“We Have 15,000 Samples In Wuhan … Could Do Full Genomes Of 700 CoVs”: Rand Paul Drops COVID Bombshell

“We Have 15,000 Samples In Wuhan … Could Do Full Genomes Of 700 CoVs”: Rand Paul Drops COVID Bombshell

Last week Senator Rand Paul (R-KY) wrote in a Tuesday op-ed that officials from 15 federal agencies “knew in 2018 that the Wuhan Institute of Virology was trying to create a coronavirus like COVID-19.”

These officials knew that the Chinese lab was proposing to create a COVID 19-like virus and not one of these officials revealed this scheme to the public. In fact, 15 agencies with knowledge of this project have continuously refused to release any information concerning this alarming and dangerous research.

Government officials representing at least 15 federal agencies were briefed on a project proposed by Peter Daszak’s EcoHealth Alliance and the Wuhan Institute of Virology. -Rand Paul

Paul was referring to the DEFUSE project, which was revealed after DRASTIC Research uncovered documents showing that DARPA had been presented with a proposal by EcoHealth Alliance to perform gain-of-function research on bat coronavirus.

Now, Paul points to an email between EcoHealth’s Daszak and “Fauci Flunky” David Morens from April 26, 2020 (noted days before by the House Select Subcommittee on the Coronavirus Pandemic), when the lab-leak hypothesis was gaining traction against Fauci – who funded EcoHealth research in Wuhan, and Daszak’s orchestrated denials and the forced “natural origin” narrative.

In it, Daszak laments the “real and present danger that we are being targeted by extremists” (for pointing out that they were manipulating bat covid down the street from where a bat covid pandemic broke out), and called Donald Trump “shockingly ignorant.”

He also told David that he would restrict communications “to gmail from now on,” and planned to mount a response to an NIH request which appears to suggest moving out of Wuhan – to which Daszak says “Even that would be a loss – we have 15,000 samples in freezers in Wuhan and could do the full genomes of 700+ Co Vs we’ve identified if we don’t cut this thread.”

Which means Daszak, funded by Fauci, lied when he said “every single one of the SARSr-CoV sequences @EcoHealthNYC discovered in China is already published.”

And Anthony Fauci concealed the ‘700 unknown coronaviruses’ in Wuhan.

Meanwhile, an EcoHealth progress report referenced “two chimeric bat SARS-like CoVs constructed on a WIV-1 backbone.

About that Gmail thing…

Crazy indeed!

 

Tyler Durden
Wed, 04/17/2024 – 11:05

via ZeroHedge News https://ift.tt/UHEiR2O Tyler Durden

FAA Places Alaska Airlines On Nationwide Ground Stop

FAA Places Alaska Airlines On Nationwide Ground Stop

Update (1120ET):

Phil LeBeau reports on CNBC television that an earlier malfunction of Alaska Airlines’ IT system triggered a nationwide ground stop. This system calculates the weight and balance of planes.

For all those pilots out there, weight and balance are critical before running up the pre-flight checklist. 

*   *   * 

Shares of Alaska Airlines are tumbling in New York after the Federal Aviation Administration’s Air Traffic Control System Command Center says all of the carrier’s mainline and subcarrier flights (excluding SkyWest Airlines) are placed on a “ground stop.”

  • FAA: ALL ALASKA MAINLINE AND SUBCARRIER FLIGHTS GROUND STOPPED (SKYWEST EXCLUDED)

Here’s the advisory from the FAA: 

Alaska Airlines shares tumbled on the news. Still up on the session. 

The FAA did not explain the reasoning behind the ground stop. 

*This is a developing story. 

Tyler Durden
Wed, 04/17/2024 – 10:50

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

7 Jurors Sworn In For Trump Trial, More To Come

7 Jurors Sworn In For Trump Trial, More To Come

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

The first seven jurors have been selected and sworn in to serve on former president Donald Trump’s criminal trial in New York, with the selection process continuing to pick another five to make up the 12-member jury panel, as lawyers grilled members of the jury pool to determine whether they can sit in fair judgment of the former president.

Former President Donald Trump sits in the courtroom during the second day of his criminal trial at Manhattan Criminal Court in New York City on April 16, 2024. (Justin Lane-Pool/Getty Images)

Potential jurors faced hours of questions on April 16, with dozens of potential members quizzed on their occupation, marital status, social media posts, and where they got their news.

Each side used several preemptory strikes to reject certain jurors, while others were stricken over politically charged social media posts.

In one case that sparked a spate of controversial online reactions, Judge Juan Merchan ruled that the juror who joined an election victory parade for President Joe Biden was not disqualified because the juror claimed she thought it was celebration of essential workers.

“This doesn’t seem just,” Tesla CEO Elon Musk wrote in a post on X, commenting on the development.

“Now imagine if Biden were on trial in red Mississippi & the judge declared that a juror wearing a MAGA hat who attended a Trump Victory Party was impartial,” former Republican presidential candidate Vivek Ramaswamy wrote in a post. “The MSM would have a meltdown & Antifa would be on the streets. This trial isn’t about justice, it’s election interference.”

A man originally from Texas whose circle of associates was in accounting and finance said it was possible he could lean Republican and have an unconscious bias. The potential juror was excused after Judge Juan Merchan said that the bar for serving on the panel is unequivocal assurance of impartiality.

At one point, the judge granted the defense’s request to strike down one of the jurors over a social media post that pointed to an anti-Trump bias. The judge read the post into the record (“Good news!!  Trump lost his court battle on his unlawful travel ban!!!” and ”Get him out, and lock him up.“) adding that the prospective juror ”expressed the desire … that Mr. Trump be locked up.”

In a case officially known as The People of the State of New York v. Donald J. Trump, the former president is accused of hiding so-called hush money payments to an adult performer by falsifying business records. If found guilty, he could face a prison sentence.

President Trump has repeatedly denied wrongdoing and, before he entered the courtroom on April 15, the first day of the trial, he reiterated his position that the case is politically motivated.

“This is really an attack on a political opponent. That’s all it is,” he told reporters outside the courtroom before going inside.

Jurors Sworn In

The judge swore in six jurors just before 4 p.m., telling them as they took their places in the jury box that, “this will be your permanent seat for the duration of the trial.”

Later, the judge swore in a seventh juror, remarking that he hoped the process of seating all the jurors would wrap up this week and opening statements in the trial could begin Monday.

Another five jurors still need to be selected, as do another six alternates.

The methodical process of jury selection highlights the challenge of finding people able to sit in fair judgment of President Trump, a polarizing figure in U.S. politics who has argued that extensive negative media coverage would make it impossible for him to get a fair trial.

The former president sought an adjournment of the trial on the premise of too much prejudicial pretrial publicity but Judge Merchan rejected that reasoning. The judge said that President Trump’s concern about getting a fair hearing would be assuaged by “conducting a thorough, thoughtful and effective voir dire,” referring to the process of questioning potential jurors to identify potential bias.

On Tuesday, prosecutor Joshua Steinglass told would-be jurors that attorneys were not looking for people who had been “living under a rock for the past eight years,” just that they needed to keep an open mind.

The seven jurors sworn in are as follows:

Juror No. 1 is a middle-aged salesman who likes the outdoors. He said he normally gets his news from The New York Times, Daily Mail, Fox News, and MSNBC.

Juror No. 2 is an oncology nurse who likes taking her dog for walks in the park. She said she typically gets her news from The New York Times, CNN, Google, and Facebook.

Juror No. 3 is a corporate attorney who likes hiking and running. He said he usually gets his news from The New York Times, The Wall Street Journal, and Google.

Juror No. 4 is an IT consultant who normally gets his news from the Daily News, The New York Times, and Google.

Juror No. 5 is an English teacher who usually gets her news from Google and TikTok.

Juror No. 6 is a software engineer who likes going dancing and watching TV, and gets her news from The New York Times and TikTok.

Juror No. 7 is a civil litigator from North Carolina who now lives in New York City’s Upper East Side.

After swearing in the seventh juror, the judge concluded the proceedings for the day.

What’s the Case About?

In the case, Manhattan District Attorney Alvin Bragg charged President Trump with 34 counts of falsifying business records.

Under New York state law, falsifying business records is a misdemeanor. But the charge could be elevated to a felony if the fraud was used to cover up or commit another crime.

Mr. Bragg has elevated the charge to a felony by alleging that the underlying crime was a scheme to influence the 2016 election by burying unfavorable news coverage of an alleged affair with adult performer Stephanie Clifford, also known as Stormy Daniels, in exchange for $130,000 in “hush money” payments.

The former president has denied the affair and has claimed that the case is a politically motivated “witch hunt.”

The trial is expected to last for six weeks or more, with some jury members bringing up plans they have for Memorial Day, and one being excused on Monday due to a wedding in late June.

Tyler Durden
Wed, 04/17/2024 – 10:45

via ZeroHedge News https://ift.tt/XhM1rQm Tyler Durden

WTI Down For 3rd Day After Crude Inventory Build (Thanks To Surge In ‘Adjustment Factor’)

WTI Down For 3rd Day After Crude Inventory Build (Thanks To Surge In ‘Adjustment Factor’)

Oil prices are extending their decline (third day in a row) this morning as, after a tumultuous period of geopolitics, traders are returning their focus to market fundamentals. A lack (so far) of response from Israel to Iran’s retaliatory attack combined with The American Petroleum Institute reporting a gain in US stockpiles before government data later Wednesday has key timespreads weakening in recent days, pointing to softening sentiment.

API

  • Crude +4.09mm (+600k exp)

  • Cushing -169k

  • Gasoline -2.51mm (-1.0mm exp)

  • Distillates -427k (-400k exp)

DOE

  • Crude +2.375mm (+600k exp)

  • Cushing +33k

  • Gasoline -1.154mm (-1.0mm exp)

  • Distillates -2.76mm (-400k exp)

Crude stocks rose for the fourth straight week (well above expectations – but smaller than API), but that was offset by sizable product draws. Cushing stocks were flat…

Source: Bloomberg

And in case you wondered, the ‘ol ‘adjustment factor’ is back… to its highest in 2024…

Source: Bloomberg

The Biden administration continued (for now) to add to the SPR (see below for why that may end soon)…

Source: Bloomberg

US crude production was flat – near record highs

Source: Bloomberg

WTI was trading around $84.40 ahead of the official data (though had been chopping around prior)

However, Joe and Jerome still have a problem as pump-prices just keep going higher…

Source: Bloomberg

President Biden “wants to keep the price of gasoline affordable, and we’ll do what we can to make sure that that happens,” White House senior adviser John Podesta says at the BloombergNEF Summit in New York, responding to a question about a potential release of oil from the nation’s Strategic Petroleum Reserve amid forecasts that already rising prices at the pump will spike this summer.

  • JOE BIDEN’S APPROVAL RATING FALLS TO 38% FROM 40% IN MARCH – REUTERS/IPSOS POLL

Source: Bloomberg

Who could have seen that coming?

‘Strategic’ – “you keep using that word… I do not think it means what you think it does.”

Tyler Durden
Wed, 04/17/2024 – 10:41

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

Semi Shock: ASML Craters As Orderbook Plummets After China Frontrunning Ends With A Bang

Semi Shock: ASML Craters As Orderbook Plummets After China Frontrunning Ends With A Bang

Exactly three months ago, AI stocks were soaring, semiconductor names were flying and the tech sector was euphoric after Dutch chip giant ASML – the world’s sole producer of equipment needed to make the most advanced chips and Europe’s most valuable technology company – reported a record surge in its orderbook (just days after its Asian peer Taiwan Semi did the same)…

… and which the market immediately concluded, in its infinite stupidity, that this was the definitive confirmation of a flood of demand for AI chips and infrastructure with Bloomberg pouring oil on the fire, saying that the ASML results were “a sign that the semiconductor industry may be recovering” adding that “chipmakers are increasingly optimistic the sector’s outlook following a slump that dates back to the Covid-19 pandemic, with TSMC last week projecting strong revenue growth in 2024.”

Not so fast, we countered and as we clearly warned in a January article titled “Tech Euphoria Sparked By ASML Surge To All-Time High On Flood Of Chinese Orders… There’s Just One Problem

… the reason for the surge in ASML orders was that China, and its proxies in Taiwan and other Asian countries, has been flooding the market with chip purchase orders ahead of Biden’s escalating China chip sanctions, knowing that the door is closing amid a barrage of sanctions limiting exports of high tech chips – and chipmaking devices – and that it needs to buy today what it may need for the next few years, if not indefinitely. (as explained in “Behind The Tech Meltup: A One-Time Chinese Chip Buying Frenzy To Frontrun Export Curbs).

And sure enough, China accounted for 39% of ASML’s sales in the fourth quarter and became the Veldhoven-based company’s largest market in 2023! Before speculation of chip sanctions, China accounted for only 8% in January to March.

So what? Well, such one-time buying spurts are – as the name implies – one-time… and as we reported 3 months ago, ASML has been targeted by the US effort to curb exports of cutting-edge technology to China, and Bloomberg reported that ASML exports to China have now effectively been halted, vaporizing whatever portion of the order backlog is thanks to China. This led us to conclude the following:

And so with China now scrubbed from the list of ASML clients – forget being its top customer – the question is who will fill the void. Luckily, demand for AI is keeping the chip sector afloat… or so the experts say, the same experts who fawned over ASML’s result today which sparked a buying frenzy in the shares, which soared over 9% today, the biggest increase since November 2022, and hitting an all time high.

Good luck keeping that all time high with your largest customer now barred from future purchases by the State Department. As for “record AI chip demand”, this quarter will prove very informative how much is real and how much is vapor once the volatility from China’s erratic orderflow is finally removed.

So fast forward three months when “this quarter” is now in the history books, and this morning we got confirmation that everything we said was correct (and that the market, in its infinite stupidity wisdom, was wrong. Case in point: on Wednesday, ASML stock was one of the worst performers among the European tech sector, after the largest European company posted orders that fell short of analysts’ expectations, as Taiwanese chipmakers held off buying the Dutch firm’s most advanced machines.

Bookings at Europe’s most valuable technology firm fell 61% in the first quarter from the previous three months to €3.6 billion ($3.8 billion), wildly missing the market’s ridiculous estimates of €4.63 billion, just as we said it would.

As Bloomberg notes, the world’s top chipmakers like Taiwan Semi and Samsung Electronics held off new orders as manufacturer clients work through stockpiles of hardware used in smartphones, computers and cars. That’s hurting ASML, which also forecast sales this quarter below analyst expectations. And why did TSMC and Samsung over-order? Simple: they too, were expecting the flood of Chinese last-ditch orders, and were looking to frontrun it.

Well they did… and now everyone has a huge surplus of equipment!

Investors had expected TSMC to book significant EUV tools in the first quarter, according to Redburn Atlantic analyst Timm Schulze-Melander (but not according to ZeroHedge). The disappointment in orders leaves earnings and revenue for next year “vulnerable,” he said, confirming what we said one quarter ago when everyone was rushing to buy the stock on a one-off surge in orders.

The level of EUV orders is “extremely low,” indicating major ASML clients like TSMC, Samsung and Intel didn’t increase investments in the high-end equipment, Oddo BHF analyst Stephane Houri said. ASML saw the biggest slump in demand for its top-end extreme ultraviolet machines. Orders for them plunged to €656 million in the period from €5.6 billion in the previous quarter.

In other words, the frontrunning of China’s order book is now dead and buried.

And now comes the hangover, ASML now sees sales in the current quarter between €5.7 billion and €6.2 billion, missing estimates of €6.5 billion before demand picks up. And while the company scrambled to reassure the market that “nothing is fucked here”, and pushed demand into the second half as every company does when it misses quarterly expectations…

“Our outlook for the full year 2024 is unchanged, with the second half of the year expected to be stronger than the first half, in line with the industry’s continued recovery from the downturn,” Chief Executive Officer Peter Wennink said in a statement Wednesday. “We see 2024 as a transition year.”

… the market was less than willing to buy the BS this time, and with the company admitting that as much as 15% of China sales this year will be affected by the new export control measures – 50% is a more realistic number – the stock finally tumbled as the hangover finally arrives, if with a three month delay, and today the stock tumbled more than 6%….

… the biggest one day drop since last June.

Tyler Durden
Wed, 04/17/2024 – 10:30

via ZeroHedge News https://ift.tt/RMSneq3 Tyler Durden

The US government shattered its own quarterly debt record

It’s barely six months into the US government’s ‘fiscal year’ (which started on October 1, 2023) and the federal budget deficit is already $1.1 trillion.

This number is utterly astonishing.

Of course, anyone paying attention to the rapidly dwindling US financial condition knows that the national debt is now hovering around $35 trillion.

That’s up $2 trillion in the last year alone, and up nearly $20 trillion over the last decade.

More importantly, the Congressional Budget Office has projected that the US national debt will increase by another $20 trillion over the next decade.

Those numbers are obviously bad. Horrendous, really.

But what’s even worse is how much NEW debt the government actually needs to sell each year just to repay its OLD debt.

Remember, whenever the government borrows money, they issue bonds in various denominations; these bonds can be as short as 28 days, all the way up to 30 years.

Whenever these bonds mature, the Treasury Department is obviously supposed to pay them back in full. Of course the federal government doesn’t actually have money to repay its debts. So instead they issue new debt to pay back the old debt.

And the amount of money they have to raise just to repay old debts is staggering.

Last year alone the Treasury Department had to raise nearly $20 trillion to repay maturing bonds. Plus they borrowed an additional $2.4 trillion in brand new debt on top of the $20 trillion.

Unbelievable.

And so far in just in the first three months of 2024, the Treasury Department has issued a record $7.2 trillion in government bonds– shattering the previous record for quarterly debt issuance that was set in 2020 during the pandemic.

Out of last quarter’s $7.2 trillion debt issuance, roughly $600 billion of that was brand new debt… meaning that a whopping $6.6 trillion was borrowed to refinance existing debt.

To put that number in context, the total combined value of all bank deposits in the United States is $17.5 trillion. So merely refinancing the federal debt that matured last quarter alone required equivalent of 37% of all US bank deposits.

Now, in theory, refinancing US government bonds shouldn’t be such a big deal. After all, most bondholders typically just roll over their maturing bonds into new bonds. And the majority of the maturing bonds are short-term anyhow.

So it’s quite common that some money market fund– which owns primarily 90-day Treasury Bills– will simply purchase more 90-day Treasury Bills whenever their existing ones mature.

No big deal, right?

Well, the problem is that bond investors are rightfully getting spooked by outrageous federal deficits, and they’re starting to demand a higher rate of return to compensate for the extra risk.

This is a major reason why interest rates have been rising– government bonds have lost a lot of appeal, and many investors no longer view them as the sacrosanct, risk-free investments they once were.

Two years ago, a 90-day T-bill paid about 0.5%. Today it’s over 5%. That’s a 10X increase in the government’s interest expense.

Another major trend is that bond investors have shifted towards the shorter duration maturities. So instead of buying 10-year notes and 30-year bonds, they’re buying 90-day bills that have to be refinanced every three months.

This makes sense; with so much risk and uncertainty, few rational investors want to loan money to the federal government for three decades. Short-term bonds are a lot safer.

But this trend towards short-term bonds means that the Treasury Department has to constantly be in the market refinancing record amounts of debt, just like last quarter’s $6.6 trillion.

It also means that the government’s annual interest bill will continue to skyrocket– because today’s interest rates are so much higher than they were in the past.

Back in 2019, for example, investors were buying 5-year notes with a yield of less than 2%.

Those 5-year notes from 2019 are about to mature. And for investors who are willing to roll over their funds and reinvest in, say, 90-day T-bills, the new yield is 5.25%.

In other words, the government’s interest expense will increase more than 2.5x.

Remember that this year’s interest expense on the national debt is already set to exceed the national defense budget. And if this trend continues, the government’s annual interest bill will surpass $2 trillion over the next few years.

This is why we believe the Federal Reserve will ultimately step in and ‘fix’ this problem by expanding the money supply and slashing interest rates.

The US government cannot afford to pay 5% interest on the national debt. Frankly they can’t even afford to pay 1%. The Fed understands this reality, and they know that the clock is ticking.

That’s why the Fed has been so vocal about cutting interest rates over the past few months, even though inflation has been rising.

Minutes from the Fed’s meeting last month showed that they still anticipate cutting rates 2-3 times this year.

And just yesterday the Fed Chairman said that while rates may stay at current levels “longer than expected”, he all but ruled out any further interest rate increases despite rising inflation numbers.

As a final piece of evidence to support our view, the Fed has already reduced its ‘quantitative tightening’ program… which is essentially the first step towards a new round of quantitative easing, i.e. money printing.

As my partner Peter Schiff says, the Fed has lost the inflation war. But I would say they’re actually deserting the battlefield by abandoning their responsibility to keep inflation low.

The Fed believes that the insolvency of the US government is a far worse outcome than inflation, i.e. inflation is the ‘lesser of the two evils’.

And it seems clear that they’re already positioning their monetary policy to bail out the federal government.

Bottom line: this means more inflation. But don’t panic. It’s something you can prepare for, and even benefit from. More on that soon.

Source

from Schiff Sovereign https://ift.tt/MNYDoGp
via IFTTT

After Judicial Tyranny, Tesla Asks Shareholders To Approve Musk’s $56 Billion Comp… Again

After Judicial Tyranny, Tesla Asks Shareholders To Approve Musk’s $56 Billion Comp… Again

At his peak, Elon Musk was worth $340BN (Nov 2021) and stood alone as the world’s richest man/women/other. According to Bloomberg’s billionaires list, he is now worth mere $175BN… sliding to just the fourth-richest in the world as Tesla’s share price has declined and after a Delaware judge decided in January that Musk was just paid too damn much for creating a $1.2 trillion company by Nov 2021.

But now, he may be about to climb that wealth ladder back to the top once more as Tesla has asked shareholders to vote again on the same $56 billion compensation package that was voided by a Delaware court early this year.

Tesla Chair Robyn Denholm criticized the Delaware Chancery Court’s January decision, writing in the proxy that it amounted to second-guessing shareholders who had approved Musk’s performance-based award in 2018.

“Because the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years that has helped to generate significant growth and stockholder value,” Denholm wrote.

The filing went on to say that negotiating a new pay package would take time and lead to incurring billions of dollars in additional compensation expense.

Therefore, ratifying the 2018 package will be faster and “avoid a prolonged period of uncertainty regarding Tesla’s most important employee.”

Additionally, the filing shows Tesla considered nine other states as alternatives to Delaware before narrowing its choice down to California, Nevada, New York or Texas.

It settled on the state where it’s headquartered and is home to its newest EV plant.

“Tesla is all-in on Texas,” the company said.

“Tesla’s corporate identity is increasingly intertwined with Texas.”

Finally, Bloomberg reports that, according to the filing, dozens of institutional shareholders have contacted Tesla and expressed support for the 2018 compensation plan, including four of the top 10. The carmaker also said that thousands of retail investors have sent letters and emails to the board expressing the same sentiment.

Of course, if this passes the shareholder vote, we assume the honorable Chief Judge Kathaleen St. J. McCormick – who described the company’s directors as “supine servants of an overweening master” – will have problems asserting that they hadn’t looked out for the best interests of investors… since it was the investors themselves, now fully informed, that democratically voted for Musk’s compensation plan.

…or does democracy (and capitalism) die in Delaware?

Tyler Durden
Wed, 04/17/2024 – 10:05

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

Watch Live: First Of Two Boeing Hearings Kicks Off On Capitol Hill

Watch Live: First Of Two Boeing Hearings Kicks Off On Capitol Hill

Update (0955ET):

Boeing faces two hearings on Capitol Hill today: 

First: Senate Commerce Committee

US Senator Maria Cantwell (D-Wash.), Chair of the Senate Committee on Commerce, Science and Transportation, will convene a full committee hearing titled “FAA Organization Designation Authorization (ODA) Expert Panel Report” on Wednesday, April 17, 2024, at 10:00 AM EDT. This hearing will review the findings and recommendations from the Organization Designation Authorization (ODA) Expert Review Panel’s final report. The landmark Aircraft Certification, Safety, and Accountability Act required the FAA to convene an independent expert panel to review the safety management processes and culture of ODA holders like Boeing and make recommendations to address any safety deficiencies.

Watch Live:

The whistleblower hearing begins at 1115 ET.  

*   *   *

The Senate Commerce Committee, which oversees the Federal Aviation Administration and Boeing, will kick off today’s first hearing at 1000 ET. This will feature a panel of aviation experts who recently released a report criticizing Boeing’s “inadequate” and “confusing” safety culture and has called for significant changes. 

The report states, “The procedures and training are complex and in a constant state of change, creating employee confusion, especially among different work sites and employee groups.” The experts noted “a lack of awareness of safety-related metrics” across all levels of the company. 

Sen. Tammy Duckworth (D-Ill.), chair of the Senate Commerce Aviation subcommittee, said Tuesday that the Federal Aviation Administration “needs to look at what Boeing does, not just what it says it’s doing.” 

Duckworth, who will attend the first of today’s two hearings, said there is a real possibility that the FAA “is willing to use its “civil enforcement authority when appropriate” against Boeing. 

The second hearing (beginning at 1115 ET) will feature a Boeing quality engineer turned whistleblower who will testify before the Senate Homeland Security Committee’s Permanent Subcommittee on Investigations about the alleged poor manufacturing quality of the 787 Dreamliner. 

The whistleblower is Sam Salehpour, a quality engineer at Boeing. In a report released last week, he told The New York Times about large sections of the 787’s fuselage that were improperly connected and could break down over time. 

“The entire fleet worldwide, as far as I’m concerned right now, needs attention,” Salehpour told NBC News, adding, “The attention is that you need to check your gaps and make sure that you don’t have the potential for premature failure.”

“The is going to surface some really shocking allegations about failures and safety practices and culture and light and retaliation that should shock the conscience of corporations as well as Americans,” subcommittee Chair Richard Blumenthal (D-Conn.) told The Hill.

Blumenthal added, “The whistleblower will have the guts to show up, and I’m hoping that Dave Calhoun will as well at some point.” 

Meanwhile, Boeing CEO David Calhoun plans to step down at the end of this year. He has repeatedly stated that he wants to improve manufacturing quality and safety culture. Calhoun has not publicly said if he will attend the hearings today. 

Tyler Durden
Wed, 04/17/2024 – 09:55

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

Stocks Will Get Bad Breadth From Higher Yields

Stocks Will Get Bad Breadth From Higher Yields

Authored by Simon White, Bloomberg macro strategist,

Higher yields threaten to make already-fraying breadth in US stocks even worse. This points to heightened short-term risks for the market, although the medium-term positive trend remains intact.

Breadth measures for the US market have in many cases deteriorated to levels last seen in November. The net number of stocks on the NYSE making new highs has fallen to its November lows, and the same for the S&P 500 advance-decline line. The percentage of S&P stocks with their RSI below 30 has hit six-month highs.

Higher yields are poised to worsen the outlook. Since last summer, there has been a good inverse relationship with the 10-year yield and the percentage of S&P stocks trading above their 200-day moving average. Breadth on this measure is currently higher than the straight-line relationship would imply, and further rises in yields potentially mean more S&P stocks will weaken.

Mark Cudmore has previously pointed out that higher yields in the next few weeks might be less of a problem for stocks, as they are more spurred by growth than inflation. Perhaps that will be the case, but we have not seen any capitulation yet in breadth measures, which would bring more comfort that the current downwards spasm is over.

Nonetheless, the medium-term upwards trend in the market remains intact. One of the simplest and most reliable timers to tell you when to be in and out of the market is the 13 and 26-week moving average crossover for the S&P. The 13-week MA remains above the 26-week, suggesting the market remains in a positive regime over the medium term, despite shorter-term risks.

Resurgent inflation will dominate the medium and longer-term outlook for markets. While the deteriorating risk-reward of shorting Treasuries or buying gold or Bitcoin is more established, there are several other trades that are historically way offside compared to where they have been in previous inflation regimes, and therefore have the most catch-up potential.

Tyler Durden
Wed, 04/17/2024 – 09:45

via ZeroHedge News https://ift.tt/cIyoH9q Tyler Durden

The Bitcoin-Halving Crash-Course – What Is It & Why It Matters

The Bitcoin-Halving Crash-Course – What Is It & Why It Matters

Authored by Mark Jeftovic via BombThrower.com,

The Honey Badger’s fourth halving is special for several reasons.

The Bitcoin blockchain is secured by “Proof-of-Work” (PoW) – which is known as “mining”. In simple terms, it uses specialized computers (ASICs) which are optimized to solve a cryptographic math problem – a big one.

The number of computations per second is measured in TerraHashes (TH/s). One TerraHash is a trillion computations. The current hashrate across the entire Bitcoin blockchain is 75K TH/s (75 thousand trillion computations per second).

  • For each block there is a particular puzzle that needs to be solved – they’re all the same, but the value of the solution is different each time.

  • Each block contains the metadata for all the transactions that occurred on chain during that block period,

  • When a miner solves a block, it “wins” the right to append the next block to the blockchain.

  • That miner receives “the block reward” for that block (often sharing it with all the other miners in it’s mining pool)

  • The new block is appended, cryptographically signed, and the rest of the miners confirm it

  • The search begins for a new block

  • This happens roughly every ten minutes.

That’s how the Bitcoin blockchain is built and maintained – we can park for now the weeping and wailing from those bemoaning how much electricity that uses (which is a lot) because the net benefit to humanity for having an immutable, decentralized, non-state hard money system is worth it (especially when you compare it to the energy used to enforce the fiat standard, globally).

The Significance of The Halving

Is that every 210,000 blocks, that block reward is cut in half (hence, the “halving” or “halvening”). 210,000 blocks pencils out to about four years.

It is this halving mechanism that creates the 21,000,000 BTC hard cap for Bitcoin.

This halving – which will happen on Friday – is the fourth bitcoin halving – and it will take the block reward down from 6.25 BTC now, to 3.175 afterwards (it started at 50, then 25 in 2012, 12.5 in 2016, 6.25 in 2020, and so on).

In previous cycles this has set up a “supply shock” for the price of Bitcoin – driving prices higher. Sometimes mind-bogglingly so.

This chart via (@ChartsBTC) shows it to us in logarithmic scale (because linear graphs can’t even fit into the window)

As I remarked in this month’s Bitcoin Capitalist  Portfolio Update:

Bitcoin seems to “add a digit” by the time it goes into each successive halving. At first glance this may seem to be superficial pattern, but it’s based on what happens when you measure something in a logarithmic scale.

There’s another famous chart that shows the “progression of digits” that belies a logarithmic progression, and from an earlier chapter in monetary history, a rather famous one:

It becomes more plausible to suspect this progression will continue if we realize two things:

First: we are not looking at Bitcoin’s price action as chart patterns that purportedly foretell the gyrations of some asset or a “meme stock” that can only go so high.

Second: What we’re really witnessing is a rather large, tectonic wealth transfer out of one monetary system and into another – shaped by the dynamics of the four year halving cycle.

In other words, the price trajectory of Bitcoin is mapping out the hyperinflationary spiral of all global fiat currencies. So the answer to the question “how high can it go?” is “How much wealth exists to denominate?” Whatever you came up with for an answer, divide that by 21 million.

That happens to be the base case for The Bitcoin Capitalist – we call it “the monetary regime change” (which was the thesis of the original Crypto Capitalist Manifesto – which you can get free here).

Some other notes about this particular halving:

  • After this halving, Bitcoin’s natural inflation rate will be below that of gold’s (which is 2% per year)

  • In two more halvings the block reward will drop below 1 BTC per block.

  • By 2060, the total block rewards will be less than 1 BTC per day

What the above means, is this:

If you’re a “whole-coiner” (somebody who owns an entire Bitcoin), then by 2032 you’ll own more Bitcoin than the entire mining network earns in subsidies for securing a single block.

By 2060, you (or your children), will own more than the entire Bitcoin network earns in a day (in block subsidies).

Also worth noting that there are more millionaires in the world now (approx. 60 million) than there will ever be Bitcoin. Which means, if every millionaire decided they wanted to own a single Bitcoin, there wouldn’t be enough to go around.

The last thing I’ll say about this halving that makes it different from the prior cycles, is this:

Bitcoin has never put in a new all-time high before the halving. That always came a few months after.

This time it’s put in three. The most recently at $73K/BTC almost exactly a month ago.

*  *  *

We gated memberships to our premium letter The Bitcoin Capitalist – but to commemorate the halving we’re allowing new members until it happens. Check out the halving deal here ».

My forthcoming ebook The CBDC Survival Guide will give you the tools and the knowledge to navigate coming era of Monetary Apartheid. Bombthrower subscribers will get free when it drops (and The Crypto Capitalist Manifesto while you wait), sign up today. Follow me on Nostr, or Twitter.

Tyler Durden
Wed, 04/17/2024 – 09:05

via ZeroHedge News https://ift.tt/OQ34GuN Tyler Durden