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Western Officials Claim North Korean General Wounded In Recent Ukrainian Strike

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Western Officials Claim North Korean General Wounded In Recent Ukrainian Strike

Western officials have claimed that a senior North Korean general was recently wounded in a Ukrainian strike on Russia’s Kursk region. 

Details are scant, but the incident was vaguely described to The Wall Street Journal, which wrote, “It is the first time Western officials have said that a high-ranking North Korean military officer has become a casualty in the escalating Russia-Ukraine conflict.”

“Western officials didn’t disclose how the senior North Korean officer was wounded or his identity,” WSJ continued. “North Korea’s mission to the United Nations didn’t immediately respond to a request for comment on the strike, which has been described in Western intelligence reports.”

Illustrative file image: AFP

Recent international reports have separately alleged that thousands of North Korean troops are in Kursk region assisting Russian efforts to repel occupying Ukrainian troops, which have held hundreds of square kilometers of territory since the August cross-border incursion.

Last month, spokesman for the US National Security Council John Kirby warned that any North Korean troops fighting in Ukraine are “fair game and fair targets.”

The US and UK (and more recently France) have authorized Ukraine to strike Russian territory using long-range weapons, citing as a rationale for the escalation the infusion of North Korean troops and foreign fighters into the Russian side.

If it is accurate that a high-ranking North Korean officer was hurt in recent attacks on Russia, could it have been the result of sophisticated long-range Western missiles?

The WSJ report cites a Russian blogger who says North Koreans were present at a location which was struck by Storm Shadows days ago:

The Storm Shadows launched Wednesday struck an estate in Marino, a town in the Russian-controlled part of the Kursk region, according to videos geolocated by the Center for Information Resilience, an online investigation organization, that were verified by The Wall Street Journal. Marino is about 20 miles from the front lines in the province.

The estate contains vast gardens and an underground area with domed ceilings lined with bricks and is run by the Russian government, according to its official website. Loud whooshes followed by thunderous explosions that set off car alarms could be heard on video taken by bystanders and shared on social media.

Recent reports have also alleged that in return for sending troops, Russia has rewarded Pyongyang with new anti-air defense missile systems, along with other weaponry.

Some hawkish officials in Europe are using the reports of N.Korea-Russia cooperation to urge limitless support for Kiev:

Presidents Putin and Kim Jong-Un signed a joint defense pact this summer. The Kremlin has thus sought to present the transfer of North Korean troops into Russia (and possibly into Ukraine) as consistent with this legal agreement.

Tyler Durden
Sun, 11/24/2024 – 21:35

Florida’s Surgeon General Comes Out Against Fluoride In Water Supply

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Florida’s Surgeon General Comes Out Against Fluoride In Water Supply

Authored by T.J. Muscaro via The Epoch Times (emphasis ours),

Florida’s Surgeon General Joseph Ladapo issued a new guidance on Nov. 22, advising against the long-standing practice of adding fluoride to the public drinking water supply.

Florida Surgeon General Dr. Joseph Ladapo. York Du/The Epoch Times

“Adding fluoride to water increases the risk of neuropsychiatric disease in children and reduces their IQ,” Ladapo said in a post on X. “We can strengthen teeth without consuming this neurotoxin.”

In his guidance, Ladapo states that fluoride, which is known to strengthen teeth and make them more resistant to decay, is “widely available from multiple sources,” such as toothpaste and mouthwashes, and cites several studies that found a connection between negative mental side effects and fluoride exposure during childhood and pregnancy.

Those side effects include an association with lowered IQ, attention deficit and hyperactivity disorder (ADHD), as well as decreased child inhibitory control and cognitive flexibility.

His guidance also cited a report published in August 2024 by the U.S. Department of Health and Human Services National Toxicology Program, which also suggested a connection between fluoridated water and lower IQ in children, and U.S. District Court ruling that found “community water fluoridation at 0.7 milligrams per liter presents an unreasonable risk of injury to health under the Amended Toxic Substances Control Act” and called upon the Environmental Protection Agency to take action.

The surgeon general announced his position in Winter Haven, Florida, which recently announced its own decision to remove fluoride from its public water supply.

Winter Haven Commissioner Brad Dantzler said that the district judge’s ruling in September and Rober F. Kennedy Jr.’s potential nomination to lead the Department of Health and Human Services are reasons that fluoride should likely be removed from the city’s drinking water. Kennedy has previously argued for removing fluoride from the entire nation’s water supply.

Ladapo admitted during his press conference to previously being in favor of fluoridation, which was seen as a public health measure. But, the toxicology report and the district court ruling made him take another look at the issue, and he said that he was appalled by the findings.

“Due to the neuropsychiatric risk associated with fluoride exposure, particularly in pregnant women and children, and the wide availability of alternative sources of fluoride for dental health, the State Surgeon General recommends against community water fluoridation,” the guidance stated.

Ladapo’s guidance also said that the Department of Health recognized the benefits of fluoride and advocated for “oral and overall health” through other means, such as expanding education, screening and operation of dental services in schools, and promotion of healthier habits in communities across the state.

Water systems of more than 70 percent of Florida communities currently receive fluoridated water.

Tyler Durden
Sun, 11/24/2024 – 21:00

France Backs Ukraine Firing Its Long-Range Missiles At Russia

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France Backs Ukraine Firing Its Long-Range Missiles At Russia

This weekend France has belatedly made clear that it has joined allies Britain and US in authorizing Ukraine to use long-range missile for strikes on targets in Russian territory.

The past week has witnessed significant escalation after Ukraine used both UK-made Storm Shadow missiles and US-supplied ATACMS in at least two separate cross-border assaults. And now:

French Foreign Minister Jean-Noel Barrot told the BBC that Ukraine can shoot French longer-range missiles into Russia in the “logics of self-defense.” The French Scalp missiles are the same as the UK’s Storm Shadow missiles, which Ukraine had already used in attacks on Russia.

French Minister for Europe and Foreign Affairs Jean-Noel Barrot and Ukrainian Foreign Minister Andrii Sybiha, via Reuters

“The principle has been set… our messages to President Zelensky have been well received,” he said in the Saturday interview, however without disclosing whether French Scalp missiles have already been used in such a way.

He argued that the Western allies should not put any limits on supporting Ukraine’s effort fighting back Russia. He called for the West to “not set and express red lines.“

After saying this, he was then pressed by interviewer Laura Kuenssberg over if that could even mean sending French troops into the war. “We do not discard any option,” he responded.

The top French diplomat continued, “We will support Ukraine as intensely and as long as necessary. Why? Because it is our security that is at stake. Each time the Russian army progresses by one square kilometer, the threat gets one square kilometer closer to Europe.”

On the question of Zelensky’s push to join NATO, Barrot strongly hinted that Paris considers it as a possibility: “We are open to extending an invitation, and so in our discussions with friends and allies, and friends and allies of Ukraine, we are working to get them to closer to our positions,” he said.

“Of course we will have to spend more if we want to do more, and I think that we have to face these new challenges,” he said of broader French and European defense spending.

The Kremlin’s response to all of this was swift, with Foreign Ministry spokeswoman Maria Zakharova declaring that FM Barrot’s comments are “not support for Ukraine, but rather a death knell for Ukraine.” 

Meanwhile, Russia and Ukraine have continued exchanging drones over each other’s territory at an intense pace. “Ukraine’s air force said that at least 73 Russian attack drones entered the country’s airspace on Saturday into Sunday morning, after a week in which both sides made battlefield history with new advanced weapons systems,” ABC reports.

And Russia’s defense ministry said during the same period its military downed a reported 36 Ukrainian drones. Russia further described that in Ukraine it targeted “military airfields, production facilities and storage sites for drones, as well as concentrations of enemy manpower and military equipment.”

Tyler Durden
Sun, 11/24/2024 – 20:25

Trump Has Vowed To Close The Department Of Education – How Would That Work?

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Trump Has Vowed To Close The Department Of Education – How Would That Work?

Authored by Aaron Gifford via The Epoch Times (emphasis ours),

In September 2023, Donald Trump’s presidential campaign announced 10 principles for reforming education. Chief among them was closing the Department of Education in Washington, and sending “all education work and needs back to the states.”

U.S. Department of Education building in Washington on July 6, 2023. Madalina Vasiliu/The Epoch Times

The president-elect has maintained that pledge, even though he appointed a secretary of education (Linda McMahon) to lead a federal agency he vowed to eliminate.

He also promised to support universal school choice, reverse “gender-affirming” care practices in schools, and leverage the department’s funding mechanisms to end Critical Race Theory and Diversity, Equity, and Inclusion programs in K–12 and higher education.

But how exactly would Trump go about making these changes, and close the $80 billion department?

Neal McCluskey, director of the Cato Institute Center for Education Freedom in Washington, said Congress created the Department of Education and is, therefore, the only agency that can eliminate it.

Under Senate filibuster rules, support is required from 60 of the 100 members, but McCluskey doesn’t think there are enough votes to make that happen.

“He can’t just snap his fingers and make it [Department of Education] go away,” McCluskey told The Epoch Times. “It seems unlikely if no Democrats get on board.”

The department, established in 1979, is also the smallest federal cabinet with about 4,100 employees, McCluskey said.

As something not considered a sacred pillar of the U.S. government, there may be enough bipartisan support to shrink the agency by moving some functions to other federal agencies.

McCluskey said the Constitution does not guarantee the right to education.

Public schools and higher education institutions are mainly funded at the state and municipal levels, while state and local boards of education mandate curriculum, graduation requirements, employee credentials, and annual operating budgets.

Private colleges, though mainly funded by tuition and donations, still get federal financial aid for students.

Higher education financial aid programs, for example, could be moved to the Treasury.

Civil Rights functions for investigating discrimination and harassment complaints at schools and college campuses could easily be handled by the Department of Justice.

The funding programs for low-income school districts and special needs programs would have a place with Health and Human Services.

And The Census Bureau within the U.S. Department of Commerce is well-equipped to take on the data and services that have been provided by the Department of Education’s National Center for Education Statistics and Institute of Education Sciences, McCluskey said.

Through block grants, state education departments could easily handle the smaller federally funded programs for accelerated learning loss recovery in core subjects, nutrition, career and technical education, and various other areas related to academics or student wellness, McCluskey said.

“It’s just a matter of how much control the federal government wants over these programs,” he said, adding that hundreds of millions of dollars could be saved if state employees administered a program instead of both state and federal employees.

In awarding block grants, McCluskey added, Trump could withhold funding from state education agencies that continue DEI and CRT policies if the president deems, they “discriminate based on race.”

Will Congress Support Downsizing?

Changes to the Department of Education will be a high priority in the next legislative session.

On Nov. 21, Sen Mike Rounds (R-S.D.) introduced the “Returning Education to Our States Act,” which would eliminate the Department of Education and move its critical programs to other federal agencies.

In a news release, Rounds said the department’s budget increased by 449 percent in its 45-year history, while student test scores have dropped in the past decade.

“The federal Department of Education has never educated a single student, and it’s long past time to end this bureaucratic department that causes more harm than good,” Rounds said in the release.

“We all know local control is best when it comes to education.”

Similar legislation from Rep. Barry Moore, a Republican from Alabama, also called for abolishing the department and moving its funding to states.

It was introduced in February 2023 but never passed the House Committee on Education and the Workforce.

The chair of that committee, Rep. Virginia Foxx, a Republican from North Carolina, states on her website that she supports returning “decision-making power and resource flexibility to the local level while keeping schools accountable for results to taxpayers, parents, and students.”

Sen Bill Cassidy, a Republican from Louisiana, is expected to take over as chair of the Senate Health, Education, Labor and Pensions Committee.

He has criticized the Department of Education in recent years but stopped short of calling for its elimination.

In June, Cassidy, Ohio Senator and now Vice President-elect JD Vance, and 20 other republican legislators introduced the Dismantle DEI Act that would cut federal funding for any federal department, contractors, or programs that institutionalize discrimination in hiring and employee training.

The list of contractors and programs includes educational accreditation agencies.

“Taxpayers expect the most qualified candidates to be hired, not the most favored,” Cassidy said in a June 13 news release.

Will Policies Be Reversed?

An Epoch Times review of announcements, news releases, and speeches on the Department of Education website under the Biden administration found that initiatives related to DEI and student loan forgiveness have been the department’s most publicized activities.

Sarah Spreitzer, American Council on Education (ACE) chief of staff of government relations, said during a Nov. 7 ACE panel discussion that voters care about education reform and are pressuring the next administration to downsize the department “and give it a smaller role.”

“When they think about their complaints about education, you know, blame the Department of Education,” she said.

“I can see them moving some of the big pieces from the Department of Education, and you’re kind of left with a much smaller footprint of the department.”

ACE leaders echo the Cato Institute’s sentiments that Trump is poised to use his executive authority to remove DEI and CRT from federally funded programs.

Spreitzer said the president-elect did so on a limited basis with federal contractors during his previous term—without any court challenges she’s aware of—so he could easily dust that policy off and expand it after he’s sworn in.

“The hook they’ll always have is that federal funding,” she said. “Whether it’s through your grant agreement, or whether it’s through your program participation agreement, you know putting new requirements in there is the hook they will use.”

Will Teachers Accept Changes?

American Federation of Teachers President Randi Weingarten expressed mixed reactions to Trump’s election and his recent appointment of McMahon at a time when the U.S. Department of Education could face major change.

“We look forward to learning more about Linda McMahon, and if she is confirmed, we will reach out to her as we did with Betsy DeVos at the beginning of her tenure.

“We hope Donald Trump means it when he says he wants a focus on project-based instruction, career and technical education, and apprenticeships.

“This will improve education and job options, making schools more relevant and engaging for young people,” Weingarten said in a Nov. 19 news release.

“But we question the future of these popular ideas and more if the Trump administration follows through with plans to close the Department of Education, leaving in doubt a federal funding lifeline that disproportionately goes to children in need, children with disabilities, and young adults who are the first in their families to go to college.”

The Epoch Times reached out to the Department of Education, but a response was not provided.

Tyler Durden
Sun, 11/24/2024 – 19:50

North Carolina’s Hurricane Rebuilding Director Is “No Longer Employed” With The State

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North Carolina’s Hurricane Rebuilding Director Is “No Longer Employed” With The State

Laura Hogshead, who led North Carolina’s rebuilding efforts after hurricanes Matthew and Florence, is “no longer employed” with the North Carolina Department of Public Safety as director of recovery and resiliency for ReBuild NC, according to WRAL. 

Chief communications officer Jody Donaldson announced Wednesday that Pryor Gibson, a lobbyist for Gov. Roy Cooper and former state representative, is now interim director of the North Carolina Office of Recovery and Resiliency.

WRAL reported that Hogshead is no longer listed on the state’s website.

Previously, her position was characterized on ReBuild NC’s website saying: “Hogshead oversees the expenditure of hurricane recovery funds from the U.S. Department of Housing and Urban Development (HUD) for areas hit by hurricanes Matthew and Florence.”

“Hogshead also oversees the expenditure of U.S. Department of Treasury Coronavirus Relief Fund and Emergency Rental Assistance allocations through the state’s pandemic-related emergency rental assistance program,” it continued. 

Hogshead, long criticized for her leadership and the slow progress of ReBuild NC, faced tough questioning Monday from lawmakers during an Oversight Committee hearing. Gibson was also grilled over the office’s budgetary issues.

ReBuild NC, established by Gov. Roy Cooper to aid low-income hurricane victims, managed nearly $800 million to rebuild homes after Hurricanes Matthew (2016) and Florence (2018) devastated the state.

Despite years of criticism, Hogshead resisted calls to resign, asserting she was the best person for the role, even as Cooper acknowledged the program’s slow pace and called for improvement. Republican lawmakers criticized Cooper for not removing her.

The program’s financial challenges have grown, with a reported $175 million shortfall for housing projects increasing to over $220 million. These funds are allocated to the Homeowner Recovery Program, which assists residents in repairing or rebuilding homes.

State Sen. Danny Britt, R-Hoke, Robeson and Scotland counties commented: “Together in the House and Senate we have tried to hold [ReBuild NC’s] feet to the fire for their failures.”

Tyler Durden
Sun, 11/24/2024 – 19:15

30 Detroit Police Officers Pulled Off Street Due To Inactive Law Enforcement Licenses

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30 Detroit Police Officers Pulled Off Street Due To Inactive Law Enforcement Licenses

This is what ‘defunding the police’ does…

The Detroit Police Department has removed at least 30 officers from active duty after discovering they were operating without valid law enforcement licenses.

The officers come from various divisions, including homicide, road patrol, and the special victims unit, which handles cases of child abuse, domestic violence, and sex crimes, according to WXYZ.

Assistant Chief Charles Fitzgerald commented: “As of this morning, their guns and badges were taken from them. They’ll be on administrative duty until we get this cleared up, hopefully as soon as possible.”

The Michigan Commission on Law Enforcement Standards said there were 32 officers without a license. 

The ABC 7 WXYZ report said that the issue came to light two months ago when DPD found an officer without an active license, prompting an audit that initially uncovered three more cases and has since grown to 30.

Fitzgerald added: “That is a big problem. We’re working through the list, we’re trying to figure out what’s needed, where we need to get the documentation necessary.”

MCOLES said the officers “were hired between November 2019 and August of 2024. Initial indications suggest DPD did not request reactivation of these officer’s law enforcement licenses when they were hired or rehired. The investigation is ongoing and at this point involves at least 32 officers.”

MCOLES Executive Director Tim Bourgeois added: “On a case-by-case basis the Commission will review the status of affected officer to determine if they are eligible for reactivation of their law enforcement licenses. The Commission collaborating with DPD to audit its entire roster and ensure all officers are actively licensed.”

Commissioner Ricardo Moore commented: “It’s very shocking. I think that our personnel director needs to answer a couple questions to the board.”

Tyler Durden
Sun, 11/24/2024 – 18:05

An Amazing Country (With Some Questions)

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An Amazing Country (With Some Questions)

By Peter Tchir of Academy Securities

An Amazing Country (With Some Questions)

A 10-day road trip visiting clients in San Diego, Austin, San Antonio, Houston, Baltimore, (and of course New York and Connecticut), as well as numerous Zoom calls, was a great reminder that there are more similarities than differences across this amazing country! There was some palpable concern amongst some, and something resembling giddiness amongst others. There were some deviations depending on the location and the industry – but as a whole, what stood out, was that people were trying to figure out what is next and what to do about it. Those whose party or candidate didn’t win even expressed some optimism about how things could go. Those who did win also questioned some of the early moves. Very healthy dialogues and introspection. Maybe, just maybe, this is driven by the fact that media rhetoric has toned down significantly since the election? It is almost amazing how quickly things have ratcheted down since the election across much of mainstream media. I do think, and I’m biased, that financial media generally does a better job at this because their main goal is to help managers and investors understand the broader landscape.

Admittedly, many of our conversations were focused on Geopolitical Risk (with members of Academy’s Geopolitical Intelligence Group), but even on that front there is reason for some optimism.

If you missed our recent Podcast, this is a good time to listen, as we tackle a lot of issues in the Middle East and how we see a potential end to the conflict in Ukraine evolving.

This report should, hopefully, act as a bookend to recent reports on Learning to Speak Trump and 3D Chess or 52-Card Pickup?

The only issue is that since I spent so much time away from my data and charts (I do miss them), this report will be high-level and more of a guide for Thanksgiving conversations than markets. We will follow up early this week on that front, once I’ve managed to get fully caught up on these choppy markets.

So today, we will quickly address some of the questions that came up regularly.

Hitting the Ground Running

While we discussed appointments in some detail last week, there is one clear theme so far:

  • In 2016 the President-Elect was slow to pick his posts and left many jobs vacant – which slowed things down. He is obviously trying to change that this time.
  • Many people who were left in place during Trump’s first term did not fully support his agenda and it is believed (probably accurately) that they slow-played things and tried to subvert his agenda from the inside – something that he is trying to change this time.

Whether you agree with some, all, or very few of his picks, this is clearly what is motivating him.

Tariffs

Tariffs were a big part of any discussion. This could play out in many ways, but our base case remains the same:

  • A negotiating ploy to bring countries (namely China) to the table. Many seem very concerned by his statements (which, if taken on face value, are concerning), but if Trump states that this is merely to get China to the table, they lose their power.
    • He did put tariffs in place, so his threat carries weight.
    • The last time he imposed tariffs, there were weeks, if not months, of trade negotiations, so fully I expect that to occur again.
  • China is weak right now economically, and will likely have to bear some of the cost through reduced profits (or more subsidies) and a weaker currency. I expect a stronger dollar to offset much of any impact from tariffs that do get implemented.

I’m not overly worried about tariffs. My hope is that well-targeted tariffs, along with well-targeted subsidies for U.S. corporations, could really jump start “reshoring.”

The Chips Act, and how many strings were attached to it, and why so little money had actually been sent to corporations ahead of the election, came up repeatedly in meetings. Primarily, sadly, this is an example of good/important policy (building foundries) being diminished by adding too many bells and whistles, thereby diluting the initiative. It does seem like there is an increased effort to get the money out the door as this administration winds down.

Why Not a Better Discussion on Mexico?

Right now, Mexico seems likely to be hit with tariffs and immigration related issues. Most, including me, seem to be trying to figure out why we are not having more holistic conversations with Mexico.

If we can get things “right” with Mexico – it could be a boon for both countries.

  • We need to stop the flow of fentanyl (and other drugs) and the potential risk of terrorists coming through. Much of which is being aided (if not directed) by the cartels.
  • Many Mexicans need better jobs and a way to thrive in Mexico outside of the cartels.
  • U.S. companies need to be able to set up businesses in Mexico, but are finding many constraints – including, though not limited to, the reach of the cartels.

I think many would like to see a much bigger dialogue about how the U.S. and Mexico could tackle problems together – many of which stem from the influence of the cartels. So far that doesn’t seem to be on the agenda, which is frustrating to many, as it seems like an obvious avenue to help both countries with their current (and future) concerns.

Immigration

This might be the “trickiest” Trump topic right now.

My view, which is simplistic, and with less basis than my view on tariffs (where we have a lot of color from several of our GIG members), is still my best estimate at the moment.

  • Expect “high profile wins” that have largely universal support. In this category I would highlight criminals, especially where criminal activity has allegedly taken over small areas. I do think that places like the Roosevelt Hotel in New York, meant to be temporary relocation centers, have morphed into something, that while well-intentioned, isn’t working. That could be another “win” (and it seems like Mayor Adams is moving in that direction as well).
  • Don’t expect a full-blown effort to remove every undocumented (often illegal) worker. As you move to a “local” level, many companies depend on these people and are likely to use their influence to limit what happens to these workers, who as a group, have been here long before the term “border crisis” was a regular talking point. While there are various humanitarian and even broader economic reasons not to do this, it might just come down to being too expensive.
  • While there are a variety of opinions on the subject, many of our GIG members think there is a high likelihood that Trump will mobilize the national guard on the border. It does fit with the theme of “easy” wins. It will not be a particularly dangerous assignment (there should be no U.S. reserve casualties) and it shows that “he is doing something” and it will create some powerful photo ops. Basically, it just enforces the rules on the books.

If there is one area where I’m really concerned that I’m downplaying how aggressive the administration will be (which would impact our nation in many ways), this is it.

Wars

A push to end the war in Ukraine.

  • Trump will come up with a deal that he thinks makes sense. Then with a combination of carrots and sticks, for both sides, with Russia’s frozen dollar reserves as a big bargaining tool, he will make something happen.
    • We don’t talk much about this in the U.S., but there is increasing concern that Ukrainians who have left almost 3 years ago are already questioning the idea of returning as they have made new lives for themselves. That risk only increases the longer the war goes on.
    • Georgia – no response. Crimea – blink, but just barely blinked. Donbas – minor pushback. Yes, it would be awful to give Putin his “win”, but effectively we have been doing that with far less pushback for over a decade now.

Permission to destabilize Iran.

  • Israel has been making progress in its efforts to reduce the fighting ability of Iran’s proxies. It has demonstrated that Iran itself is vulnerable to attack and possibility limited in its ability to respond.
  • Much of the Middle East views Iran as the problem, which may also encourage efforts to continue to push back militarily on Iran.
  • It is probably too much to wish for regime change in Iran, but maybe this is the opportunity to press and try?

Africa

Our stance on Africa is unclear. Actually, that is too generous. Russia and China are gaining influence in the region. We paid little attention to it (we didn’t even have ambassadors in some prominent nations). We are paying the price. Deaths are occurring in the region in numbers that dwarf anything going on anywhere else in the world, but this isn’t making it to our headlines.

Not sure what to do here, but it is time that we all pay more attention.

NIMBY and D.O.G.E.

As a whole I think people are curious to see how “Not In My Backyard” plays out. We have a lot of rules and regulations that might get re-evaluated.

  • Since the collapse of the Soviet Union, we have had the luxury of being the sole superpower. We implemented a lot of rules and regulations that made sense in that context.
  • As China’s rise, both militarily and especially economically, alters the global landscape, it may be time to revisit some of those issues.
  • Chips and processed materials (rare earths and critical minerals) all need to be part of what we re-evaluate to make sure we are not fighting with one arm tied behind our backs.

Everyone is curious to see how this Department of Government Efficiency plays out! One thing being floated is offering large severances, which I think (and this ties back to my use of the QUIT rate last week) leads to a very negative self-selection process, and isn’t particularly efficient.

Crypto

Everyone who loved crypto and helped pump it higher continues to love it and pump it higher.

No one who didn’t love crypto has changed their view and they think that it is something the U.S. government shouldn’t be buying (it doesn’t mean they haven’t bought crypto to ride this move, but their view on the use of crypto hasn’t changed).

Bottom Line

No shortage of things to talk about as you prepare for Thanksgiving, but I have the overwhelming sense that this is being done in a constructive way.

And, so we can end on the lightest note possible (I think it is a light note), you can always bet the over/under on how long Trump and Musk can remain besties!

Have a great holiday week and nothing on my market view has really changed (be underweight risk, overweight duration, but only modestly) and try to trade positions around until a real clear trend emerges.

Tyler Durden
Sun, 11/24/2024 – 17:30

Major Cold Blast To Hit Helene-Ravaged NC With Families Living In Tents & Cars Amid FEMA Blunder

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Major Cold Blast To Hit Helene-Ravaged NC With Families Living In Tents & Cars Amid FEMA Blunder

Nearly two months after Hurricane Helene devastated Western North Carolina, the controversies surrounding FEMA’s botched response could have been avoided if the federal agency had apolitical managers overseeing operations and had not diverted funds for illegal aliens. With winter looming over the Appalachian region, at least a thousand people—some of them children—are still living in temporary housing, such as tents.

“Attention Joe Biden or whoever is running this country  its 24/7 all hands on deck this week for  Helene ravaged areas to make sure people are sheltered properly for the coming cold.  The blundering so far has been inexcusable, You have a chance to finish strong here,” Meteorologist Joe Bastardi wrote on X. 

Bastardi’s weather models forecast that a cold blast will descend into the region next week. 

The incoming cold weather coincides with a report from local media outlet WLOS stating that “hundreds of local families are left with nowhere to go” in Western North Carolina, adding, “Now some of these children are living in tents and cars…”

Bloomberg data shows temps across Asheville are expected to crash to sub-freezing levels through the end of the month into early December. 

This is shocking, as WLOS provides new figures: 

The Buncombe County Family Resource Center tells News 13 that they’ve identified 878 new homeless students since the storm. That is in addition to the 274 students identified in Buncombe County as homeless before Helene. It totals 1,152 kids without permanent homes, some living in tents, cars and campers.

Scenes on the ground show “tent cities” in Swannanoa, North Carolina…

Whole families live in tents with children. These people need help. 

“Do you realize that it’s gonna be below freezing in Asheville, North Carolina tonight? And in some parts of North Carolina it’s already below freezing. Do you realize how many people are living in tents? . @fema workers (who aren’t doing anything) are hanging out in heated trailers. While at the same time, we’re housing illegal immigrants in luxury hotels,” one X user said. 

Meanwhile, the controversies at FEMA are piling up for the American people to see:

FEMA ran out of money promoting “equity.” 

Pushing free money to illegal aliens for luxury hotels and food.

Yet residents of storm-ravaged North Carolina received?? 

What a shitshow. And now a humanitarian crisis as winter approaches.

Tyler Durden
Sun, 11/24/2024 – 16:55

Loony Joy Reid Urges Viewers To Avoid Trump-Voting-Relatives Who Might “Turn You In”

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Loony Joy Reid Urges Viewers To Avoid Trump-Voting-Relatives Who Might “Turn You In”

Authored by Steve Watson via Modernity.news,

Crazed MSNBC hack Joy Reid has again suggested that her viewers should avoid their own family members if they voted for president Trump.

In a demented rant, Reid suggested that leftists shun their relatives at Thanksgiving, and that they be afraid because they might get “turned in” to the MAGA authorities… or something.

“People are rightfully alarmed. They have a reason to be alarmed,” Reid rambled in the video posted to social media. 

She continued, “And if you would vote for that, people may not feel so confident that they’re safe with you.”

“This is not crazy,” she said, sounding crazy.

“This is legitimate feelings of fear of you and a feeling that you might not be someone they could trust,” Reid added.

“If this thing goes way south, autocracies go south real fast, and things get ugly, and people get asked to do things, and turn people in, and point people out, and turn on them,” she further garbled.

“Autocracy and fascism are things that are legitimate to be afraid of. So you may want to step back,” Reid proclaimed.

Imagine being this paranoid, thinking that everything you don’t agree with is fascism.

Imagine permanently believing you’re going to be rounded up and thrown into a camp by imaginary MAGA jackboots.

It’s completely mental.

Reid also made similar remarks on her show last week while interviewing Dr. Amanda Calhoun, a third-year Psychiatry Resident at Yale School of Medicine who suggested that people avoid their own family members following Trump’s victory.

When Reid is inevitably fired, whether Elon Musk decides to become her boss or not, this is all you’ll see of her. Deranged selfie rant videos filmed on her iPhone from her living room.

Something to look forward to.

* * *

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Tyler Durden
Sun, 11/24/2024 – 16:20

Matt Taibbi: America’s Loss Of Trust In Media Can’t Be Fixed

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Matt Taibbi: America’s Loss Of Trust In Media Can’t Be Fixed

Submitted by QTR’s Fringe Finance

This weekend I had the great pleasure of interviewing my friend Matt Taibbi.

Taibbi is the head of Racket News and his reputation as a fearless investigative journalist precedes him. From his groundbreaking coverage of the 2008 financial crisis to his more recent explorations of censorship with the Twitter Files, politics, systemic inequality and the inner workings of Congress, Taibbi’s body of work reflects a deep commitment to uncovering truths and challenging conventional narratives.

In our interview this weekend, we discussed:

  • The shift in media landscape toward independent journalism.

  • The results of the 2024 Presidential Election

  • The evolving and extreme rhetoric in political media coverage.

  • Legal and ethical challenges mainstream media faces with libel and reporting accuracy.

  • Trust erosion in mainstream media and its implications.

  • Misrepresentation and consequences of media bias in election reporting.

  • The impact of identity politics on voter demographics and electoral outcomes.

  • Concerns over institutional accountability in censorship and government actions.

  • The missing $1 trillion at the Pentagon every year

  • Escalation in the Russia/Ukraine war before President Biden leaves office

The Rise of Independent Media

Taibbi began by reflecting on his fondness for platforms like Substack, which have provided a haven for writers marginalized by corporate media. “We need a space for independent writers,” he said. “This company has been good about protecting free speech, and it’s shown that it can work financially for certain kinds of figures.”

As the conversation delved deeper, Taibbi underscored the urgency of creating viable alternatives to legacy media. “The media landscape has shifted dramatically,” he observed, pointing to Hugh Hewitt’s recent move to Substack as part of a larger trend. “It’s an accelerating shift towards independent and alternative media,” he noted, emphasizing how disillusionment with mainstream outlets has driven audiences elsewhere.

Mainstream Media’s Trust Deficit

A recurring theme was the erosion of trust in mainstream outlets. Taibbi lambasted their sensationalism, particularly during the Trump and Russiagate years. “They got out of the habit of careful reporting,” he remarked. “For years, they were saying things without fear of blowback. But now, it’s coming home to roost.”

He cited the infamous case of The View issuing a legal disclaimer mid-broadcast as an example of recklessness creeping into established media. “For the first time in years, they realized they actually have to follow libel law on television.”

Asked about media’s relentless hyperbole, Taibbi quipped, “We went from ‘his policies are bad’ to ‘he’s literally Hitler’ in about 18 months. And they’re still doing it.” He described this phenomenon as part of a broader “moral panic,” comparing it to the media frenzy around COVID-19.

Censorship and the Battle for Free Speech

The conversation shifted to censorship, a topic Taibbi has explored extensively through his reporting on the Twitter Files and government overreach. He described witnessing a chilling lack of accountability in bureaucratic institutions. “When Tulsi Gabbard’s story broke about her being on a surveillance list, it gave people a sense of hopelessness,” he said. “That she remained on the list even after the story broke shows there’s no institutional fear of blowback.”

Taibbi expressed cautious optimism about the recent political shift. “With the FCC chair tweeting about addressing censorship, it feels like we’re getting back to the basics—like the First Amendment,” he noted. However, he also warned, “Time will tell if this is an illusory perception.”

The New Media Ecosystem

The rise of independent voices like Joe Rogan, who commands an audience exponentially larger than traditional news outlets, exemplifies the power of intellectual honesty, according to Taibbi. “It’s not about getting everything right,” he said. “It’s about admitting when you’re wrong and being willing to hear all sides of a story.”

He critiqued the selective coverage of mainstream outlets. “Traditional media only talks to people who fit their standards of suitability,” he said. “Rogan will talk to anyone—from the far left to the far right—and audiences respect that humility.”

The Future of Journalism

As the interview concluded, Taibbi pondered whether mainstream media could regain public trust. “Trust is a human thing. It’s not something you can fix with money or algorithms,” he said. “People forgive mistakes, but only if you own them. When you don’t, you lose double.”

Reflecting on the state of American democracy, he added, “This election was a massive repudiation of the media. The public rejected their narrative—and that’s not something they can ignore forever.”

In an era defined by skepticism and fragmentation, Taibbi’s insights served as both a critique and a roadmap for the future of journalism. His call to action was clear: a return to integrity, accountability, and, above all, trust.

Russia Ukraine Escalation

Taibbi offered sharp observations on the escalating tensions between Russia and Ukraine, emphasizing the media’s role and the complexities of international relations. One notable quote captures his critique of U.S. media: “We’ve seen a constant escalation in the rhetoric, where every misstep or diplomatic hiccup gets amplified into a catastrophic headline.” He suggests that the media environment exacerbates global tensions by prioritizing sensationalism over nuanced understanding.

Taibbi also underscores the importance of considering historical and cultural contexts when discussing Russia’s actions, stating, “You can’t look at Putin’s moves in isolation; they’re part of a broader strategy tied to historic grievances and a long-standing opposition to NATO expansion.” This reflects his broader critique of Western policies, where he sees a failure to account for the geopolitical ramifications of military alliances and interventions.

Finally, he criticizes the lack of open dialogue in global politics, stating, “The refusal to engage in direct talks or acknowledge valid security concerns only fuels the fire.” For Taibbi, this highlights a critical gap in how conflicts like this are approached, with too much focus on confrontation and too little on diplomacy.

Watch The Interview

The full 1hr 30 min video interview with Matt can be found here. 

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Tyler Durden
Sun, 11/24/2024 – 15:10