we were about to take off we heard a lot of bombing,” she told Reuters.

“There was a lot of kids frightened but thank God, like, we know we’re out of that place now and, like, all we can do is just pray for that situation, pray for the people there that don’t have the opportunity to leave like we did,” the eyewitness continued.

The FT has confirmed of last night’s strikes, “Targets included a building near the road to Beirut’s airport, where the strikes set off huge fires. Smoke was still rising from the area in the morning.”

The Lebanese health ministry has announced that Saturday’s strikes killed 23 people and wounded an additional 93. It did not disclose how many were civilians and how many combatants.

The bombing of one of the capital’s key airport access roads could impact evacuations:

Some American citizens and dual nationals in Lebanon have complained they feel ‘abandoned’ by the US State Department amid laggardly efforts at facilitating people’s exit.

They have accused their government of favoring citizens in Israel as opposed to those currently under the bombs in Lebanon. According to The Intercept:

After Israel dropped more than 80 bombs, including American-made 2,000-lb bombs, on residential buildings in a suburb of Beirut, Hana Bechara, one of 86,000 U.S. citizens who live in Lebanon, decided it was time to leave. 

Bechara and many other Americans stuck in Lebanon have contrasted the State Department’s responses to the sense of urgency and level of assistance Americans in Israel received following the October 7 attacks. Within several days of the attacks, the U.S. Embassy in Jerusalem offered American citizens prearranged charter flights and boat rides to leave the country. 

Photos and footage from the ground have confirmed that last night’s bombings came very close to the international airport…

Via X

Meanwhile, Hezbollah has continued targeting the major Israeli port city of Haifa, shooting over 110 rockets on northern Israel on Saturday alone.

The IDF says further that another 30 missiles were fired in an overnight barrage at Kiryat Shmona, with the country’s anti-air interceptors continuing to be highly active. It has continued to call for Lebanese villages in the south, in the zone of heavy fighting, to urgently evacuate dozens of kilometers to the north.

Tyler Durden
Sun, 10/06/2024 – 12:15

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Nondisclosure: Vaccine Ad Blitz Sidestepped Transparency Rules

Nondisclosure: Vaccine Ad Blitz Sidestepped Transparency Rules

Authored by Lee Fang via RealClearInvestigations,

“A bun in the toaster oven,” a woman exclaims off-camera, handing an ultrasound image to family members who erupt into tearful emotion over the news. “Oh my God!” 

The touching baby announcement video then gets down to business as text appears on the screen amidst the ongoing celebration, suggesting the best way to stay alive for this joyous birth is by becoming vaccinated against COVID-19. “Why will you get vaccinated? …  Because some people you just want to meet in person.” 

It closes with the tagline: “Science can make this possible. Only you can make it real.” 

The evocative 2021 television spot was funded by Pfizer just as the pharmaceutical giant was rolling out its COVID-19 vaccine. The spot may have seemed like any other pharmaceutical advertisement. But there was something missing. The ad, and many others like it financed by vaccine manufacturers, did not include any of the typical disclaimers about risks associated with vaccines, nor any disclosures that they had not yet received Food and Drug Administration approval.

Although Pfizer and other pharmaceutical companies were operating under a special Emergency Use Authorization (EUA) that allowed them to sell their COVID vaccines without going through the traditional testing and approval process, that authorization explicitly required vaccine ads to include a prominent warning that the medicines had not been fully tested for potential risks.

A RealClearInvestigations review of ads that ran tens of thousands of times during the pandemic found that the major vaccine companies routinely exploited a regulatory loophole to skirt those marketing rules while embarking on massive paid media campaigns to sell the COVID-19 vaccines. By casting their spots as public service announcements – promoting the idea that people should get vaccinated, rather than a company’s specific product – drug companies claimed the disclosure requirements did not apply. 

As a result, the required disclosure about the vaccine operating under emergency approval rarely appeared in any of the ads, even as many employers, including the federal government, required tens of millions of Americans to get vaccinated. 

It’s an advertising laundering operation,” said Aaron Kheriaty, a bioethicist and fellow at the Ethics and Public Policy Center. The ads “violate the spirit of the EUA, if not the letter of the law.”

The ad blitz was plastered across television and social media and later celebrated by drug industry insiders as one of the most effective pharmaceutical outreach campaigns of all time. The flood of ads not only promoted Pfizer and Moderna’s products but helped influence public opinion, transforming an industry once viewed as driven by greed into altruistic heroes stepping up to solve a health crisis with no ulterior motives. 

WPP, the advertising conglomerate that crafted Pfizer’s “Science Will Win” ad campaign during the pandemic, was clear about the motivation when speaking to a trade outlet. “‘Science Will Win’ campaign was about changing the perception that pharmaceutical companies profited from health and from sickness,” Claire Gillis, the international chief executive officer of WPP Health Practice, boasted to The Drum, a marketing industry outlet.

Yet the role of the COVID-19 vaccine ads, which widely shaped public opinion and galvanized support for the drug industry, remains largely unexplored. Critics say it is another example of rules for pharmaceutical companies that were tossed to the wayside as maximalist policies swept through society. Online censorship, vaccination mandates, school closings, general lockdowns, and other draconian restrictions were imposed on citizens, while drug companies poised to reap unprecedented multi-billion dollar profits were given unusual and largely unscrutinized leeway. 

The attorneys general of Texas and Kansas have accused Pfizer of widely misleading the public on the effectiveness of its vaccine. Both states contend that the company violated rules that bar pharmaceutical firms from deceptive messaging, though their lawsuits largely focus on statements by company officials. Pfizer has denied that it misrepresented the vaccine and said in court documents that it is “immune” from claims since the company was acting under authorization from the federal government.

These so-called “direct-to-consumer” drug ads are a contentious area of public health. The United States and New Zealand are the only countries that permit such ads. A study from the Government Accountability Office found that from 2016 through 2018, drug manufacturers spent $17.8 billion on direct-to-consumer ads for just 553 drugs, almost all of which were brand name. Experts have sharply criticized the ads for misleading patients and encouraging many to seek out medications that are not clinically appropriate. 

The tsunami of drug ads began in 1997 when Congress lifted previous restrictions and allowed pharmaceutical ads as long as they contained a summary of the risks of each product at the end of the commercial. This has given many ads a whiplash quality, as sunny visions of a medicine’s benefits are followed by a parade of horribles regarding common side effects ranging from hallucinations and nausea to strokes, suicidal ideation, and even heart attacks. 

However, COVID ads from Pfizer that ran nationally during the early rollout of the vaccine contained no basic disclosure, despite the fact they were marketing a drug that had enhanced disclosure requirements. The risks around myocarditis and other heart issues were not acknowledged in spots, nor were the relative lack of benefits for young, healthy individuals with prior infection immunity.

The most glaring omission, however, was the lack of disclosure that the vaccines had not yet received FDA approval. Under the emergency approval to Pfizer and Moderna, issued in December 2020, both pharmaceutical firms were required to remind viewers of the EUA status of the vaccines in any paid media. It stated that “all descriptive printed matter, advertising, and promotional material” relating to the vaccine must “clearly and conspicuously” state that “this product has not been approved or licensed by FDA” and was authorized only under the emergency use declaration.

Those disclosures were almost nowhere to be found in countless advertisements that appeared over the ensuing months of the pandemic, as Americans faced widespread coercion to receive the shot. 

In a response to a request for comment, a Pfizer spokesperson claimed that the ads were “unbranded campaigns,” and thus, no disclosures were required. Moderna provided a similar explanation. “As this was a non-branded disease education campaign EUA disclosures were neither necessary nor appropriate,” said a company spokesperson. 

In other words, although both vaccine firms poured vast resources into marketing and advertising the vaccine, they did not mention the official brand names – Pfizer’s COMIRNATY and Moderna’s SpikeVax – and therefore, under this interpretation of the rules, neither the routine direct-to-consumer disclosures nor the EUA disclosures applied. 

That justification strikes some medical ethics experts as pure sophistry. 

“Since the COVID vaccines were approved under EUA, even unbranded ads should have carried the required warning,” noted Dr. Martin Kulldorff, a biostatistician and infectious disease epidemiologist, and critic of many vaccine policies.

The intent of the ads was clear to the marketing firms that managed them. WPP’s Gillis, in her remarks to The Drum, said that elevating the brand as part of the vaccine ads was very much the point. “Go to the doctor and ask for ‘Pfizer vaccine,’” she said, discussing the strategy. 

Dini von Mueffling, a New York communications specialist who assisted with many of the Pfizer ads, later discussed the effort with Contagious, another marketing industry publication. The “many legal regulations,” said von Mueffling, “I think ultimately stymie creativity.” But, she added, “we worked within those regulations and were still able to be very creative, which was great.”

Pfizer ran many iterations of its “unbranded” COVID-19 vaccine campaign. The “Because of This” ad campaign featured real people rather than actors answering the question of why they will get vaccinated. “Because this year she turns one, and I’m 74,” the tagline of one Pfizer-sponsored ad read. Another, titled “Hug,” showed two women clutching each other, weeping. “Because you can’t hug a computer screen. Why will you get vaccinated?” the text of the ad asked, in a nod to the lockdown orders. 

Moderna, while operating under the EUA, launched a “Make it Yours” campaign to encourage the use of its vaccine. The company brought on partnerships with the Seattle Seahawks and Boston Red Sox. One of the animated ads featured former Seahawks star Jordan Babineaux, who instructed viewers to “always protect the team” and get vaccinated. “With the vaccines here to help millions, we can take steps towards life as we knew it,” narrated Babineaux.

In other cases, third-party groups funded by Pfizer and Moderna blanketed viewers with ads urging vaccination without any disclaimers. 

Immunize Nevada, a nonprofit that popped up during the pandemic and then disappeared, ran Facebook ads with a doctor imploring viewers to “get vaccinated.” GovVax, another group funded by vaccine industry sources, sponsored social media ads touting vaccines as “free, safe and effective.” The National Hispanic Medical Association, backed by grants from the vaccine pharmaceutical industry, similarly sponsored a “Get Vaccinated” social media campaign. 

Pfizer also tapped the largely unregulated world of influencer marketing. In one instance, the company retained the public relations firm Real Chemistry and an influencer named Darrion Nguyen, who also goes by @Lab_Shenanigans, to create a series of comedic skits mocking vaccine misinformation. The series, titled “I Heard It on the Internet,” mocked critics of vaccine policy as fools who did not follow the science.

Nguyen, who identified himself as a “real life scientist,” produced videos debunking claims such as “vaccines don’t work with Omicron variants” and “vaccines can make you magnetic.” The latter was certainly not true, but the former was up for debate. Research from Israel showed that the Pfizer boosters provided as little as 30% efficacy against the Omicron wave – and other studies suggested at the time that natural immunity provided as much as 87.8% efficacy against the Omicron variant. Those facts were not included in the Pfizer-funded TikTok series. 

The star of the Pfizer social media ads, however, later got into his own misinformation scandal. Earlier this year, Baylor College of Medicine in Texas retracted research authored in part by Nguyen, citing falsified data and fabricated lab results. Nguyen, in response to the news, cited “pressure to meet expectations.”

While few news outlets covered Moderna or Pfizer’s ad campaign at the time, both companies were widely celebrated by marketing professionals for the success of the blitz.

YouGov called Pfizer’s ads the most successful of 2020, while Medical Marketing and Media, an industry group, awarded Moderna, Pfizer, and Johnson & Johnson for their innovative marketing efforts.

Pfizer went so far as to submit a detailed presentation touting the impact of its social media and marketing strategy during the pandemic to the “Shorty Awards,” another industry competition for DTC ads and drug marketing innovation. The video montage of the company’s success shows a series of public relations victories for the industry, including a social media pledge to ensure a safe and effective vaccine, which won Pfizer “positive coverage from almost every top tier [news] outlet,” including the New York Times and Bloomberg. 

The success in selling the public was buoyed by government support. The United States provided at least $31.9 billion in funds for the development, purchasing, and production of the mRNA vaccines, money that padded record profits. Pfizer generated some $37 billion in revenue from the vaccine in 2021, making it one of the most lucrative drug product launches of all time. Moderna, meanwhile, minted four new billionaires as the company’s stock skyrocketed. 

Kheriaty, the bioethicist, is an opponent of all direct-to-consumer ads. But he noted that the vaccine industry campaign appeared particularly pernicious, as government and media voices largely echoed every marketing claim of the vaccine industry with little pushback, while the tens of millions of dollars of pharmaceutical ads provided an inherent conflict of interest for the news programs covering the pandemic. 

“You’re probably just at the tip of the iceberg in terms of tracing the money flow,” Kheriaty sighed.

Tyler Durden
Sun, 10/06/2024 – 11:40

via ZeroHedge News https://ift.tt/cMEI4ke Tyler Durden

“The 40-Year Bull Market In Bonds Ended”: Exclusive ZH Debate With Fleckenstein, Rosenberg, Bianco

“The 40-Year Bull Market In Bonds Ended”: Exclusive ZH Debate With Fleckenstein, Rosenberg, Bianco

Even for dollar bears, U.S. Treasury Bonds – now yielding over 4% on the 1-year – are beginning to look appealing. But are they a safe long-term play? Legendary short-seller Bill Fleckenstein hosted ZeroHedge’s first remote debate with notorious bond bull David Rosenberg and macro researcher Jim Bianco.

Enjoy the full debate here, and read below for the highlights.

Bianco’s opening argument:

“I have been of the opinion that the long-term economic cycle turned in 2020. That the 40-year bull market in bonds ended in August of 2020 when the 10-year yield hit 51 basis points on closing.”

“That cycle corresponded with a financial crisis and a recession around the shutdown-restart of the economy with Covid in 2020. I believe that every time you see a financial crisis and a recession – and we had both – the economy changes.

“Coming out of that we are now in a period of higher nominal growth, stickier inflation at around 3%. First move in interest rates was from 0 to 5%. That was extraordinarily painful for any bond investor because you had no coupon to cushion you. The total return losses were among the worst ever records. But now we’re on the backside of that. We’re at a 5% yield.”

Bianco predicts that interest rates along the yield curve will settle in the 4 to 5% range. They currently sit around 3.5%.

“We’re going to overstimulate and we’re going to see an inflation problem in the back half of ‘25, and the bond market will start sniffing that out well before that.”

Rosie’s opener:

“If you look at the chart, there’s nothing sticky about inflation. It’s come down almost as fast as it went up.”

“I don’t know so much about Jim’s comment that we’ve seen some big secular shift,” he continued. “We had a severe depletion in the supply of labor [due to the pandemic] at the same time when we had no productivity growth. So we had a very inelastic supply curve for a period of about 18-24 months and it bumped against all the rampant fiscal stimulus and monetary stimulus.”

“In fairly short order, inflation goes from 0 to 9%.”

Rosenberg sees the COVID stimulus as having largely worn off. He’s now noticing a rapidly increasing labor supply along with rising productivity while demand has not kept up… “an absolute inflation killer.”

Where is inflation headed?

According to Rosenberg, pressure from the lockdowns forced businesses to “digitize and automate and become Amazon or you’re going to go under.” This trend is responsible for the productivity boost as firms cut labor costs and became more efficient.

Meanwhile, Rosenberg suggests that a “One-Party Rule” – wherein either the republicans or democrats sweep both the Presidency and Congress – is a black swan event that could bring inflation back, as both parties are addicted to spending. He also predicted increasing oil prices and shipping disruptions “if the war really turns ugly” between Israel and Iran.

Of note, Iran is the 9th largest oil producer in the world, pumping 4 million barrels daily, and 3rd largest natural gas producer.

Bianco countered that inflation is here to stay due to housing prices — on a per square footage basis still increasing despite lower sales volume – driven by increased immigration as well as fiscal spending, which he sees no sign of slowing down regardless of party.

At 23 or 24% of GDP, we are currently spending more now than did in previous recessions expect for COVID and the financial crisis [of 2008]. You look at any recession other than those, the current level of government spending is higher now than at the peak of any of those recessions.”

“That alone should probably keep the inflation rate sticky because of the massive demand push that you’ll get from the government.”

“Animal Spirits” in the Bond Market

While Rosenberg stated strongly that the bond market is “just math,” Bianco and Fleckenstein questioned whether bond traders are susceptible to the same emotional swings as equity traders.

Please explain to me negative interest rates,” Bianco asked. “And why bond managers were willing to buy negative interest rates?

Rosie: “Negative interest rates were perpetuated by Central Banks.”

Bianco: “Nobody forced my managers to buy negative interest rates.”

Fed Cutting Cycle

Fleckenstein highlighted the unusual sell-off in the 10-year after the Fed cut the FFR by 50 basis points (unusual because lower Fed rates typically beget lower outer yield curve rates).

“Happens almost all the time,” said Rosenberg, citing several examples in recent history. “There’s always an initial knee-jerk risk-on trade after the first cut. This is actually not abnormal at all.

But is Fed policy so thoroughly telegraphed in advance that its effect on markets is largely inert? “Everybody expects interest rates to go down because they’ve been told over and over that the Fed is going to cut rates hundreds of basis points over the next year,” Bianco said, pointing to the 2-year/FFR spread at records lows (meaning the 2-year is pre-emptively leading the FFR in the downward direction at one of its largest margins in history – ie… more cuts).

It’s all priced in…

Tyler Durden
Sun, 10/06/2024 – 10:23

via ZeroHedge News https://ift.tt/Fu5e7yl Tyler Durden

Schiff: Gold’s Potential Is Wildly Untapped

Schiff: Gold’s Potential Is Wildly Untapped

Via SchiffGold.com,

Yesterday Peter joined Michael Gayed and Will Rhind on the Lead-Lag Report. They cover a variety of topics, including the future of the dollar, China’s role in the economy, the prospects of war in the Middle East, and gold’s path to a $3000 price point and beyond.

Early in the interview, Peter laments the possibility that the United States will decline economically. China is poised to surpass our economy as the dollar continues to weaken:

“I think the media is constantly writing China’s obituary. And I think they’ve got it wrong. Just like they downplay the significance of the problems in the US economy, they overplay the significance of the problems of the Chinese economy. I’m not saying it’s perfect over there in China. But I think they have a lot going for them that people are overlooking.”

Michael and Peter discuss the role of U.S. foreign policy– specifically having a military presence around the world– in driving up deficits and the debt:

We’re all over the world. We’ve got our troops all over the world, but we can’t afford to deploy them. We can’t afford to provision them without borrowing money, and that is not sustainable. I mean, it’s going to crumble. I don’t think the world is going to pay an ever-increasing tribute to the United States to maintain this situation. I think it’s going to come to an end. Yes, it’s gone on for a long time, and our military has probably been part of what’s enabled it.” 

With tension in the Middle East ratcheting up this week, Peter delivers a masterful explanation of why wars are terrible for the economy. The temptation to inflate combined with the physical destruction of productive goods mean wars inevitably impoverish all involved:

“You’re more likely to debase your currency with a war, and it’s actually twofold, depending on how big the war is. Wars can result in the destruction of goods, and there’s a destruction of productive capacity. So, you have less supply of goods in a war. A lot of times, if it’s a big war, you have to produce ammunition and military hardware at the expense of civilian consumer goods. So, wars tend to reduce the supply of consumer goods but increase the quantity of money. Governments today don’t want to pay for wars. They don’t want to tell the taxpayer, ‘We’re fighting a war, so we’re raising your taxes.’ … And they go out and borrow, creating bigger deficits. So, the Fed has to print more money.”

The trio also discusses Peter’s opinions on investments other than precious metals, including stocks and crypto. He argues that Bitcoin highlights the difference between large institutional investors and retail investors trying to cash in on a trend:

“Bitcoin peaked out in November 2021, and priced in gold, it’s almost 40% below that peak. Despite all that money spent, all that hype, all those ETFs in the market, all that institutional buying. So that tells you something. It tells you there’s a lot of people that have been selling their Bitcoin into all the hype. And I think the people selling Bitcoin are a lot smarter and know a lot more than the people who have been buying it.”

Peter is optimistic for the future of gold. With no end in sight for the Fed’s money printing, there’s a distinct possibility that gold’s price could increase by many multiples over the next couple of decades:

“I think the potential is much higher because we’re going to print so much money. We’re going to have so much inflation that the dollar is going to lose a lot of value, and you’re really going to need a lot of dollars to buy gold. If gold can go from $20 an ounce to $2,600 an ounce, it can go from $2,600 to $26,000, or even to $100,000. There’s no limit because, again, gold isn’t changing—it’s the value of the dollar that’s decreasing.”

Halfway through the interview, Peter also drops some trivia about his wife, Lauren. Did you know she both sang and acted in a 2022 Bruce Willis film? Check out the full recording (starting at 38:30) for the details!

Tyler Durden
Sun, 10/06/2024 – 09:55

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Criminals Rake It In As Violent Crimes Soar In Sweden

Criminals Rake It In As Violent Crimes Soar In Sweden

Authored by Liz Heflin via Remix News,

Economic crime has grown strongly in Sweden in recent years, and Swedish society is paying the price.

According to estimates, criminals earn SEK 100 billion to 150 billion (€8.8 billion to €13.2 billion) annually in Sweden, reports Swedish state television SVT. A new police report says the crime economy is taking a huge toll on society.

That money, if diverted to the real economy, could triple the child allowance for all Swedish families with children, notes the report. Annika Öhmark, coordinator of criminal economy in police region East says things will be getting worse before they get better, although she remains optimistic about the future.

In addition to the black market money creating unhealthy competition, the growing criminal economy is also directly connected to the increase in murders, shootings and explosions Sweden has seen in recent years.

Fraud is estimated to be the biggest source of income for criminal gangs, who use extortion and threats to collect fictitious fines or debts. Last year, around 9,000 extortion crimes were reported, 30 percent more than in 2022.

Öhmark says that  “they trick others into helping with money laundering.” A video clip on the portal tells about how a business couple Norrköping defrauded 15 people, all elderly and disabled, out of several million Swedish krona, using the money to buy luxury items or pay off debts to criminal gangs.

A new law is expected to be passed in November that will give the police new tools to recover the proceeds of crime from criminals.

“We know that if we arrest one person, there are several waiting in line to take over, so we need to continue working against the networks and we need to cooperate with other actors both externally and internally,” says Öhmark.

Money laundering is also an issue, with the Ecocrime Agency estimating that 130 billion Swedish krona (€11.4 billion) is laundered in Sweden every year. Police say money laundering saw a 24 percent spike between 2022 and 2023 alone.

Read more here…

Tyler Durden
Sun, 10/06/2024 – 09:20

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Pennsylvania Supreme Court Takes Up GOP Challenge To Defective Mail-In Ballot Curing

Pennsylvania Supreme Court Takes Up GOP Challenge To Defective Mail-In Ballot Curing

Authored by Tom Ozimek via The Epoch Times,

The Pennsylvania Supreme Court has agreed to hear a challenge from the Republican National Committee (RNC) and the Republican Party of Pennsylvania against lower court rulings that require counties to notify voters of defective mail-in ballots and allow them to fix those errors so the votes can be counted.

In an Oct. 5 order, the Pennsylvania Supreme Court granted the RNC’s petition for appeal, agreeing to examine whether the Commonwealth Court was mistaken in its ruling that Washington County’s policy of not notifying voters about defective mail-in ballots violated their due process rights. The appeal will also examine whether the court was correct in affirming that voters who cast defective mail-in ballots should be given the opportunity to fix their ballots or cast provisional ballots on Election Day.

The case, which could significantly impact the administration of mail-in voting in the key battleground state of Pennsylvania ahead of the 2024 general election, hinges on the legality of mail-in ballot curing procedures.

At the heart of the debate are changes to Washington County’s mail-in voting policy adopted in April. The county voted to enter all mail-in ballots, even those flagged as defective, into the state’s voter registration system as “received.” This meant that voters will remain unaware their defective ballots won’t be counted unless they take specific steps to verify the status of their vote.

This policy was challenged in a lawsuit brought in July by the Center for Coalfield Justice, the Washington branch of the NAACP, and several individual voters, who argued that the policy effectively disenfranchises voters by misleading them into believing their defective ballots will be counted, while depriving them of an opportunity to cure those ballots.

“The board’s reversal of their policy and lack of transparency was a deliberate obstruction,” Sarah Martik, executive director at Center for Coalfield Justice, said in a statement at the time. “If this policy remains for the November election, it will cause confusion and disillusionment among voters exercising their constitutional rights.”

A lower court sided with the plaintiffs, ruling that the policy violated voters’ due process rights and ordered the county to provide notice and allow voters to cast provisional ballots if they had submitted a defective mail-in ballot.

The RNC appealed that decision to the Commonwealth Court of Pennsylvania, arguing that that the county’s policy complied with election law and that the lower court’s ruling requiring notice-and-cure procedures overstepped judicial authority.

“The Trial Court’s mandating a notice-and-cure procedure usurps the province of the Legislature, and, accordingly, violates the separation of powers doctrine of the Pennsylvania Constitution,” the RNC wrote in the filing.

However, the Commonwealth Court ruled against the RNC and affirmed the lower court’s decision. This prompted the RNC to lodge its appeal before the Pennsylvania Supreme Court, arguing that the lower court rulings are inconsistent with prior decisions, including a 2020 Pennsylvania Supreme Court ruling that held voters have no constitutional or statutory right to notice or an opportunity to cure defective mail-in ballots.

“There is no ‘constitutional or statutory’ right to ‘notice and cure’ of defective mail-in ballots, and the Commonwealth Court lacks authority to order the Board to provide such notice or to permit the ballots to be cured, regardless of method,” reads the RNC’s petition for appeal.

The RNC also argued that the lower court’s decision requires Washington County clerks to inspect mail-in ballots before the official pre-canvass and notify voters of the results of those inspections, which violates provisions of the Pennsylvania election code.

In general, the RNC has argued across multiple filings that practices requiring notification and giving the opportunity to cure defective mail-in ballots are policy decisions that should be left to the state Legislature, not the courts, and that requiring counties to adopt notice-and-cure procedures has the potential to undermine election integrity.

Briefs from both sides are expected to be filed in the coming days, with the Pennsylvania Supreme Court’s ruling likely to play a significant role in shaping election procedures in the state ahead of the fast-approaching November election.

Tyler Durden
Sun, 10/06/2024 – 08:45

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Poland Now Has More Gold Reserves Than The UK

Poland Now Has More Gold Reserves Than The UK

Authored by Liz Heflin via Remix News,

Adam Glapiński, president of the National Bank of Poland, announced at a press conference on Thursday that “on behalf of all Poles,” the bank now has 420 tons of gold, making it part of the “exclusive club of the largest holders of gold reserves in the world,” reports Do Rzeczy.

Glapiński also commended the manner in which the gold was purchased, in particular the prices the gold was purchased at.

“We managed to do it very successfully,“ he said, adding that the National Bank of Poland earned or saved several dozen billion złoty during its accumulation. Nortably, the previous conservative government of Law and Justice (PiS) embarked on a massive gold buying spree while it was in power, which accounts for a significant chunk of the overall gold reserve stocks.

“We have symbolically exceeded the resources of Great Britain, which has always been a kind of reference point,“ the NBP head said, adding that the gold purchases would continue. He also emphasized the importance of gold reserves as an economic stabilizer and state reserve.

“In accordance with the resolution of the board, we are striving for 20 percent of our currency reserves to be in gold. Then, we will find ourselves in such a close, exclusive club of the best economies in the world,” Glapiński said.

Noting that “the best economies in the world are usually not frontline economies with war zones,” referring to the war in Ukraine, the national bank head made sure to mention that Poland has some $200 billion in currency reserves as well.

“None of our trading partners and investors can doubt our credibility and solvency, even when a dramatic situation is unfolding around us.”

Read more here…

Tyler Durden
Sun, 10/06/2024 – 08:10

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These Are America’s 10 Dirtiest Cities

These Are America’s 10 Dirtiest Cities

From poor air quality to the presence of unwanted litter and pests, living in dirty and polluted cities can have detrimental effects on quality of life.

Air pollution is dangerous to our lung health, contributing to respiratory diseases and exacerbating conditions like asthma and bronchitis, while uncollected trash and rampant litter can attract vectors for diseases and viruses.

This map, via Visual Capitalist’s Kayla Zhu, visualizes the top 10 dirtiest cities in the U.S. as ranked by a proprietary ranking from Lawnstarter with data as of June 2024.

In the ranking, over 300 major cities are scored on four main categories of pollution, infrastructure, living conditions, and resident dissatisfaction. Some metrics included in the score calculations include: air quality index, greenhouse gas emissions per capita, water quality violations, quantity of waste in landfills per capita, population density, and share of overcrowded rooms.

San Bernardino Ranked Dirtiest City in America

San Bernardino County in California is home to two of the top 10 dirtiest cities in the U.S., including first-ranked San Bernardino city and fifth-ranked city Ontario.

California, Texas, and New Jersey were each tied with two cities ranking in the top 10.

San Bernardino County consistently ranks first in the country for the worst ozone and particulate pollution.

The county is a major shipping hub, and home to multiple freight and warehouse corridors. Located in the Inland Empire, adjacent to coastal Southern California, it has about 1 billion square feet of warehouse space.

Heavy diesel truck traffic passes through its roadways daily, heading to the region’s 9,500 warehouses.

Diesel trucks can emit dangerous levels of nitrogen oxide and particular matter, causing a slew of serious health outcomes like chronic obstructive pulmonary disease and cancer. Doctors have termed these areas as “diesel-death zones.”

If you want to learn more about the countries with the worst air pollution in the world, check out this graphic which maps the top 20.

Tyler Durden
Sun, 10/06/2024 – 07:35

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