“As part of ongoing contingency planning for a range of financial circumstances, Harvard is evaluating the resources needed to advance its academic and research priorities,” a university spokesperson said on April 8 in an emailed statement responding to questions about the bond sale.
This latest offering follows a $450 million bond issuance in March. With the new sale, the university’s total borrowing for fiscal year 2025 will rise to $1.2 billion.
Proceeds from the debt will be used to support Harvard’s capital projects and for general institutional purposes, according to S&P Global, which on April 7 assigned the bonds a top-tier AAA rating with a stable outlook.
The outlook, S&P noted, reflects expectations that Harvard will sustain strong demand and maintain balance-sheet strength relative to operating costs and debt over the next two years. The credit rating agency also cautioned that financial performance “could be strained” because of changes in federal funding while the university continues to cut expenses.
Despite its $53 billion endowment—the largest among colleges in the United States—Harvard relies heavily on federal funding, particularly for its extensive research operations. That dependence has come under new pressure after three federal agencies last week announced a sweeping review of $9 billion in multiyear research funding awarded to Harvard and its affiliated hospitals in the Boston area.
“If this funding is stopped, it will halt life-saving research and imperil important scientific research and innovation,” Harvard President Alan Garber said in a campus-wide message.
Following the announcement, the departments of Education and Health and Human Services, along with the General Services Administration, sent a letter to Harvard,accusing the university of failing to protect students and faculty from anti-Semitic harassment and alleged violations of anti-discrimination laws. They also included a list of steps that they regard as “necessary for Harvard University’s continued financial relationship with the United States government.”
Among those steps are the elimination of diversity, equity, and inclusion programs, a ban on masks during protests, and reforms to admissions and hiring systems that prioritize merit-based criteria over race- or gender-based preferences. The letter also urges the university to fully cooperate with federal agencies, including the Department of Homeland Security, and to pursue structural reforms and leadership changes to ensure long-term compliance.
No formal deadline has been set, but the government has requested Harvard’s “immediate cooperation” in adopting the proposed changes.
On top of the mounting threats to its federal funding, Harvard is once again confronting the prospect of a steeper federal endowment tax. In 2023, then-Sen. JD Vance (R-Ohio) introduced a bill proposing a 35 percent levy on university endowments exceeding $10 billion. With Republicans now in control of both Congress and the White House, that proposal—or one similar to it—could become a reality.
Harvard is not alone in turning to Wall Street. Stanford University and the University of Pennsylvania also issued large debt offerings earlier this year, and Princeton University recently signaled that it may do the same.
“As part of ongoing contingency planning for a range of financial circumstances, Harvard is evaluating the resources needed to advance its academic and research priorities,” a university spokesperson said on April 8 in an emailed statement responding to questions about the bond sale.
This latest offering follows a $450 million bond issuance in March. With the new sale, the university’s total borrowing for fiscal year 2025 will rise to $1.2 billion.
Proceeds from the debt will be used to support Harvard’s capital projects and for general institutional purposes, according to S&P Global, which on April 7 assigned the bonds a top-tier AAA rating with a stable outlook.
The outlook, S&P noted, reflects expectations that Harvard will sustain strong demand and maintain balance-sheet strength relative to operating costs and debt over the next two years. The credit rating agency also cautioned that financial performance “could be strained” because of changes in federal funding while the university continues to cut expenses.
Despite its $53 billion endowment—the largest among colleges in the United States—Harvard relies heavily on federal funding, particularly for its extensive research operations. That dependence has come under new pressure after three federal agencies last week announced a sweeping review of $9 billion in multiyear research funding awarded to Harvard and its affiliated hospitals in the Boston area.
“If this funding is stopped, it will halt life-saving research and imperil important scientific research and innovation,” Harvard President Alan Garber said in a campus-wide message.
Following the announcement, the departments of Education and Health and Human Services, along with the General Services Administration, sent a letter to Harvard,accusing the university of failing to protect students and faculty from anti-Semitic harassment and alleged violations of anti-discrimination laws. They also included a list of steps that they regard as “necessary for Harvard University’s continued financial relationship with the United States government.”
Among those steps are the elimination of diversity, equity, and inclusion programs, a ban on masks during protests, and reforms to admissions and hiring systems that prioritize merit-based criteria over race- or gender-based preferences. The letter also urges the university to fully cooperate with federal agencies, including the Department of Homeland Security, and to pursue structural reforms and leadership changes to ensure long-term compliance.
No formal deadline has been set, but the government has requested Harvard’s “immediate cooperation” in adopting the proposed changes.
On top of the mounting threats to its federal funding, Harvard is once again confronting the prospect of a steeper federal endowment tax. In 2023, then-Sen. JD Vance (R-Ohio) introduced a bill proposing a 35 percent levy on university endowments exceeding $10 billion. With Republicans now in control of both Congress and the White House, that proposal—or one similar to it—could become a reality.
Harvard is not alone in turning to Wall Street. Stanford University and the University of Pennsylvania also issued large debt offerings earlier this year, and Princeton University recently signaled that it may do the same.
An official internal notice by China’s National Center for Disease Control and Prevention (China CDC) issued in March and obtained by The Epoch Times is warning of increased human contagion risk with a new mutant strain of H5N1 highly pathogenic avian influenza.
The internal document, titled “National Center for Disease Control and Prevention reports on the dynamics of H5N1 variants and analysis of response measures taken by primary and secondary schools in Beijing and Shanghai,” stated that “as of 6:36 a.m. on March 13, 2025, the H5N1 variant (tentatively named A/H5N1-2025E) has a new mutation in the hemagglutinin (HA) protein gene.”
“Animal experiments have shown that its ability to bind to mammalian cells has increased, and the risk of human-to-human transmission has increased from low to medium,” the leaked document read.
The China CDC notice also revealed that as of March 12, a total of 127 samples nationwide tested positive for the mutant strain, “of which 68 percent were samples from live poultry market environments, and 25 percent were asymptomatic carriers among poultry workers.”
The notice identified that “sporadic cases were concentrated in the densely populated breeding areas of the Yangtze River Delta and the Pearl River Delta.”
Meanwhile, epidemic prevention departments in Beijing and other places have set up avian influenza testing points or launched all-around avian influenza monitoring.
The notice identified “first-level prevention and control targets” as those with direct contact with live poultry, people with weakened immunity, and patients with chronic respiratory diseases.
Mainland China has been experiencing an ongoing wave of respiratory infections since the end of last year. The Chinese regime’s health authorities have officially attributed the infections to multiple viruses spreading in the country at the same time, but these reports rarely mentioned human infections of avian influenza. However, whistleblowers have revealed on social media and to The Epoch Times that human infections and human-to-human transmission have been a main cause of the wave of infections.
It wasn’t until early March that the Chinese regime admitted that “sporadic” cases of human avian influenza infections had been occurring in China at a “relatively low level.” It didn’t specify the virus strains or the areas where they occurred.
The internal notice shows that China’s problem of avian influenza has become very serious, although ruling Chinese Communist Party (CCP) officials are still concealing it, Sean Lin, assistant professor in the Biomedical Science Department at Feitian College in New York and former U.S. army microbiologist, told The Epoch Times on April 5.
“A mutant strain has appeared, but the officials did not say exactly what the mutation is,” he said. “The name of the so-called A/H5N1-2025E virus strain does not correspond to the specific mutated amino acid position. The total amino acid length of the H5N1 HA hemagglutinin protein is around 524 amino acids, so what does this 2025E correspond to?” he asked about the mutation.
“This internal notice from the China CDC is still covering up the truth,” he said, especially if they are recommending increased attention for this variant over an increased transmissibility.
Dr. Mei-Shang Ho, a research fellow at Academia Sinica in Taiwan, noted that before a virus is able to jump from human-to-human, it goes through a stage called “limited human-to-human transmission.”
“Limited means that it is not very effective yet,” she told The Epoch Times on April 6. “It may be transmitted among very close contacts because family members have the same genes.
“This H5N1 needs to be directly monitored now, and China needs to announce the updates to the public,” she warned. “Once it spreads among humans, the consequences will be disastrous.”
The historic mortality rate of H5N1 in humans reported by the World Health Organization is around 50 percent. However, experts consider this an overestimate of true mortality as mild or asymptomatic cases often go undiagnosed and unreported.
The U.S. CDC has noted that only one of the 70 cases of human infection of H5N1 bird flu detected in the United States since 2024 has died—nowhere near the 50 percent rate reported globally. To date, there have been no reported cases of human-to-human transmission in the United States.
“The advantage of the United States is that it has been tracking it all the time, and when it tracks one case, it tells the public the case. This is the difference [between the United States and communist China],” Ho said. She added that existing antiviral drugs and anti-influenza virus drugs are still being used as effective treatments.
China’s Yangtze River Delta and Pearl River Delta, where the cases included in the internal notice have been concentrated, are China’s commercial, industrial, and agricultural production centers.
As to its impact on Taiwan across the strait off China’s southeast coast, Ho said, “We don’t eat much of their agricultural products, but we do have a lot of smuggled fish from Kinmen. So people who want to eat those things are taking a risk themselves. What we import are mostly Chinese medicinal herbs, and maybe some vegetables, which are plants and relatively safe.”
Outbreak Measures at Schools
In the leaked document, the China CDC also outlined bird flu response measures for primary and secondary schools in Beijing and Shanghai, in preparation for the event of an H5N1 outbreak among humans.
It said that all primary and secondary schools in five administrative districts of Beijing, including Chaoyang and Haidian, would switch to online teaching, while other districts could adopt a mixed policy.
In Shanghai’s Pudong New Area and Minhang District, the Municipal Education Bureau will simultaneously open the online classroom resource library, covering all K–12 courses, the notice said. It mentioned that “the three major cellphone carriers promise to provide free traffic for educational apps during the outbreak.”
Lin said that the notice from the China CDC confirmed his previous assessment. “Some schools in China suddenly gave students spring break, which was not a normal school holiday,” he said.
Lin believes these actions were an undisclosed epidemic control measure. “The disease control department hopes to control the epidemic and evacuate students from the school,” he said.
But by not being transparent with parents and students about the catalyst for the break, the CCP is risking potential H5N1 infections in the uninformed and unprotected community.
In addition, he noted, the China CDC notice did not include students as a high-risk group. “So, how did the outbreak of avian influenza in the school environment occur? This has not been explained to the public. Then, should control measures be taken in other places where people gather in society?” he asked.
Other Prevention Measures
Health authorities across China have also been taking measures to increase monitoring of human bird flu infections.
Media in China reported on March 21 that the regional CDC in Beijing’s Miyun District launched an avian influenza serological surveillance survey on March 10 and set up 10 monitoring points in various areas, including Xitiangezhuang, Shilibao, Taishitun, Xinchengzi, Shicheng, Xiwengzhuang, Dongshaoqu, Dachengzi, Mujiayu, and Gubeikou.
It told the public that the purpose of the testing was “to grasp the status of avian influenza virus infection in the human population, effectively prevent the spread of the epidemic, and ensure regional public health safety.”
However, virus researchers in mainland China have confirmed to The Epoch Times that there have been known cases of human H5N1 infections in Miyun, Beijing, and that the public remains uninformed.
Mainland Chinese media also reported on a launch ceremony for the construction of a comprehensive avian influenza monitoring base in Laizhou, Yantai city of Shandong Province, on March 14. The monitoring base will service high-risk areas, such as the Laizhou farms and live poultry trading markets.
The Chinese regime’s official projects bidding website posted on April 3 a project in the megacity of Tianjin near Beijing named “Tianjin Institute of Medical Science and Technology Information 2025 Influenza, Human Avian Influenza, and SARS Prevention and Control Project (Health Emergency Publicity Direction)—Competitive Consultation Announcement.” The details of the project are only available to approved VIP members who can bid for government contracts on the website.
“China is now taking such unusual early warning and prevention measures for human infections of avian influenza, while at the same time not telling the public the real reason. This is a serious warning to the international community,” Lin said of the Chinese regime’s recent moves.
Lin called for the U.S. government “to immediately put pressure on the Chinese regime and demand it clearly disclose the situation of avian influenza infecting humans and pigs, and the threat it poses.”
A whistleblower in China and Lin are also warning that China’s significant swine flu epidemic is not African swine fever, as claimed by the Chinese authorities. The whistleblower, who has talked to Chinese farmers who can test for African swine fever but not H5N1, and Lin suspect that the epidemic is actually H5N1 spread to pigs, which is a danger as pigs are considered a good “mixing vessel“ for breeding viruses with human pandemic potential.
“In addition, the United States needs to begin arranging customs screening for people with respiratory symptoms entering from mainland China.”
He believes the U.S. CDC can no longer just follow its usual process in responding to this crisis, given the lack of transparency from China. “The U.S. government should seriously collect intelligence, re-analyze, and make corresponding adjustments and decisions,” he recommended.
An official internal notice by China’s National Center for Disease Control and Prevention (China CDC) issued in March and obtained by The Epoch Times is warning of increased human contagion risk with a new mutant strain of H5N1 highly pathogenic avian influenza.
The internal document, titled “National Center for Disease Control and Prevention reports on the dynamics of H5N1 variants and analysis of response measures taken by primary and secondary schools in Beijing and Shanghai,” stated that “as of 6:36 a.m. on March 13, 2025, the H5N1 variant (tentatively named A/H5N1-2025E) has a new mutation in the hemagglutinin (HA) protein gene.”
“Animal experiments have shown that its ability to bind to mammalian cells has increased, and the risk of human-to-human transmission has increased from low to medium,” the leaked document read.
The China CDC notice also revealed that as of March 12, a total of 127 samples nationwide tested positive for the mutant strain, “of which 68 percent were samples from live poultry market environments, and 25 percent were asymptomatic carriers among poultry workers.”
The notice identified that “sporadic cases were concentrated in the densely populated breeding areas of the Yangtze River Delta and the Pearl River Delta.”
Meanwhile, epidemic prevention departments in Beijing and other places have set up avian influenza testing points or launched all-around avian influenza monitoring.
The notice identified “first-level prevention and control targets” as those with direct contact with live poultry, people with weakened immunity, and patients with chronic respiratory diseases.
Mainland China has been experiencing an ongoing wave of respiratory infections since the end of last year. The Chinese regime’s health authorities have officially attributed the infections to multiple viruses spreading in the country at the same time, but these reports rarely mentioned human infections of avian influenza. However, whistleblowers have revealed on social media and to The Epoch Times that human infections and human-to-human transmission have been a main cause of the wave of infections.
It wasn’t until early March that the Chinese regime admitted that “sporadic” cases of human avian influenza infections had been occurring in China at a “relatively low level.” It didn’t specify the virus strains or the areas where they occurred.
The internal notice shows that China’s problem of avian influenza has become very serious, although ruling Chinese Communist Party (CCP) officials are still concealing it, Sean Lin, assistant professor in the Biomedical Science Department at Feitian College in New York and former U.S. army microbiologist, told The Epoch Times on April 5.
“A mutant strain has appeared, but the officials did not say exactly what the mutation is,” he said. “The name of the so-called A/H5N1-2025E virus strain does not correspond to the specific mutated amino acid position. The total amino acid length of the H5N1 HA hemagglutinin protein is around 524 amino acids, so what does this 2025E correspond to?” he asked about the mutation.
“This internal notice from the China CDC is still covering up the truth,” he said, especially if they are recommending increased attention for this variant over an increased transmissibility.
Dr. Mei-Shang Ho, a research fellow at Academia Sinica in Taiwan, noted that before a virus is able to jump from human-to-human, it goes through a stage called “limited human-to-human transmission.”
“Limited means that it is not very effective yet,” she told The Epoch Times on April 6. “It may be transmitted among very close contacts because family members have the same genes.
“This H5N1 needs to be directly monitored now, and China needs to announce the updates to the public,” she warned. “Once it spreads among humans, the consequences will be disastrous.”
The historic mortality rate of H5N1 in humans reported by the World Health Organization is around 50 percent. However, experts consider this an overestimate of true mortality as mild or asymptomatic cases often go undiagnosed and unreported.
The U.S. CDC has noted that only one of the 70 cases of human infection of H5N1 bird flu detected in the United States since 2024 has died—nowhere near the 50 percent rate reported globally. To date, there have been no reported cases of human-to-human transmission in the United States.
“The advantage of the United States is that it has been tracking it all the time, and when it tracks one case, it tells the public the case. This is the difference [between the United States and communist China],” Ho said. She added that existing antiviral drugs and anti-influenza virus drugs are still being used as effective treatments.
China’s Yangtze River Delta and Pearl River Delta, where the cases included in the internal notice have been concentrated, are China’s commercial, industrial, and agricultural production centers.
As to its impact on Taiwan across the strait off China’s southeast coast, Ho said, “We don’t eat much of their agricultural products, but we do have a lot of smuggled fish from Kinmen. So people who want to eat those things are taking a risk themselves. What we import are mostly Chinese medicinal herbs, and maybe some vegetables, which are plants and relatively safe.”
Outbreak Measures at Schools
In the leaked document, the China CDC also outlined bird flu response measures for primary and secondary schools in Beijing and Shanghai, in preparation for the event of an H5N1 outbreak among humans.
It said that all primary and secondary schools in five administrative districts of Beijing, including Chaoyang and Haidian, would switch to online teaching, while other districts could adopt a mixed policy.
In Shanghai’s Pudong New Area and Minhang District, the Municipal Education Bureau will simultaneously open the online classroom resource library, covering all K–12 courses, the notice said. It mentioned that “the three major cellphone carriers promise to provide free traffic for educational apps during the outbreak.”
Lin said that the notice from the China CDC confirmed his previous assessment. “Some schools in China suddenly gave students spring break, which was not a normal school holiday,” he said.
Lin believes these actions were an undisclosed epidemic control measure. “The disease control department hopes to control the epidemic and evacuate students from the school,” he said.
But by not being transparent with parents and students about the catalyst for the break, the CCP is risking potential H5N1 infections in the uninformed and unprotected community.
In addition, he noted, the China CDC notice did not include students as a high-risk group. “So, how did the outbreak of avian influenza in the school environment occur? This has not been explained to the public. Then, should control measures be taken in other places where people gather in society?” he asked.
Other Prevention Measures
Health authorities across China have also been taking measures to increase monitoring of human bird flu infections.
Media in China reported on March 21 that the regional CDC in Beijing’s Miyun District launched an avian influenza serological surveillance survey on March 10 and set up 10 monitoring points in various areas, including Xitiangezhuang, Shilibao, Taishitun, Xinchengzi, Shicheng, Xiwengzhuang, Dongshaoqu, Dachengzi, Mujiayu, and Gubeikou.
It told the public that the purpose of the testing was “to grasp the status of avian influenza virus infection in the human population, effectively prevent the spread of the epidemic, and ensure regional public health safety.”
However, virus researchers in mainland China have confirmed to The Epoch Times that there have been known cases of human H5N1 infections in Miyun, Beijing, and that the public remains uninformed.
Mainland Chinese media also reported on a launch ceremony for the construction of a comprehensive avian influenza monitoring base in Laizhou, Yantai city of Shandong Province, on March 14. The monitoring base will service high-risk areas, such as the Laizhou farms and live poultry trading markets.
The Chinese regime’s official projects bidding website posted on April 3 a project in the megacity of Tianjin near Beijing named “Tianjin Institute of Medical Science and Technology Information 2025 Influenza, Human Avian Influenza, and SARS Prevention and Control Project (Health Emergency Publicity Direction)—Competitive Consultation Announcement.” The details of the project are only available to approved VIP members who can bid for government contracts on the website.
“China is now taking such unusual early warning and prevention measures for human infections of avian influenza, while at the same time not telling the public the real reason. This is a serious warning to the international community,” Lin said of the Chinese regime’s recent moves.
Lin called for the U.S. government “to immediately put pressure on the Chinese regime and demand it clearly disclose the situation of avian influenza infecting humans and pigs, and the threat it poses.”
A whistleblower in China and Lin are also warning that China’s significant swine flu epidemic is not African swine fever, as claimed by the Chinese authorities. The whistleblower, who has talked to Chinese farmers who can test for African swine fever but not H5N1, and Lin suspect that the epidemic is actually H5N1 spread to pigs, which is a danger as pigs are considered a good “mixing vessel“ for breeding viruses with human pandemic potential.
“In addition, the United States needs to begin arranging customs screening for people with respiratory symptoms entering from mainland China.”
He believes the U.S. CDC can no longer just follow its usual process in responding to this crisis, given the lack of transparency from China. “The U.S. government should seriously collect intelligence, re-analyze, and make corresponding adjustments and decisions,” he recommended.
Delta Cuts Outlook, Refuses To Pay Tariff On Airbus Jets
Airbus aircraft shipments from Europe to the U.S. now face tariffs of approximately 20%. This poses a significant challenge for Delta Air Lines, which scrapped its full-year financial guidance amid rising uncertainty in global trade.
Delta Chief Executive Officer Ed Bastian told investors during an earnings call earlier that he has been “very clear” with European manufacturer Airbus: The airline would defer any deliveries subject to the additional tax. The carrier is working with France-based Airbus to mitigate the impact of the tariffs.
“We will not be paying tariffs on any aircraft deliveries,” Bastian said Wednesday on the earnings call, adding, “These times are pretty uncertain, and if you start to put a 20% incremental cost on top of an aircraft, it gets very difficult to make that math work.”
Bernstein analysts told clients they expect U.S. airlines to push for delivery delays. They estimate the effective tariff rate on European aircraft shipped to the U.S. to be around 20%.
Bastian’s comments come after Delta withdrew its full-year financial guidance but anticipates a profit this year. The airline declined to reaffirm an earlier forecast at the start of the year when it forecasted annual adjusted earnings would exceed $7.35 a share.
“With the level of uncertainty we’re seeing and the amount of changes happening on a daily basis in global trade, it’s very difficult to predict what policies may look like over the course of the year,” CEO Bastian told analysts.
According to company filings, Delta has 490 Airbus planes in its fleet and orders for nearly 200 more. The airline only plans to take ten aircraft in 2025 as part of a pullback.
TD Cowen analyst Tom Fitzgerald said, “The airline sector is in the eye of the storm, but we believe Delta to be a better port in the storm than many peers due to its revenue diversity and balance sheet strength,” adding the carrier’s decision not to reaffirm its full-year forecast is “prudent.”
Several airlines recently warned that global turmoil has already pressured domestic demand. Bastian told analysts that he would closely monitor whether travel was pulling back.
Data from Goldman analysts showed a sharp drop in international travel to the U.S. following the escalation of the trade war.
CEO Bastian pointed out that this current environment is very different from the pandemic when governments shut down the global economy.
“Having lived through that experience, I would not call this bleak by any means. It’s more uncertainty,” he said, adding, “As a result of that, growth has stalled.”
Delta Cuts Outlook, Refuses To Pay Tariff On Airbus Jets
Airbus aircraft shipments from Europe to the U.S. now face tariffs of approximately 20%. This poses a significant challenge for Delta Air Lines, which scrapped its full-year financial guidance amid rising uncertainty in global trade.
Delta Chief Executive Officer Ed Bastian told investors during an earnings call earlier that he has been “very clear” with European manufacturer Airbus: The airline would defer any deliveries subject to the additional tax. The carrier is working with France-based Airbus to mitigate the impact of the tariffs.
“We will not be paying tariffs on any aircraft deliveries,” Bastian said Wednesday on the earnings call, adding, “These times are pretty uncertain, and if you start to put a 20% incremental cost on top of an aircraft, it gets very difficult to make that math work.”
Bernstein analysts told clients they expect U.S. airlines to push for delivery delays. They estimate the effective tariff rate on European aircraft shipped to the U.S. to be around 20%.
Bastian’s comments come after Delta withdrew its full-year financial guidance but anticipates a profit this year. The airline declined to reaffirm an earlier forecast at the start of the year when it forecasted annual adjusted earnings would exceed $7.35 a share.
“With the level of uncertainty we’re seeing and the amount of changes happening on a daily basis in global trade, it’s very difficult to predict what policies may look like over the course of the year,” CEO Bastian told analysts.
According to company filings, Delta has 490 Airbus planes in its fleet and orders for nearly 200 more. The airline only plans to take ten aircraft in 2025 as part of a pullback.
TD Cowen analyst Tom Fitzgerald said, “The airline sector is in the eye of the storm, but we believe Delta to be a better port in the storm than many peers due to its revenue diversity and balance sheet strength,” adding the carrier’s decision not to reaffirm its full-year forecast is “prudent.”
Several airlines recently warned that global turmoil has already pressured domestic demand. Bastian told analysts that he would closely monitor whether travel was pulling back.
Data from Goldman analysts showed a sharp drop in international travel to the U.S. following the escalation of the trade war.
CEO Bastian pointed out that this current environment is very different from the pandemic when governments shut down the global economy.
“Having lived through that experience, I would not call this bleak by any means. It’s more uncertainty,” he said, adding, “As a result of that, growth has stalled.”
The European Central Bank is intensifying its warnings over stablecoin adoption, with one of its top officials calling for a digital euro to curb the influence of US dollar-pegged stablecoins across the continent.
ECB executive board member Piero Cipollone has penned another article highlighting concerns over the growing popularity of US dollar stablecoins, arguing that launching a central bank digital currency (CBDC) could help preserve the eurozone’s monetary sovereignty.
A potential digital euro “would limit the potential for foreign currency stablecoins to become a common medium of exchange within the euro area,” Cipollone wrote in a statement published April 8 on the ECB’s official website.
The remarks follow a string of similar public statements from Cipollone, who has been a vocal advocate for a digital euro as a strategic response to the dominance of dollar-backed stablecoins in Europe.
A “public-private partnership to retain sovereignty”
In the latest piece, Cipollone reiterated that excessive reliance on foreign providers — including stablecoins as well as international card schemes — compromises the monetary sovereignty of Europe.
“It also underscores the urgent need for a digital euro. Failing to act would not only expose us to significant risks but also deprive us of a great opportunity,” the central banker said.
ECB’s executive board member Piero Cipollone. Source: Bloomberg
Cipollone also cited concerns about the United States’ increasingly crypto-friendly stance under the current administration, including efforts to promote dollar-based stablecoins globally.
“They could potentially result not just in further losses of fees and data, but also in euro deposits being moved to the US and in a further strengthening of the role of the dollar in cross-border payments,” he said, adding:
“Faced with these challenges, we need a public-private partnership to retain our sovereignty. The digital euro — as a sovereign European means of payment based on EU legislation — would be the cornerstone of this partnership.”
ECB wants to promote cash but can’t do it online
Cipollone also highlighted the “vital role of cash” in ensuring financial inclusion and resilience, stating that cash remains a “cornerstone of the European financial system” and is its only sovereign means of payment.
However, a growing preference for digital payments has limited the use of cash amid the rapid growth of online shopping, which now accounts for one-third of European retail transactions, he said.
“Cash cannot be used online, and it is often not possible to pay using a European payment service, meaning we need to rely on non-European payment systems,” Cipollone added.
“The time to act is now,” he said. “Making progress on both the digital euro regulation and the regulation on the legal tender status of cash has become urgent if we are to increase our resilience to possible disruptions and reverse our ever-increasing dependence on foreign companies.”
An ECB working paper on the digital euro published in March showed that European consumers are not interested in adopting a digital euro, with many seeing little value in the potential CBDC.
China Rejects ‘Groundless’ Charge Of Military Involvement In Ukraine
A day after President Zelensky announced Ukraine’s military has captured two Chinese nationals fighting for Russia in Donetsk, China says that is investigating and looking to verify the information.
“China is verifying the information with the Ukrainian side,” Chinese Foreign Ministry spokesperson Lin Jian told reporters at a press briefing in Beijing. “Let me stress that the Chinese government always asks Chinese nationals to stay away from areas of armed conflict, avoid any form of involvement in armed conflict, and in particular avoid participation in any party’s military operations,” he added.
The United States reacted by saying it demonstrates further that China is a “major enabler” of Russia’s war in Ukraine, according to a new State Dept. statement.
Beijing is not happy with some new assertions of Zelensky wherein he claimed that hundreds of Chinese citizens are fighting on behalf of Russia:
On Wednesday, Zelenskyy said he was willing to exchange the two prisoners of war for Ukrainian soldiers held captive in Russia. Without providing evidence, Zelenskyy said officials in Beijing were aware of Russia’s campaign to recruit Chinese mercenaries. He stopped short of saying the Chinese government authorized the mercenaries’ involvement in Ukraine.
Zelenskyy said Ukraine has the last names and passport data for 155 Chinese citizens fighting for the Russian army and that “we believe that there are many more of them.” He shared with journalists documents listing names, passport numbers and personal details of the alleged Chinese recruits, including when they arrived in Russia for military training and departed for service; the AP has not independently verified the documents.
China has played a “constructive role in politically resolving the Ukraine crisis,” the Chinese foreign ministry statement continued. It rejects accusations that it is facilitating or encouraging the movement of Chinese citizens into Russian military ranks as “groundless”.
Zelensky had charged in an initial Tuesday statement, “Russia’s involvement of China in this war in Europe, directly or indirectly, is a clear signal that Putin is going to do anything except end the war. He is looking for ways to continue fighting.”
China has long supplied Russia’s military-industrial sector with ‘dual purpose’ goods which are crucial in the production of military equipment. For this reason Zelensky has in the recent past suggested there’s an ‘axis’ conspiring against Ukraine, turning the conflict into a global war. He’s also named Iran and North Korea.
Last week NYT “revealed” the massive command center in Germany, built and operated by the USA, from where US Generals and Government officials have been running the war in Ukraine for the last three plus years.
BUT those two Chinese guys Zelensky “caught”… pic.twitter.com/oT48fDSuBc
The past six months has seen many headlines focused on the presence of North Korean soldiers within the Russian military’s ranks, and some have been killed or captured, but the question of Chinese participation remains an open one.
There has been some evidence over the past year suggesting there are indeed at least small numbers Chinese nationals fighting on behalf of Russia. But now it seems Zelensky is touting ‘proof’ in the form of Chinese POWs. Beijing is unlikely to confirm or deny.
Germany’s Coalition Government Wants To “Strengthen” Democracy By Abolishing It
Authored by Rainer Rupp
The two political parties with the most dramatic losses at the recent elections, the Christian Democratic Union (CDU), often called the “black” party due to its traditional color, and the Social Democratic Party (SPD), known as the “red” party, are in advanced negotiations to form a coalition coalition-government —nicknamed “BlackRed” or even “BlackRot” by critics. In the U.S. you are used to a two-party system with Democrats and Republicans, but Germany’s system often involves coalitions because no single party typically wins a majority.
Right now, the CDU (think center-right, like moderate Republicans) and SPD (center-left, somewhat like Democrats) are hashing out a deal to govern together after recent elections. Their stated goal? To “strengthen representative democracy.” But some of their leaked proposals have raised eyebrows—and alarm bells—because they seem to involve curbing free speech and even banning certain politicians from running for office. Here’s what’s going on.
Scrapping Transparency: Goodbye to the Germany’s Freedom of Information Act
One of the most shocking ideas in the leaked coalition papers is the plan to ditch Germany’s Freedom of Information Act (IFG), similar to the Freedom of Information Act (FOIA) in the US, which lets citizens request government records—like emails or reports—to hold officials accountable. Germany’s IFG, passed in 2006, does the same, giving people access to federal agency data. It’s been a tool for exposing scandals, like a botched highway toll project, health agency cover-ups during COVID, or shady financial deals tied to tax evasion. German media, like the public broadcaster ZDF, had called this law a game-changer for transparency.
But the BlackRed coalition wants to “abolish it in its current form,” according to the leaked documents. In an Orwellian slant the CDU claims this is part of modernizing Germany’s parliament, the Bundestag, and making it better at overseeing the government. Critics aren’t buying it. News outlets like T-Online call it a “direct attack on citizens,” not a reform. The CDU’s Member of Parliament, Philipp Amthor, a politician once embarrassed by IFG disclosures, is spinning it as an update, and the SPD’s reaction has been lukewarm at best.
The proposal’s still in blue ink—meaning it’s up for debate—but even suggesting it’s negotiable has sparked outrage. Germany’s journalists’ union and the opposition Free Democratic Party (FDP, a pro-business group) are slamming it, arguing it’s a power grab dressed up as “reducing bureaucracy.” The FDP quipped, “The motto seems to be: ‘The citizen doesn’t need to know everything!’” Over 100,000 requests have been filed under this law—scrapping it would blind the public to government actions.
Criminalizing “Lies”: A Slippery Slope for Free Speech It gets worse
The coalition also wants to crack down on what they call the “deliberate spread of false factual claims.” Their argument? Free speech doesn’t cover lies, so they want “state-independent media oversight” to step in, based on “clear legal guidelines,” to fight “information manipulation, hate, and incitement.” Sounds noble, right? But here’s the catch: who decides what’s a lie, what is hate and what is incitement? These terms are rubber, you can stretch the arbitrarily to suit your purpose. In the U.S., free speech is sacred under the First Amendment, even if someone’s spouting nonsense like “the Earth is flat.” Germany’s constitution protects free expression too, but with limits—like laws against Holocaust denial or defamation. Courts there already say provably false statements aren’t protected if they’re just facts, not opinions. But if those “facts” mix with opinions—like in a political rant—they still get a shield for the time beeing.
The BlackRed plan, though, goes further. They want to make spreading “false claims” a crime, separate from existing laws like slander. German columnist Nikolaus Blome, writing in “Der Spiegel”, says this “well-meaning” idea terrifies him—it’s too vague.” Die Welt”, another major paper, agrees: lying is covered by free speech unless it crosses into clear legal violations, and fuzzy terms like “hate and incitement” aren’t legal definitions—they’re buzzwords for activist groups. Imagine a U.S. government agency deciding which political tweets are “false” and punishing the posters. Who’d run that? A “Ministry of Truth”? Critics see a huge risk of abuse here, especially in heated political debates where “truth” is often subjective.
Banning Politicians: “Incitement” as a Career Ender
Then there’s the kicker: the coalition’s talking about stripping people of their right to run for office if they’re convicted multiple times of “incitement” (Volksverhetzung in German). This law already covers things like hate speech or promoting violence against groups. The CDU and SPD want to toughen it up and add a penalty: if you’re found guilty more than once, you’re barred from elected office, at least temporarily. They frame it as “strengthening democracy’s resilience” against terrorism, antisemitism, and hate. They also want to explore punishing public officials or soldiers who share extremist stuff (speaking out against the government) in private chats.
In the U.S., barring someone from running for office is rare and usually tied to serious crimes like treason—think of the 14th Amendment after the Civil War. Germany’s proposal feels more like a political weapon against the opposition. The SPD’s been pushing this “eligibility ban” for a while, and now it’s in the coalition talks. “Die Welt” reports it’s aimed at extremists, but the vagueness of “incitement” could snag anyone with controversial views. Picture a U.S. politician banned from Congress for “hate speech” after a few convictions—supporters would cry foul, and opponents would cheer. In Germany, critics see this as democracy eating itself: silencing dissent under the guise of protecting it.
What’s the Big Picture?
The CDU and SPD say all this—dumping the IFG, policing “lies,” banning candidates—is about making democracy stronger and safer. They’re pitching it as a response to misinformation, extremism, and public distrust, which have been hot topics since COVID and the rise of patriotic conservative groups like the Alternative für Deutschland (AfD). But to many Germans, it looks like a power grab, what it is!
For U.S. readers, think of it this way: imagine a Republican-Democrat coalition promising to “fix” Congress by killing FOIA, jailing people for “fake news,” and barring candidates for “hate speech.” You’d have protests in the streets. That’s the vibe in Germany right now—except their system’s more used to compromise, so the backlash is still brewing. Whether these plans survive the final coalition deal is unclear, but they’ve already lit a fuse. Germany’s about to test how much mess it can handle—or suppress.
Recently, a young Black male killed another young White male. This is hardly news, seeing as how every day, young Black males kill. It’s a ‘hood workout. The apparent motive in this case, was that the young Black male felt “disrespected.” In ghetto culture, you don’t accept “disrespect.” You have to respond, too often in a deadly way.
Now why this story has become national news is puzzling. The young victim, an honor roll high school student named Austin Metcalf, who was a Division 1 college football prospect, is no different than countless other White victims of Black pathology who remain anonymous because the crimes were ignored by mainstream media. The murderer is named Karmelo Anthony. We were assured that he came from a good home, unlike the vast majority of young Black killers. In this case, Anthony appears to have wandered into the tent provided for members of Metcalf’s high school track team. Maybe Karmelo forgot what school he went to. Metcalf asked him to leave, because the tent was reserved for track players at his particular high school. Now, no one asks a young Black man to leave any place.If he’s there, he must have a reason. So, Karmelo felt “disrespected.” And he responded in an appropriate ghetto style.
According to Austin’s twin brother, who will be haunted for the rest of his life by reliving the indescribable agony of his twin dying in his arms, Austin represented no threat to Karmelo. Austin didn’t bring a knife, or any other weapon, to a track meet. Karmelo Anthony did. The mainstream media normally suppresses stories like this, because they are so common that even the comatose “normies” might eventually start wondering. But they did report this one. Why? And the reaction has been predictable; uniform and irrational Black solidarity online. I’m sure Joy Reid and the shrews from The View will be chiming in soon. There is no other racial group that would attempt to justify cold blooded murder. You couldn’t find a single White person on earth defending this killer, if the races were reversed. This case is as cut and dry as can be. A knife to the heart for being asked to move from a restricted area?
This is the problem we face, and have faced for a very long time. It’s why I have African American Fatigue Syndrome (AAFS). We have to pretend that Blacks don’t kill Whites and Asians far, far more often than the reverse. If any White person kills any Black person, you’ll know, because it will become front page news. I’m not sure any Asian has ever killed a Black person. You’ll be required to “say his or her name!” Loudly. When you first heard about the story, and that a White and a Black teen were involved, there was no doubt in your mind about which one was the perpetrator. Despite the best efforts of Hollywood to convince us that Whites bully and kill Blacks, and rape Black women, in real life these events are so rare as to be almost statistically meaningless. And you will not find a single Black public figure who will condemn this murder without some kind of ridiculous qualification. And that’s the real issue here.
Why is it so hard for good Black people to call out the atrocious behavior of young Black thugs, who are seemingly committed to criminal activity like some kind of twisted catechism? More significantly, why are the vast majority of White people afraid to condemn the violent trappings of this absurd “culture?” There should be nothing glamorous or attractive about learned stupidity, and gang activity. About single mothers and drive by shootings. About “wilding.” I guess they still engage in “wilding.” I’m old and White, so I wouldn’t know. This ghetto mentality has resulted in a perpetual morass of death and poverty. And yet every Black entertainer pays homage to it. They genuflect to the likes of stoned “gangsta” Snoop Dogg. Even more remarkably, so does polite White society. How can any intelligent person not laugh when saying his infantile rap name? Is it supposed to sound intimidating?
We have been in an unofficial race war practically my entire life. I saw Blacks being accorded favorable treatment on the job in the 1970s. I saw White managers and directors- surely all of them hopeless racists during that era- fawn over them, and let them get away with things that no White employee ever could. I heard stories of my Uncle Logan being beaten up on the job by a bunch of Blacks. In the 1940s. From the impression one gets from our media, I would assume Blacks weren’t allowed to speak without permission in the 1940s. Remember, we have been lied to about everything. For all I know, maybe the slaves goofed off and slapped the White women on their asses on the plantations. Perhaps the tobacco spitting Whites were cucked out, just like their descendants, and laughed uproariously at the supposed natural Black ability to sing and dance, run and jump. Why believe anything the court historians say?
Bernard Goetz. Tawana Brawley. The Duke lacrosse players. George Floyd. There’s a long history of generals and soldiers in this race war. You have the Rev. Jesse Jackson, renowned for lying about holding the dying Martin Luther King in his arms, and shaking down unknown numbers of companies for cash. Jesse made a lot of money for someone who basically never worked a job in his life. A stone cold gangsta. But perhaps Rev. Al Sharpton outdid him. A random crack dealer caught by the FBI, and turned into an informant. His regular job description was to inject himself into any widely publicized racial incident. To remain consistently on the “Black is always right” side. Sharpton’s role in the Tawana Brawley hoax was forgotten, and is never mentioned. Jackson and Sharpton are like the Ulysses Grant and William T. Sherman of this race war. They are considered heroes by most of those they are fighting.
The odd thing about this race war is that it is being waged against an opponent that doesn’t realize there is a war. From the despicable “Woke” self-loathers to the deluded conservatives in search of a new Steppin Fetchet for the Republicans, it is a toothless bunch. I’m sure they strike fear in the hearts of professional race hucksters and young Black “gangstas” alike. They treat Blacks collectively like pampered pit bulls; aware that they could kill them unexpectedly but oddly allured by them. They certainly don’t treat them like anybody else. They are coddled, fawned over, and rewarded beyond any imagined worthiness. DEI is their Apostle’s Creed. It’s a one-sided battle; Blacks worked into frothing anger by the corrupt media and their own government-anointed “leaders.” Blacks repeatedly fed the fiction that somehow they are still being held down by “systemic racism” and “White privilege.” Blacks emboldened that there is something good and noble, and really cool, about their violent, dysfunctional culture.
When you can attempt to rationalize stabbing a young kid in the heart at a track meet, you can attempt to rationalize anything. Karmelo Anthony should be convicted in about five minutes, and locked away forever. If we really had a system of justice. We don’t. If enough Blacks complain loudly enough, Karmelo might become the next George Floyd. Nobody is going to fight back in this war. There is no Robert E. Lee or Stonewall Jackson to contend with. Instead, you’ll have to rely on a mainstream Right that thinks Caitlin Jenner is a conservative. Until the ghetto culture is thoroughly condemned as strongly as the fictitious “White Supremacy” has been, by every government agency and business establishment in the land, nothing will change. These laughably uneducated bullies need to be ridiculed by everyone. Do you really think it would be hard to spoof their absurd lifestyle and mindset for comic effect?
There have been many casualties in this race war, but all of them are on one side. Blacks kill each other on a daily basis, but that’s just friendly fire. And the same Left that is mortified over school shootings and thinks guns are the problem, doesn’t say a word about the guns that are used every night on the mean streets of Chicago, and Baltimore, and most every other major city that is ruled by Black “gang bangers,” not the preposterous skinheads of Hollywood. Apparently, those Black lives don’t matter. Black pathology continues to be excused, no matter how horrific it is, by both wealthy Black “leaders,” and the vast majority of the supposedly more educated public of all other races. Why, for instance, weren’t Asians outraged by all the Black assaults on their people, which were somehow attributed to nonexistent White racists? Why aren’t they mad at being denied prestigious college admissions by DEI policies?
I don’t think this war will ever end. Whites, Asians, and other nonblack groups appear unwilling to ever fight back. They have been absolutely cucked into submission, and conditioned to believe the Hollywood depiction of Blacks as brilliant, kind hearted, helpful, sexy, hard working victims of a White elite that unfairly discriminates against them. And never forget that the Black males are the best athletes with the biggest penises ever created. It is shameful and embarrassing that any White person would believe such juvenile level propaganda. Especially if they are poor and working class, and have interacted to any significant degree with large numbers of Blacks. As a lifelong egalitarian, I struggle not to generalize myself. There are plenty of good and decent Blacks in this country. But they are as outnumbered in their own population as much as honest corporate executives are in our rigged crony capitalist system.
I suspect there are many others suffering from African American Fatigue Syndrome. Just hearing the pandering term “African-American” is enough to trigger it. No entire group of people should be either exalted or written off collectively. But considering their wildly disproportionate level of crime, the lack of education, and dislike of civility on the part of too many “African-Americans,” they surely are the least deserving people for this kind of slobbering adulation. If we have to worry that catching the eye of some young Black may result in a fatal stabbing, then we have to acknowledge that there is no way to live together in harmony with such a native criminal element. Unless we continue to look the other way, apologize for noticing reality, and be content with walking on eggshells. Wealthy, highly educated Whites have shown a willingness to play a subservient role, even with “gang bangers” that are illiterate after years of public “education.” Just one of many White humiliation rituals.
People have even been attacking Austin’s father, for acting like a real Christian and forgiving his son’s killer, saying that God will judge all. He was also criticized for quite reasonably asking, what kind of parents raised Karmelo? Karmelo’s family created a Go Fund Me account, which always happens in these cases, and supposedly it has raised something like $150,000 so far. But it was the Metcalf family who was criticized for starting their own Go Fund Me account. Some fundraisers are more equal than others. Amateurish fake online posts were created by someone to make it seem like Austin was a “racist.” And that he “bullied” poor Karmelo. Just like it happens in Hollywood. Sounds believable. Why else would a fine, upstanding young Black man stab him in the heart? What else could he do? Stand there and be “disrespected?” As the “journalists” would say, this is a tragedy for both young men. Uh, no actually it isn’t. Karmelo is alive. And will probably be dealt with leniently.
I don’t interact with many people of any race these days.Scott Adams of Dilbert fame advised Whites to stay away from Blacks a few years ago, which resulted in the end of his comic strip in the mainstream. We need a divorce not just from the “Woke” madness, but from this mindless ghetto culture. But no matter how many tragedies take the lives of promising youngsters like Austin Metcalf, most White people will at best shrug in resignation, and at worst cheerlead the one-sided race war. Whites are like Iraq was during the Gulf “War.” We are as intellectually and morally defenseless as the Iraqis were militarily defenseless. And it’s obvious that, if any appreciable numbers of Whites fought back, the majority of White people would side with the Blacks. We know that family means little to them, so what could race possibly mean? No one wants war, but we are being warred upon, and have been for many years.
I want to get along with everyone. I hate confrontation. But if we can’t object not only to the killing of an innocent young boy like Austin Metcalf, but to the despicable, hate filled response from many Blacks defending it, then what would we ever object to? It’s like the survival instinct has been propagandized out of Whites. We’re going extinct by any definition, and we are the first racial group in the history of the world to not only work intensely against our own interests, but to publicly declare our self-hatred. I can’t remain silent in the face of this kind of outrageousness. Ghetto culture has ensnared too many Blacks, and too many Whites like and even emulate it. Sticks and stones. Might never makes right. It isn’t ever “cool” to hurt, even kill others. Civility is essential to CIVILization. Ebonics isn’t a language. It’s improper, uncorrected English. Basic math and grammar are essential. We’re enabling weaponized idiocy.
