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“Not A Sustainable Model”: AZ Hospital ‘On Brink Of Collapse’ After Spending $20 Million On Migrants

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“Not A Sustainable Model”: AZ Hospital ‘On Brink Of Collapse’ After Spending $20 Million On Migrants

A hospital in Yuma, Arizona is reportedly on the brink of collapse after providing $20 million in care for what has become a constant stream of illegal migrants.

Dr. Robert Transchel, president and CEO of Yuma, Arizona’s Regional Medical Center, told Fox News that the problem is not new.

It’s been a long journey,” he said. “We’ve been at this for well over a year now. We tracked our uncompensated care for a period of over six months, and we calculated that we’ve provided over $20 million in uncompensated care to the migrants crossing the border.

According to Transchel, despite approaching state officials and Department of Homeland Security chief Alejandro Mayorkas for aid, neither the city, state, or the federal government have stepped up to help to pay for the migrant care.

“We just don’t have a payer source. Everybody is sympathetic, and everybody lends a listening ear, but nobody has a solution,” he told “Fox & Friends Weekend.”

“We’ve provided $20 million in care to the migrants that are crossing the border and we just don’t have a payer source for those individuals. It’s not a sustainable model to have these continued rising expenses without a revenue source to offset that.”

Transchel said the hospital will keep functioning, adding that most hospitals operate on a “very thin margin.” 

“We’re fine today, and we’ll be fine tomorrow. The problem is, if this continues, it’s gonna build up, and it’s gonna continue to be a problem.”

He added that the $20 million care cost fails to encompass the full scope of losses the facility has suffered since migrant patients became a problem, pointing to flight costs for some, as well as expenses associated with increased staffing. –Fox News

“The infrastructure that we’ve had to add is uncompensated as well,” he added.

Tyler Durden
Wed, 02/08/2023 – 20:10

Canadian Theater Sparks Backlash After Announcing Performances For “Black-Identifying Audiences”

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Canadian Theater Sparks Backlash After Announcing Performances For “Black-Identifying Audiences”

Authored by Katabella Roberts via The Epoch Times,

A government-funded Canadian theater organization has come under fire after announcing that it will be holding an event for only “black-identifying audiences.”

The National Arts Centre (NAC) in Ottawa announced the “Black Out Night” event on its official website on Jan. 16.

According to the theater, the “award-winning presentation of Aleshea Harris’s Is God Is will run from Feb. 9–18 at its 897-seat Babs Asper Theatre” and is one of the “milestones in a series of offerings over Black History Month.”

The show features depictions of violence, death, and murder, and references to domestic violence, familial and generational abuse, and suicide, among other issues, according to the theatre’s official website.

The production will be the first of two “Black Out” nights that will be held at the theater this year, according to the website.

However, the move has sparked backlash online, including from columnist Brian Lilley, who wrote in the Toronto Sun on Jan. 26 that the government-funded theater should be “presenting plays that reflect the diversity of Canada.”

“What is bothersome is the apparent segregationist appeal,” he wrote.

“Rather than encouraging black theatergoers, in what is a mostly white but slowly diversifying national capital, to attend, the NAC makes it sound like this event is only for black patrons.”

Event Sparks Race Row

Elsewhere, the Ontario chapter of the Foundation Against Racism and Intolerance said in a statement: “We strenuously object to the taxpayer-funded National Arts Centre reinvigorating segregation in theater through the inauguration of ‘Black Out’ performances.

“We can on the National Arts Centre honor the legacy of Viola Desmond by making it clear that all human beings are welcome in the theater at every performance.”

Desmond, a Canadian civil and women’s rights activist, challenged racial segregation at a cinema in New Glasgow, Nova Scotia, in 1946 by refusing to leave the whites-only section of the theater.

Others showed support for the “Black Out” night event though, including journalist Kevin Bourne, who wrote in the Canadian magazine Shifter that the event is about “representation and providing well-needed infrastructure for black creators.”

“While the wording surrounding the NAC’s event could’ve been better, the underlying themes are representation and community, and representation matters,” Bourne penned.

Any attempt at carving out a dedicated space for racialized communities is often labeled by some as ‘racist’ and counterproductive to this Utopian kumbaya idea of all people getting along (despite the fact many individuals still don’t like black people; even among people of color),” Bourne said.

The NAC, which describes itself as “Canada’s bilingual, multidisciplinary home for the performing arts,” said it was inspired to host the two “Black Out” events after Broadway held a similar event in 2019 for Jeremy O’Harris’s Slave Play.

‘No Racially Segregated Shows at NAC’

“A Black Out is an open invitation to black audiences to come and experience performances with their community,” the website states. “The evenings will provide a dedicated space for black theatergoers to witness a show that reflects the vivid kaleidoscope that is the black experience.”

It adds that “creating evenings dedicated to black theatergoers will allow for conversation and participation to be felt throughout the theater and open the doors for black-identifying audiences to experience the energy of the NAC with a shared sense of belonging and passion.”

However, in a statement to Jon Kay, the editor of the online magazine Quillette, a communications official at NAC said the center will not be race-checking attendees.

The statement, which Kay shared on Twitter, says that there are “no racially segregated shows at NAC”—and that “of the nine performances of Is God Is, we have dedicated one performance—Friday, February 17—to those who self-identify as black and their guests.”

“No one will be turned away at the door; there will be no checkpoints for Black Out Night ticket holders and no questions will be asked about anyone’s identity, race, or gender,” the center said.

Canadian law states that discriminatory practices based on race, national or ethnic origin, color, religion, age, sex, sexual orientation, gender identity or expression, marital status, family status, genetic characteristics, and more are illegal.

The Epoch Times has contacted the National Arts Centre for comment.

Tyler Durden
Wed, 02/08/2023 – 19:50

Researchers Discover Promising ‘Young Blood’ Anti-Aging Drug

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Researchers Discover Promising ‘Young Blood’ Anti-Aging Drug

Young blood plasma transfusions for anti-aging are popular with some wealthy elites. There are claims that young blood rejuvenates the body’s organs. But turning back the body’s clock with transfusions might not need to be done anymore following research from Columbia University in New York that states an anti-inflammatory drug can rejuvenate the body and possibly increase the human lifespan by decades. 

“An aging blood system, because it’s a vector for a lot of proteins, cytokines, and cells, has a lot of bad consequences for the organism,” Emmanuelle Passegué, Ph.D., director of the Columbia Stem Cell Initiative, who’s been studying how blood changes with age, said in a statement. 

“A 70-year-old with a 40-year-old blood system could have a longer healthspan, if not a longer lifespan,” Passegué said. 

Instead of a liter of plasma from younger donors that might cost thousands of dollars, researchers found young blood could be produced in pill form. 

That pill is an anti-inflammatory drug called anakinra, already approved for use in rheumatoid arthritis. Passegué and graduate student Carl Mitchell discovered anakinra reverses some of the effects of age on the hematopoietic system of mice. 

“These results indicate that such strategies hold promise for maintaining healthier blood production in the elderly,” Mitchell said.

What didn’t work, and explained by Passegué and her team in a 2021 study in the Journal of Experimental Medicine, was:

to rejuvenate old hematopoietic stem cells, in mice, with exercise or calorie-restricting diet, both generally thought to slow the aging process. Neither worked. Transplanting old stem cells into young bone marrow also failed. Even young blood had no effect on rejuvenating old blood stem cells.

Her team then discovered the benefits of anakinra in mice: 

Mitchell and Passegué then took a closer look at the stem cells’ environment, the bone marrow. “Blood stem cells live in a niche; we thought what happens in this specialized local environment could be a big part of the problem,” Mitchell says

With techniques developed in the Passegué lab that enable detailed investigation of the bone marrow milieu, the researchers found that the aging niche is deteriorating and overwhelmed with inflammation, leading to dysfunction in the blood stem cells.

One inflammatory signal released from the damaged bone marrow niche, IL-1B, was critical in driving these aging features, and blocking it with the drug, anakinra, remarkably returned the blood stem cells to a younger, healthier state.

Even more youthful effects on both the niche and the blood system occurred when IL-1B was prevented from exerting its inflammatory effects throughout the animal’s life.

The researchers are now trying to learn if the same processes are active in humans and if rejuvenating the stem cell niche earlier in life, in middle age, would be a more effective strategy.

Meanwhile, “treating elderly patients with anti-inflammatory drugs blocking IL-1B function should help with maintaining healthier blood production,” Passegué says, and she hopes the finding will lead to clinical testing.

“We know that bone tissue begins to degrade when people are in their 50s. What happens in middle age? Why does the niche fail first?” Passegué says. “Only by having a deep molecular understanding will it be possible to identify approaches that can truly delay aging.”

Of course, the research is still very early, and results have yet to be tested on humans. But that might not stop people from Googling the drug as a possible anti-aging solution. 

Tyler Durden
Wed, 02/08/2023 – 19:30

Taibbi: Take A Bow, Columbia Journalism Review

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Taibbi: Take A Bow, Columbia Journalism Review

Authored by Matt Taibbi via Racket,

The Columbia Journalism Review stunned many last Monday by publishing “The Press Versus the President,” a 24,000-word autopsy of press coverage in the Trump years, focusing on the the Trump-Russia collusion scandal colloquially known as “Russiagate.”

The piece was written by Jeff Gerth, a long-serving New York Times writer who is as credentialed as they come in the legacy press, having among other things won a Pulitzer Prize in 1999 (for reporting, incidentally, not commentary or public service). In retirement at the start of the Trump years, Gerth watched with growing alarm as venerable institutions like the Times and the Washington Post continually made high-stakes assertions in headlines that appeared based on thin or uncheckable sourcing.

The pile of such stories was already stacked to skyscraper height, and commemorated by awards like a joint Times-Post Pulitzer, when Special Counsel Robert Mueller wrapped up an investigation of the matter without indicting Trump or anyone else for the supposed conspiracy. There was no way for Mueller’s probe to have ended the way it did and for years of “worse than Watergate” news reports about Trump-Russian collusion to be true, so Gerth went back to the beginning in search of the real story of what, if anything, went wrong on the coverage side.

The result is a long, almost book-length compendium of errors and editorial overreach. It could have been longer. Gerth focused on the would-be investigative reports at papers like the Times and the Post that drove Russiagate, mostly leaving alone the less serious players at cable news and at online journals whose main contribution was making the click-bomb bigger.

A brief note on some issues that were already popping up as problems in the media business heading into 2016-2017, and which are important subtext to Gerth’s piece:

All the President’s Men was a great movie, but it may have infected the media world with a delusion. Alan J. Pakula’s atmospheric thriller depicted journalists as modern-day noir detectives, with the bustling Washington Post newsroom replacing the stylish offices of Sam Spade and Philip Marlowe, and Robert Redford and Dustin Hoffman giving America a portrait of reporters as sexy young rebels who could topple a president with a keystroke. The job is virtually never like that, but a generation of reporters and editors grew up with this ideal, on the alert for that one great scoop that would lead to lucrative book and movie deals and model-level actors playing them onscreen. I don’t think it’s an accident that just as journalism was beginning to lose its way, Hollywood began cranking out All the President’s Men homages one after another, from Spotlight to She Said to The Post.

Gerth doesn’t say that great papers like the Times and the Post were so busy self-mythologizing that they untethered themselves from accountability mechanisms that once kept papers out of trouble, but it’s implied in the facts he uncovers. Perhaps the most damning scene in the four-part series comes in Part Two, when in an astonishing display of hubris the Times invites a documentary crew to film them for a series called The Fourth Estate. The problem is, the scene they invite Showtime to record is perhaps the biggest screwup in the Russiagate years. This is the journalistic equivalent of Captain Edward Smith inviting cameras to record him snoring away as his Titanic drives into an iceberg.

The Fourth Estate cameras were in the newsroom as Times leaders were preparing a front page stunner for February 14th, 2017 called “Trump Campaign Aides Had Repeated Contacts With Russian Intelligence.” The piece cited “phone records and intercepted calls” and “four current and former American officials” in asserting that “members of Donald J. Trump’s 2016 presidential campaign” had repeated contact with “senior Russian intelligence officials in the year before the election.”

If true, this piece by the iconic daily might easily have been just the first in a series of exposés leading to the end of the Trump presidency. Or so the Times thought, seemingly. Gerth, who correctly identifies the “Repeated Contacts” story as one of the decisive moments in the Russiagate disaster, recounts how editors and reporters preened for the cameras as they accelerated toward their proverbial iceberg:

As the story is being edited, Mark Mazzetti, an investigative reporter in the Washington bureau who was also helping edit some of the Trump-Russia coverage, is shown telling senior editors he is “fairly sure members of Russian intelligence” were “having conversations with members of Trump’s campaign…” He asks Baquet, “Are we feeding into a conspiracy” with the “recurring themes of contacts?”

Baquet responded that he wanted the story, up high, to “show the range” and level of “contacts” and “meetings, some of which may be completely innocent” and not “sinister,” followed by a “nut” or summary “graph,” explaining why “this is something that continues to hobble them.”

Baquet’s desire to flush out the details of supposed contacts is similar to his well-founded skepticism in October 2016 about the supposed computer links between a Russian bank and the Trump organization.

Mazzetti reports back that the story is “nailed down.”

Baquet asks, “Can you pull it off?”

“Oh yeah,” Mazzetti replies.

So Baquet signs off, adding that it’s the “biggest story in years.”

Elisabeth Bumiller, the Washington bureau chief, adds her seal of approval: “There’ll be hair on fire.”

That’s the executive editor of the New York Times asking a reporter to double-check with his (unnamed) sources on a huge front-page story, and the reporter coming back in a jiffy with news that the piece is “nailed down.” It’s not happening today, but the publishers of the Times will sooner or later wish they had that moment back.

The story turned out to be wrong, at least according to the FBI, whose director James Comey would later testify that “in the main, it was not true.” Even the man leading the FBI’s Trump-Russia investigation, Peter Strzok — the same ferocious Trump critic Peter Strzok, who reassured his lover Lisa Page that Trump would never become president, because “we’ll stop it” — even he couldn’t find a way to confirm the tale, as Gerth describes (emphasis mine):

The story said “the FBI declined to comment.” In fact, the FBI was quickly ripping the piece to shreds, in a series of annotated comments by Strzok, who managed the Russia case. His analysis, prepared for his bosses, found numerous inaccuracies, including a categorical refutation of the lead and headline; “we are unaware,” Strzok wrote, “of ANY Trump advisers engaging in conversations with Russian intelligence officials.” Comey immediately checked with other intelligence agencies to see if they had any such evidence, came up empty, and relayed his findings to a closed Senate briefing, according to testimony at a Senate hearing months later.

This was a classic example of reporters being more eager for a headline than afraid of a mistake. This can only happen because mistakes of this sort are no longer career-threatening as they once were. The press is supposed to be one of society’s primary mechanisms for holding people in power accountable, but the system only works if reporters and editors aim that regulatory reflex at themselves first. A newspaper no one believes isn’t going to be worth much on the oversight front, yet the figures in the newsroom scene Showtime captured appeared to forget that, in their zeal to cast themselves in the next “All the President’s” remake.

In that same vein it’s notable that Gerth got Bob Woodward, journalism’s original movie star, to go on record castigating the business over its Trump-Russia reporting. Woodward told Gerth he believed the coverage “wasn’t handled well,” and “urged newsrooms to ‘walk down the painful road of introspection.’” He also described to Gerth how he tried to warn “people who covered this” in the Washington Post newsroom away from certain stories, only to be met with shrugs. “To be honest, there was a lack of curiosity on the part of the people at the Post about what I had said, why I said this,” he told Gerth. “I accepted that and I didn’t force it on anyone.”

Gerth’s story is a long, weedsy tale, and though some have described it as hard to read, I disagree. The piece is a thorough chronicle of a classic tale of human folly, describing how a business that depends on independence of thought, honesty, and a strong instinct for self-preservation to survive, fell victim instead to herd-think and walked en masse off a very high cliff. The story is scrupulously documented, as Gerth worked hard to get everyone from Woodward to former FBI spokesman Mike Korten to Donald Trump on the record, providing an immediate contrast to the anonymous “people familiar with the matter” (an attribution used a thousand times by the Times in the Trump years, Gerth notes) who propped up so much of the Russiagate reporting. It’s conspicuous that the people who mostly refuse comment in this article are the reporters themselves, who clearly still haven’t grasped what happened here and what they need to face to save their profession.

One last note about Jeff, who was good enough to answer a few questions for this article. The news business is not Hollywood. It’s not even politics, which as the old joke goes is Hollywood for ugly people. Real reporting work is mostly a drag, mostly time-consuming, and very often a high-effort, low-reward activity. If you’re doing it right, most of the time you’re making phone calls that don’t pan out, being a nuisance via repeated requests to use a quote or put a name to one, or sitting up at night and hyperventilating about article factoids your sleeping mind has woken you up to have panic attacks about.

Subscribers to Racket can read more here…

Tyler Durden
Wed, 02/08/2023 – 19:10

Matt Gaetz Steps Out Of Line On Ukraine

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Matt Gaetz Steps Out Of Line On Ukraine

Rep. Matt Gaetz early this week took an extremely unpopular position within the D.C. swamp, saying just before President Biden’s Tuesday night State of the Union address, “How much more for Ukraine? Is there any limit?”

From the swamp’s point of view, he has certainly “stepped out of line”… but from the point of view of average Americans struggling to pay rising grocery, utility, and housing costs as billions of US tax dollars remain flowing to a corrupt foreign government, Gaetz in his lonely but outspoken stance is saying precisely what needs to be said at this late stage.

Getty Images

The Florida Republican went off in a House floor speech Monday: “How much more for Ukraine? Is there any limit?” And posed: “Which billionth dollar really kicks in the door? Which redline we set will we not later cross?”

He had earlier previewed Biden’s State of the Union address in saying: “Tomorrow, President Biden will tell us how much more we must do for Ukraine,” Gaetz said. “Look around your house. How much stuff is made in Ukraine, or even Russia for that matter?”

“So why Ukraine, a country that just rounded up dozens of senior leaders in its government over overt corruption?” Gaetz asked. “Perhaps the answer is as simple as the Hunter Biden life motto: the grifters gotta grift.”

He emphasized the huge risk of D.C. pursuing its policy of arming Ukraine at all costs while inching toward nuclear-armed superpowers clashing, while at the same time most Americans find the Biden administration’s rationale for the unprecedented defense aid for Kiev to be unclear.

“Why should we do more for a country that just rounded up dozens of its senior officials over overt corruption?” he asked the administration and its supporters.

For many months now going back to last spring, Gaetz has warned fellow lawmakers and the public of a “bipartisan push to go to war with Russia” – which could unleash nuclear apocalypse.

Ironically, Joe Biden himself in so many words has warned of the same thing, in an October speech admitting that the risk of nuclear “Armageddon” is the highest it has been for 60 years, since the Cuban missile crisis.

Tyler Durden
Wed, 02/08/2023 – 18:50

Watch: Bill Gates Says It’s OK For Him To Use Private Jets Because He’s “The Solution” To Climate Change

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Watch: Bill Gates Says It’s OK For Him To Use Private Jets Because He’s “The Solution” To Climate Change

Authored by Steve Watson via Summit News,

In a cringe inducing interview with a BBC reporter, Bill Gates argued that it’s perfectly fine for him to fly around the world on private jets because he’s doing much more than anyone else to combat climate change.

Gates claimed that because he continues to “spend billions of dollars” on climate change activism, his carbon footprint isn’t an issue.

“Should I stay at home and not come to Kenya and learn about farming and malaria?” Gates said in the interview with Amol Rajan.

“I’m comfortable with the idea that not only am I not part of the problem by paying for the offsets, but also through the billions that my Breakthrough Energy Group is spending, that I’m part of the solution,” Gates added.

Watch:

Most recently, Gates flew around Australia on board his $70 million dollar luxury private jet lecturing people about climate change.

Bill Gates Flies Around Australia on $70 Million Dollar Private Jet Lecturing People About Climate Change

Gates, who has declared that the energy crisis is a good thing, owns no fewer than FOUR private jets at a combined cost of $194 million dollars.

study carried out by Linnaeus University economics professor Stefan Gössling found that Gates flew more than 213,000 miles on 59 private jet flights in 2017 alone.

Gates emitted an estimated 1,760 tons of carbon dioxide emissions, over a hundred times more than the emissions per capita in the United States, according to data from the World Bank.

Elsewhere during the carefully constructed interview, Gates said he was surprised that he was targeted by ‘conspiracy theorists’ for pushing vaccines during the pandemic.

Gates again repeated a talking point about it being more important to mass vaccinate humanity than to travel to Mars.

While the BBC interview was set up to look like Gates was being challenged or grilled, he wasn’t asked about being pally with deceased elitist pedophile Jeffrey Epstein.

Video: Bill Gates Again Acts Weird When Asked Directly About Relationship With Jeffrey Epstein

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Tyler Durden
Wed, 02/08/2023 – 15:40

Shrinking Money Supply Undercuts “Soft Landing” Narrative

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Shrinking Money Supply Undercuts “Soft Landing” Narrative

Authored by Michael Maharrey via SchiffGold.com,

The better-than-expected non-farm payroll report for January along with the smaller interest rate hike delivered by the Federal Reserve at its February meeting increased optimism that the central bank can bring price inflation back to 2% without tanking the economy. But the shrinking money supply undercuts this soft landing narrative.

While Fed rate hikes and balance sheet reductions aren’t likely big enough to permanently take down inflation, they are shrinking the money supply and that generally means a recession is looming.

Money supply growth went negative for the first time in 28 years in November and fell again in December.

The money supply grew at an unprecedented rate during the pandemic. As Mises Institute senior editor Ryan McMaken pointed out in a recent article, between April 2020 and April 2021, money supply growth in the United States often climbed above 35% year over year. That was well above the “high” levels experienced from 2009 to 2013.

The last time year-over-year money supply growth went negative was in November 1994. Negative money supply growth continued for the next 15 months.

McMaken explains why this matters.

Money supply growth can often be a helpful measure of economic activity and an indicator of coming recessions. During periods of economic boom, money supply tends to grow quickly as commercial banks make more loans. Recessions, on the other hand, tend to be preceded by slowing rates of money supply growth. However, money supply growth tends to begin growing again before the onset of recession.”

McMaken points out that a declining money supply appears to be connected to yield-curve inversion, another recession signal.

For example, the 3s/10s yield spread often heads toward zero as money supply growth moves in the same direction. This was especially clear from 1999 through 2000, from 2004 to 2006, and during 2018 and 2019, and beginning in 2022. This is not surprising because trends in money supply growth have long appeared to be connected to the shape of the yield curve. As Bob Murphy notes in his book Understanding Money Mechanics, a sustained decline in TMS growth often reflects spikes in short-term yields, which can fuel a flattening or inverting yield curve.”

McMaken emphasized that it is not necessary for money supply growth to turn negative in order to trigger recession, defaults, and other economic disruptions.

With recent decades marked by the Greenspan put, financial repression, and other forms of easy money, the Federal Reserve has inflated a number of bubbles and zombie enterprises that now rely on nearly constant infusions of new money to stay afloat. For many of these bubble industries, all that is necessary for a crisis is a slowing in money supply growth, brought on by rising interest rates or a confidence crisis. 

Numerous indicators now point toward recession along with the falling money supply and the inverted yield curve. The Leading Economic Index is in recession territory. Real wages have fallen for twenty-one months. Homebuilder confidence fell every month of 2022. The Philadelphia Fed’s manufacturing index has been negative since September. Home price growth has been cut in half. The fact that the money supply is actually shrinking serves as just one more indicator that the so-called soft landing promised by the Federal Reserve is unlikely to ever be a reality. 

A SchiffGold analyst made a similar observation, saying, “The Fed may be confident in their rate hikes and the resiliency of the economy, but they are playing with serious fire. They have put the entire economy at risk for a major event as the liquidity has dried up extremely fast.”

The collapse in Money Supply has been sudden and epic. The risk this poses for the market at large cannot be understated. The Fed seems to be oblivious to the potential carnage it could cause. In 2018, it took interest rates of around 2.5% to bring the market to its knees. Rates are now almost double that. How much longer can things go on without a black swan event?”

Tyler Durden
Wed, 02/08/2023 – 15:02

We’ve Got Great News: Wholesale Egg Prices “Collapse”

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We’ve Got Great News: Wholesale Egg Prices “Collapse”

The soaring cost of eggs at grocery stores has been a major pain point for consumers. There’s a glimmer of hope that retail egg prices per dozen might have peaked as wholesale prices tumble. 

New data from Urner Barry, a market research firm that tracks wholesale food prices, shows its Urner Barry Egg Index has plunged 57% since peaking at $4.65 per dozen on Dec. 19. Wholesale prices are now at $2.01. 

“Prices have collapsed, “Angel Rubio, senior analyst at Urner Barry, told CNBC. He added:

“That’s a big, big adjustment downward.”

The plunge in wholesale prices won’t immediately reflect in retail prices though prices have likely peaked. This is wonderful news for breakfast lovers.

Recall that the cause of soaring egg prices was the worst avian flu outbreak ever that devastated domestic egg-laying bird populations. Tens of millions of chickens were culled last year to prevent the spreading of the deadly disease. 

In December, retail prices of a dozen large Grade A eggs cost around $4.25, up a mindboggling 200% since Aug. 2020, according to monthly Bureau of Labor Statistics data.

Rubio noted that it takes one month for retail prices to reflect wholesale price action, which means consumers might begin seeing some relief in February. He said prices might go back up ahead of Easter, which falls on Apr. 9 this year. 

The plunge in wholesale egg prices is a promising sign that peak food inflation might have already arrived. Tyson Foods, the largest US meat company, reported Monday that falling meat prices and waning demand led to a profit decline. 

Keep in mind the UN’s global food price index peaked one year ago. 

This might be the best news for US consumers who’ve drained their savings as they battle 21 months of negative real wage growth. 

Tyler Durden
Wed, 02/08/2023 – 14:47

A Bigger Picture Look At US Housing Affordability (Or Just How Over-Priced Are American Homes)

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A Bigger Picture Look At US Housing Affordability (Or Just How Over-Priced Are American Homes)

Via Political Calculations blog,

What can you discover when you chart median new home sale prices against median household income?

Here’s the visualized beginning of the answer to that question, using annual data from 1967 through 2021 and monthly data from December 2000 through December 2022!

What you first see is there are some long running and often linear relationships between these two variables.

And what you find is that when you get to 2000, bubbles begin inflating that break down those relationships.

We’ve highlighted that region with the red-dashed lines in the chart, so let’s zoom in on it in the next chart.

The second chart answers the question of what the relationship between median new home sale prices and household income would have looked like had 2020’s coronavirus pandemic not messed up the U.S. Census Bureau’s collection of income data for 2019!

Going back to the first chart, you also get the answer to another question: How inflated are house prices today compared to how they were prices before the housing bubbles?

As of December 2022, At just over $450,000, the trailing twelve month average median new home sale price costs around 50% more than what they would had the relationships that existed before 2000 continued to the present day.

Going by most observers, there have been two major housing bubbles in the 21st Century. The inflation phase for the first housing bubble had its origins in August 2000 and peaked in March 2007. Its deflation phase then lasted until December 2009. What we would consider the second housing bubble took off in July 2012. This more recent bubble has had several phases, but using the measure of median new home sale prices, has only begun to deflate in the last several months. That development is only starting to show up in the twelve month moving averages we’ve presented in these charts.

These bigger pictures provide a little different, but very useful way to look at the underlying data for assessing how affordable housing is within the U.S. We’re looking forward to seeing how they evolve during the course of this year.

Tyler Durden
Wed, 02/08/2023 – 14:25

Russia Warns Of “Consequences For Entire World” If UK Sends Jets To Ukraine

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Russia Warns Of “Consequences For Entire World” If UK Sends Jets To Ukraine

Update (1410ET): Given the UK government clearly said it is “exploring” the possibility of sending fighter aircraft to Ukraine, namely its Typhoon jets, upon a visit by Ukraine’s Zelensky to London, Russia has responded fiercely. Prime Minister Sunak earlier explained

“The first step in being able to provide advanced aircrafts is to have soldiers or aviators that are capable of using them. That is a process that takes some time. We’ve started that process today,” Sunak said at a news conference with Ukrainian President Volodymyr Zelenskyy, after announcing Britain would train Ukrainian pilots.

Nothing is off the table and our leadership on this issue is something that we all collectively should be very proud of.”

Russia’s embassy to UK quickly warned of “military and political consequences for the European continent and the entire world” in response.

As for the US, the Pentagon on the same day said it still has “nothing to announce” regarding potential deliveries of fighter jets to Ukraine. Of course, this is all something we heard before regarding tanks, which recently has been approved.

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Ukrainian President Volodymyr Zelensky showed up in the United Kingdom on Wednesday, making a surprise visit to the leadership of a country which has been one of Ukraine’s biggest backers since the start of the Russian invasion.

It is only Zelensky’s second known trip out of Ukraine since the war began, the first being his appearance before US Congress in December. He met with Prime Minister Rishi Sunak at 10 Downing St., just before Sunak announced that Britain will train more Ukrainian troops. Zelensky in a special address to parliament made it no secret what he was there to push for…

Sunak mentioned training fighter jet pilots, in what appears anticipation of NATO allies’ future approval of providing Western jets. It remains that there’s still significant European opposition to providing jets, but Sunak in a press release said the training is to “ensure pilots are able to fly sophisticated NATO-standard fighter jets in the future.”

Sunak further pledged missiles and weapons systems with “longer range capabilities and vowed Wednesday, “We will continue to support Ukraine to ensure a decisive military victory on the battlefield this year.”

“The United Kingdom was one of the first to come to Ukraine’s aid,” Zelensky said upon arriving in Britain. “Today I’m in London to personally thank the British people for their support and Prime Minister Rishi Sunak for his leadership.”

In his special guest address to parliament, Zelensky hailed the UK’s unwavering support of Kiev, saying Britain is “marching with us to the most important victory of our lifetime.”

And of course, he took the opportunity to renew his appeal for Western combat jets. “Combat aircraft for Ukraine,” he said. “Wings for freedom.”

“Two years ago, I left Parliament thanking you for the delicious English tea. Today I will leave Parliament thanking all of you in advance for powerful English planes,” said Volodymyr Zelensky in an address to MPs. –Axios

Zelensky also was greeted by King Charles III during a visit Buckingham Palace. Apparently allowed an extremely rare exception when it comes to royal protocol, Zelensky was not in suit and tie, but kept his olive green sweatshirt. 

Via Sky News

Later in the day, reporters pressed 10 Downing St on whether this means the UK government has made the decision to send British fighter jets to Ukraine, to which the response was that Britain is “not looking to send Typhoon jets to Ukraine right now.”

A Sunak spokesperson further said that any package involving jets would be part of a “long-terms solution” – which suggests this would be done in cooperation with other Western allies, who aren’t yet on the same page.

    Tyler Durden
    Wed, 02/08/2023 – 14:10