42.2 F
Chicago
Sunday, April 27, 2025
Home Blog Page 2573

Mixed Oil Momentum Signals To Persist Until Impact Of War Fades

0
Mixed Oil Momentum Signals To Persist Until Impact Of War Fades

By Ryan Fitzmaurice of Marex

As many traders would agree, sometimes it’s not the data that is important but rather the price reaction to the data. We believe this is the case with oil prices recently. Looking at US inventory statistics, crude oil stocks have built by an incredible +27mb over the past two reports, yet oil prices have rallied more than 10% over the same timeframe in a classic case of sell the rumor, buy the fact. As for the sharp rise in US crude inventories, it’s not as if oil fundamentals have shifted on a dime, but rather it’s the result of the extreme cold weather that ravaged the US energy corridor in late December. The cold forced several major US refineries to shut down due to operational issues related to the freezing temperatures. Additionally, end of year tax on inventory in Texas and Louisiana caused oil imports to come onshore in early January.

So, despite what seems to be very bearish data points, the oil market appears focused on China’s abrupt reopening plans and the improving macro backdrop as opposed to backward looking inventory that was impacted by weather. In fact, the spot Brent contract is now trading in the mid to high $80s and above many moving averages. The oil rally has also coincided with a notable increase in futures open interest and managed money buying. The combined aggregate futures open interest for ICE Brent and Nymex WTI has climbed by +440mb since the start of the year while the net managed money position has increased by +68mb since last Tuesday, the latest reporting period for the CFTC positioning data. Also, about half of the net buying has come from “short”covering due to the big shift in momentum the past two weeks.

Oil prices have now turned higher on the year despite oil stocks climbing by +27mb for the first two reports of January, as the focus shifts to China’s reopening…

Mixed Signals

Last week we discussed momentum traders, and how their herd-like behavior can impact oil prices at times. Today we want to expand on that topic while discussing the impact the war in Ukraine has had on the momentum factor. To reiterate our point from last week, momentum is a very simple and straight forward trading strategy, buying commodities or assets with positive returns and selling those with negative returns over a pre-defined timeframe. For example, the one-year momentum signal tends to be a popular long-term indicator that measures the roll-adjusted return of the past year. Given we are dealing with historical prices, it is possible to look at the price development of the prior year to formulate a roadmap of how this key hurdle will change with time. It is worth noting that roll-adjustments will alter the momentum indicator somewhat, with contango increasing the signal threshold over time while backwardation decreases it.

With that in mind, we are all aware of how erratic oil prices were last year, and particularly in the early stages of the Russian invasion of Ukraine in late February. In fact, spot Brent prices spiked from below $80 at the start of 2022 to more than $135 by early March. This is important to remember because the huge spike in oil prices is going to make for an increasingly higher bar with respect to the one-year momentum signal as we approach the anniversary of the start of the war. Importantly, the forward curves shifted into a strong state of backwardation for several months after the price spike, which has worked to lower this key hurdle, but the current contango could work to offset that in the coming months should it hold. On the flip side, the weak price action more recently could make for a low bar with respect to shorter-term signals. As a result, mixed oil momentum signals are likely to persist until the impact from the war fades.

The threshold for the 1-year momentum signal will become increasingly higher over the first half of the 2023, before declining in the second half of the year…

Thinking Ahead

Oil prices are now higher on the year after a very sharp decline the first week of January and despite some sizable US inventory builds. Notably, open interest has also increased alongside prices as new money enters the fray. So far, there has been little in the way of commodity index inflows this year, however, one would assume “long-only” investor dollars are likely to be chasing oil prices given the past two years of stellar returns. This group of institutional investors should gain more influence as the war-inspired volatility begins to filter out of risk models, allowing for increased position sizes. This dynamic should become more apparent in 2H23 though.

Fundamentally, all eyes remain on the Chinese reopening and its potential demand implications for this year. As we have been highlighting recently, Chinese crude imports already climbed to more than 11mb/d in November and December, even before the abrupt pandemic policy reversal took place. This supports the notion that China will likely need record oil imports this year to meet its refining demand. In addition, we believe the US will also need to increase crude imports this year to fill the void left by the cessation of SPR releases and as the US refining system bounces back from the cold related outages.

Aggregate futures open interest for the two benchmark crude oil contracts has increased sharply to start the new year, albeit from a low base…

Tyler Durden
Sun, 01/29/2023 – 23:00

A Tale Of Two Presidents: Biden Vs Trump

0
A Tale Of Two Presidents: Biden Vs Trump

Via The Automatic Earth blog,

Highly appreciated Automatic Earth commenter TAE Summary presents another one of his series “A Tale of Two..”, and if only just for the obvious effort he put into it, let’s dig in.

How do you feel about what each president has achieved? No wrong answers.

TAE Summary:

Biden is a Great President and Trump was an Awful President

Biden

  • Appointed a diverse cabinet

  • Signed executive orders addressing systemic racism and discrimination

  • Passed the infrastructure bill to repair roads and bridges and improve internet access

  • Reduced the deficit

  • Led NATO in its support of Ukraine and opposition to Vladimir Putin

  • Lowered the child poverty rate by increasing the tax credit for children

  • Launched a program to protect earth from killer asteroids

  • Officially recognized Turkish genocide of Armenians in 1915

  • Sidelined the court-packing movement of the left

  • Stepped up US support for Taiwan

  • Announced a historic trilateral security agreement with Australia and Britain to counter Chinese hegemony

  • Accelerate Covid vaccine delivery at home an abroad

  • Improved the American economy by championing competition and reining in the power of big business which helped create millions of jobs

  • Gave Medicare the power to negotiate drug prices and made the price of things like insulin and hearing aids cheaper

  • Attacked hunger and fostered better nutrition in the US

  • Funded opioid recovery programs

  • Eliminated the statute of limitations for child sex abuse

  • Tried to reform student loans

  • Issued important cybersecurity regulations

  • Chose humanity over politics when getting Brittney Griner released

Trump

  • Colluded with the Russians to get elected in 2016

  • Appointed unqualified family members to important positions in his administration

  • Tried to ban TikTok

  • Withdrew the US from the Paris Climate Accords

  • Increased the deficit every year of his presidency

  • Approved the Keystone Pipeline through native lands

  • Disallowed transgender students from using the bathroom of their choice

  • Attacked John McCain as a loser

  • Ended curbs on auto emissions

  • Cracked down on legal immigrants

  • Impeded regulation against toxic chemicals

  • Shrank the food safety net so that over 700K Americans lost their access to food stamps

  • Suggested vaccines cause autism

  • Accused Barack Obama of spying on his campaign

  • Cut corporate taxes to the lowest level since 1939

  • Oversaw the longest government shutdown in US history

  • Acted as a racist and xenophobe when he implemented a travel ban from Muslim countries, blamed the Chinese for Covid, separated families at the US border, tried to build a wall between the US and Mexico and gave racist speeches

  • Tried to repeal the Affordable Care Act which would have left millions without healthcare

  • Inadequately responded to Covid, downplaying the dangers

  • Use his influence as president to try to get Ukraine to provide damaging narratives about his political opponent

  • Challenged the outcome of the 2020 election undermining democratic institutions and the public’s trust in elections which led to the events of January 6th and the deaths of 5 people

Trump was a Great President and Biden is an Awful President

Trump

  • Negotiated three Arab-Israeli peace accords

  • Fostered a strong economy and stock market by signing into to law the Tax Cuts and Jobs Act and other policies

  • Started the Space Force

  • Attempted the first Defense Department wide audit

  • Cracked down on unwanted robo-calls

  • Attempted to build a wall on the border with Mexico to stop illegal immigration

  • Helped American farmers with billions of dollars in aid

  • Tried to fix health technology by removing rules blocking the sharing of medical information

  • Rescinded rules for federal contractors that protected them from sexual harassment claims

  • Made it easier to prosecute financial crimes like money laundering

  • Renegotiated trade deals with Mexico, Canada and China which benefitted American workers and businesses

  • Appointed three Supreme Court justices and many other conservative judges to federal courts leading to pro-Constitutional decisions like the overturning of Roe

  • Passed the VA MISSION Act which improved healthcare access and services for veterans

  • Oversaw the defeat of the Islamic State’s territorial caliphate in Syria and Iraq

  • Kept us out of war

  • Signed executive orders and laws combating human trafficking

Biden

  • Opened the borders to illegal immigrants

  • Discharged thousands of troops for refusing the Covid vaccine

  • Opposed efforts to stop biological males from competing in women’s sports

  • Lied about border patrol agents whipping migrants

  • Claimed that January 6th rioters were a bigger threat to democracy than Confederates in the Civil War

  • Described terrorism from white supremacy as the most lethal threat to the US

  • Oversaw the disastrous withdrawal of American troops for Afghanistan

  • Mis-handled the response to Covid mandating vaccines and dividing the nation on the basis of vaccination status

  • Supported lockdowns and other pandemic polices which damaged the supply chain and the world economy

  • Supported violent protesters instead of the police during the BLM riots

  • Lied about Hunter’s laptop saying it was Russain disinformation

  • Stated that election reform is the new Jim Crow

  • Suppressed first amendment rights by influencing policies of social media outlets

  • Supported the war in Ukraine and vilified Russia as our enemy

  • Blocked American energy production

  • Illegally attempted to forgive student loans

  • Printed massive amounts of money causing massive inflation

I have one comment: I don’t think that “Joe Biden” (in Jim Kunstler language) only “supported the war in Ukraine and vilified Russia as our enemy”, “Joe Biden” did a lot more to poke the bear and instigate and fire up the war. But that’s just me. You can be the judge of that too.

Also just me: when Trump left and Biden came, we were at peace. Look at us now.

*  *  *

We try to run the Automatic Earth on donations. Since ad revenue has collapsed, you are now not just a reader, but an integral part of the process that builds this site. Thank you for your support.

Tyler Durden
Sun, 01/29/2023 – 22:30

Air Force General Tells His Officers ‘War With China’ Only 2 Years Away

0
Air Force General Tells His Officers ‘War With China’ Only 2 Years Away

In recent years there have been at least a handful of high-ranking US military commanders which in some form or fashion have sounded the alarm over a “coming war with China”… with the latest warning being the most unusual, issued in the form of a memo by an active four-star general and circulated with an official order.

This case is particularly significant given he took the rare step of passing it down through military command and to the chief officers he oversees, giving a greater urgency to the warning

A four-star Air Force general sent a memo on Friday to the officers he commands that predicts the U.S. will be at war with China in two years and tells them to get ready to prep by firing “a clip” at a target, and “aim for the head.”

In the memo sent Friday and obtained by NBC News, Gen. Mike Minihan, head of Air Mobility Command, said, “I hope I am wrong. My gut tells me will fight in 2025.”

General Mike Minihan, a four-star officer, sent the memo Friday. Getty Images

Various reports have counted some 50,000 service members and nearly 500 planes total under Gen. Minihan’s command.

The message is particularly alarming given it instructed commanders under him to “consider their personal affairs and whether a visit should be scheduled with their servicing base legal office to ensure they are legally ready and prepared.”

He explained that he sees Beijing as desirous of moving against the self-ruled island of Taiwan within that time period, and that it would trigger a large US military response. 

The Air Force general further urged “a fortified, ready, integrated, and agile Joint Force Maneuver Team ready to fight and win inside the first island chain.” And in the memo Gen. Minihan issued an order, requiring that all major efforts in preparation for a coming China fight to be reported to him directly by Feb. 28.

As for why he thinks China will invade Taiwan within the next two years, NBC described the following:

Minihan said in the memo that because both Taiwan and the U.S. will have presidential elections in 2024, the U.S. will be “distracted,” and Chinese President Xi Jinping will have an opportunity to move on Taiwan

As for Beijing, it has long claimed it is only interested in pursuing peaceful reunification with Taiwan based on political means. China has further laid blame on Washington for militarizing the island and thus creating current tensions, and by stoking independence forces through high-level visits, such as Nancy Pelosi’s ultra-provocative August trip to Taipei.

It should be noted that Gen. Minihan has a reputation for being among the Pentagon’s most outspoken and hawkish top generals. In this latest memo, he directed all Air Mobility Command personnel to “fire a clip into a 7-meter target with the full understanding that unrepentant lethality matters most. Aim for the head.”

Tyler Durden
Sun, 01/29/2023 – 22:00

The New York Times Is Orwell’s Ministry Of Truth

0
The New York Times Is Orwell’s Ministry Of Truth

Authored by Edward Curtin via Off-Guardian.org,

“Ingsoc. The sacred principles of ingsoc. Newspeak, double-speak, the mutability of the past.”

– George Orwell, 1984

As today dawned, I was looking out the window into the cold grayness with small patches of snow littering the frozen ground.  As light snow began to fall, I felt a deep mourning in my soul as a memory came to me of another snowy day in 1972 when I awoke to news of Richard Nixon’s savage Christmas bombing of North Vietnam with more than a hundred B-52 bombers, in wave after wave, dropping death and destruction on Hanoi and other parts of North Vietnam.

I thought of the war the United States is now waging against Russia via Ukraine and how, as during the U.S. war against Vietnam, few Americans seem to care until it becomes too late.  It depressed me.

Soon after I was greeted by an editorial from The New York Times’ Editorial Board, “A Brutal New Phase of the War in Ukraine.”  It is a piece of propaganda so obvious that only those desperate to believe blatant lies would not fall down laughing.  Yet it is no laughing matter, for The N.Y. Times is advocating for a wider war, more lethal weapons for Ukraine, and escalation of the fighting that risks nuclear war.  So their title is apt because they are promoting the brutality.  This angered me.

The Times’ Editorial Board tells us that President Putin, like Hitler, is mad.  “Like the last European war, this one is mostly one man’s madness.”  Russia and Putin are “cruel”; are conducting a “regular horror” with missile strikes against civilian targets; are “desperate”; are pursuing Putin’s “delusions”; are waging a “terrible and useless war”; are “committing atrocities”; are responsible for “murder, rape and pillaging,” etc.

On the other hand, “a heroic Ukraine” “has won repeated and decisive victories against Russian forces” who have lost “well over 100,000 Russian soldiers killed and wounded,” according to the “reliable” source, chairman of the U.S. Joint Chief of Staff, Gen. Mark A. Milley.  To add to this rosy report, the Ukrainians seem to have suffered no causalities since none are mentioned by the cozy Times’ Editorial Board members from their keyboards on Eighth Avenue. 

When you support a U.S. war, as has always been The Times’ modus operandi as a stenographer for the government, mentioning the dead pawns used to accomplish the imperialists’ dreams is bad manners.  So are the atrocities committed by those forces, so they too have been omitted.  Neo-Nazis, the Azov Battalion?  They too must never have  existed since they are not mentioned.

But then, according to the esteemed editorial writers, this is not a U.S. proxy war waged via Ukraine by U.S./NATO “to strip Russia of its destiny and greatness.”  No, it is simply Russian aggression, supported by “the Kremlin’s propaganda machinery” that has churned “out false narratives about a heroic Russian struggle against forces of fascism and debauchery.”  U.S./NATO were “horrified by the crude violation of the postwar order,” so we are laughingly told, and so came to Ukraine’s defense as “Mr. Putin’s response has been to throw ever more lives, resources and cruelty at Ukraine.”

Nowhere in this diatribe by the Times’ Board of propagandists – and here the whole game is given away for anyone with a bit of an historical sense – is there any mention of the U.S. engineered coup d’état in Ukraine in 2014.  It just didn’t happen.  Never happened.  Magic by omission.

The U.S., together with the Ukrainian government “led” by the puppet-actor “President Volodymyr Zelensky,” are completely innocence parties, according to the Times.  (Note also, that nowhere in this four page diatribe is President Putin addressed by his title, as if to say that “Mr. Putin” is illegitimate and Zelensky is the real thing.)

All the problems stem from when “Mr. Putin seized Crimea and stirred up a secessionist conflict in eastern Ukraine n 2014.”

Nowhere is it mentioned that for years on end U.S./NATO has been moving troops and weapons right up to Russia’s borders, that George W. Bush pulled the U.S. out of the Anti-Ballistic Missile Treaty and that Trump did the same with the Intermediate-Range Nuclear Forces Treaty, that the U.S. has set up so-called anti-ballistic missile sites in Poland and Rumania and asserted its right to a nuclear first-strike, that more and more countries have been added to NATO’s eastern expansion despite promises to Russia to the contrary, that 15,000 plus mostly Russian-speaking people in eastern Ukraine have been killed by Ukrainian forces for years before February 2022, that the Minsk agreements were part of a scheme to give time for the arming of Ukraine, that the U.S. has rejected all calls from Russia to respect its borders and its integrity, that the U.S./NATO has surrounded Russia with military bases, that there was a vote in Crimea after the coup, that the U.S. has been for years waging economic war on Russia via sanctions, etc.

In short, all of the reasons that Russia felt that it was under attack for decades and that the U.S. was stone deaf to its appeals to negotiate these threats to its existence.  It doesn’t take a genius to realize that if all were reversed and Russia had put troops and weapons in Mexico and Canada that the United States would respond forcefully.

This editorial is propaganda by omission and strident stupidity by commission.

The editorial has all its facts “wrong,” and not by accident.  The paper may say that its opinion journalists’ claims are separate from those of its newsroom, yet their claims echo the daily barrage of falsehoods from its front pages, such as:

  • Ukraine is winning on the battlefield.

  • “Russia faces decades of economic stagnation and regression even if the war ends soon.”

  • That on Jan.14, as part of its cruel attacks on civilian targets, a Russian missile struck an apartment building in Dnipro, killing many.

  • Only one man can stop this war – Vladimir Putin – because he started it.

  • Until now, the U.S. and its allies were reluctant to deploy heavy weapons to Ukraine “for fear of escalating this conflict into an all-in East-West war.”

  • Russia is desperate as Putin pursues “his delusions.”

  • Putin is “isolated from anyone who would dare to speak truth to his power.”

  • Putin began trying to change Ukraine’s borders by force in 2014.

  • During the last 11 months Ukraine has won repeated and decisive victories against Russian forces …. The war is at a stalemate.”

  • The Russian people are being subjected to the Kremlin’s propaganda machinery “churning out false narratives.”

This is expert opinion for dummies.  A vast tapestry of lies, as Harold Pinter said in his Nobel Prize address.  The war escalation the editorial writers are promoting is in their words, “this time pitting Western arms against a desperate Russia,” as if the U.S./NATO does not have CIA and special forces in Ukraine, just weapons, and as if “this time” means it wasn’t so for the past nine years at least as the U.S. was building Ukraine’s military and arms for this very fight.

It is a fight they will lose in the days to come.  Russia was, is, and will triumph.

Everything in the editorial is disingenuous.  Simple propaganda: the good guys against the bad guys.  Putin another Hitler.  The good guys are winning, just as they did in Vietnam, until reality dawned and it had to be admitted they weren’t (and didn’t).  History is repeating itself.

Little has changed and so my morning sense of mourning when I remembered Nixon and Kissinger’s savagery at Christmas 1972 was appropriate.  As then, so today, we are being subjected to a vast tapestry of lies told by the corporate media for their bosses, as the U.S. continues its doomed efforts to control the world.  It is not Russia that is desperate now, but propagandists such as the writers of this strident and stupid editorial.  It is not the Russian people who need to wake up, as they claim, but the American people and those who still cling to the myth that The New York Times Corporation is an organ of truth.  It is the Ministry of Truth with its newspeak, double-speak, and its efforts to change the past.

Let Harold Pinter have the last words:

The crimes of the United States have been systematic, constant, vicious, remorseless, but very few people have actually talked about them. You have to hand it to America. It has exercised a quite clinical manipulation of power worldwide while masquerading as a force for universal good. It’s a brilliant, even witty, highly successful act of hypnosis.

Tyler Durden
Sun, 01/29/2023 – 21:30

How Two Conflicting COVID Stories Shattered Society

0
How Two Conflicting COVID Stories Shattered Society

Authored by Gabrielle Bauer via The Brownstone Institute,

The story went like this:

There is a virus going around and it’s a bad one. It’s killing people indiscriminately and will kill many more. We must fight it with everything we’ve got. Closing businesses, closing schools, canceling all public events, staying home…whatever it takes, for as long as it takes. It’s a scientific problem with a scientific solution. We can do this!

There was another story simmering under the first one.

It went like this:

There is a virus going around. It’s nasty and unpredictable, but not a show stopper. We need to take action, but nothing so drastic as shutting down society or hiding out for years on end. Also: the virus is not going away. Let’s do our very best to protect those at higher risk. Sound good?

[Editor: this is an excerpt from Blindsight Is 2020, by Gabrielle Bauer, now available from Brownstone.]

The first story traveled far and wide in a very short time. People blasted it on the nightly news and shouted it to each other on Twitter. They pronounced it the right story, the righteous story, the true story. The second story traveled mainly underground. Those who aired it in public were told to shut up and follow the science. If they brought up the harms of closing down society, they were reminded that the soldiers in the World War 1 trenches had it much worse. If they objected to placing a disproportionate burden on children and youth, they were accused of not caring about old people. If they breathed a word about civil liberties, they were told that freedumbs had no place in a pandemic.

The first story was a war story: an invisible enemy had invaded our land and we had to pour all our resources into defeating it. Everything else—social life, economic life, spiritual life, happiness, human rights, all that jazz—could come later. The second story was an ecological story: a virus had entered and recalibrated our ecosystem. It looked like we couldn’t make it go away, so we had to find a way to live with it while preserving the social fabric.

The two stories continued to unfold in tandem, the gulf between them widening with each passing month. Beneath all the arguments about the science lay a fundamental difference in worldview, a divergent vision of the type of world needed to steer humanity through a pandemic: A world of alarm or equanimity? A world with more central authority or more personal choice? A world that keeps fighting to the bitter end or flexes with a force of nature?

This book is about the people who told the second story, the people driven to explore the question: Might there be a less drastic and destructive way to deal with all this? 

As a health and medical writer for the past 28 years, I have a basic familiarity with infectious disease science and an abiding interest in learning more. But my primary interest, as a journalist and a human taking my turn on the planet, lies in the social and psychological side of the pandemic—the forces that led the first story to take over and drove the second story underground.

Many smart people have told the second story: epidemiologists, public health experts, doctors, psychologists, cognitive scientists, historians, novelists, mathematicians, lawyers, comedians, and musicians. While they didn’t always agree on the fine points, they all took issue with the world’s single-minded focus on stamping out a virus and the hastily conceived means to this end.

I have selected 46 of these people to help bring the lockdown-skeptical perspective to life. Some of them are world famous. Others have a lower profile, but their fresh and powerful insights give them pride of place on my list. They lit up my own way as I stumbled through the lockdowns and the byzantine set of rules that followed, bewildered at what the world had become.

I see them as the true experts on the pandemic. They looked beyond the science and into the beating human heart. They looked at the lockdown policies holistically, considering not only the shape of the curve but the state of the world’s mental and spiritual health. Recognizing that a pandemic gives us only bad choices, they asked the tough questions about balancing priorities and harms.

Questions like these: Should the precautionary principle guide pandemic management? If so, for how long? Does the aim of stopping a virus supersede all other considerations? What is the common good, and who gets to define it? Where do human rights begin and end in a pandemic? When does government action become overreach? An article in the Financial Times puts it this way: “Is it wise or fair to impose radical limits on the freedom of all with no apparent limits in sight?” 

Now that three years have gone by, we understand that this virus doesn’t bend to our will. Serious studies (detailed in subsequent chapters) have called the benefits of the Covid policies into question while confirming their harms. We’ve entered the fifty shades of moral grey. We have the opportunity—and the obligation—to reflect on the world’s choice to run with the first story, despite the havoc it wreaked on society. 

I think of the parallel Covid stories as the two sides on a long-playing vinyl album (which tells you something about my age). Side A is the first story, the one with all the flashy tunes. Side B, the second story, has the quirky, rule-bending tracks that nobody wants to play at parties. Side B contains some angry songs, even rude ones. No surprise there: when everyone keeps telling you to shut up, you can’t be blamed for losing patience.

Had team A acknowledged the downsides of locking up the world and the difficulty of finding the right balance, team B might have felt a tad less resentful. Instead, the decision makers and their supporters ignored the skeptics’ early warnings and mocked their concerns, thereby fueling the very backlash they had hoped to avoid.

Side A has been dominating the airwaves for three years now, its bellicose tunes etched into our brains. We lost the war anyway and there’s a big mess to clean up. Side B surveys the damage.

Many books about Covid proceed in chronological order, from the lockdowns and vaccine rollout through the Delta and Omicron waves, offering analysis and insight at each stage. This book takes a different approach, with a structure informed by people and themes, rather than events.

Each chapter showcases one or more thought leaders converging on a specific theme, such as fear, freedom, social contagion, medical ethics, and institutional overreach. There’s oncologist and public health expert Vinay Prasad, who explains why science—even very good science—cannot be “followed.” Psychology professor Mattias Desmet describes the societal forces that led to Covid groupthink.

Jennifer Sey, whose principles cost her a CEO position and a million dollars, calls out the mistreatment of children in the name of Covid. Lionel Shriver, the salty novelist of We Need To Talk About Kevin fame, reminds us why freedom matters, even in a pandemic. Zuby, my personal candidate for world’s most eloquent rapper, calls out the hubris and harms of zero-risk culture in his pithy tweets. These and the other luminaries featured in the book help us understand the forces that shaped the dominant narrative and the places where it lost the plot.

Along with the featured 46, I’ve drawn from the writings of numerous other Covid commentators whose sharp observations cut through the noise. Even so, my list is far from exhaustive. In the interest of balancing perspectives from various disciplines, I’ve left out dozens of people I admire and no doubt hundreds more I don’t know about. My choices simply reflect the aims of the book and the serendipitous events that placed some important dissenting thinkers in my path. 

To maintain the book’s focus I’ve stepped away from a few subplots, notably the origin of the virus, early treatments, and vaccine side effects. These topics merit separate analyses by subject matter experts, so I respectfully cede the territory to them. And what they find under the hood, while obviously important, doesn’t alter the core arguments in this book. I also steer clear of speculations that the lockdown policies were part of a premeditated social experiment, being disinclined to attribute to malice what human folly can readily explain (which is not to say that malfeasance didn’t occur along the way).

In case it needs to be said, the book does not discount the human toll of the virus or the grief of people who lost loved ones to the disease. It simply argues that the path chosen, the Side A path, violated the social contract underpinning liberal democracies and came at an unacceptably high cost. If there’s a central theme running through the book, it’s exactly this. Even if lockdowns delayed the spread, at what cost? Even if closing schools made a dent in transmission, at what cost? Even if mandates increased compliance, at what cost? In this sense, the book is more about philosophy and human psychology than about science—about the trade-offs that must be considered during a crisis, but were swept aside with Covid. 

The book also calls out the presumption that lockdown skeptics “don’t take the virus seriously” or “don’t care.” This notion infused the narrative from the get-go, leading to some curious logical leaps. In the spring of 2020, when I shared my concerns about lockdowns with an old friend, the next words out of her mouth were: “So you think Covid is a hoax?” Some two years later, a colleague gave me a thumbs-up for hosting a woman from war-torn Ukraine, but not without adding that “I didn’t expect it from a lockdown skeptic.” (I give her points for honesty, if nothing else.)

You can take the virus seriously and oppose lockdowns. You can respect public health and decry the suspension of fundamental civil liberties during a pandemic. You can believe in saving lives and in safeguarding the things that make life worth living. You can care about today’s older people and feel strongly about putting children first. It’s not this or that, but this and that.

The pandemic is both a collective story and a collection of individual stories. You have your story and I have mine. My own story began in the Brazilian city of Florianópolis, known to locals as Floripa. I lived there for five months in 2018 and returned two years later to reconnect with the gaggle of friends I had made there. (It’s ridiculously easy to make friends in Brazil, even if you’re over 60 and have varicose veins.)

March was the perfect month to visit the island city, signaling the end of the summer rains and the retreat of the tourist invasion. I had a tight schedule: Basílico restaurant with Vinício on Monday, Daniela beach with Fabiana on Tuesday, group hike along the Naufragados trail on Wednesday, just about every day of the month packed with beaches and trails and people, people, people. 

Within three days of my arrival, Brazil declared a state of emergency and Floripa began folding in on itself. One after the other, my favorite hangouts closed up: Café Cultura, with its expansive sofas and full-length windows, Gato Mamado, my go-to place for feijão, Etiquetta Off, where I indulged my sartorial cravings… Beaches, parks, schools, all fell like dominoes, the world’s most social people now cut off from each other.

My friend Tereza, who had introduced me to ayahuasca two years earlier, offered to put me up in her house for the next month, amid her rabbits and dogs and assorted Buddhist and vegan lodgers. I would be lying if I said I wasn’t tempted. But Prime Minister Trudeau and my husband were urging me to come home, and as much as I loved Brazil I couldn’t risk getting stranded there. I hopped on a plane to São Paulo, where I spent 48 hours awaiting the next available flight to Toronto.

When I finally got home and flung open the front door, Drew greeted me with his right arm stretched out in front of him, his hand facing me like a stop sign. “Sorry we can’t hug,” he said, fear traveling across his face. He pointed to the stairs to the basement. “See you in two weeks.” 

There wasn’t much natural light in the basement, but I did have my computer, which kept me abreast of the memes of the moment. Stay home, save lives. We’re all in this together. Don’t be a Covidiot. Keep your social distance. The old normal is gone. It felt alien and graceless and “off” to me, though I couldn’t yet put my finger on why. Ignoring my misgivings, I slapped a “stay home, save lives” banner on my Facebook page, right under my cover photo. A few hours later I took it down, unable to pretend my heart was in this.

Every once in a while I would go upstairs to get something to eat and find Drew washing fruits and vegetables, one by one. Lysol on the kitchen counter, Lysol in the hallway, paper towels everywhere. “Six feet,” he would mumble as he scrubbed.

The fourteen days of quarantine came and went, and I rejoined Drew at the dining table. On the face of it, the restrictions didn’t change my life much. I continued to work from home, as I had done for the past 25 years, writing health articles, patient information materials, medical newsletters, and white papers. All my clients wanted materials on Covid—Covid and diabetes, Covid and arthritis, Covid and mental health—so business was brisk.

Even so, the new culture forming around the virus troubled me mightily: the pedestrians leaping away if another human passed by, the taped-up park benches, the shaming, the snitching, the panic… My heart ached for the young people, including my own son and daughter in their dreary studio apartments, suddenly barred from the extracurricular activities and gigs that made university life tolerable for them. People said it was all part of the social contract, what we had to do to protect each other. But if we understand the social contract to include engaging with society, the new rules were also breaking the contract in profound ways.

Stay safe, stay safe, people muttered to each other, like the “praise be” in The Handmaid’s Tale. Two weeks of this strange new world, even two months, I could countenance. But two months were turning into the end of the year. Or maybe the year after that. As long as it takes. Really? No cost-benefit analysis? No discussion of alternative strategies? No regard for outcomes beyond the containment of a virus? 

People told me to adapt, but I already knew how to do that. Job loss, financial downturn, illness in the family—like most people, I put one foot in front of the other and powered through. The missing ingredient here was acquiescence, not adaptability.

I connected with an old-school psychiatrist who believed in conversation more than prescriptions, and scheduled a string of online sessions with him. I called him Dr. Zoom, though he was more of a philosopher than a medical man. Our shared quest to understand my despair took us through Plato and Foucault, deontology and utilitarianism, the trolley problem and the overcrowded lifeboat dilemma. (Thanks, Canadian taxpayers. I mean that sincerely.) 

And then, slowly, I found my tribe: scientists and public health experts and philosophy professors and lay people with a shared conviction that the world had lost its mind. Thousands and thousands of them, all over the planet. Some of them lived right in my city. I arranged a meetup, which grew into a 100-strong group we called “Questioning Lockdowns in Toronto,” or Q-LIT. We met in parks, on restaurant patios, at the beach, and between meetings stayed connected through a WhatsApp chat that never slept. Zoom therapy has its place, but there’s nothing more healing than learning you’re not alone.

To those who have traveled a similar path, I hope this book provides that same sense of affirmation. But I’ve also written it for the Side A people, for those who sincerely upheld the narrative and despaired at the skeptics. Wherever you fall along the spectrum of viewpoints, I invite you to read the book with a curious mind. If nothing else, you’ll meet some interesting and original thinkers. And if their voices help you understand Side B, even a little, we all win.

Tyler Durden
Sun, 01/29/2023 – 19:30

If WW3 Breaks Out, Tanks Or Fighter Jets Won’t Matter: Kremlin

0
If WW3 Breaks Out, Tanks Or Fighter Jets Won’t Matter: Kremlin

Fresh off getting the West to sign off on the main battle tanks he’s long sought from the US and Germany, Ukraine’s President Volodymyr Zelensky is already pressing for more, and specific, advanced systems from his external backers. 

In his Saturday night address, he pleaded for deliveries of the US Army Tactical Missile System, known as ATACMS, to protect cities which are far from front line fighting. “There can be no taboo in the supply of weapons to protect against Russian terror,” he said.

On the same day, Russian Security Council Deputy Chairman Dmitry Medvedev issued a scathing condemnation in reaction to the Biden administration and other Western officials claiming that ramped-up arms deliveries are actually helping to prevent a world war.

“Firstly, defending Ukraine, which nobody needs in Europe, will not save the senile Old World from retribution if anything occurs. Secondly, once the Third World War breaks out, unfortunately it will not be on tanks or even on fighter jets. Then everything will definitely be turned to dust,” Medvedev wrote on Telegram Saturday. 

Kremlin officials have of late made the point that the US M1 Abrams as well as German Leopard tanks will make little difference on the battlefield, other than to ensure rapid escalation between NATO and Russia.

Medvedev was also specifically responding to remarks out of Italy’s defense chief, as Russian state media writes

In this post, Medvedev commented, in particular, on Italian Defense Minister Guido Crosetto’s remarks that the Third World War would erupt if Russian tanks reached Kiev and “the borders of Europe”, and that the weapons sent to Ukraine were meant to stop the escalation. Medvedev equated his remarks to the calls from the United Kingdom to provide Kiev with all the weapons NATO has.

Medvedev’s reference to everything being “turned to dust” was without doubt reference to potential nuclear exchange as a result of runaway escalation. The former president and close Putin confidant has repeatedly warned of things going nuclear in Ukraine if the West keeps pumping heavier arms to the Ukrainians, and if Moscow loses the war.

Interestingly, a fresh lengthy report by RAND Corporation seems to agree that continued escalation on the part of Washington could prove disastrous. RAND, though notoriously hawkish as essentially the Pentagon’s think tank arm, now argues that in Ukraine “US interests would be best served by avoiding a protracted conflict,” and that “costs and risks of a long war…outweigh the possible benefits.”

Tyler Durden
Sun, 01/29/2023 – 19:00

Raise The Social Security Age To (At Least) 75

0
Raise The Social Security Age To (At Least) 75

Authored by Ryan McMaken via The Mises Institute,

On January 10, the French government announced plans to raise the retirement age from 62 to 64.

The change would mean that after 2027, workers in France would have to work 43 years to qualify for a government pension, instead of 42 years. French workers promptly took to the street in protest decrying even this very small reduction government welfare.

Like many countries in Western Europe and North America, France faces a major demographic problem in that its population is aging and demanding ever larger amounts of public pension funds.

Meanwhile, the younger working-age population is shrinking as birth rates continue to fall. So, the French state is looking for ways to stay relatively solvent.

For Americans who follow our own old-age social benefits systems, this problem will seem quite familiar. Although the US regime is not in as dire fiscal straits as the French one, the US’s federal government nonetheless faces huge and growing obligations to current and future pensioners. This will only grow more urgent as the population continues to age and as the numbers of prime-age workers stagnates. 

Indeed, the Social Security scheme is an excellent example of how government programs, once established, gradually become far more costly—in real per capita terms, not just aggregate terms—as time goes by.  Many recipients now spend decades collecting benefits on a program that had been sold as a program only for people who were too old, exhausted, and injured to work at all. Meanwhile, fewer and fewer workers are called upon to foot the inflated bill. 

At the center of this mission creep for Social Security is the fact that Social Security benefits originally began at age 65. Yet, at that same time, the life expectancy at birth was below 65. (It’s much higher now.) Many people lived well past 60 back then, of course, but not nearly as many as do today. In other words, a far smaller fraction of the work force collected Social Security, and for a shorter period. Today, however, more workers live long enough to collect Social Security, and they now receive payments for longer. That’s a sure way to inflate the cost to taxpayers of old-age benefits. (It’s also a sure way to encourage able-bodied workers to leave the workforce, thus tilting the economy more toward consumption rather than production.) 

Even if we ignore the moral problems presented by transferring huge amounts of income from current workers to pensioners, the realities of demographics in the twenty-first century mean the minimum “retirement age” should really be at least 75.  Too long has a shrinking pool of workers been forced to fund pensioners who start collecting government benefits in their 60s and can now expect to be on the dole for 20 years or more.  Moreover, this phenomenon is growing. Social Security increasingly forces today’s workers to shoulder an ever-greater burden on their ability to earn a living and support their families. The days of subsidized extended vacations for able-bodied 65-year olds must come to an end, but until that day comes, the damage can at least be limited by raising the age of eligibility. 

The Original Justification for Social Security 

When it was being sold to the public in 1935, those promoting Social Security took advantage of sentiments that people over age 65 were essentially too old to work, and thus would soon fall into poverty. This certainly would have seemed plausible at the time. Most jobs in 1935 involved significant amounts of physical labor whether we’re talking about cleaning laundry, waiting tables, farming, mining coal, or building houses. Work was also more dangerous—as historical work injury data makes clear—and workers were more likely to sustain injuries that would render one unable to work. For example, a 65-year-old simply could not safely perform much of the work required at a steel mill. (As shown in this 1944 video on the steel industry.) 

Especially important to efforts at presenting Social Security as fiscally prudent was the fact that with a minimum age of 65, the number of Social Security beneficiaries would also be limited by the realities of life expectancy. In 1940, for example—the first year that pensioners could receive benefits—life expectancy at birth was only 61 for men and 65 for women. Indeed, even if we eliminate the toll of childhood diseases on life expectancy, the numbers do not change dramatically. In 1940, total life expectancy for persons over 15 years of age was 68. Moreover, in 1940 the percentage of the population surviving from age 21 to 65 was only 54 percent for males and 61 percent for females. But what about those who actually made it to age 65? In 1940, a male at age 65 would, on average live another 13 years. A female would live another 15 years. So, when looking at the work force in 1940, we can eliminate nearly half of the men and about 40 percent of the women as likely future Social Security recipients. About half of those who actually made it to 65 would then collect benefits for no more than 15 years.

Now let’s contrast that with life expectancy realities in our own time. 

Life expectancy at birth today is 78 years, and for those who reach age 15, it is 80. for both men and women, more than 75 percent of the population reaching 21 will survive to age 65. That’s an increase of 50 percent for men, and around 30 percent for women. For those reaching age 65 in 2022, males will live another 18 years on average, while females will live another 20 years

These growing commitments from Social Security are further aggravated by the fact that while the retiree population is growing, growth in the work force is stagnating. Since 1960, the total number of Social Security recipients has increased by 364 percent. Meanwhile, the prime age population (age 25-54) has grown by only 90 percent. Put another way, in 1960, there were 4.6 prime age workers per Social Security recipient. In 2020, that number was 1.9. 

Now let’s look at this in dollar terms. Per prime-age worker, inflation-adjusted dollars spent on SS amounted to $9,590 in 2022. That’s up from $4,814 in 1980, or an increase of 99 percent over the period. During the same period, inflation-adjusted weekly earnings for workers increased 16 percent. Part of this discrepancy is due to the fact SS payments are consistently—as mandated by law—bumped up by cost-of-living adjustments to account for price inflation. Wage workers enjoy no such guarantees. 

Social Security benefits are rapidly outpacing both population growth and earnings growth. In the aggregate, the program is more generous (toward pensioners) than ever. 

To stanch some of the bleeding from today’s workers who get an increasingly raw deal on this, the time has come to stop the ever-upward creep in how much Social Security recipients collect. 

As noted above, we see that, on average, men and women collect Social Security for a period that has grown by five years since 1940—an increase of 38 percent for men, and 33 percent for women.  To even put a dent in this, the minimum age for SS needs to rise to 70. Yet, even this is much too low given how turning 65 in 2022 is nothing like what it was in 1940. Ever since it was first put forward, Social Security has assumed that reaching the age of 65 is also closely associated with disability. That may have been a good assumption in 1935 when work was more often dangerous, likely to produce disability, and medical care was much less adept at addressing these disabilities. 

In 2022, however, the word “disabled” hardly describes the majority of Americans in the 65-74 age range. Indeed, only one quarter of this population reports having any disability at all. The share of Americans from 65-74 who report poor health has been declining, as has the proportion of workers in physically demanding jobs. It’s unclear why 100% of these workers would require government income subsidies. In any case, workers who are actually disabled would qualify for disability benefits even if the age is raised. Moreover, a male worker today who reaches age 75 can still expect to live another 11 years. A female can expect to live even longer. Raising the age to 75 still wouldn’t eliminate a taxpayer-subsidized “official” retirement, but the change certainly would reduce the length of time today’s workers toil in a state of indentured servitude to today’s pensioners.

One thing raising the age has going for it is that it’s been done before. A 1983 change very gradually increased the full-benefits age from 65 to 67. That’s much too little, and even an increase to age 75 would be a mild reform. Other reforms, up to and including abolition, should include means-testing pensions and totally defederalizing and decentralizing the program. But it’s also easy to imagine the tidal wave of opposition from activists who vehemently oppose even a very mild reduction in Social Security payouts. Raising the age won’t make Social Security just, prudent, or wise. But cutting federal spending is always the right thing to do.

Tyler Durden
Sun, 01/29/2023 – 18:30

Portland Café To Sell ‘Black Jaguar Geisha’ Coffee For $150 A Cup

0
Portland Café To Sell ‘Black Jaguar Geisha’ Coffee For $150 A Cup

A café shop in Portland, Oregon is one of just two locations in the United States where rich coffee snobs can imbibe a $150 cup of Australian coffee.

Just 22 cups will be available from Proud Mary Coffee Roasters, which has locations in Portland and Austin, Texas.

The coffee itself is the Black Jaguar Geisha blend, and comes from Hartmann Estate in Panama. It recently won first place in the 2022 Best of Panama competition – one of the premiere coffee competitions worldwide, KOIN reports.

The coffee company paid $2,000 for a pound of the beans, their most expensive coffee purchase to date.

Wonka time?

For those who don’t want to spend $150 on a cup of coffee, which is absurd, Proud Mary Coffee Roasters will give away a single cup of the coffee to a US customer who receives a golden ticket in their purchase of a Hartmann presale tin from the Proud Mary website.

The $34 tin includes 3.5 ounces of Hartmann Natural Geisha Coffee – and possibly a golden ticket.

Proud Mary will host a Hartmann Family takeover at its Portland cage throughout the month of February and will offer five additional coffees from the famed producer. Three options will be espressos and two natural Geisha coffees will be available as deluxe pours. -KOIN

Proud Mary’s Portland location was opened in 2017, before expanding to Austin last year. 

Tyler Durden
Sun, 01/29/2023 – 18:00

Iranian Explosions: Implications And Impact On Oil

0
Iranian Explosions: Implications And Impact On Oil

Authored by Wouter Schmit Jongbloed via ‘Money: Inside and Out’ blog,

Overnight, the sky over Iran was lit up by at least two explosions targeting military production facilities: one in Isfahan and one in Tabriz. Whether the two explosions are connected remains unclear as the Isfahan target appears to have been an “ammunitions” factory and the explosion in Tabriz occurred at a motor oil factory. Some sources (here) suggest the list of targets hit might be larger and include the Headquarters of the IRGC and some other military targets.

While no party has claimed direct responsibility for the explosions, Senior Ukrainian spokesperson Mykhailo Podolyak tweeted “War logic is inexorable & murderous. It bills the authors & accomplices strictly. Explosive night in Iran – drone & missile production, oil refineries. Did warn you.”

While drones can be launched from any platform without much infrastructure, it is worth noting that the most common Iranian suicide drones have a range of roughly 2500km and the distance between Kherson, Ukraine, and Isfahan, Iran, is approximately 2600km — so barely in tentative range.

The regime in Teheran is, somewhat predictably, down-playing the impact of the explosions, noting of the Isfahan attack that one drone was shot down “and the other two were caught in defense traps and blew up. [The attack] caused only minor damage to the roof of a workshop building. There were no casualties.”

At the start of the Asian open, oil markets might be primed to price higher risks to oil supplies out of concern that: (i) Ukraine war might be spilling over into Middle East, (ii) Iran might seek retaliation in the region, or (iii) general unrest in oil producing countries is bad news for supply.

As Iran seems to be downplaying the attacks and no clear culprit has been identified (despite Ukraine’s early response), any spike in oil prices could be driven initially by algorithmic trades immediately at the open and thus likely to fade as more information becomes available.

To reiterate:

1/ it doesn’t seem oil production facilities were the target;

2/ even past attacks on Saudi oil infrastructure such as by Yemeni militants (with Iranian backing) in 2019 had a limited impact on oil prices beyond the very short term. 3/ Iran is a marginal producer (though admittedly the market is petty tight)

Will Oil Prices Spike as Markets Price Increased Destabilization?

Previous episodes of violence and explosions involving oil producing countries has led markets to price supply concerns. In somewhat comparable situations, such as Yemen’s missile strikes against Saudi Arabia for instance in March 2022, the oil price reaction function seemed driven in large part out of concern for escalation.

In the current circumstances, three risk avenues could drive market concern:

(i) Ukraine War Spill Over to Middle East

As we do not have a clear sense of responsibility for the explosions in Iran, it’s too early to assume Iran is being targeted as a function of the War in Ukraine; other possible agents include domestic groups behind recent protests and, of course, Israel — though the type of relatively unsophisticated and ineffectual strike makes direct Israeli involvement less likely.

Spill-over risks from the war in Ukraine are real, with the risk-vector Iran stepping up its overt support for Russia, adding its military and industrial capabilities (such as they are) to that of Russia in the production of drones and missiles.

Considering Iran is already suspected of providing material aid to Russia and the seeming determination by Teheran to minimize the explosions this morning, the risks of spill-over seem contained.

(ii) Iranian Retaliation in the Region

While the risk of direct involvement by Iran in the War in Ukraine does not present a central case scenario, elevated risks are present for Iran to seek to lash out regionally to emphasize its continued ability to project force (in the face of being hit domestically).

Of concern to markets could be the increased risk of Iranian attempts to sabotage or derail the energy supply to Europe. Considering Saudi Arabia’s non-confrontational attitude toward Russia lately, an Iranian threat in retaliation against the Kingdom is not likely at this time. Energy transits however could be targeted if the regime feels particularly vulnerable due to this morning’s explosions.

(iii) Elevated General Unrest in Oil Producing Countries

Markets generally respond poorly to upheaval in oil producing countries, especially when global demand is expected to respond to China’s reopening post Zero-Covid. These nebulous concerns are often short-lived though and price reactions fade.

Implications: Pushing Iran Further into Russia’s Camp? JCPOA?

The longer term implications of heightened “homeland” insecurity in Iran might well be a drive in Teheran to consolidate its alliances with Russia and China. The more Iran depends on Russia and China, the fewer diplomatic stepping stones are available to the West to present Iran with credible incentives not to develop a nuclear capability.

As US NSC official Admiral Kirby noted in December: “Russia is offering Iran an unprecedented level of military and technical support that is transforming their relationship.” Such support could include expertise in crowed control measures, but might also involve the delivery of fighter planes (Su-35), air-defense capabilities and potentially helicopters.

Russian support for Iran in nuclear matters is likely more fraught, with Moscow remaining wary of providing Iran with obvious pathways to a nuclear break-out moment. Its disastrous invasion of Ukraine could however marginally reshape Russia’s strategic calculus, making an alliance with Iran more palatable.

Last week, the US, UK and EU imposed fresh sanctions on dozens of Iranian officials and are actively considering designating the Islamic Revolutionary Guard Corps a terrorist organization. With relations between the West and Iran at a low point, the future of the JCPOA remains unclear and in “the deep freeze,” with all blocks satisfied that the nuclear status quo is acceptable (for now).

*  *  *

Money: Inside and Out is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Tyler Durden
Sun, 01/29/2023 – 17:30

Adani Publishes 413-Page Report Saying Hindenburg’s Short Attack Is ‘Calculated’ Fraud

0
Adani Publishes 413-Page Report Saying Hindenburg’s Short Attack Is ‘Calculated’ Fraud

US short-seller Hindenburg Research and Indian billionaire Gautam Adani are locked in an epic game of ping pong as both throw barbs at each other. 

Last week, Hindenburg published a 100-page report alleging Adani’s company Adani Enterprises Ltd. is built on accounting fraud, while Adani’s legal team called the short report “maliciously mischievous and unresearched.” 

Hindenburg’s report led to a $50 billion selloff in Adani’s corporate empire. 

The next round of fighting between the short seller and India’s richest person occurred on Sunday when Adani Group published a 413-page rebuttal to the short seller’s claims, calling it “nothing short of calculated securities fraud” and declared that the US company was attacking India as a whole.

“This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” Adani said. 

Adani reiterated it will “exercise our rights to pursue remedies to safeguard our stakeholders before all appropriate authorities.”

Combing through some of Adani’s rebuttals is Bloomberg’s Brian Chappatta. He outlined a few of the responses. 

Here’s the 413-page rebuttal. 

Meanwhile, Pershing Square’s Bill Ackman doubled down Sunday morning on his criticism about Adani. 

And we wonder just how long it will take for Hindenburg to respond to Adani’s rebuttal.

Tyler Durden
Sun, 01/29/2023 – 14:00