Update(1445ET): Official Lebanese Health Ministry figures are that nine people were killed in the simultaneous pager explosions, including a young girl, and some 2,750 wounded. The Lebanese government has identified “Israeli aggression” as being behind the attack, while Hezbollah also says it holds Israel “fully responsible”. Israel has yet to issue official comment, but there are several reports from the region that war preparations are underway. There are reports of evening Israeli shelling of Hezbollah positions in south Lebanon.

Israel’s Channel 14 is reporting that “senior Israeli military officials are preparing for a third Hezbollah war which is expected to begin almost immediately.” The US State Department has said the US “was not aware of this operation and was not involved” in the attack. The Biden administration says it is “still gathering information”.

The WSJ has offered some initial details on the sophisticated attack, which Lebanese and Arabs have condemned as a major ‘terror attack’. “The affected pagers were from a new shipment that the group received in recent days, people familiar with the matter said,” WSJ writes. “A Hezbollah official said hundreds of fighters had such devices, speculating that malware may have caused the devices to explode. The official said some people felt the pagers heat up and disposed of them before they burst.”

And more: “Hezbollah said a number of pagers carried by its members exploded simultaneously at 3:30 p.m. It couldn’t immediately be determined what caused the blasts, which were spread out across the country in several areas where Hezbollah has a heavy presence.”

There are initial reports that more European airlines have began cancelling flights to Lebanon and Israel amid more headlines of war plans. Lebanese schools and colleges have announced widespread closures tomorrow. The US administration appears to be standing idly by in the meantime.

Amid the Hezbollah pager incident, I’m reminded of what a Pentagon official told me not long ago: “We have let Israel face 0 consequences for crossing all our red lines in Gaza so they are emboldened & know they face no consequences for going into Lebanon” https://t.co/odsQguFPMI

— Akbar Shahid Ahmed (@AkbarSAhmed) September 17, 2024

War looks imminent:

It’s likely we will see the start of an israeli invasion into South Lebanon… timing matters, and Hezbollah will need some weeks to recover at least some of its strength. Another reason is US elections in 50 days, Gaza war hurt Biden, and possibly a Lebanon war will hurt Kamala https://t.co/8JY17QFg7m

— Aram (@AramKrdstn) September 17, 2024

* * *

Update(1050ET): An eyewitness tells Al Jazeera: “There’s more than 400 men here. Their pagers exploded, the ones they use for communication.” There are regional Lebanese media reports of over 1,200 Hezbollah operatives injured.

Reuters is confirming that Iranian Ambassador to Lebanon Mojtaba Amani is among the wounded in the series of pager explosions, based on a report in Iran’s Mehr news outlet. Follow up reports say he was only lightly injured. Some of the explosions happened in Syria as well, reports say. There are reports of civilian deaths in Beirut, including children. Some of the explosions happened inside homes, where the pagers were on shelves or bedstands.

An Al Jazeera correspondent writes, “We are talking about hundreds of members of the group in hospitals. We are seeing videos online of injuries to their arms, to their legs, even to their faces.” The Lebanese Health Ministry is urging for doctors and nurses to rush to south Beirut hospitals amid a shortage. Reuters is reporting that among the confirmed killed is a Hezbollah Member of Parliament’s son, who was part of the armed wing. According to more of the latest:

• Eight dead, 2,750 injured in Lebanon exploding pagers: minister
• Health Ministry: 200 people in critical condition

From an alleged Hezbollah source cited in AP and Israeli media:

The official, speaking on condition of anonymity because he is not authorized to speak to the media, says the explosions were the result of “a security operation that targeted the devices.”

“The enemy [Israel] stands behind this security incident,” the official says, without elaborating.

He adds that the new pagers that Hezbollah members were carrying have lithium batteries that apparently exploded.

Does this signal the start of a larger anti-Hezbollah campaign? It appears so. And Hezbollah is definitely expected to escalate from its side. This could be the start of a new Lebanon war, bigger in scope that than the 2006 war.

Many will ask: why pagers? A regional correspondent and past ZeroHedge contributor explains:

Military analyst Elijah Magnier has told Al Jazeera that Hezbollah relies heavily on the so-called pagers to avoid Israel intercepting its members’ communications.

He also suggested that these devices might have been pre-tampered before they were dispersed among Hezbollah members.

“This is not a new system. It has been used in the past,” he said. “So in this case there has been involvement of a third party … to allow access … to remotely activate the explosion,” he said.

* * *

An apparent covert Mossad operation has unleashed chaos in a southern Beirut neighborhood on Tuesday, resulting in large-scale casualties among Hezbollah operatives and reportedly Lebanese civilians.

Telecommunications devices used by Hezbollah members began exploding, resulting in up to hundreds wounded in the suburb of Dahiyeh. There appears to be fatalities, according to graphic social media images.

Reuters reports, “Hundreds of members of the Lebanese armed group Hezbollah, including fighters and medics, were seriously wounded on Tuesday when the pagers they use to communicate exploded,” according to security sources. Al Jazeera has cited eyewitnesses who say there are over 400 victims at just one hospital.

“A Reuters journalist saw 10 Hezbollah members bleeding from wounds in the southern suburb of Beirut known as Dahiyeh,” the report continues.

It is as yet unclear how precisely Israeli intelligence was able to infiltrate Hezbollah’s telecoms – whether small bombs were placed in the pagers or possibly the result of some kind of large-scale cyberhack. But what is becoming clear is that they were remotely detonated.

A Hezbollah official was cited anonymously in Reuters, calling the incident the “biggest security breach” the group has ever faced since the start of the nearly-year long conflict with Israel. Groups like Hezbollah often use low-tech devices to communicate with each other, given cell phones are easier for intelligence services to intercept.

“Residents said explosions were taking place even 30 minutes after the initial blasts,” the report notes further, citing eyewitnesses. People are also urgently calling for blood donations, given this appears a mass casualty event.

Good morning cyber folks. A borderline literally incredible story from Lebanon, where Reuters is reporting that a simultaneous mass attack on Hezbollah members was…Israel hacking their pagers. Possibly Teletrim, per @michaelh992 https://t.co/FVBNqrNTdChttps://t.co/IhLlbMBFID

— Kevin Collier (@kevincollier) September 17, 2024

Local hospitals are said to be inundated with victims as well as groups of family members rushing to entrances trying to find out what’s going on.

Israel has yet to comment on the apparent covert operation.

🚨 Security camera footage shows a pager being detonated in a market.

A Hezbollah official, speaking anonymously to Reuters, stated, “This is the most significant intelligence breach.” https://t.co/6KVC80wvBi pic.twitter.com/pegD3LLbvT

— BigBreakingWire (@BigBreakingWire) September 17, 2024

A prominent Lebanese and regional war monitor account had this to say…

I severely doubt it’s some technological strike, most likely explosive planted inside the pager.

Whatever it is, the consequences will be dire.

(Stop taking pictures of the wounded, you fucking imbeciles) pic.twitter.com/RIScKZrGTK

— War Monitor (@WarMonitors) September 17, 2024

Most videos are too graphic, but the below shows some of the chaos in the aftermath of the initial explosions.

Footage from Dahiyeh, #Lebanon 🇱🇧, where a @Reuters journalist reports seeing 10 Hezbollah members bleeding from wounds due to their pagers exploding pic.twitter.com/XmyJBLZYvZ

— Aleph א (@no_itsmyturn) September 17, 2024

developing…

Authored by Mike Maharrey via MoneyMetals.com,

It’s not a “black swan” event. In fact, it’s playing out right before our eyes and was entirely predictable. The world is slowly but surely spurning the dollar. 

But most people haven’t noticed.

De-dollarization might seem like a wild conspiracy theory, but it is happening. Countries worldwide are trying to limit their exposure to the greenback, and the dollar’s clout is slowly ebbing.

No, the dollar isn’t on the verge of collapse due to a major trauma. It’s more like death by a million papercuts.

Nassim Taleb, best known for his book The Black Swan, said in a post on X that “people are not seeing the real de-dollarization in progress.”

He pointed out that global transactions are still generally labeled in dollars “as an anchor currency.”  

“But central banks (particularly BRICS) have been storing, that is putting their reserves, in Gold.”

In other words, the dollar still serves as the primary medium of exchange, but more and more countries are turning to gold as a store of value. As author Richard Turrin put it, “The US will tout the USD’s high percentage use in trade all the way to the bottom.”

Turrin pointed out that the “dollar’s high percentage in trade settlements is increasingly meaningless” for two reasons. 

1. Gold holdings show reserve storage

2. Migration of trade to alternate currencies isn’t captured on SWIFT statistics.

This trend toward storing wealth in gold instead of dollars makes sense given the U.S. government’s persistent evaluation of its currency that seems to be accelerating.

Luke Gormen, founder and president of Forest for the Trees confirmed Taleb’s point with a graph, noting that this de-dollarization trend has been in play for more than a decade and “got much louder post-2022 sanctioning of Russian FX reserves.”

In fact, dollar reserves globally have dropped by 14 percent since 2002. And as the graph shows, de-dollarization accelerated after the U.S. and her Western allies aggressively sanctioned Russia and froze the country’s assets after it invaded Ukraine.

Geopolitical and financial analyst Angelo Giuliano posted the same graph asserting, “De-dollarization is happening.”

“The US dollar Ponzi scheme is collapsing…the US exorbitant privilege to print endless amount of paper toilet currency is over.” 

He noted that gold hit yet another all-time high on Sept. 12, saying, “This is only the beginning.” 

Dollar Weaponization Undermining the Dollar

All of these experts confirm that the United States’s weaponization of the dollar is undermining its strength and role as a reserve currency.

A recent Atlantic Council report on the falling percentage of dollar reserves pointed out dollar weaponization was a factor behind this trend.

“In recent years, and especially since Russia’s invasion of Ukraine and the Group of Seven (G7)’s subsequent escalation in the use of financial sanctions, some countries have been signaling their intention to diversify away from dollars.”

The U.S. and its allies not only froze Russian assets, but they also locked the country out of the SWIFT financial system.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) system serves as the global economy’s superhighway. In effect, it operates as a global financial messaging service, facilitating cross-border payments. Since the dollar serves as the world reserve currency, SWIFT effectively facilitates an international dollar system.

This gives the U.S. a great deal of leverage, as the Russians discovered. 

This wasn’t the first time the U.S. used SWIFT and the dollar as a stick to advance its foreign policy goals. In 2014, the Obama administration locked several Russian financial institutions out of SWIFT as relations between the two countries deteriorated over Ukraine and Crimea. 

A few years later, the Trump administration threatened China in an attempt to force that country to join in sanctioning North Korea. 

Whether you think the sanctions were justified or not, it’s important to remember that other countries are watching. They realize that dependence on dollars makes them vulnerable too.

U.S. manipulation and this is one of the reasons many countries are trying to diversify away from the USD. 

Think about it — if you are concerned that the U.S. could pull the “dollar rug” out from under you, why not pull out from the dollar system first?

This appears to be what is slowly happening. Again, it is death by 1 million paper cuts.

According to a 2023 Invesco survey, a “substantial percentage” of central banks expressed concern about how the U.S. and its allies froze nearly half of Russia’s $650 billion gold and forex reserves.

Central Banks Turning to Gold 

We see this shift toward gold in persistent central bank gold buying.

According to the most recent World Gold Council survey released in June, 29 percent of central banks plan to add more gold to their reserves in the next 12 months. The WGC said it was the highest level since the survey began in 2018.

Only 3 percent said they had plans to decrease gold reserves. 

Earlier this year, the World Gold Council said the continuation of gold buying supports its expectation that “2024 will be another solid year of central bank gold demand.”

“Last year central banks placed great emphasis on gold’s value in crisis response, diversification attributes, and store-of-value credentials. A few months into 2024 the world seems no less uncertain meaning those reasons for owning gold are as relevant as ever.”

Last year, central bank gold buying fell just 45 tons short of 2022’s multi-decade record.

According to the World Gold Council, central banks net gold purchases totaled 1,037 tons in 2023. It was the second straight year central banks added more than 1,000 tons to their total reserves.

Central bank gold buying in 2023 built on the prior record year. Total central bank gold buying in 2022 came in at 1,136 tons. It was the highest level of net purchases on record dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.

The skyrocketing price of gold confirms the wisdom of these central bankers. And it is a tangible sign that the dollar is losing value – and status. 

Authored by Lance Roberts via RealInvestmentAdvice.com,

Since 2020, momentum investing has generated significantly better returns than other strategies. Such is not surprising, given the massive amounts of stimulus injected into the financial system. However, Brett Arends for Marketwatch noted in 2021 that momentum investing can give you an edge. To wit:

“Its success ‘is a well-established empirical fact,’ and can be demonstrated across multiple assets and over 212 years of stock market data, argues money manager Cliff Asness and his colleagues. It is ‘the premier market anomaly,’ writes analyst Gary Antonacci. It trounces a simple ‘buy and hold’ stock market strategy going back almost 100 hundred years, estimates money manager Meb Faber.”

While momentum investing is appealing in a liquidity-driven bull market, is it always the best strategy? As noted in the “Best Way To Invest:”

The last decade has been a boon for the index ETF industry, financial applications, and media websites promoting ‘buy and hold’ investing and diversification strategies. But is the ‘best way to invest’ during a bull market also the best way to invest during a bear market? Or, do different times call for different strategies?

That is the question we will explore further.

Momentum Investing Isn’t Passive

Brett compares several ETF funds over the past five years in his discussion. To simplify our analysis, we will use the following three ETFs from 2014 to the present. (2014 is the earliest date that all three ETFs have performance data.)

• SPDR S&P 500 ETF (SPY) as the “buy and hold” proxy,

• IShares Momentum ETF (MTUM) as the “momentum” proxy; and,

• IShares Value ETF (IVE) as the “value” proxy.

For our analysis, we calculated the growth of $1 invested in each ETF from January 2014 on a nominal capital appreciation basis only.

At first blush, the obvious choice for investors was momentum when compared to the S&P 500 or value.

So, is that all there is to it?

Do you buy a “momentum” fund and forget about it?

Well, not so fast, says Brett. However, while I agree with Brett, it is for a different reason. The issue with “Momentum investing” is that it is not a passive strategy. For example, if we look at the top 10 holdings of MTUM, we can see the changes being made to the ETF as momentum changes in the market.

At the end of 2020, Danaher Corp (DHR) and Thermo Fisher (TMO) were among the top 10 holdings as the market chased healthcare-related stocks due to the pandemic. By September 2021, with the steepening yield curve and developments related to vaccines and bitcoin, Paypal (PYPL), Moderna (MRNA), and major banks dominated the top 10. By the end of 2021, PayPal was replaced by Nvidia (NVDA), Costco (COST), and accounting stocks.

Looking at the present, following the 2022 correction and subsequent rebound, the holdings have once again shifted. After a strong run in 2024, Costco has returned to the top 10, replacing Netflix (NFLX) and Microsoft (MSFT).

The outperformance in Momentum is due to the changes in holdings to capture price trends. However, if you hold SPY, the only changes over the last few years are due to the weighting in the top-10 holdings.

Again, momentum seems to be the obvious choice.

But it isn’t.

Momentum Investing Doesn’t Always Win

Brett makes a very important point about momentum investing.

Researchers say investing in so-called “momentum” stocks, is the best documented and most durable “edge” in the market.

Critically, that applies to owning individual equities in a portfolio. Not passively holding an ETF.

There is a difference.

Yes, on a passive basis since 2014, momentum has outperformed the benchmark and value indices. However, passively holding an ETF negates the value of momentum investing.

“And there is an inbuilt cautious bias to this portfolio as well, because it only holds stocks that have positive trailing returns. In a bear market you may be invested in nothing whatsoever. As Meb Faber and others have pointed out, momentum strategies can help you avoid the worst market turmoil.” – Brett Arends

Read that again.

As a strategy, momentum investing raises cash when the momentum of holdings turns negative. Such is not the case for an ETF that must always remain invested. If we break the comparative performance down into specific periods, the value of the momentum strategy gets lost.

In 2105 and 2016, momentum provided no hedge against the Fed’s “taper” and Brexit.

Similarly, in 2018, relative performance was worse than the benchmark during the Fed’s “taper tantrum.”

Holding a momentum ETF in early 2020 did little to shield you from the downturn. However, momentum benefited from the recovery fueled by trillions in monetary and fiscal policies.

During 2022, holding a momentum ETF significantly underperformed the value index.

As Brett noted, momentum investing’s value, when applied to a portfolio of individual equities, is that it can help avoid significant capital destruction during market downturns.

However, the value of the momentum strategy gets lost when applying an active strategy to a passive holding.

Choosing The Right Strategy At The Right Time

As a strategy, momentum investing works well when properly applied to a portfolio of individual securities.

One of the most interesting aspects of this portfolio though is not only that it has a lot of hard numbers backing it up, but that it is in theory accessible to any ordinary investor who can screen stocks by monthly performance.

He is correct, and it is something that we provide at SimpleVisor daily, as shown:

Momentum investing works exceptionally well during a strongly trending bull market. However, it is critical to remember that strategies change during a bear market. As shown below, market cycles tend to precede economic cycles, so investment strategies should change with both economic and market cycles.

Such will be critically important when the next bear market begins.

The Return Of Value

As Brett aptly concludes:

My biggest problem with “momentum” as an investment strategy is that you are basically abandoning any attempt to do your own fundamental analysis whatsoever. It feels to me like the stock market equivalent of “social” media, jumping on the latest crowd mania regardless of any merits. 

But maybe that’s why I should do it. If Rome is falling, and the Dark Ages are coming, shouldn’t I just give up and bet on the Vandals?”

I wouldn’t give up just yet.

The chart shows the difference in the performance of the “value vs. growth” index. (Fidelity Value Fund vs S&P 500 Index)

Notable are the periods when “value investing” outperforms.

While it may seem like the current bull market will never end, abandoning decades of investment history would be unwise. As Howard Marks once stated:

“Rule No. 1: Most things will prove to be cyclical.

Rule No. 2: Some of the most exceptional opportunities for gain and loss come when other people forget Rule No. 1.”

The realization that nothing lasts forever is crucial to long-term investing. To “buy low,” one must first “sell high.” Understanding that all things are cyclical suggests that investment strategies must also change.

The rotation from “momentum” to “value” is inevitable. It will occur against a backdrop of economic weakness and price discovery for investors quietly lulled into complacency following years of monetary interventions.

“Relative valuations are in the far tail of the historical distribution. If, as history suggests, there is any tendency for mean reversion, the expected future returns for value are elevated by almost any definition.” – Research Affiliates

The only question is whether you will be the buyer of “value” when everyone else is selling “momentum?”

After last week’s solid auction which saw stellar demand no doubt on the expectation that the Fed will soon be slashing rates, moments ago we got the results of this week’s sole coupon offering: a $13 billion reopening of 19Y-11M cusip UD8, where we learned that demand for 20Y paper was far weaker than expected.

Stopping at a high yield of 4.039%, the 20Y reopening yield was down from 4.16% in August, and even though this was the lowest 7Y yields since July 2023, it was the auction this month to still yield above 4% (thanks to the infamous 20s-30s kink, the 30Y trades at 3.96%). Notably, it also tailed the When Issued 4.019% by 2.0bps, the biggest tail since February’s catastrophic – and record – 3.3bps tail, and followed 6 consecutive stop throughs.

The demand metrics were just as ugly: the bid to cover sank to 2.51 from 2.54, the lowest since February and naturally below the six-auction average of 2.68%. 

The internals were even worse: indirects took down 65.1%, down from 71.0% last month and the lowest since the dismal February auction. And with Directs taking 16.3%, Dealers were left holding 18.6%, double last month’s 9.7% and the highest since – you guessed it – February.

Overall, this was a very ugly auction, easily the second worst 20Y sale of 2024, and the market reacted appropriately, sending the 10Y yield to session highs.

Authored by Steve Watson via Modernity.news,

A former Obama administration official turned CNN shit talker expressed a concern Sunday that all these pesky failed attempts to assassinate Donald Trump are helping him politically.

Yes, really.

Juliette Kayyem, a former Department of Homeland Security official under Obama, labelled the situation a “problem” and “unfortunate” because it is making Trump more popular.

“I really don’t care what you feel about him, or Harris,” Kayyem said referring to Trump, adding “I mean, this is, this is the expectation that he will be safe.”

Kayyem continued, “And the reason why this is, you know, in some ways, you know, you said how close the election is, the problem is this is a safety issue that is being thrown into a very intense political environment in which the very fact of an assassination, a constitutional moment, because it’s, it could have impacted voters, will be used for political purposes.”

“And that, to me, is, is just as not as a, you know, exceptionally unfortunate, because whatever your beliefs are, we do deserve to have campaigns that are not part that where violence isn’t being used as either a sword or a shield,” she added.

Watch:

CNN’s Juliette Kayyem laments this second Trump assassination attempt “could have impacted voters” and “will be used for political purposes” and that’s “exceptionally unfortunate” pic.twitter.com/ymJKE3VbUZ

— Curtis Houck (@CurtisHouck) September 16, 2024

How unfortunate that Trump keeps dodging bullets fired by radicalised deranged leftists and then… talking about it!

“It sucks that guy guy was almost killed again, now he will benefit from it” is WILD

— Courtney O’Dell (@sweetcsdesigns) September 16, 2024

CNN’s Wolf Blitzer expressed the same concern that Trump is using the assassination attempts “as a way to rile up his base.”

Wolf Blitzer: “The Trump campaign is seizing on this apparent assassination attempt as a way to rile up his base.”

Or, ya know, we’re a little angry that people keep trying to MURDER President Trump. pic.twitter.com/Xv540CXgqT

— Trump War Room (@TrumpWarRoom) September 16, 2024

So, the only reason why CNN Democrats believe attempting to murder a political rival is bad appears to be because it could help them in the polls.

Democrats on CNN are just evil people

— Abri (@abriNotMe77) September 16, 2024

It’s good to see they have their priorities straight.

Another attempt on his life and @juliettekayyem is upset that he might get some sympathy votes. They’ll probably try to charge him with election interference for not just letting them kill him.

— Jeff Blakley (@JeffBlakley2) September 16, 2024

The media reaction to this second attempt to shoot Trump to death is just incredible.

In a disgusting yet unsurprising move, the Washington Post is blaming the attempted assassination by a deranged individual parroting Kamala’s dangerous talking points on President Trump. https://t.co/Bm8r9TqlYa

— Trump War Room (@TrumpWarRoom) September 16, 2024

They’re actually running with the narrative that it is Trump’s OWN FAULT that a blue haired Harris supporter hid in a bush with an AK47 and tried to shoot him in the head.

Harris Campaign Co-Chair Chris Coons blames the assassination attempt on President Trump’s “rhetoric.”

When they show you who they are… pic.twitter.com/EYtvrsKVLI

— Trump War Room (@TrumpWarRoom) September 16, 2024

It’s absolutely fascinating, and hideously disgusting at the same time.

“Stop making us trying to murder you” explained NBC News. https://t.co/3BZ2qGVqeg

— Stephen L. Miller (@redsteeze) September 16, 2024

Their followers, the people listening to their incessant 24 hour ‘Trump is Hitler’ loop, are literally trying to murder him, yet somehow Trump is the one who needs to tone it down.

JUST IN: MSNBC’s Alex Witt argues that the Trump campaign needs to tone down the rhetoric following Donald Trump’s involvement in another incident against him.

Her guest, Elise Jordan, argues that she hopes Trump will turn this into a ‘unity moment,’ but fears he won’t. pic.twitter.com/sWbEwwXEX2

— I Meme Therefore I Am 🇺🇸 (@ImMeme0) September 15, 2024

I like my version…a bit more direct pic.twitter.com/J87prJXbmA

— Steve Skojec (@SteveSkojec) September 16, 2024

It’s the equivalent of saying “she got raped because her skirt was too short.”

https://t.co/NWeZwmGfYK pic.twitter.com/6JUu8kgkzR

— Kurt Schlichter (@KurtSchlichter) September 15, 2024

Lets check where we are now on the leftist news cycle:

The press immediately acknowledging the assassination attempt in order to blame the victim is a sure sign that we are only about one or two news cycles away from the media openly saying that presidential assassinations are a good thing.

Let us consult the chart once again: https://t.co/4cghiudEpo pic.twitter.com/l2O1UPTUQ8

— Vagrant of Rhodes 🗡️🕯️ (@vagrantwires) September 16, 2024

pic.twitter.com/VqpZ5ODSqO

— APOCTOZ (@Apoctoz) September 16, 2024

pic.twitter.com/eNXvntnCoe

— Political Blasphememes (@PBlasphememes) September 16, 2024

pic.twitter.com/ANm5hMTtLZ

— The Right To Bear Memes (@grandoldmemes) September 16, 2024

You see, it’s ALL Trump’s fault. These shooters just have unclear political ideologies.

– https://t.co/iPweR4QVRG pic.twitter.com/pZQt0NZSIR

— The Right To Bear Memes (@grandoldmemes) September 16, 2024

– https://t.co/iPweR4QVRG pic.twitter.com/AA52JL58Ou

— The Right To Bear Memes (@grandoldmemes) September 16, 2024

https://t.co/xlrhuomuF2 pic.twitter.com/igDSEsjWQK

— Auron MacIntyre (@AuronMacintyre) September 16, 2024

It’s not like this latest nutcase just parroted the exact same phrases as the Democrat controlled leftist media while cosplaying as some sort of NGO official coordinating a Ukraine war effort response… is it?

👇 pic.twitter.com/fYMEErf2ke

— Rothmus 🏴 (@Rothmus) September 16, 2024

Oh.

pic.twitter.com/wTq5ketEpl

— Tim Young (@TimRunsHisMouth) September 16, 2024

pic.twitter.com/SAEy2Gr6bW

— Billboard Chris 🇨🇦🇺🇸 (@BillboardChris) September 16, 2024

*  *  *

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Outgoing NATO chief Jens Stoltenberg has addressed the question of the US and UK mulling allowing Ukraine to strike Russian territory with West-supplied long-range weapons. President Putin last week spelled out clearly that if this happened then Moscow and NATO would be in a state of direct war.

Stoltenberg downplayed this threat of major new escalation in a Monday interview with LBC radio, saying he “welcomed” the discussion over long-rage missiles. He separately told Foreign Policy he’s in favor of the West greenlighting long-range strikes on Russian soil.

“I welcome these developments and these decisions but its for individual allies to make the final decisions,” Stoltenberg said. “Allies have different policies on this.”

And yet strangely, he seemed to admit the potential for nuclear-armed confrontation. “So far, we haven’t seen any changes in their nuclear posture that require any changes from our side,” he said, while acknowledging that there won’t be any winners in a nuclear war.

He was pressed over the question of Russia’s reaction if the West goes ahead with this long-range escalation:

Asked about possible Russian retaliation, Stoltenberg said there were “no risk-free options in the war”.

“But I continue to believe that the biggest risk for us, for United Kingdom, for NATO, will be if President Putin wins in Ukraine,” he added.

At this moment, the Russian side is indeed ‘winning’ in terms of Putin’s stated objectives to fully control the Donbass in Ukraine’s east. Zelensky has been seeking to escalate against Russian territory out of desperation, and in hopes Moscow would be forced to pull manpower from Donetsk and redirect it to Kursk.

Stoltenberg has rejected Putin’s assertion that NATO will be a direct part of the war if long-range attacks on Russia are approved. He in a separate Foreign Policy interview stated “This is not correct when President Putin says that we will become party to the conflict.”

He attempted to explain that given NATO doesn’t consider Iran and North Korea direct parties to the conflict over their alleged military aid shipments to Moscow, neither should Russia see NATO in the same light.

Of course, what Stoltenberg is leaving out is the heart of the issue: that this would involve Western weapons directly striking Russian territory, perhaps even as far as Moscow oblast. None of this will convince Putin that somehow NATO is not a party to the conflict.

Stoltenberg emphasized Ukraine’s right to self-defense, which includes the “right to strike targets inside the territory of the aggressor [Russia].” The NATO chief laid out that he is “in favor of loosening restrictions” of Ukraine using long-range Western weapons to attack Russia.

NATO Secretary-General @jensstoltenberg says on FP Live that he is in favor of allies loosening restrictions on Ukraine’s use of Western-made long-range missiles. Watch the full interview or read the Q&A here: https://t.co/3WEPN7WMqA pic.twitter.com/Lm4xle93pG

— Foreign Policy (@ForeignPolicy) September 16, 2024

To recount, Putin anticipated these arguments. He explained last Friday, “So this is not about whether or not to allow the Ukrainian regime to strike Russia using these weapons, but of deciding whether or not NATO countries are directly involved in the military conflict or not. If such a decision is taken, it will mean nothing short of direct participation of NATO countries, the United States, European countries, in the war in Ukraine.”

The Russian leader had continued in his televised short remarks: “This would constitute their direct participation, and this, of course, changes the very essence, the very nature of the conflict. It will mean that NATO countries, the United States and European countries, are at war with Russia.” He couldn’t have been any clearer.

Two members of the Chicago Civilian Office of Police Accountability were fired at the end of last month…immediately after they complained to the Inspector General about bias against police.

Matt Haynam, deputy chief administrator for the Civilian Office of Police Accountability (COPA), responsible for investigating Chicago Police misconduct, was abruptly dismissed during a virtual meeting with COPA Chief Andrea Kersten and general counsel Robin Murphy, according to a report from Law Enforcement Today, citing the Chicago Sun Times.

Earning $163,068 annually, Haynam said he was given no explanation for his immediate termination. Within 90 minutes of the meeting, COPA employees arrived at his home to collect his city-issued car, computer, and phone.

Haynam said he received a text from supervising investigator Garrett Schaaf, who had been similarly fired. Schaaf, who earns $117,792 annually, declined to comment.

“I recently made a complaint to the [inspector general] directly and was let go today effective immediately and given no justification,” Haynam said.

“I’m being fired because she [Kersten] is retaliating. There’s not a performance issue or an issue with my skill level or technical ability, nor was I told there was. I’ve work[ed] there for seven years and been promoted four times. Yet after I make a complaint against Andrea, I’m fired without explanation? I haven’t talked to her in over a month other than of her to fire me today,” he continued.

He continued: “I could probably give you 20 people at COPA who would tell you the same thing. We have employees inside with spreadsheets tracking bias.”

“We have quality managers who have met with Andrea and said, ‘We have a real problem here.’ Is there an issue? Yes. Enough people have been blowing the whistle that someone external to COPA has to either clear what’s going on and say investigations are sound or they’re not,” he said. 

The Law Enforcement Today report says Chicago Police Superintendent Larry Snelling has criticized COPA investigations as unfair and “outcome-based,” with Haynam agreeing and expressing distrust in the process.

However, COPA’s first deputy chief administrator, Ephraim Eaddy, refuted claims of anti-police bias, pointing out that only 14 percent of 2023 investigations resulted in sustained misconduct findings. Eaddy emphasized COPA’s commitment to its responsibility in investigating complaints and serving the city.

Earlier this year, the Fraternal Order of Police (FOP) sued COPA Chief Andrea Kersten and her aides, accusing them of biased investigations and excessively harsh discipline on officers. FOP President John Catanzara argued that COPA had strayed from its mission, pushing a far-left agenda and unfairly targeting police officers.

Update(1050ET): An eyewitness tells Al Jazeera: “There’s more than 400 men here. Their pagers exploded, the ones they use for communication.” There are regional Lebanese media reports of over 1,200 Hezbollah operatives injured.

Reuters is confirming that Iranian Ambassador to Lebanon Mojtaba Amani is among the wounded in the series of pager explosions, based on a report in Iran’s Mehr news outlet. Some of the explosions happened in Syria as well, reports say. There are reports of civilian deaths in Beirut, including children. Some of the explosions happened inside homes, where the pagers were on shelves or bedstands.

An Al Jazeera correspondent writes, “We are talking about hundreds of members of the group in hospitals. We are seeing videos online of injuries to their arms, to their legs, even to their faces.” The Lebanese Health Ministry is urging for doctors and nurses to rush to south Beirut hospitals amid a shortage.

From an alleged Hezbollah source cited in AP and Israeli media:

The official, speaking on condition of anonymity because he is not authorized to speak to the media, says the explosions were the result of “a security operation that targeted the devices.”

“The enemy [Israel] stands behind this security incident,” the official says, without elaborating.

He adds that the new pagers that Hezbollah members were carrying have lithium batteries that apparently exploded.

Does this signal the start of a larger anti-Hezbollah campaign? It appears so. And Hezbollah is definitely expected to escalate from its side. This could be the start of a new Lebanon war, bigger in scope that than the 2006 war.

Many will ask: why pagers? A regional correspondent and past ZeroHedge contributor explains:

Military analyst Elijah Magnier has told Al Jazeera that Hezbollah relies heavily on the so-called pagers to avoid Israel intercepting its members’ communications.

He also suggested that these devices might have been pre-tampered before they were dispersed among Hezbollah members.

“This is not a new system. It has been used in the past,” he said. “So in this case there has been involvement of a third party … to allow access … to remotely activate the explosion,” he said.

* * *

An apparent covert Mossad operation has unleashed chaos in a southern Beirut neighborhood on Tuesday, resulting in large-scale casualties among Hezbollah operatives and reportedly Lebanese civilians.

Telecommunications devices used by Hezbollah members began exploding, resulting in up to hundreds wounded in the suburb of Dahiyeh. There appears to be fatalities, according to graphic social media images.

Reuters reports, “Hundreds of members of the Lebanese armed group Hezbollah, including fighters and medics, were seriously wounded on Tuesday when the pagers they use to communicate exploded,” according to security sources. Al Jazeera has cited eyewitnesses who say there are over 400 victims at just one hospital.

“A Reuters journalist saw 10 Hezbollah members bleeding from wounds in the southern suburb of Beirut known as Dahiyeh,” the report continues.

It is as yet unclear how precisely Israeli intelligence was able to infiltrate Hezbollah’s telecoms – whether small bombs were placed in the pagers or possibly the result of some kind of large-scale cyberhack. But what is becoming clear is that they were remotely detonated.

A Hezbollah official was cited anonymously in Reuters, calling the incident the “biggest security breach” the group has ever faced since the start of the nearly-year long conflict with Israel. Groups like Hezbollah often use low-tech devices to communicate with each other, given cell phones are easier for intelligence services to intercept.

“Residents said explosions were taking place even 30 minutes after the initial blasts,” the report notes further, citing eyewitnesses. People are also urgently calling for blood donations, given this appears a mass casualty event.

Good morning cyber folks. A borderline literally incredible story from Lebanon, where Reuters is reporting that a simultaneous mass attack on Hezbollah members was…Israel hacking their pagers. Possibly Teletrim, per @michaelh992 https://t.co/FVBNqrNTdChttps://t.co/IhLlbMBFID

— Kevin Collier (@kevincollier) September 17, 2024

Local hospitals are said to be inundated with victims as well as groups of family members rushing to entrances trying to find out what’s going on.

Israel has yet to comment on the apparent covert operation.

🚨 Security camera footage shows a pager being detonated in a market.

A Hezbollah official, speaking anonymously to Reuters, stated, “This is the most significant intelligence breach.” https://t.co/6KVC80wvBi pic.twitter.com/pegD3LLbvT

— BigBreakingWire (@BigBreakingWire) September 17, 2024

A prominent Lebanese and regional war monitor account had this to say…

I severely doubt it’s some technological strike, most likely explosive planted inside the pager.

Whatever it is, the consequences will be dire.

(Stop taking pictures of the wounded, you fucking imbeciles) pic.twitter.com/RIScKZrGTK

— War Monitor (@WarMonitors) September 17, 2024

Most videos are too graphic, but the below shows some of the chaos in the aftermath of the initial explosions.

Footage from Dahiyeh, #Lebanon 🇱🇧, where a @Reuters journalist reports seeing 10 Hezbollah members bleeding from wounds due to their pagers exploding pic.twitter.com/XmyJBLZYvZ

— Aleph א (@no_itsmyturn) September 17, 2024

developing…

With Donald Trump now the target of two assassination attempts in two months, a new whistleblower report released by Senator Josh Hawley (R-MO) has unveiled a series of alarming security lapses by the U.S. Secret Service (USSS) and other federal agencies during the attempt at a rally in Butler, Pennsylvania, on July 13, 2024.

The report, based on information provided by multiple whistleblowers, highlights a pattern of incompetence, mismanagement, and inadequate preparation by the agencies responsible for safeguarding one of the most high-profile figures in American politics.

The report reveals that systemic failures, poor decision-making, and a lack of proper resource allocation within the Secret Service contributed to what is being described as a near-catastrophic breach of presidential security. These findings have sparked a call for urgent oversight and reform of the agency, raising serious questions about its ability to protect national leaders.

Gaps in Security Protocols and Poor Decision-Making

Among the most critical allegations in the whistleblower report is the Secret Service’s decision not to conduct a standard evaluation of the rally site. The Counter Surveillance Division, tasked with identifying potential threats, was notably absent during the event. This failure was compounded by the fact that the Secret Service reportedly declined multiple offers from local law enforcement to employ drone surveillance technology at the rally. The decision was particularly consequential, given that the would-be assassin himself used a drone to conduct surveillance of the rally site hours before launching his attack.

In a striking lapse, law enforcement personnel abandoned a rooftop surveillance position due to hot weather conditions. This rooftop was subsequently used by the shooter to fire shots during the rally, nearly succeeding in his assassination attempt. The report suggests that a significant security breakdown occurred because of a lack of counter sniper coverage and the absence of a coordinated response.

What’s more, the lead Secret Service agent responsible for site security during the rally was also flagged for a history of incompetence. This agent, who had previously been cited for failing to follow established security protocols, was nonetheless placed in charge of protecting the former president. The report raises questions about how and why this individual was entrusted with such a critical role.

Whistleblowers told me that the lead site agent at the Butler rally was someone who wasn’t trusted by other Secret Service agents and didn’t know what she was doing.

Why are these people running security for a former President and a major party nominee? pic.twitter.com/FPxPGA8yGM

— Josh Hawley (@HawleyMO) September 16, 2024

Resource Denial and Inadequate Training

According to whistleblowers, agents on the ground were discouraged from requesting additional security resources, with explicit instructions that such requests would be denied. This led to a situation where those responsible for protecting the former president were left under-resourced and vulnerable. The rally itself was reportedly covered by Department of Homeland Security (DHS) agents who were reassigned from other duties, such as child exploitation cases, with only a two-hour webinar as preparation. Such minimal training, the report claims, was grossly inadequate for the complexities of protecting a high-profile target like Trump.

The whistleblowers further allege that the Secret Service’s Counter Surveillance Division faced significant cuts in both funding and personnel. These reductions were purportedly directed by Acting Director Rowe, who has yet to respond publicly to these claims. These resource cuts, whistleblowers argue, directly impacted the agency’s ability to maintain the level of vigilance needed to thwart potential threats.

Internal Concerns and Allegations of Retaliation

The report also raises concerns about internal culture and leadership within the Secret Service, suggesting that agents who voiced concerns over security protocols were either ignored or faced retaliation. Some whistleblowers allege that they were subject to pressure or threatened with career repercussions if they raised alarms about inadequate security measures. This internal atmosphere, as depicted in the report, could have contributed to a chilling effect, discouraging agents from advocating for necessary precautions.

Following the attempted assassination, several high-level Secret Service officials were reportedly “encouraged to retire,” a move viewed by critics as an attempt to avoid deeper scrutiny and congressional oversight. This, the report suggests, points to a culture of evasion rather than accountability within the agency.

The whistleblower report highlights the slow response of executive agencies to the inquiries made by lawmakers. Senator Hawley’s office noted that while they had asked for clarifications from both the Secret Service and DHS, the responses have been delayed and lacking in detail. Notably, none of the agencies have outright denied the whistleblower allegations, which has only fueled further concern over the veracity of the claims.

Hawley emphasized the need for a comprehensive investigation and reforms, stating, “These failures expose significant vulnerabilities in our nation’s security apparatus that cannot be ignored. It is imperative that we hold those responsible to account and implement immediate changes to prevent such a failure from happening again.”

Several questions remain unanswered. For instance, why were critical security measures, such as rooftop surveillance and counter-sniper coverage, not enforced? Who within the Secret Service or DHS was responsible for denying requests for additional security resources? And what was the motive behind the assassination attempt, given the assassin’s use of encrypted communications?

Moreover, the report points to broader implications for U.S. security policy. In the wake of the assassination attempt, there is growing pressure on both Congress and the Biden administration to undertake sweeping reforms of the Secret Service. This would likely include revisiting funding levels, personnel training, and perhaps most critically, ensuring a culture of accountability within the agency.

The Biden administration has so far not commented directly on the findings of the whistleblower report. However, lawmakers from both parties are expected to press for further hearings and investigations into the matter.

A Call for Whistleblower Protections and Further Reforms

Hawley has promised protections for any new whistleblowers who provide additional information on the Secret Service’s failures. “We cannot afford to sweep these issues under the rug,” he said. “The American people deserve a transparent and accountable government, and that starts with a thorough investigation into these alarming revelations.”

Authored by Jesse Coghlan via CoinTelegraph.com,

Donald Trump didn’t end up talking about World Liberty Financial — his family’s new crypto platform — during a so-called launch event on X, but the team eventually shared information about the project’s token.

Former President Trump was interviewed by crypto influencer Farokh Sarmad in a Sept. 16 X Spaces, his first public appearance since an apparent assassination attempt on Sept. 15, which he spoke about to open the livestream.

Despite Trump billing the livestream as a “State of Crypto address,” it took about 16 minutes for him to mention the word, saying: “We’re going to make our country greater than ever before, and you’re going to be happy, and you’re going to love your crypto.”

While Trump spoke for around 45 minutes, he didn’t share any information about World Liberty Financial, details of which have already been sparse.

Join me live from Mar-A-Lago at 8:00PM Eastern, tonight on X Spaces. Set a reminder and be sure to tune in! https://t.co/MXTu3hxVFP

— Donald J. Trump (@realDonaldTrump) September 16, 2024

It wasn’t until over two hours into the livestream that one of the project’s leaders, Zak Folkman, shared that “there will be a token.”

Reading from a pre-written statement, Folkman said it was planning to sell non-transferrable WLFI tokens, which “are pure governance tokens, only providing the right to make proposals and vote on matters related to the platform.”

He added that the sale of WLFI tokens to US persons would only be available to accredited investors.

“Although we don’t consider WLFI to be a security, in the light of regulatory uncertainty surrounding tokens and token sales in general in the United States, we’ve decided that it’s prudent to limit the token sales to certain persons who would be eligible to participate in transactions that are exempt from registration under the US federal securities law,” Folkman said.

“So that means that US persons may only participate in a potential token sale if they have been reasonably verified as accredited investors.”

He added a potential token sale to non-US persons would similarly be limited by “applicable restrictions.”

Folkman and fellow project leader Chase Herro, along with Eric and Donald Trump Jr., have touted how the platform would remove barriers that exist in the traditional finance system.

Folkman did not share what WLFI’s total supply would be but said it would have an “incredibly fair token distribution” with “approximately 63%” set aside for sale to the public.

He added that there had been “no pre-sales” or “early buy-ins with discounted allocation” for venture capitalists. However, 20% of the tokens were allocated to the platform’s team and advisers, with the remaining roughly 17% for user rewards.

An earlier reported white paper draft suggested that 70% of the WLFI token supply would be held aside for the team, with the remainder allocated for public sale.

No details were shared on the World Liberty Finance platform itself. Reports said it will be a decentralized finance (DeFi) platform for borrowing and lending similar to Dough Finance, which was hacked for $1.8 million in July.

The white paper draft also mentioned credit systems for borrowing and lending built on the popular DeFi app Aave, which World Liberty Financial said it is “working with.” The project has also said it wants to drive “the mass adoption of stablecoins.”

Trump — who in 2019 said that cryptocurrency’s values are “based on thin air” — has changed his tune and has sold four non-fungible token (NFT) collections, accepted crypto for his campaign contributions and cozied up to the crypto industry, promising to be a “crypto president.”