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Novo Nordisk Crashes Most On Record After CagriSema GLP-1 Results Disappoint

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Novo Nordisk Crashes Most On Record After CagriSema GLP-1 Results Disappoint

Novo Nordisk’s top-line efficacy results for its experimental obesity drug, CagriSema, were just released, missing the pharma’s estimate of 25% weight loss over 68 weeks, coming in at just 22.7%. This sent shares of Novo in Europe crashing the most on record. 

The results: 

When evaluating the effects of treatment if all people adhered to treatment1, people treated with CagriSema achieved a superior weight loss of 22.7% after 68 weeks compared to a reduction of 11.8% with cagrilintide 2.4 mg, 16.1% with semaglutide 2.4 mg and 2.3% with placebo alone. In addition, 40.4% of patients who received CagriSema reached a weight loss of 25% or more after 68 weeks, compared to 6.0% with cagrilintide 2.4 mg, 16.2% with semaglutide 2.4 mg, and 0.9% with placebo.

Novo previously forecasted the experimental obesity drug would help patients achieve at least 25% weight loss. 

Meanwhile, Goldman’s James Quigley was most bullish on the street, with an estimated 27-28% weight loss. 

To start the week, we penned a note telling readers about Novo’s “final big market cap event of the year” ahead of top-line efficacy results … 

The dismal results led Novo shares to crash as much as 29% in Europe—the most on record.

This wiped out around $120 billion in market capitalization. 

Results also sparked volatility with other weight-loss drug developers in Europe and the US (courtesy of Bloomberg): 

  • Shares of smaller weight-loss drug developers also drop in Europe: Zealand Pharma -21%, Gubra -23%

  • Medical packaging companies also fall: Gerresheimer -14%, Bachem -6.5%

  • In US premarket trading, shares of obesity-drug rivals gain: Eli Lilly +12%, Viking Therapeutics +12% 

Novo bulls received their Christmas gift early: coal. 

Tyler Durden
Fri, 12/20/2024 – 06:42

Chinese Agent Pleads Guilty To Operating Secret Police Station In New York

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Chinese Agent Pleads Guilty To Operating Secret Police Station In New York

Authored by Eva Fu via The Epoch Times (emphasis ours),

A New York man has admitted to acting as an illegal Chinese agent by operating a secret police station for Beijing in Manhattan.

Chen Jinping, a 60-year-old U.S. citizen, pleaded guilty on Dec. 18 in front of U.S. District Judge Nina Morrison, a development that prosecutors lauded as the latest progress in countering the Chinese regime’s transnational repression scheme.

People at a press conference and rally in front of the America ChangLe Association, a now-closed secret Chinese police station, highlighting Beijing’s transnational repression, in New York City on Feb. 25, 2023. Samira Bouaou/The Epoch Times

Chen was one of two individuals the FBI arrested in April 2023 over the illegal police station, one of more than 100 identified overseas Chinese police outposts Beijing had operated globally.

He faces up to five years in prison.

The New York site runs under the cover of a Chinese organization called the American ChangLe Association in Manhattan’s Chinatown. The association ostensibly serves as a mingling place for immigrants from China’s southeastern Fujian Province, where the namesake district, ChangLe, is based.

Chen was the secretary general of the association at the time of the arrest, while the other man, Lu Jianwang, was the former president. Lu, also known as “Harry Lu,” has pleaded not guilty to the charges and is awaiting trial.

The station was set up in mid-February 2022 and had since assisted an official from China’s Ministry of Public Security, the country’s police apparatus, to locate a person of interest, a California pro-democracy advocate who had served as an advisor to a 2022 congressional candidate from New York State, the federal complaint states.

Weeks before the station came into being, Lu forwarded a notice to Chen that stated: “in order to establish a smooth connection to the remote checkup identification renewal system every overseas service station has to grant access privileges to the 110 system,” according to the court document.

The number 110 is synonymous with police in China.

The notice instructed recipients to provide the service station IP address to a designated email address.

Xi Jinping’s Visit

Federal prosecutors said their investigation found Lu had a longstanding relationship of trust with Chinese authorities.

In 2015, during Chinese leader Xi Jinping’s trip to Washington, Lu, along with other local Chinese association leaders, dispatched members of their organizations to participate in counter-protests against public demonstrations by practitioners of Falun Gong. The faith group, persecuted in China since 1999, was attempting to protest the regime’s ongoing suppression.

The court document included a photo showing Lu holding a plaque with a Chinese police official celebrating his work “in ensuring that members of the Falun Gong religion did not disturb President Xi’s visit.”

Lu Jianwang (R) receives a plaque from an official from China’s Ministry of Public Security in a ceremony after Chinese leader Xi Jinping’s 2015 visit to the United States. Department of Justice

Lu also acknowledged an affiliation with a former director of the 610 Office, a Gestapo-like agency created in 1999 specifically for persecution tasks. He had brought the official to his hometown in China for a tour, court documents show.

Another New York resident who appears to be a member of the American ChangLe Association, together with Lu, has been receiving tasks from Chinese officials to identify the Chinese regime’s targets since at least 2018, according to the filings.

The former in 2018 requested help from Lu to try to deport a Chinese dissident and green card holder from the United States back to China.

The dissident told the FBI that they had experienced threats of violence that same year and that their family had been harassed in China since they arrived in the United States.

The co-conspirator also asked Lu to help find a Chinese national who had lived in Manhattan, as well as the person’s close associates.

In doing so, the co-conspirator shared the victim’s name, address as of 2016, birthdate, and a photo of the person in a public park, stating they needed the victim’s information in relation to a lawsuit, the court document said.

The FBI raided the secret police station in October 2022 and seized the phones of the two men, upon which the agents noted that they had deleted conversations with the Chinese police official, officials said in the complaint.

Beijing refuted Chen’s guilty plea.

“The so-called secret police stations do not exist,” Chinese foreign ministry spokesperson Lin Jian said in a press briefing on Dec. 19.

U.S. Attorney Breon Peace for the Eastern District of New York said the prosecution was part of their efforts to protect vulnerable people who “come to this country to escape the repressive activities of authoritarian regimes.”

Countering malign activities of foreign states that violate U.S. sovereignty by targeting local diaspora communities is a priority of his office, he said.

Assistant Attorney General Matthew G. Olsen of the Justice Department’s national security division called Chen’s effort in operating the secret outpost “brazen.”

The Department of Justice will “pursue anyone who attempts to aid the PRC’s efforts to extend their repressive reach into the United States,” he said, using the acronym for the People’s Republic of China.

Robert Wells, executive assistant director of the FBI’s national security branch, said Chen’s admission of guilt was “a stark reminder of the insidious efforts taken by the PRC government to threaten, harass, and intimidate those who speak against their communist party.”

“These blatant violations will not be tolerated on U.S. soil,” Wells said.

Tyler Durden
Fri, 12/20/2024 – 06:30

Which US Companies Receive The Most Government Subsidies?

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Which US Companies Receive The Most Government Subsidies?

This chart, via Visual Capitalist’s Pallavi Rao, ranks the companies which have received the most American taxpayer support (in the form of government subsidies) since the year 2000.

Government subsidies take a variety of forms: tax credits, abatements, training reimbursements and direct grants.

Data is sourced from D.C.-based non-profit Good Jobs First’s subsidy tracking database, accessed November 2024.

Ranked: Companies Receiving the Most Government Subsidies

Over the last quarter of a century Boeing has received nearly $16 billion in government subsidies, putting it at the top of this list.

Rank Company Industry Subsidy Value (2000–2024)
1 Boeing Industrial $15.5B
2 Intel Tech & Media $8.4B
3 Ford Motor Automotive $7.7B
4 General Motors Automotive $7.5B
5 Micron Technology Tech & Media $6.8B
6 Amazon Tech & Media $5.9B
7 Alcoa Industrial $5.7B
8 Cheniere Energy Energy $5.6B
9 Foxconn Technology Group Tech & Media $4.8B
10 Venture Global LNG Energy $4.3B
11 Texas Instruments Tech & Media $4.3B
12 Volkswagen Automotive $4.1B
13 Sempra Energy Energy $3.8B
14 NRG Energy Energy $3.4B
15 NextEra Energy Energy $3.4B
16 Sasol Energy $2.8B
17 Tesla Automotive $2.8B
18 Stellantis Automotive $2.8B
19 Walt Disney Tech & Media $2.6B
20 Nucor Industrial $2.6B

Most of the subsidies have come from Washington State, which has nine preferential tax rates that benefit the aerospace industry.

Boeing has an assembly plant in the city of Everett—reportedly the largest manufacturing facility in the world—where it makes the 747, 767, 777, and the 787 airplanes.

There’s more to this Boeing story—but we cover that in the next section.

Ranked second, Intel’s received more than $8 billion from the government since 2000.

But this doesn’t include some critical CHIPS Act funding that’s just been greenlit for the company. Another $7.9 billion is on the way from the Biden Administration that’s keen to secure the American semiconductor supply chain.

For context, Intel both designs and manufactures chips (unlike say, Nvidia and Apple) but its foundry business has been in trouble for a while, leading to job cuts and restructuring.

This new federal lifeline comes with a caveat: no stock buybacks.

Why Boeing Bid Adieu to Bonanza Tax Breaks

Back to Boeing for a bit.

In 2020 Boeing asked Washington State to repeal one specific tax break (worth roughly $100 million a year) to avoid paying tariffs when selling its planes to European airlines.

Why would it have to pay tariffs? This involves a bit of backstory for a Boeing-Airbus tiff that’s been ongoing for the last decade and a half, backed by respective governments.

In 2004, the U.S. complained against Airbus receiving “illegal government launch aid” which helped Airbus take away market share from Boeing. A year after that, the EU complained against Boeing’s tax subsidies—specifically naming Everett’s support to the Boeing facility.

By 2020, the WTO ruled on both cases, handing out tariffs to each manufacturer’s exports to the other market.

Mindful of that WTO ruling, Boeing asked Washington State’s tax break to be repealed and in 2021 moved production of the 787 Dreamliner to South Carolina.

Nevertheless the plane manufacturer reported receiving $86 million in tax incentives in 2022.

How’s the semiconductor market looking after the three years of the AI revolution? Check out Ranked: Semiconductor Companies by Industry Revenue Share to see who’s on the up and up.

Tyler Durden
Fri, 12/20/2024 – 05:45

Federal Agency Urges High-Level US Officials To ‘Immediately’ Switch To Encrypted Apps

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Federal Agency Urges High-Level US Officials To ‘Immediately’ Switch To Encrypted Apps

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

A federal agency on Wednesday issued urgent written guidance to top government officials and politicians to immediately stop using standard phone calls and text messages after major U.S. telecommunications companies were targeted by Chinese hackers.

A woman uses her iPhone, in a file photo. Jack Guez/AFP via Getty Images

The Cybersecurity and Infrastructure Security Agency (CISA) [ZH: So this is probably total bullshit] said in guidance that “individuals who are in senior government or senior political positions” should “immediately review and apply” best practices around using smartphones.

“Use only end-to-end encrypted communications,” it said, saying that these “highly targeted individuals” also “should assume that all communications between mobile devices—including government and personal devices—and internet services are at risk of interception or manipulation.”

End-to-end encryption refers to data protection that makes information unreadable except for the sender and its recipient. A number of chat apps including WhatsApp, Signal, iMessage, BrightChat, and others already have end-to-end encryption.

Regular phone calls and text messages are not end-to-end encrypted, meaning they can be monitored, either by telephone companies, law enforcement, or potentially by hackers.

The warning follows a prior notice issued by the FBI and CISA earlier this month that Americans should opt to use encryption. Wednesday’s guidance specifically tells high-level government and elected officials to quickly start using it.

Previously, CISA warned that Chinese regime-linked hackers known as “Salt Typhoon” have hacked into U.S. telecommunications systems and may be able to obtain sensitive data on individuals.

That message was reiterated on Wednesday, with CISA executive assistant director for cybersecurity Jeff Greene telling reporters that the government’s investigation into the breach is ongoing and various targeted agencies and people are at different stages of their response. Based on his comments, it’s not clear whether Chinese hackers are still lurking within U.S. telecommunications companies’ systems.

Salt Typhoon’s compromise “is part of a broader pattern of [Chinese regime] activity directed at critical infrastructure,” Greene said, referring to Chinese-linked cyber operations focused on utilities and other sensitive networks and tracked under the nickname “Volt Typhoon.”

“This is ongoing [Chinese regime] activity that we need to both prepare for and defend against for the long term,” he said.

Other recommendations from CISA include avoiding text messages based on one-time passwords such as ones that are often sent by U.S. banks to verify logins and using hardware keys, which help protect against a password-stealing technique known as phishing.

Earlier this month, Greene, the CISA official, said that Americans broadly should consider using encrypted messaging platforms.

“Our suggestion, what we have told folks internally, is not new here: Encryption is your friend, whether it’s on text messaging or if you have the capacity to use encrypted voice communication. Even if the adversary is able to intercept the data, if it is encrypted, it will make it impossible,” Greene told reporters.

His agency also warned that the Chinese Communist Party is using means that pose “a serious threat to critical infrastructure, government agencies, and businesses” across the United States. “We urge software manufacturers to incorporate Secure by Design principles into their development lifecycle to strengthen the security posture of their customers.”

Around the same time, Democratic and Republican senators sent a letter to the Department of Defense (DOD) to investigate Chinese-led espionage attempts targeting American telecom companies. These hackers stole information from private communications from “a limited number of individuals” involved in politics, officials have said.

Targeted individuals allegedly include President-elect Donald Trump, Vice President-elect JD Vance, and Senate Majority Leader Chuck Schumer, said Sens. Ron Wyden (D-Ore.) and Eric Schmitt (R-Mo.) in a letter to the DOD, dated Dec. 4.

The recent warnings are a reversal from previous comments made by top-level federal officials in recent years. In a 2018 event, FBI Director Christopher Wray warned that end-to-end encryption poses a problem for federal law enforcement efforts, describing it as an “urgent public safety issue.”

Reuters contributed to this report.

Tyler Durden
Fri, 12/20/2024 – 05:00

Canada Is The World’s Best Country For Free Or Universal Healthcare; WHO

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Canada Is The World’s Best Country For Free Or Universal Healthcare; WHO

Last week marked the UN’s International Universal Health Coverage Day.

Canada is the leading country worldwide for essential healthcare coverage, according to The World Health Organization’s (WHO) World Health Statistics 2024 report.

The organization ranked 194 countries based on a selection of indicators of key health concerns such as reproductive, maternal, newborn and child health, infectious diseases, noncommunicable diseases and service capacity and access.

The WHO is monitoring universal health coverage by tracking two main indicators worldwide: the coverage of essential health services (SDG 3.8.1) and the lack of financial protection (SDG 3.8.2), which is defined as the “proportion of a country’s population with large household expenditures on health relative to their total household expenditure.”

This is in order to support the UN’s aim of achieving universal health coverage by 2030, which includes financial risk protection, access to quality essential health care services and access to safe, effective, quality and affordable essential medicines and vaccines. As the WHO explains, this is because “protecting people from the financial consequences of paying for health services out of their own pockets reduces the risk that people will be pushed into poverty because the cost of needed services and treatments requires them to use up their life savings, sell assets, or borrow – destroying their futures and often those of their children.”

Infographic: The Countries With the Best Healthcare Coverage | Statista

You will find more infographics at Statista

While this chart only reflects the coverage element of UHC, it still serves to highlight the extent to which global inequalities exist in terms of that access.

Where Canada received a total score of 91 index points out of 100, followed by Iceland, the Republic of Korea and Singapore, each with 89 points, this is a stark contrast to countries at the other end of the spectrum such as South Sudan (34), Central African Republic (32), Papua New Guinea (30), Chad (29) and Somalia (27).

It’s also important to note here that since this data focuses on a nationwide level, it hides regional inequalities within countries and communities. For example, according to the WHO, coverage of reproductive, maternal, child and adolescent health services tends to be higher among those who are richer, more educated, and living in urban areas, especially in low-income countries, while people living in poorer households, rural areas and in households with older family members are more likely to be further pushed into poverty by out-of-pocket health spending.

In terms of tracking overall global trends, WHO researchers outline how improvements to health services coverage have stagnated since 2015, rising only three index points to 68 by 2019 and remaining there until 2021. This is the equivalent to about 4.5 billion people living without full coverage of essential health services in 2021. Meanwhile, in 2019, out-of-pocket health spending pushed 344 million people further into extreme poverty and 1.3 billion into relative poverty.

Tyler Durden
Fri, 12/20/2024 – 04:15

Austria Kickstarts Deportation Process As Syrians Receive Letters Questioning Their Right To Stay

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Austria Kickstarts Deportation Process As Syrians Receive Letters Questioning Their Right To Stay

Authored by Thomas Brooke via Remix News,

The Austrian government is understood to have initiated a process to review the asylum status of Syrians following the fall of the Assad regime, a move that could impact up to 40,000 people.

As reported by the Exxpress news outlet, the Federal Office for Asylum and Immigration (BFA) has sent letters to Syrians who have been in Austria for less than five years, questioning their continued need for protection.

The letters, citing the “changed circumstances” in Syria, state that recipients no longer need to fear political persecution. Those affected have been asked to attend appointments where they must provide further justification for their asylum claims, including evidence of integration such as employment, children enrolled in school, or other contributions to Austrian society.

BFA Director Gernot Maier clarified that asylum protection can generally be revoked within five years if the original reasons for granting it have fundamentally changed. “As soon as a well-founded basis for the decision is available, the decision in these cases is made immediately,” the letter from the BFA stated.

Chancellor Karl Nehammer instructed Interior Minister Gerhard Karner to suspend all ongoing Syrian asylum applications and review existing cases, but Maier acknowledged the “very volatile situation” in Syria, which currently prevents any definitive decisions on deportations.

However, it appears that Vienna is preparing the groundwork to expedite repatriations once the political landscape in Syria becomes clearer.

The Syrian community in Austria, numbering over 95,000 as of early 2024, is predominantly concentrated in Vienna and represents the eighth-largest foreign group in the country.

Austrian newspaper Heute reported up to 30,000 Syrians took to the streets in Vienna after the fall of the deposed former Syrian president to celebrate his demise at the hands of Islamist rebels, though police figures placed the number at 12,000.

FPÖ leader Herbert Kickl welcomed the government’s actions, claiming the departure of Assad eliminated the need for Syrians to remain in Austria. In a social media post, Kickl declared, “Your homeland needs you now,” and argued that the return of Syrians would provide “significant relief” to Austria’s social system. He also referenced Syrian migrants’ overrepresentation in criminal statistics, adding, “Even one or two knife specialists will disappear from Austria.”

The debate has reignited tensions over migration policy in Austria and across Europe, where leaders in several countries are calling for Syrians to return home. Austrian officials have floated the idea of offering €1,000 payments and assistance with travel and documentation for voluntary returns. However, those without leave to remain or with criminal convictions face forced deportation.

Read more here…

Tyler Durden
Fri, 12/20/2024 – 02:00

Would A Trump-Putin Agreement Bring Peace To Ukraine Or Just Set The Stage For More War?

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Would A Trump-Putin Agreement Bring Peace To Ukraine Or Just Set The Stage For More War?

Authored by Jim Jatras via The Ron Paul Institute

“I have not become the King’s First Minister in order to preside over the liquidation of the British Empire.” – Winston Churchill, 1942

Many Americans, even a lot who never much cared for Donald Trump, voted for him in part because they believed – or at least hoped – that he would be, relatively speaking, a peace candidate compared to the hideous Biden-Harris record. To his credit, Trump’s first term was the only US presidency since Jimmy Carter’s not to get us embroiled in a new conflict, though he failed to extricate us from Afghanistan or Syria.

Such hopes need to be balanced against other aspects of Trump’s earlier tenure in office. Notably, on Ukraine, he oversaw provision of lethal aid to Kiev that had been denied by Barack Obama. Put another way, it was under Trump that Ukraine built up a NATO army in all but name, setting the stage for the February 2022 escalation of the conflict that had been brewing since the 2014 coup midwifed by Victoria Nuland.

Trump has said he would end the Ukraine conflict in 24 hours, indeed, even before he takes office. While never unveiling anything resembling an actual plan, he has indicated that his “art of the deal” trademark bluster and threats would be applied to both Ukraine (terminate all aid if Kiev refuses to negotiate!) and Russia (vastly increase aid to Ukraine if Moscow refuses to negotiate!). The supposedly “transactional” President-elect is seemingly unflustered by little details like how, if both Russia and Ukraine balk at talks, he could simultaneously increase and cut off US assistance. Five-dimensional chess indeed!

While the thought of Tulsi Gabbard as Director of National Intelligence is balm for every peace-loving soul, the rest of Trump’s announced second-term team is anything but reassuring: Marco Rubio as Secretary of State and Michael Waltz as National Security Adviser, with supporting roles at the NSC by Sebastian Gorka and special envoy for Ukraine-Russia Keith Kellogg, all of whom have a record of the standard bellicose chest-thumping with respect to evil, evil Russia and our cuddly “democratic” “ally” Ukraine.

As Trump prepares to take office next month, one thing should always be kept in mind: like Winston Churchill with respect to the British Empire, Donald Trump has not returned to the Oval Office in order to preside over the liquidation of the Global American Empire (the GAE). Rather, all indications are that he seeks to disengage the US from the Ukraine conflict in a way that avoids total, humiliating defeat for NATO (and, probably, that organization’s long-overdue dissolution) in order to “pivot” to the Middle East and a looming war with Iran following a return to his “maximum pressure” policy. The encore will be the Really, Really Big Showdown with China. Hence Trump’s call for an immediate ceasefire in Ukraine.

What of the other side? Russian President Vladimir Putin, Foreign Minister Sergei Lavrov, and other top Kremlin and Duma figures have made it clear that Moscow has had enough with “non-agreement capable” Washington after repeated Western deceptions: on NATO expansion (“not one inch eastward”), the status of Kosovo (UN Security Council Resolution 1244 providing for its autonomy within Serbia, trashed by the US-sponsored unilateral declaration of independence in 2008), the February 2014 power-sharing agreement in Ukraine between then-President Viktor Yanukovich and his opposition (a dead letter before even one night had passed), the February 2015 Minsk 2 agreement on the status of the Donbass that was unanimously endorsed by the UN Security Council (but later admitted by Angela Merkel and other western leaders to have been a ruse to allow time to build up Kiev’s forces for a Blitzkrieg), and the failed April 2022 Ukraine-Russia agreement initialed at Istanbul (torpedoed by Boris Johnson with US backing).

Accordingly, the Russians have made it clear that they will accept no temporary truces, no ceasefires, no more promises made to be broken like piecrusts, no pauses as cynical tricks to get the Russians to forgo their current and growing military advantage. (Dmitry Medvedev, a former Russian president and the deputy head of Russia’s Security Council, even suggested recently that new regions could soon be added to Russia. Putin recently re-floated the concept of Novorossiya, “New Russia,” a region of Imperial Russia that included Odessa.) No, they insist, there must be either a genuine, definitive, binding settlement that ensures a lasting peace based on mutual security, or Russian forces will press on until their objectives – notably “demilitarization and denazification” of Ukraine – are achieved militarily. Such an outcome would mean at least replacement of the current regime in Kiev and, more likely, the end of Ukraine’s statehood.

For the West, this would constitute a total debacle of Afghanistan-like proportions effectively signaling the end of US hegemony in Europe, the GAE’s crown jewel. What can Trump offer the Russians to avoid that?

Moscow’s latest peace proposal was voiced by Putin in June 2024, in which he specified that he’s willing to negotiate at any time but will not halt military operations until Kiev withdraws its forces from the four oblasts that, in addition to Crimea, Moscow claims to be part of Russia: Lugansk, Donetsk, Zaporozhye, and Kherson, Notably, this would include the cities of Zaporozhye and Kherson, under Kiev’s control as of this writing. (In fact, contrary to propaganda from the usual suspects, Putin has never rejected talks, unlike Ukrainian former-president-but-still-playing-the-role Vladimir Zelensky, who in October 2022 issued a decree forbidding talks with Russia as long as Putin is in office.)

Putin’s June proposal was dismissed out of hand by Kiev and its western backers. Given Moscow’s rejection of a ceasefire at the conflict’s line of control, things are at a seeming impasse.

But are they?

With the rapid and accelerating advance of Russian forces, the physical distinction between the military line of confrontation (a freeze line rejected by Moscow) and the constitutional limits of the four oblasts (evacuation of which Moscow demands) becomes less every day. That is, the territorial question – which Russia has never stated to be paramount in its goals for launching its “Special Military Operation” (SMO) in the first place – becomes less of an issue.

Rather, the real question for the Trump Administration becomes a political one of how much wiggle room there is in the Russians’ stated determination not to rely on more promises of the sort that have been repeatedly broken in the past. Put another way: if Trump-Lucy wants to avoid utter defeat in the European theater of the worldwide confrontation between the GAE and BRICS-Eurasia, so he can get on to mixing it up with Iran and China, can he dupe Putin-Charlie Brown into taking another run at the football?

I think he at least has a good shot at it. Keep in mind that, despite the ubiquitous narrative, Putin is neither a dictator nor a hardliner toward the West. Regarding the former, he’s a balancer in a system that still retains many (too damn many, in my opinion) western liberals dying to see the day they can again send their snotty kids back to elite western universities and their fat wives and svelte mistresses shopping at Harrods, while saluting a rainbow flag raised over Lenin’s Mausoleum. As to the latter, as lately demonstrated by his restrained response to ATACMS and Storm Shadow missiles launched into pre-1991 Russia by NATO personnel from Ukrainian territory, Putin has shown a dogged determination to come to an understanding with his Western “partners” long after it became clear to everyone (except him, evidently) that they have no intention of ever getting along with him or Russia but are hell-bent on destroying both. (“Hello, Volodya? It’s me, Bashar. I’m out front of Resurrection Gate, near Zhukov’s statue …)

Far from the “shock and awe” demonstrated by the United States in Serbia, Iraq, Libya, etc., or Netanyahu’s in Gaza, Lebanon, and Syria, Putin’s light military footprint in Ukraine – the limited size of the incursion force, declining to destroy the Dnepr bridges, limited (but now increasing) attacks on infrastructure, the pullback of Russian forces from Kiev as a good will gesture before the 2022 Istanbul talks, not eliminating Kiev regime leaders who’d kill him if they could – all point to a strategy based on accepting a reasonable deal if one might be presented, not on settling things by force of arms, 1945-style. (It’s largely forgotten now that at the outset of the conflict foreign embassies decamped from Kiev and moved to Lvov in the far west, and consideration was even given for the Zelensky regime to abandon Ukraine entirely and establish a government in exile, in the expectation that Russia would quickly overrun the whole country – then face an Afghan-type insurgency that would bleed Russia white, leading to regime-change in Moscow.) Unexpectedly, the Russians didn’t behave as the West had anticipated. Instead, it’s clear their approach was “pedagogical” from the start: show the West they mean business so they’ll come to the table. It is also suggested that a deal, not a military resolution, would be preferable to Putin’s BRICS partners, whose opinion he can’t afford to ignore.

The frustration this approach has caused in the Russian military and in large sectors of the public is well known. That said, as observed by Moscow-based John Helmer, Putin may deem that his high levels of public support allow him to accept a settlement that falls short of, or at least redefines, his SMO goals as originally stated. It’s an open question whether that support could be sustained when (inevitably, in my opinion) the West contemptuously disregards its obligations under whatever is agreed-to.   

Some say Putin has finally learned his lesson about the West. Others say not, that he would jump at any remotely reasonable transaction proffered by Trump & Co., Inc. We will soon see.

Looking at the longstanding pattern of Putin’s Kremlin and the smoke signals from Washington, mediated by the good offices of Hungary’s Prime Minister Viktor Orbán, the contours of a kind of Minsk 3 or Istanbul-double-plus-good “deal” are already discernable:

1. A ceasefire in early 2025: Ukrainian forces would evacuate whatever shrinking part, if any, of the four oblasts they might still hold, plus of Russia’s Kursk region if any Ukrainians are still there. A Demilitarized Zone (DMZ) would be established. (Some ad hoc arrangement might have to be reached on the cities of Zaporozhye and Kherson, if the Russians hadn’t taken them yet. Perhaps they would remain under Ukrainian administration inside the DMZ, “claimed by Russia.”)

2. Moscow would continue to regard the areas it holds as sovereign Russian territory. The rest of the world would still deem them Ukrainian under temporary Russian occupation, similar to how the US regarded the Baltic Republics of the USSR. Both sides would tolerate a rough balance between Zaporozhye and Kherson cities (claimed by Russia but under Ukrainian administration) and the rest of the oblasts and Crimea (claimed by Ukraine but under Russian administration).

3. As Trump has suggested, supposedly non-NATO European Union peacekeepers would be deployed on the Ukrainian side of the DMZ (with Moscow’s agreement, contrary to astute observers’ insistence that the Russians would never allow it), subject to strict limits on numbers, weaponry, etc. These limits, of course, would not be honored (see Lucy and Charlie Brown, above).

4. NATO membership for Ukraine world be deferred indefinitely. This is an obvious Lucy lie that Moscow would pretend means permanent neutrality. In fact, rump Ukraine would be treated as a NATO state in all but name but not receive formal membership.

5. Security guarantees: the US, NATO, Russia would sign an updated version of the 1994 Budapest Memorandum (possibly in the form of a treaty, which the original Budapest Memorandum wasn’t) enshrined in a Security Council Resolution, guaranteeing Ukraine’s territorial integrity (taking into account “provisional arrangements”), its neutral status, and a bar of foreign troops on Ukraine’s territory (except those permitted in this agreement); parallel provisions would be put into the Ukrainian constitution. It goes without saying that these Lucy assurances would not be honored by the West any more than were past formal commitments on Kosovo, the Donbass, and other topics.

6. Demilitarization “guarantees”: Strict limits would be placed on the size and composition of Ukraine’s military and placement of foreign forces and weapons on its territory. More Lucy lies.

7. Denazification “guarantees”: Parties and movements with specified “extremist” ideologies would be legally banned. More Lucy lies. Elections would be held in rump Ukraine. All sides would pretend the resulting regime is democratic, legitimate, and “moderate.” Banderist neo-Nazi groups, formally illegal, would retain their guns and wield a permanent veto over any Kiev regime.

8. Kiev would commit to protections for the Russian language and Russian culture, the canonical Orthodox Church, etc. More Lucy lies.

9. The West would promise a phased lifting of sanctions and the return of frozen/confiscated Russian assets. “You can trust me this time, Charlie Brown!” Consider how long it took Russia to be removed from 1974 Jackson-Vanik sanctions only to then be immediately slapped with new Magnitsky Act sanctions.

The bottom line is that Moscow would pretend to have substantially if not entirely achieved its SMO goals, giving up its immediate military lead in exchange for false promises: déjà vu all over again. Pretenses aside, it would accept a “quarter of a loaf” truce that preserves NATO to fight another day and sustains an anti-Russia Ukrainian rump state as a de facto NATO platform, as opposed to a clear military victory – which at the very least would have to include annexation of Odessa and Kharkov, and probably Kiev, plus either liquidation of the Ukrainian state entirely or, at worst, creation of a minimal rump Ukraine that’s effectively a Russian satellite and a member of the Union State with Russia and Belarus.

The latter outcome would shatter NATO and probably NATO’s concubine, the European Union. That’s precisely what the Washington Swamp can’t afford, Trump or no Trump. Thus, even if Trump were entirely sincere in promises to Moscow made on behalf of the United States (a very big “if” in my opinion), his ability to deliver on them would be at best highly questionable in light of an Executive Branch packed with neocons (what’s new?) and the implacable bipartisan hostility toward Russia in Congress. Then, even if, by some unbelievable miracle, Trump were able to ensure US and NATO performance on their commitments for the balance of his tenure, there would be no binding effect once he left office.

Granted, the above is just one possible scenario but one I submit is all too conceivable based on past performance of those concerned. If things go this way, not only does the GAE get a new lease on life and NATO live to fight another day, it would usher in heightened danger of war in the Middle East and the Western Pacific and, in due course, set the stage for renewed and possibly uncontrollable conflict in Europe in the not-too-distant future. Russian Defense Minister Andrei Belousov recently warned that his country needs to be ready to fight a war with NATO within the next decade, and he’s almost certainly right – especially if he and his boss allow that organization to slip out of its well-deserved fade into oblivion, almost ensuring that war will come a lot sooner than in ten years.

In laying out this possible near-term scenario, I would dearly love to be proven wrong by events. However, I have vanishingly small hope that the foregoing could resonate with any reader with agency on the American side. Perhaps chances are slightly better on the Russian side. As for the Ukrainians and the Europeans – what they think doesn’t matter to anyone, not even to themselves. 

Tyler Durden
Thu, 12/19/2024 – 23:25

It Never Ends: MTA Hiking Fares Yet Again, Despite Being Days From New Congestion Tolls

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It Never Ends: MTA Hiking Fares Yet Again, Despite Being Days From New Congestion Tolls

Everybody’s favorite financial black hole in New York City – the MTA – is said to plan another fare hike just days before it institutes its congestion toll, according to a new report from the New York Post.

Spurring the hikes, the MTA approved a $1.27 billion order for 435 new subway cars, including 80 open-gangway models, and outlined plans to raise subway and bus fares to $3 per ride. Chairman Janno Lieber noted the fare increase, expected by late 2025, requires formal board approval next year.

Lieber said this week: “This is a good deal. We are way cheaper than other major world cities.” 

Well, there you have it…

But the Post writes that critics slammed the fare hikes and new $9 Manhattan congestion toll starting Jan. 5, pointing to high spending. The MTA’s plan includes 4% fare increases in 2025 and 2027, potentially raising fares to $3.14, with congestion tolls rising to $15 over time.

City Council Minority Leader Joe Borelli fired back: “Chicago Transit bought 400 cars for $632 million pre-pandemic.”

He added: “So given the MTA’s incompetence factor, multiplied by their waste, abuse and mismanagement, paying only double a few years later seems par for the course. Congestion pricing was supposed to solve all these capital shortfalls, but apparently now it won’t.”

City Council Member Robert Holden added: “The Miserable Transit Authority strikes again, raiding the pockets of hardworking New Yorkers with their congestion tax scam and endless fare and toll hikes.” 

He continued: “Instead of rooting out waste and abuse within their bloated system, they keep the grift alive at our expense. This is pathetic, unacceptable, and New Yorkers deserve better.”

Insiders doubt fare hikes and new tolls will affect upcoming elections for Gov. Hochul or others. Democratic strategist Jake Dilemani said commuters will feel the pinch, but political fallout is unlikely, according to the Post. 

The $1.27 billion plan includes 355 R211 subway cars and 80 open-gangway models debuting in 2027 to replace older trains on several lines. Some G-line riders will see open-gangway cars by early 2025.

MTA officials praised the R211 trains for reliability, wider doors, better signage, video cameras, and smoother service, calling it a key step in modernizing the subway.

Tyler Durden
Thu, 12/19/2024 – 23:00

A Very Different Transition

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A Very Different Transition

Authored by Jeffrey Tucker via The Epoch Times,

The transition from Barack Obama to Donald Trump in 2016 went like every other presidential transition in modern history. The old administration had extended meetings with the new, and old agency heads and their staff trained the new ones. It was managed by Chris Christie and then-Vice President-elect Mike Pence.

It was funded by the General Services Administration and the incoming team received emergency drills, confidential documents, security briefings, and training sessions on emergency protocols. The FBI was brought on board to vet all new hires.

That’s because the incoming administration believed that the system worked. It had won and therefore would be in charge. That’s how it is supposed to work in the United States.

The idea of this process is to ensure continuity in government from one administration to the other.

In normal times, all of this would be a good idea. The Founders set up a structural system of government with minimal functions, stable law, checks and balances, and established elections for president every four years to ensure that the chief executive served with the people’s consent. Most functions of government were handled by the states, in any case.

There was never supposed to be a need for a fundamental regime change. We merely changed administrators and members of Congress. The rest was supposed to take care of itself, which is why it would seem to make sense that the old administration trains the new one, and a permanent staff of experts and civil service employees helps the new kids learn the ropes from those with experience.

And yet here we are. The Trump administration’s mandate from voters is not just for a change in personnel. The mandate is in fact for fundamental regime change within the framework of democracy. The administrative state, which is nowhere found in the Constitution, has over time developed far more power than elected leaders.

That absolutely must change, as voters made clear in November 2024. It was yet another case, just like in 2016, of the candidate winning whom nearly the whole of mainstream media believed would not win, and of the whole of what anyone would call the establishment disfavoring the result. The victory was so overwhelming as to amount to a primal scream against government as usual.

In this case, it makes no sense for the machinery that the incoming administration wants to overthrow to be in charge of the transition.

Remember that this is not Team Trump’s first rodeo. Last time, it went along with all the protocols, funding, systems, and sessions. The White House staff members went through day after day of lectures from government experts on how Washington works. They sat through intelligence briefings. They were schooled in protocols for the management of nuclear war, biological warfare, natural disasters, and pandemics.

They put up with all the PowerPoint presentations, exhortations, manuals, lists, and introductions to people who really run the government. They assumed that once the president was sworn in, he would in fact be the president and those whom he appointed would be in charge.

Almost immediately, however, it became clear that the permanent government was waging some kind of an information war against the elected one. The media worked closely with deeply embedded staff in intelligence and agencies to put out the word that Trump was illegitimately elected due to supposed Russian interference. This began immediately with a bang and put those in the new administration in a tight spot, forever defending themselves against absurd charges that they all knew to be untrue.

When that finally ended, new forms of trolling began, each more severe than the last. The Trump administration always had a loose hold on power due to all of this, but it was finally and fatally upended with the onset of respiratory pandemic. The proposed solution to this, according to all the experts deeply embedded in government, was to wreck the whole of the Trump economy while waiting for a shot to inoculate the public.

Along with that came record unemployment, new permissions and mandates for mail-in ballots, school and business closures, and wild uses of power that the new Trump administration never authorized. The bureaucracies were ruling the country on their own and following the edicts of interests and powers behind the World Health Organization (WHO). Most of the Trump administration’s last year in office was spent trying to claw back power from the WHO.

Finally, in July of 2020, the Trump administration announced that it was pulling itself out of the WHO completely. But that made no difference at all. YouTube had already announced in April that it would delete any content that contradicted the WHO, and it continued to enforce that policy for years. So far as I know, it still does.

After leaving office in January 2021, the Trump team went to work trying to figure out what the heck had happened in the first term to cause everything to go so wrong, or, more specifically, what enabled the administration’s authority to be so thoroughly subverted from within.

It concluded that the real problem began with the transition itself. That was when the permanent bureaucracy first asserted its power over the incoming administration. That’s when the deep state got its hooks in.

This time, the team has a very different plan. It is being managed by trusted members of Trump’s inner circle. They have not allowed the General Services Administration to manage any aspect of the transition. They have done this by refusing to accept any money from any government source. Instead, the transition has been entirely privately funded, with methods deployed to make sure that the funding sources are not tainted by deep state contacts. The explicit purpose has been to avoid subversion.

It’s been the same with FBI vetting. The incoming Trump administration simply does not trust the process and for good reason. It was the FBI that had spied on the campaign and even raided Trump’s own home. Furthermore, it worked with other agencies to deploy myriad forms of lawfare for years.

This transition is without precedent. The permanent staff of government itself only became the U.S. norm starting in 1883, and it has grown every decade since. At some point in the past, the elected leaders became more like decorations than real rulers of government. The Trump administration cannot achieve its objectives with this status quo.

This is the reason for this very different transition. It is a good sign and symbol of what might be coming. We might in fact experience a much-needed change of regime in Washington through exactly the system and process that the Founding Fathers set up. The second term of Trump seems determined to avoid repeating the obvious errors of the last time around.

*  *  *

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

Tyler Durden
Thu, 12/19/2024 – 22:35

Three Dozen Luxury Condos In South Florida Are Sinking, New Study Finds

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Three Dozen Luxury Condos In South Florida Are Sinking, New Study Finds

They don’t call it the swamp for nothing…

Now a study recently published in Earth and Space Science confirms that about “three dozen” luxury high rise buildings in South Florida are “sinking”, according to a new report from Fox News.

The study was conducted by researchers from the University of Miami, Florida Atlantic University, University of Houston, University of Hanover, GFZ German Research Centre for Geosciences, and Caltech.

It found that 35 luxury condos and hotels in Florida’s Sunny Isles Beach, Surfside, Miami Beach, and Bal Harbour have experienced subsidence in recent years.

The study analyzed Interferometric Synthetic Aperture Radar data and found affected high-rises sank 2-8 centimeters from 2016 to 2023. The University of Miami noted such settlement is common during and after construction. Most impacted buildings were constructed after 2014.

“We found that subsidence in most high-rises slows down over time, but in some cases, it continues at a steady rate. This suggests that subsidence could persist for an extended period,” the study says. 

The Fox News report says that study authors attributed the sinking to sand grains settling more densely in limestone layers, possibly influenced by construction vibrations, groundwater flow, tidal movements, or stormwater injection.

“The discovery of the extent of subsidence hotspots along the South Florida coastline was unexpected. The study underscores the need for ongoing monitoring and a deeper understanding of the long-term implications for these structures,” one study author commented.

Tyler Durden
Thu, 12/19/2024 – 22:10