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Full Fifth Circuit Hears Arguments Over the Fate Of Texas’ Floating Border Wall

Full Fifth Circuit Hears Arguments Over the Fate Of Texas’ Floating Border Wall

Authored by Bill Pan via The Epoch Times,

The legal saga over the fate of a 1,000-foot floating barrier on the Rio Grande has entered a new phase.

Texas Gov. Greg Abbott last summer ordered the deployment of the string of giant orange buoys in the river near Eagle Pass. As a part of Operation Lone Star, the Republican governor’s signature initiative aimed to curb illegal border crossings from Mexico into his state, the buoys are anchored to the bottom and themselves rotate so that people can’t climb over or swim under them.

Following the installation of the barrier, the Biden administration sued Texas, demanding that it be taken down. Attorneys for Texas invoked the Constitutional right for each state to defend itself against “invasion”—in Texas’ case, by those illegally crossing the river, but that self-defense argument was rejected by the lower court, as did by a split three-judge panel of the Fifth Circuit Court of Appeals.

Arguing on Wednesday before a full, 17-member Fifth Circuit, attorneys for both Texas and the U.S. Department of Justice largely focused on the question of whether Mr. Abbott’s floating wall violates a Reconstruction-era law regulating the use of waterways.

The law, dubbed the Rivers and Harbors Appropriation Act of 1899, prohibits the “creation of obstruction … to the navigable capacity of the waters” unless approved by Congress and permitted by the U.S. Army Corps of Engineers—the entity responsible for the maintenance of the country’s waterway system to ensure safe passage of vessels.

The Rio Grande is not subject to the 125-year-old law, Texas told the court, arguing that the stretch of river is too rocky and shallow to be reasonably called a “navigable waterway.”

“For most of its length and much of its storied history, the Rio Grande has been little more than a creek with an excellent publicist,” said Lanora Pettit, the principal deputy solicitor general of Texas.

“If the U.S. is right, then any body of water would be deemed navigable and thereby subject to federal jurisdiction.”

Ms. Pettit further argued that, for more than a century, the Rivers and Harbors Appropriation Act had been interpreted as applying only to waterways that, “in their ordinary or natural condition, serves [as] the artery of interstate commerce across which trade or travel can be or is conducted.”

That interpretation apparently does not fit the Rio Grande, which “has too many rocks and not enough water,” she argued. “The only reason we have water in that stretch [where the buoys were installed] is because of the irrigation, and irrigation infrastructure only puts it about 18 inches deep.”

Arguing for the Justice Department, attorney Michael Gray urged circuit judges to uphold the district judge’s ruling that the Rio Grande was historically navigable. He pointed to past ferry traffic in the area, as well as the use of patrol boats by border enforcers.

“The most prominent [evidence] being ferry traffic, which is expressly foreign commerce conducted on the river by floating structures, boats,” Mr. Gray told the court. “That foreign commerce is sufficient to bring the area within Congress’s power … to regulate that commerce.”

Mr. Gray also claimed that the floating wall, which was expected to deter illegal immigration, interfered with the U.S. Border Patrol officers performing their duties.

“The Border Patrol is on the river basically every day,” he said, emphasizing that the Border Patrol had conducted 249 rescues on the Rio Grande between 2018 and 2023. “There was evidence here that any obstruction to the river, including this obstruction could impair response times of the Border Patrol as the Border Patrol does rescues on the river.”

The attorneys also briefly made their case on whether the floating barrier counts as a constitutional means of defending Texas against an invasion.

“Assuming that the question of invasion is not justiciable, then under what circumstances can the United States thwart that attempt at self defense?” Chief Judge Edith Jones, a Ronald Reagan appointee, asked Mr. Gray.

“You need some organized hostile force,” the DOJ lawyer replied, arguing that the influx of illegal immigrants is not the same kind of “invasion” the Constitution’s framers had in their minds.

“[Texas government’s] argument is, once they say invasion, ‘We can do anything we want for as long as we want,’” he said. “We don’t think that’s right.”

The Fifth Circuit did not indicate when they would rule.

The Fifth Circuit, headquartered in New Orleans, Louisiana, is also handling another dispute between Texas and the U.S. government. This separate case centers around Shelby Park, a 47-acre public park in Eagle Pass that the federal government had been using as a staging area to process illegal immigrants.

In January, Texas National Guard soldiers deployed by Mr. Abbott took control of Shelby Park, and have since used roadblocks and concertina wires to prevent Border Patrol officers from processing migrants in the area.

“The federal government has broken the compact between the United States and the States,” Mr. Abbott said after the U.S. Department of Homeland Security demanded that he grant Border Patrol agents access to the park. “Instead of prosecuting immigrants for the federal crime of illegal entry, President Biden has sent his lawyers into federal courts to sue Texas for taking action to secure the border.”

Tyler Durden
Fri, 05/17/2024 – 18:20

Jeff Currie, The Copper Bull: “Most Compelling Trade I’ve Seen In My 30-Year Trading Career”

Jeff Currie, The Copper Bull: “Most Compelling Trade I’ve Seen In My 30-Year Trading Career”

Jeff Currie, who led commodities research at Goldman Sachs for nearly three decades and now serves as the chief strategy officer of the energy pathways team at Carlyle Group, appeared on Bloomberg’s Odd Lots to discuss why copper is the best trade he has seen in his entire career.

The drive towards electrification, whether that’s electric vehicles and data centers powering artificial intelligence, as well as reshoring manufacturing trends, the need to expand the nation’s power grid to handle surging load demand is in full swing but comes as new copper mining capacity has dwindled, and a squeeze on the Comex exchange has sent prices to record highs. 

Odd Lots’ Joe Weisenthal began by introducing Currie and referencing his past comments from as early as 2021 about the beginning of a commodity supercycle: 

We’re going to talk to Jeff Currie. So we’ve had him on the podcast at least a couple of times before, back in 2021. We talked to him and he talked about this idea of like a new commodity supercycle, and of course oil was surging and all these commodities were surging as the global economy was reopening.

Then we talked to him again in 2022 and he said that copper specifically may end up being one of the, the tightest commodity markets he’s ever seen. So real issues with supply and again, looking pretty good these days.

So we are back with Jeff Currie, who is now in a new role. So when we talked to him before, he was the head of commodities research at Goldman Sachs, but today he’s the chief strategy officer of Energy Pathways at the Carlyle Group. So Jeff, thank you so much for coming back on Odd Lots. 

A little more than 11 minutes into the conversation, Odd Lots’ Tracy Alloway asked Currie: 

Alright, I have a very important question for Jeff, which is, are you wearing a copper bracelet right now?

The commodities veteran responded:

You know, it is the most compelling trade I have ever seen in my 30 plus years of doing this. You look at the demand story, it’s got green CapEx, it’s got AI, remember AI can’t happen without the energy demand and the constraint on the electricity grid is going to be copper.

And then you have the military demand. So unprecedented demand growth against unprecedented weakness in supply growth because we have not been investing, it’s teed you up for what I would argue is the most bullish commodity that I actually, I just quote many of our clients and other market participants say, you know, it’s the highest conviction trade they’ve ever seen.

Currie’s comments come as a historic Comex copper short squeeze is underway this week. 

It all started one month ago, when we reported “US, UK Banned Deliveries Of Russian Copper, Nickel And Aluminum To Western Metals Exchanges.” This sparked a massive dislocation for copper prices traded in New York and other commodity exchanges has rocked the global market for the base metal and prompted a frantic dash for supplies to ship to the US.

We have discussed the fundamental case for copper:

And most notably in the the Next AI Trade“… 

Back to Currie’s Odd Lots interview. He pointed the acronym “RED” summarizes the three major structural tailwinds driving copper demand forward (summarized by Bloomberg);

The ‘R’ stands for redistribution policies: As he argues, lower-income groups have been consuming “a greater share of commodities than the higher-income groups. That’s very much alive and kicking. You look at the low unemployment rate, who’s the biggest benefactor of that? It is the lower-income groups, and policies still very much in play all over the world right now reinforcing these lower-income groups in the consumption of commodities.”

The ‘E’ stands for environment policy, which Currie describes as having been “turbocharged” in recent years.

“You have the IRA, the REPowerEU, China,” he says. “Now, part of the reason why copper’s rallied recently [is that] China’s growth was over 100% in green CapEx last year, 30% this year. So everywhere you look in the world, we see environmental policy through green CapEx stimulating demand for commodities.”

And finally, the ‘D’ stands for deglobilization, though it could also stand for defense.

“Look at the potential military spend in the US — $95 billion on munitions,” he says. “We look at what’s going on in places like Germany, $100 billion dollars of military spend. So you’ve got all three going much stronger than what we would’ve thought two-to-three years ago.”

As for the beginning of the upswing in the commodity supercycle, well, the  Bloomberg Commodity Spot Index this week reached its highest point in a year. 

And this is not great news for Fed Chair Powell’s inflation fight. However, for the time being, the OER component of the CPI basket will continue to pressure inflation. 

What’s ominous is the surge in spot commodity prices. 

Tyler Durden
Fri, 05/17/2024 – 18:00

NBC Animal Documentary Claims “This Is A Queer Planet”

NBC Animal Documentary Claims “This Is A Queer Planet”

Authored by Paul Joseph Watson via Modernity.news,

A documentary set to be broadcast by NBC asserts that we live on a “queer planet,” in which homosexuality is widespread in the animal kingdom and there are more than two genders.

Yes, really.

The documentary, set to be aired on June 6, features one “expert” stating, “Everything you were taught as a kid is wrong.”

“Gay penguins, bisexual lions, sex changing clown fish,” the narration, voiced by gay actor Andrew Rannells, claims are all evidence that “this is a queer planet.”

The trailer then shows two women, one with blue hair, asserting that “Queerness has always existed” and that “It’s only in humans that we have such a stigma about it.”

Apparently, this “stigma” revolves around having it shoved in your face 24/7 on television, TV commercials, within the education system, and publicly shaming or even arresting and prosecuting anyone who doesn’t embrace it.

“The idea of just having two fixed sexes is clearly out of style,” the narration continues, with another short haired woman with tattoos claiming, “Mother nature is pretty open minded.”

Nature is apparently “full of queer surprises,” according to the documentary.

I’m not sure that aspiring to behave like animals is quite the win that LGBT activists think it is.

Animals practice all kinds of behaviors which if they were mimicked by humans would lead to the collapse of civilization.

Lions practice infanticide and many other species eat their own offspring, should we start normalizing that too?

Dolphins torture and murder porpoises for fun, should we do the same?

Sea otters rape and murder baby seals, should we follow suit?

Explorer George Murray Levick documented how Adelie penguins gang-rape females and have sex with the ground, other males, and dead females lying frozen. Should we normalize necrophilia?

Tiger sharks kill their own siblings in the womb, while hyena cubs start fighting and killing each other as soon as they are born, is that to be celebrated?

Cats and other animals engage in wilfully sadistic behavior for fun, should humans emulate that too?

The narrative used to be that while homosexuality does occur within the animal kingdom, it is more about base sexual gratification and has little to do with advancing a species.

In order to abolish the “stigma” surrounding homosexuality in humans (which doesn’t exist since it’s promoted everywhere), that narrative is now apparently changing.

*  *  *

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

Tyler Durden
Fri, 05/17/2024 – 17:40

Dismal Data Sparks Dollar Dump – Everything Else Rips On Record Week

Dismal Data Sparks Dollar Dump – Everything Else Rips On Record Week

US Macro Surprise data declined for the sixth straight week… to its weakest since January 2023

Source: Bloomberg

But that ‘bad news’ prompted a run to record highs for risky stocks…

Source: Bloomberg

As the market seems to be completely discounting the collapse in soft survey data…

Source: Bloomberg

The bad news prompted rate-cut expectations to rise on the week (more for 2025 than 2024). Three full cuts priced in for 2025 and two cuts priced in for 2024…

Source: Bloomberg

All of which sent stocks higher on the week led by Nasdaq. Friday saw the majors mixed to flat after a tumultuous week..

In the last few seconds, the algos took The Dow back above 40,000 for its first close above that historic level…

Industrials were the only sector to end the week red while Tech and Financials outperformed…

Source: Bloomberg

The short squeeze at the start of the week faded fast as the week progressed…

Source: Bloomberg

VIX was clubbed like a baby seal back to an 11 handle on the week – decoupling from stocks today…

Source: Bloomberg

Treasury yields ended the week lower, despite the last two days seeing rates rise. The short-end modestly underperformed…

Source: Bloomberg

The dollar tumbled this week, erasing the gains since April’s CPI print surge…

Source: Bloomberg

A big week for bitcoin with the largest cryptocurrency back above $67,000 to its highest in six weeks…

Source: Bloomberg

Bitcoin ETFs saw a solid week of inflows (for a change)…

Source: Bloomberg

Oil prices bounced on the week with WTI back above $80 to two week highs…

Source: Bloomberg

Gold surged to a new record closing high this week, its first close above $2400…

Source: Bloomberg

… but most notably, silver dramatically outperformed gold (topping $30) – its best relative weekly performance since August 2020…

Source: Bloomberg

While The Dow topped 40,000 for the first time, it remains a laggard compared to gold for the last few years…

Source: Bloomberg

Finally, how much longer can the market (and The Fed) ignore the surge in inflation surprise data and just watch the de-growth with blinkers on…

Source: Bloomberg

…hoping that the ‘bad news’ is all that matters to lift rate-cut hopes.

Tyler Durden
Fri, 05/17/2024 – 16:00

DTCC, Chainlink Complete Fund Tokenization Pilot With JPMorgan, Templeton And Other Financial Giants Participating

DTCC, Chainlink Complete Fund Tokenization Pilot With JPMorgan, Templeton And Other Financial Giants Participating

By Tom Mitchelhill of CoinTelegraph

The world’s largest settlement system, the Depository Trust and Clearing Corporation (DTCC), and blockchain oracle Chainlink have wrapped up a pilot program with several major banking firms in the United States to increase traditional finance fund tokenization.

The Smart NAV Pilot program was conducted to standardize a method of providing net asset value (NAV) data of funds across blockchains using Chainlink’s Cross-Chain Interoperability Protocol (CCIP), according to a May 16 DTCC report.

The pilot found that by delivering structured data on-chain and creating standard roles and processes, foundational data could be embedded into a multitude of on-chain use cases, such as tokenized funds and ‘bulk consumer’ smart contracts, which are contracts that hold data for multiple funds,” it wrote.

These capabilities could support future industry exploration, as well as powering “numerous downstream use cases” like brokerage applications, more automated data dissemination and easier access to historical data for funds, it said.

The pilot helped establish better-automated data management, limited impact on existing market practices for traditional financial institutions, enabled clients to retrieve historical data without manual record keeping and provided broader application programming interface (API) solutions for price data, the DTCC’s report noted.

The United States banking firms that participated in the pilot include American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street and U.S. Bank.

LINK has gained over 130% in the last 12 months amid a broader uptick in the crypto market.

The DTCC report comes amid wider enthusiasm for real-world asset tokenization from major traditional financial institutions.

On March 19, BlackRock launched a tokenized money market fund dubbed BUIDL on the Ethereum network, offering native U.S. dollar yields.

The fund allows investors to purchase tokens representing shares in the fund, which invests in assets like U.S. Treasury bills. The fund is referred to as the “digital liquidity fund” because it is digitized on the Ethereum blockchain and operates as an ERC-20 token called BUIDL.

Tyler Durden
Fri, 05/17/2024 – 15:40

IDF Recovers Three Deceased Hostages, Including 22-year Old Shani Louk

IDF Recovers Three Deceased Hostages, Including 22-year Old Shani Louk

The Israel Defense Forces (IDF) made a major, and tragic, announcement on Friday. IDF Spokesman Rear Adm. Daniel Hagari said the military has recovered the bodies of three hostages from the Gaza Strip.

The deceased include the body of Shani Louk, the 22-year old girl filmed on Oct.7 lying half-naked, mangled and unconscious in the bed of a pick-up truck while being taken into the Gaza Strip. The military also identified Itzhak Gelerenter and Amit Buskila.

L-R: Shani Louk, Itzhak Gelerenter and Amit Buskila

“Hagari says the bodies were recovered in an overnight operation carried out by the military and Shin Bet,” the statement said.

All three had been kidnapped from the Supernova music festival near Re’im on the morning of the heinous terror assault of Oct. 7. They are believed to have died during the events of Oct. 7, murdered by Hamas.

Shocking images and video of Louk’s body being paraded around by Hamas had immediately gone viral as news of the terror attack unfolded on the weekend of Oct.7. For weeks there had been speculation over whether she survived the ordeal, or if the video actually showed her deceased, as men sat on top of her.

The family says it is a relief to finally get her remains to Israel:

Shani Louk’s father Nissim tells Channel 12 while today’s announcement that the IDF has recovered her body was difficult to receive, it was also news that he had been waiting for. The family was long ago notified that she had been killed on October 7.

Nissim says military representatives showed him a picture of Shani’s body when they provided the news this morning.

Other than saying it was an “overnight operation” – few other details were given by the military as to exactly where the bodies were recovered or the specific mission details involved.

Prime Minister Benjamin Netanyahu said in a statement that he is “heartbroken” by the news their deaths have been confirmed. “My wife Sara and I grieve with the families,” he said before vowing “We will return all of our hostages — living and deceased alike.”

“I congratulate our brave forces who, with determined action, returned our sons and daughters home,” Netanyahu continued. His words suggest that the recovery came during a high-risk raid as the IDF continues pressing deeper into southern Gaza, and elsewhere fighting in areas where Hamas has returned, such as in the north.

Netanyahu has long been under immense domestic pressure amid large protests led by hostage victims’ families who have complained that he has ‘forgotten’ the hostages while prioritizing the military aim of eradicating Hamas. The protesters want his government to strike a deal for the return of the rest of the captives.

Tyler Durden
Fri, 05/17/2024 – 15:20

Vitalik Buterin Says OpenAI’s GPT-4 Has Passed The ‘Turing Test’

Vitalik Buterin Says OpenAI’s GPT-4 Has Passed The ‘Turing Test’

Authored by Tristan Greene via CoinTelegraph.com,

OpenAI’s GPT-4, a generative artificial intelligence (AI) model, has passed the Turing test, according to Ethereum co-founder Vitalik Buterin. 

The Turing test is a nebulous benchmark for AI systems purported to determine how human-like a conversational model is. The term was coined on account of famed mathematician Alan Turing who proposed the test in 1950.

According to Turing, at the time, an AI system capable of generating text that fools humans into thinking they’re having a conversation with another human would demonstrate the capacity for “thought.”

Nearly 75 years later, the person largely credited with conceiving the world’s second most popular cryptocurrency has interpreted recent preprint research out of the University of California San Diego as indicating that a production model has finally passed the Turing test.

Source: Vitalik Buterin

Researchers at the University of California San Diego recently published a preprint paper titled “People cannot distinguish GPT-4 from a human in a Turing test.” In it, they had approximately 500 human test subjects interact with humans and AI models in a blind test to determine whether they could figure out which was which. 

According to the research, humans mistakenly determined that GPT-4 was a “human” 56% of the time. This means that a machine fooled humans into thinking it was one of them more often than not.

Vitalik Buterin’s take

According to Buterin, an AI system capable of fooling more than half of the humans it interacts with qualifies as passing the Turing test.

Buterin added:

“It means people’s ability to tell if it’s a human or a bot is basically a coin flip!”

Buterin qualified his statement by saying, “Ok not quite, because humans get guessed as humans 66% of the time vs 54% for bots, but a 12% difference is tiny; in any real-world setting that basically counts as passing.”

He also later added, in response to commentary on his original cast, that the Turing test is “by far the single most famous socially accepted milestone for ‘AI is serious shit now’. So it’s good to remind ourselves that the milestone has now been crossed.”

The Turing test

Artificial general intelligence (AGI) and the Turing test are not necessarily related, despite the two terminologies often being conflated. Turing formulated his test based on his mathematical acumen and predicted a scenario where AI could fool humans into thinking it was one of them through conversation.

It bears mention that the Turing test is an ephemeral construct with no true benchmark or technical basis. There is no scientific consensus as to whether machines are capable of “thought” as living organisms are or as to how such a feat would be measured. Simply put, AGI or an AI’s ability to “think” isn’t currently measurable or defined by the scientific or engineering communities.

Turing made his conceptual predictions long before the advent of token-based artificial intelligence systems and the onset of generative adversarial networks, the precursor to today’s generative AI systems.

Artificial general intelligence

Complicating matters further is the idea of AGI, which is often associated with the Turing test. In scientific parlance, a “general intelligence” is one that should be capable of any intelligence-based feat. This precludes humans, as no person has shown “general” capabilities across the spectrum of human intellectual endeavor. Thus, it follows that an “artificial general intelligence” would feature thought capabilities far beyond that of any known human.

That being said, it’s clear that GPT-4 doesn’t fit the bill of true “general intelligence” in the strictly scientific sense. However, that hasn’t stopped denizens of the AI community from using the term “AGI” to indicate any AI system capable of fooling a significant number of humans.

In the current culture, it’s typical to see terms and phrases such as “AGI,” “humanlike,” and “passes the Turing test” to refer to any AI system that outputs content comparable to the content produced by humans.

Tyler Durden
Fri, 05/17/2024 – 15:00

Former Facebook And Nike DEI Manager Gets 5 Years For Embezzling $5 Million To Fund Luxury Lifestyle

Former Facebook And Nike DEI Manager Gets 5 Years For Embezzling $5 Million To Fund Luxury Lifestyle

A former diversity program manager at Facebook and Nike has been sentenced to five years in prison for stealing more than $5 million from Facebook and Nike while working as a DEI executive. 

Barbara Furlow-Smiles has been accused of ” an elaborate scheme involving fraudulent vendors, fictitious paperwork, and cash kickbacks”, a press release from the Department of Justice said this week.

U.S. Attorney Ryan K. Buchanan commented: “Furlow-Smiles shamelessly violated her position of trust as a DEI executive at Facebook to steal millions from the company utilizing a scheme involving fraudulent vendors, fake invoices, and cash kickbacks.”

“After being terminated from Facebook, she brazenly continued the fraud as a DEI leader at Nike, where she stole another six-figure sum from their diversity program. Her prison sentence reflects the consequences of her decision to orchestrate an intricate scheme to defraud two of her employers for personal profit,” he added.

Keri Farley, Special Agent in Charge of FBI Atlanta added: “As Lead Strategist at Facebook, Furlow-Smiles’ employer put an extreme amount of trust in her, only to have that trust completely violated.”

Farley continued: “After she was fired, she carelessly continued her fraudulent schemes at Nike, thinking she was untouchable. As a result, she not only threw away a lucrative career, but will serve time behind bars for her excessive greed.”

The DOJ commented in their release that Furlow-Smiles served as Lead Strategist and Global Head of Employee Resource Groups and Diversity Engagement at Facebook (now Meta) from January 2017 to September 2021. According to U.S. Attorney Buchanan, Furlow-Smiles misused her position to defraud Facebook by making payments for services never rendered and directing recipients to kick back the money to her. 

She linked PayPal, Venmo, and Cash App accounts to her Facebook credit cards to pay associates for nonexistent services, then submitted false expense reports to hide the fraud. The kickbacks were often returned to her in cash or through account transfers, with some payments concealed in packages sent by mail. 

Additionally, Furlow-Smiles onboarded vendors owned by friends and associates, approved fraudulent invoices, and received kickbacks from these payments. She recruited numerous individuals, including friends, relatives, and former interns, to participate in the scheme.

After leaving Facebook, Furlow-Smiles worked at Nike as Senior Director of Diversity, Equity & Inclusion from November 2021 to February 2023, where she was responsible for DEI initiatives and events, including a Juneteenth event in New York.

“In total, Furlow-Smiles stole more than $4.9 million from Facebook and over $120,000 from Nike based on fictitious charges and fraudulent invoices,” the DOJ wrote. “She used the money to fund a luxury lifestyle in California, Georgia, and Oregon.”

Tyler Durden
Fri, 05/17/2024 – 14:40

‘Baby Girl, Don’t Even Play!’: Waffle House Chaos Ensues In Fiery Congressional Catfight

‘Baby Girl, Don’t Even Play!’: Waffle House Chaos Ensues In Fiery Congressional Catfight

A heated catfight broke out Thursday evening during a House Oversight Committee hearing, during which Rep. Marjorie Taylor Greene (R-GA) asked if any of the Democrats present were employing the daughter of Trump Judge Juan Merchan – whose progressive political consulting firm has represented VP Kamala Harris, Rep. Adam Schiff (D-CA) and other liberals.

The committee was considering whether Attorney General Merrick Garland should be held in contempt of Congress for his refusal to turn over recordings of President Joe Biden’s interview with special counsel Robert Hur – which the White House exercised executive privilege over earlier this week – when Greene asked the Democrats about Merchan’s daughter.

“I’d like to know if any of the Democrats on this committee are employing Judge Merchan’s daughter,” Greene asked.

“Please tell me what that has to do with Merrick Garland,” shot back Rep. Jasmine Crockett (D-MO).

“Oh, Goldman, that’s right. He’s advising,” Greene said, ignoring Crockett.

“Do you know what we’re here for?” Crockett said back, adding “You know we’re here for AG.”

To which Green said “I don’t think you know what you’re here for … I think your fake eyelashes are messing up what you’re reading.

This triggered Rep. Alexandria Ocasio-Cortez (D-NY), who moved to take down Greene’s words, saying “That is absolutely unacceptable. How dare you attack the physical appearance of another person.”

Are your feelings hurt?” replied Greene.

To which ACO exclaimed “Remove her words down.”

“Aww,” Greene responded.

Oh girl, baby girl,” AOC shot back. “Don’t even play.”

Following a brief recess, Crockett called a point of order and asked House Oversight Committee Chairman James Comer (R-KY) if Greene’s behavior was ok.

“I’m just curious, just to better understand your ruling,” said Crockett. “If someone on this committee then starts talking about somebody’s bleach-blond, bad-built, butch body, that would not be engaging in personalities, correct?

At this point Rep. Anna Paulina Luna (R-FL) jumped into the fray, demanding Crockett’s words be removed – to which Crockett exploded into a verbal tirade against Luna, shouting and using profanity.

“Calm down, please calm down,” said Luna. “You’re out of control!”

Watch:

Tyler Durden
Fri, 05/17/2024 – 13:20

Platinum Enters Its Second Year Of “Substantial” Deficit

Platinum Enters Its Second Year Of “Substantial” Deficit

Via SchiffGold.com,

Platinum is entering its second year of substantial deficit, according to the Platinum Quarterly report from the World Platinum Investment Council (WPIC).

Report authors labeled the Q1 deficit of 369k oz “significant” and predicted that the deficit will continue to deepen throughout the rest of the year, hitting 476k oz in total.

“High inflation, interest rates remaining higher for longer, and political uncertainty will weigh on commodity markets and platinum prices,” WPIC researchers said.

“The lower price environment, along with other factors, will continue to weigh on platinum supply during this year.”

Reduction in supply growth is coupled with “resilient” though slightly reduced year-over-year total demand in Q1. Together, these factors have combined to carry platinum prices above $1,000 per ounce this week, passing the four-digit mark for the first time since December of 2023.

South Africa is the top producer of platinum worldwide, supplying 140,000 kg to the global market in 2022 alone. Paul Dunne, Northam CEO, recently told Reuters that South African miners are facing “the worst crisis I have seen in three decades, on a relative basis,” adding that “the squeeze on the industry is severe” as mining companies have slashed thousands of jobs in response to declining profits. The resulting production drops have contributed significantly to the overall 2024 platinum deficit.

Russia, a distant follower at 20,000 kg produced in 2022, has managed to hold production steady year-over-year, despite facing joint economic sanctions from the U.S. and the U.K. Both countries announced in April that the London Metal Exchange and the Chicago Mercantile Exchange would no longer trade new aluminum, copper, or nickel produced by Russia. Platinum group metals, including palladium, were specifically excluded from the sanctions due to supply chain sensitivities.

WPIC researchers warn that supply risks will remain a challenge throughout the coming year, resulting in a 58k oz increase in the 2024 predicted deficit since the previous report was released in March.

Meanwhile, amid supply growth reductions, WPIC’s predicted investment demand has been revised upward by nearly double. The change is largely attributed to a rise in Chinese bar and coin demand.

As of 2022, China was the world’s largest platinum consumer, holding 34% of global consumption at 75 metric tons during the year. Among other uses, the precious metal plays a key role in catalytic converters and clean hydrogen production. Increasingly strict green energy regulations in China may partly explain the country’s rising demand for component metals.

Surprisingly, all this change may be good news for farseeing investors.

“The main current challenge for platinum investment is … not the underlying fundamentals, which look the strongest they have for years, but rather one of sentiment,” WPIC researchers concluded, suggesting three reasons why fundamentals and sentiment remain at odds.

Firstly, consumers may worry that increasing vehicle electrification will reduce the use of platinum and associated metals in combustion engines (ICE). WPIC researchers have found, however, that this result is likely to be “negligible through 2030,” as growth in the EV market is not necessarily driven by “cannibalization” of ICE and hybrid vehicles.

Secondly, dipping platinum prices have caused producers to implement aggressive cost-saving measures to offset profit reduction. The scale of these adjustments may reduce the participating firms’ ability to respond to the possibility of increased demand or higher prices, slowing market recovery.

Finally, potential platinum investors have been distracted by the comparatively extraordinary performance of gold, which WPIC researchers say is doing unexpectedly well amid a high-interest rate environment. Gold prices are setting records this year, with spot prices remaining comfortably above $2,000 per ounce throughout most of the last six months.

“Overall for platinum, however, the market’s lack of conviction will in time be addressed by higher-for-longer automotive demand and ongoing supply challenges,” WPIC researchers said.

“…Platinum’s investment case continues to be compelling despite economic headwinds.”

Tyler Durden
Fri, 05/17/2024 – 13:00