Activist California Judge Tosses Musk’s X Censorship Lawsuit Against Dark Money ‘Anti-Hate’ Group
A California judge has tossed out a lawsuit from social media platform X against the Center or Countering Digital Hate, contending that X is not entitled to seek restitution against the organization because third-party advertisers left the platform following CCDH’s campaign against it.
The lawsuit alleged that CCDH had unlawfully accessed and scraped data from X in order to conduct misleading studies that found a rise in hate speech following Elon Musk’s acquisition of the social media platform in late 2022. The company says CCDH has “cherry-picked” posts ot drive advertisers away, resulting in tens of millions of dollars in losses.
“This case is about punishing the defendants for their speech,” said judge Charles Breyer in California, citing a Nov. 2023 Reuters survey that found “social media researchers have canceled, suspended or changed more than 100 studies about X” as a result of Musk’s policies as CEO.
Breyer also insinuated that X filed the suit “perhaps in order to dissuade others who might wish to engage in such criticism.”
CCDH CEO Imran Ahmed celebrated his win, saying in a post-decision statement that “The courts today have affirmed our fundamental right to research, to speak, to advocate, and to hold accountable social media companies for decisions they make behind closed doors that affect our kids, our democracy, and our fundamental human rights and civil liberties.”
CCDH is a dark money nonprofit with an outsized influence over the digital advertising space and political sphere, which popped up seemingly out of nowhere.
X responded to the ruling, posting: “Today a federal court in San Francisco issued a decision in the case X brought against the Center for Countering Digital Hate for illegally obtaining platform data to create misleading research. X disagrees with the court’s decision and plans to appeal.”
Today a federal court in San Francisco issued a decision in the case X brought against the Center for Countering Digital Hate for illegally obtaining platform data to create misleading research. X disagrees with the court’s decision and plans to appeal.
Meanwhile, Musk – who has called CCDH a “truly evil organization that just wants to destroy the first amendment under the guise of doing good!” did not immediately respond.
As Paul Thacker noted in October in Tablet, Ahmed – a former British Labour party operative, released a report in 2021 about online misinformation that quickly reached the pre-Musk Twitter regime, and was used to silence divergent opinions – including those of Robert F. Kennedy Jr., who the report named as one of “The Disinformation Dozen.” The report was then cited by by the Biden administration.
CCDH also targeted ZeroHedge with a false report initially claiming that we were demonetized by Google for peddling hate speech, when in fact the CCDH took passages from our comments section and claimed they were the views of ZH. The report was laundered through NBC‘s “verify” fact check unit. NBC News was internationally condemned for going after a rival using CCDH research, and written by a 25-year-old (trust fund) UK journalist who has since bounced around various outlets without much in the way of actual journalism to show for it.
Joe Biden vs. Donald Trump is not the race America needs, but it is the one we deserve.
A political system that has spit out a race few voters want is the perfect symbol of a nation – and a people – bent to the point of breaking.
Biden vs. Trump appears to be a welcome diversion in a country whose government seems unequipped to face its biggest challenges and whose people are increasingly unwilling to take responsibility for their own problems. Eight months arguing about two angry old men – hearing our own side praise us to the hilt while blaming every woe on the other – is time we don’t have to spend confronting our own difficulties.
Historic declines in life expectancy, jaw-dropping rates of obesity, and rising truancy among students are just a few of the ways we the people are running off the rails.
A few others include:
In a Wall Street Journal commentary about post-COVID America, Yale University’s Nicholas Christakis observes how “reckless behavior” is becoming epidemic. “Americans gambled a record $66.5 billion in 2023. Compared with 2019, there has been an 18% increase in fatal accidents involving alcohol and a 17% increase in those involving speeding. Over 500 Americans are dying every day from alcohol-related deaths, a 30% increase. Sexually transmitted diseases are rising across the nation, too.”
Jonathan Haidt reports in the Atlantic that “rates of depression and anxiety in the United States – fairly stable in the 2000s – rose by more than 50 percent in many studies from 2010 to 2019. The suicide rate rose 48 percent for adolescents ages 10 to 19. For girls ages 10 to 14, it rose 131 percent.” A CNN and Kaiser Family Foundation poll published in 2022 found that more than 20% of adults described their mental health as “fair” or “poor,” and about one-third of adult respondents said they feel anxious much of the time.
Unable to meet its recruitment goals, the Pentagon has repeatedly lowered its standards for physical fitness, mental health, and academic achievement to meet its numbers. “America’s youth are less qualified for service than ever before,” Army Brig. Gen. Patrick Michaelis, commander at Fort Jackson, S.C., was quoted as saying in a Stars and Stripes article published last year. Added Gen. James McConville, the Army’s chief of staff, “We have a lot of young men and women who want to serve – and they can’t pass the academic requirements or they can’t pass the physical requirements.”
The New York Sun reports that many citizens are no longer part of the workforce. “Jobs held by native-born Americans decreased by nearly half a million between January and February of this year, while jobs held by foreign-bornAmericans (both legal and illegal immigrants) spiked to 1.16 million. Looking further back, since January 2020 — just before the pandemic — there has been no growth in native-held jobs, while jobs for foreign-born employees have skyrocketed by more than 3.9 million. … The native-born workforce participation rate of 6 percent is also less than the foreign-born participation rate of 66.6 percent.”
These are just some of the canaries in the American coal mine. Together they suggest how – despite the many strengths our nation still possesses – we are unraveling. The government cannot fix most of these problems, which may be why politicians largely ignore them. Such issues must be addressed at that most local of levels – the individual and the family.
It may feel good to complain about the other guy for the next eight months – and heaven knows we have plenty of reason to. But after the November election, all of our problems will remain. It’s long past time we recognized that much of the fault for our deep-rooted challenges lies not in our political stars but in ourselves.
A “Black Swan Event” – General Flynn Raises Questions About Baltimore Bridge Collapse
Here’s a live broadcast of the disaster area in Baltimore, Maryland.
* * *
Update (1508ET):
“Can we take the idea that this [Baltimore bridge collapse] was a terrorist attack off the table … and absolutely we cannot do that,” President Trump’s former national security adviser (and retired lieutenant general) Michael Flynn told Alex Jones in an online interview.
Flynn called the container ship ramming the 1.6-mile-long bridge mile bridge at the Port of Baltimore a “black swan” event.
Meanwhile, the White House and federal government agencies have been quick to declare this was not a terror attack.
* * *
Update (1423ET):
Maritime job placement company BalticShipping shows the captain of the container ship is a Ukranian.
* * *
Update (1356ET):
Bloomberg Intelligence reports:
Reinsurers Could Bear Brunt of Baltimore Bridge Collapse Claims
The bulk of claims from the March 26 Baltimore bridge collapse will likely fall on reinsurers. The ship has about $3 billion of reinsurance coverage over a $100 million retention. Chubb is reported to be the lead insurer on the bridge’s property cover but might recover losses paid. We note it’s still early, and this will be a complex loss.
* * *
Update (1229ET):
President Biden is expected to address the press at 1230 PM EST regarding the Francis Scott Key Bridge collapse at the Port of Baltimore. At 0130 AM EST, a container ship lost propulsion and collided with the 1.6-mile-long bridge, leading to an instant collapse.
The current issue revolves around an emerging disruption in mid-Atlantic supply chains. The major East Coast port is now paralyzed due to the mangled bridge blocking the only shipping lane in and out of the harbor.
Bloomberg reports that the US automotive supply chain will be disrupted. Data shows that Mazda Motor and Mercedes Benz, Subaru of America, Mitsubishi Motors of North America, and Volkswagen Group have the most exposure to the port.
“It’s a large port with a lot of flow through it, so it’s going to have an impact,” John Lawler, Ford Motor Co.’s chief financial officer, said Tuesday on Bloomberg TV.
Lawler continued, “We’ll work on the workarounds. We’ll have to divert parts to other ports along the East Coast or elsewhere in the country.”
Earlier, Consol Energy shares plunged nearly 10%, the most since October, as the bridge collapse will affect its massive coal terminal, which is served by CSX trains.
A major sugar refinery owned by American Sugar Refining Inc. warned its Domino Sugar refinery only has six to eight weeks of raw sugar supplies as the blockage affects ships moving in and out of the port.
Major cruise ship terminal
The supply chain snarls have sent major logistics companies scrambling across the US East Coast on Tuesday afternoon.
“Our first priority is engaging clients to make plans for containers that were originally routed to Baltimore that will be discharged at other ports on the Eastern Seaboard,” Paul Brashier, vice president of drayage and intermodal for ITS Logistics, told CNBC.
“These diverted volumes will impact the ports of New York/New Jersey, Norfolk and the Southeast and we have to prepare trucking and transload capacity to get that freight to its intended network,” Brashier said.
Goetz Alebrand, senior vice president and head of ocean freight for the Americas at DHL Global Forwarding, told CNBC:
“The immediate impact is with the cargo on board and its accessibility. Other planned shipments through Baltimore will likely be rerouted, potentially increasing cargo flow to New York, Norfolk, and nearby ports.
“Bulk and car carriers reliant on Baltimore must assess operations in the event of a prolonged closure.”
According to the shipping journal Lloyd’s List, Baltimore is the eleventh-largest port in the nation, making an average of 207 port calls per month.
* * *
Update (1018ET):
An unclassified report from the DHS National Operations Center says the container ship “lost propulsion” before it rammed the Francis Scott Key Bridge.
Here’s a video of the incident:
Video seems to show repeated power losses on ship just before it destroyed Francis Scott Key Bridge.pic.twitter.com/REoGCL9zcu
Bloomberg’s Brendan Murray explains how the collapsed bridge blocking the only shipping lane in and out of the Port of Baltimore is about to spark a supply chain crisis across the Mid-Atlantic:
An economic disruption along the US East Coast is unfolding with potentially tragic human consequences after a container ship struck the Francis Scott Key Bridge in Baltimore, sending nearly the entire roadway structure crumbling into the water.
The immediate priority of the rescuers is finding people who may have been on the bridge either working or driving across. The ship, the Singapore-registered Dali, was operated by charter company Synergy Group and is time chartered by Maersk carrying Maersk customers’ cargo.
Of secondary concern in the days ahead will be tough questions about the effect on business, commuters, holiday travelers and the economy across the region.
The Port of Baltimore — the biggest handler of US imports and exports of cars and light trucks — looks to be out of commission indefinitely. The resulting bottleneck could accelerate a shift of goods through West Coast ports. Another crucial question: Which other ports have spare capacity to handle the Ro-Ro vessels that carry automobiles if Baltimore is closed for an extended period.
And it begins:
One very big logistical complication in the Baltimore bridge collapse is that the Francis Scott Key Bridge was the main route for hazardous materials (which aren’t allowed to be transported through the tunnels) pic.twitter.com/dj2vR7OVdL
ABC News reports the Singapore-flagged “Dali” container ship “lost propulsion” as it left the Port of Baltimore just before it rammed the Francis Scott Key Bridge.
“The vessel notified MD Department of Transportation (MDOT) that they had lost control of the vessel and a collision with the bridge was possible,” ABC quoted the US Cybersecurity and Infrastructure Security Agency as saying, adding, “The vessel struck the bridge causing a complete collapse.”
Bloomberg’s Josh Wingrove says, “Authorities are heavily downplaying the risk of foul play here.”
Authorities are heavily downplaying the risk of foul play here.
“We don’t see anything that relates to that at this time. It’s an open investigation but there’s nothing that points to that, ” Wiedefeld said.
No indication as of now of “nefarious intent,” per the White House.
BREAKING🚨: Mass Casualties. Ship collides with Francis Scott Key Bridge in Baltimore. This comes just days after the Crocus terror attack in Moscow which has been widely blamed on the West. pic.twitter.com/zgC4tO24wH
A massive container ship chartered by Maersk and moving outbound from the Port of Baltimore struck the Francis Scott Key Bridge around 0130 ET. The bridge collapse has paralyzed a large swath of the largest inland port on the East Coast. The port is ranked 9th for total dollar value of cargo and 13th for cargo tonnage among US ports.
Governor Wes Moore released a statement on the collapse, declaring a State of Emergency in Maryland:
“My office is in close communication with US Transportation Secretary Pete Buttigieg, Baltimore Mayor Brandon Scott, Baltimore County Executive Johnny Olszewski, and the Baltimore Fire Department as emergency personnel are on the scene following the collapse of the Francis Scott Key Bridge. I have declared a State of Emergency here in Maryland and we are working with an interagency team to quickly deploy federal resources from the Biden Administration. We are thankful for the brave men and women who are carrying out efforts to rescue those involved and pray for everyone’s safety. We will remain in close contact with federal, state, and local entities that are carrying out rescue efforts as we continue to assess and respond to this tragedy.”
Chief Kevin Cartwright, the Baltimore City Fire Department’s director of communications, told Fox Baltimore that at least 20 people and several vehicles had fallen into the river.
In markets, Maersk shares in Copenhagen are trading down more than 3% on the news.
Shocking radio transmission: “The entire Key Bridge is in the harbor.”
Radio traffic from the first arriving @BaltimoreFire unit.
“SOC5 to Battalion 6 and Communications, I’m at Fort Armistead, be advised the entire bridge, the entire Key Bridge is in the harbor.” pic.twitter.com/wTlPxLStRf
Shocking footage is coming from Baltimore City, home to one of the nation’s largest marine ports. It shows a container ship striking the 1.6-mile-long Francis Scott Key Bridge and collapsing it
🚨#BREAKING: Mass Casualty has been Declared after a Large Container Ship Collides with Key Bridge Causing it completely Collapse⁰
📌#Baltimore | #Maryland
Currently, numerous agencies, including the Coast Guard and fire department have just declared a mass casualty incident as… pic.twitter.com/wvOTOVbvHE
The Francis Scott Key Bridge in Baltimore, Maryland which crosses the Patapsco River has reportedly Collapsed within the last few minutes after being Struck by a Large Container Ship; a Mass Casualty Incident has been Declared with over a Dozen Cars and many Individuals said to… pic.twitter.com/SsPMU8Mjph
“This effectively shuts down the Port of Baltimore completely. I’m truly speechless,” one X user said.
Pictured: Francis Scott Key Bridge collapsed. This is the bridge I drive every single day. This effectively shuts down the Port of Baltimore completely. I’m truly speechless pic.twitter.com/BzqPa3axJ2
According to the ship tracking website MarineTraffic, the Singapore-flagged cargo ship “Dali” slammed into the Francis Scott Key Bridge around 0130 ET. Bloomberg notes the ship was chartered by Maersk (remember Maersk’s Ever Given in the Suez Canal a few years ago?).
The bridge spans the Patapsco River and carries an estimated 11.5 million vehicles annually. In this collapse, the only shipping lane in and out of the port was severed.
Baltimore is the most inland port on the East Coast and is connected to the I-95 highway network. With no commercial vessels sailing in and out of port anytime soon, this is catastrophic for port operations and could spark supply chain snarls in the Mid-Atlantic and Northeast. We suspect inbound vessels are rerouting sails this morning.
The bridge collapse has severed these major marine terminals. It’s unknown when operations will be restored.
According to the Maryland government’s website, the Port of Baltimore handled over 52 million tons of international cargo valued at more than $80 billion last year, ranking it as the ninth busiest port in the United States. The data shows that the port handled 847,158 autos and light trucks in 2023, the most of any US port. The port also handles farm and construction machinery, sugar, gypsum, and coal.
The port supports 15,330 direct jobs and 139,180 jobs in Maryland, according to the Maryland government’s website.
Baltimore Mayor Brandon Scott’s office posted on X:
“I’m aware of and en route to the incident at the Key Bridge. I have been in contact with Baltimore Fire Chief James Wallace, Gov. Wes Moore (and the county executives of Baltimore and Anne Arundel counties). Emergency personnel are on scene, and efforts are underway.”
A high-ranking leader of the international Mara Salvatrucha gang, better known as MS-13, was arrested on narco-terrorism charges at the U.S.-Mexican border in San Diego earlier this month.
Fredy Ivan Jandres-Parada, a leader of the international MS-13 gang, was arrested at the San Ysidro Port of Entry in San Diego on March 7, 2024. (Courtesy of FBI)
Federal authorities arrested Fredy Ivan Jandres-Parada, 48, also known as “Lucky De Park View“ at the San Ysidro Port of Entry March 7.
He has been charged for his alleged role in ordering numerous acts of violence against civilians, law enforcement, and rival gang members, as well as transnational drug distribution and extortion schemes.
The San Ysidro Port of Entry in San Ysidro, Calif., on Feb. 2, 2024. (John Fredricks/The Epoch Times)
The suspect ranks among the senior leaders of MS-13’s Ranfla Nacional leadership council, formerly known as the Twelve Apostles of the Devil, which controls thousands of MS-13 members worldwide, according to the FBI.
The U.S. District Court, Eastern District of New York, issued a federal warrant for his arrest in late December 2020, charging him with conspiracy to provide and conceal support and resources to terrorists, conspiracy to commit acts of terrorism transcending national boundaries, conspiracy to finance terrorism, and narco-terrorism conspiracy.
An indictment unsealed a month later reveals the U.S. Department of Justice’s (DOJ) strategy to target the upper echelon of MS-13 leadership—the Ranfla Nacional—in El Salvador to dismantle its command and ability to direct cliques in the U.S.
Such cliques are known to be in various Los Angeles neighborhoods known by an area or street including Hollywood, Park View, Normandie, Francis, Fulton, and Coronado, according to the 31-page indictment.
Trump’s Crackdown
A 2020 DOJ report on the department’s efforts to combat MS-13 estimated the gang had 10,000 members across the U.S. and tens of thousands more worldwide and is “responsible for violent crimes in the United States, including murders, extortion, arms and drug trafficking, assaults, rapes, human trafficking, robberies, and kidnappings.”
Less than a month after he was sworn into office, then-President Donald Trump issued an executive order directing “the whole-of-government” to develop and execute a comprehensive and decisive approach to dismantle transnational criminal organizations, including MS-13, to “restore safety for the American people,” the DOJ report states.
“For decades, MS-13 has exploited weaknesses in U.S. immigration enforcement policies to move its members in and out of the United States and to recruit new members who have arrived in the United States illegally,” according to the report.
It has infiltrated American cities and suburbs and established cliques in California, New York, New Jersey, Maryland, Virginia, Massachusetts, Ohio, North Carolina, Georgia, and Texas, according to the DOJ report.
The San Ysidro border entryway near San Diego, Calif., on May 31, 2023. (John Fredricks/The Epoch Times)
MS-13 members are mostly Salvadoran nationals or first-generation Salvadoran Americans, as well as Hondurans, Guatemalans, Mexicans, and other Central and South American immigrants, according to the FBI.
And a 2008 report from the agency deemed MS-13 a high-level threat in some parts of the U.S. and a medium threat nationwide, saying it often targets middle and high school students for recruitment.
But, in May 2018, then-President Trump took flak from political adversaries who accused him of calling illegal immigrants “animals,” while criticizing California’s sanctuary state policy at an immigration roundtable in Washington.
“We have people coming into the country, or trying to come in—and we’re stopping a lot of them,” President Trump said. “You wouldn’t believe how bad these people are. These aren’t people. These are animals.”
He made the remark in response to a question about gangs from a sheriff—and later said he was referring to MS-13, but at a National Hispanic Prayer Breakfast in Washington, D.C., a month later, U.S. Rep. Nancy Pelosi, former House Speaker, chastised him over the remark.
“This is the first time in recent history where we have had a president who does not respect the dignity and worth of every person coming into our country, the recognition that immigration is the constant reinvigoration of America,” Ms. Pelosi said. “America has always been a nation of immigrants, enriched and blessed by each wave of newcomers to our shores. We truly believe, as people of faith, that we are all God’s children.”
Former President Donald Trump attends a border security briefing to discuss further plans in securing the southern border wall in Weslaco, Texas, on June 30, 2021. (Brandon Bell/Getty Images)
Ms. Pelosi also received public backlash for saying there is “a spark of divinity” in every immigrant that demands “respect for every person—not animals, not inhuman, but children of God.”
“Immigrants keep faith in America’s promise of opportunity and we must keep faith with them by respecting … the dignity and worth of every person. We must reject language that calls them animals,” she said.
Meanwhile, CBS News reported March 24, that U.S. Border Patrol Chief Jason Owens has called the southern border a “national security threat” citing 140,000 known “gotaways” who were detected by cameras and sensors crossing into the U.S. illegally, but evaded apprehension in the last five months.
Mr. Owens told CBS the Border Patrol is “closing in” on one million apprehensions of migrants in between ports of entry along the U.S.-Mexico border in the 2024 fiscal year, which began in October.
President Trump, who is again running for president, continues to stress at his rallies the danger of MS-13 gangs, including their brutal machete attacks and other violent tactics.
Mid-Atlantic Supply Chain Snarls Mount As Baltimore Bridge Collapse Paralyzes Major US Port
Here’s a live broadcast of the disaster area in Baltimore, Maryland.
* * *
Update (1229ET):
President Biden is expected to address the press at 1230 PM EST regarding the Francis Scott Key Bridge collapse at the Port of Baltimore. At 0130 AM EST, a container ship lost propulsion and collided with the 1.6-mile-long bridge, leading to an instant collapse.
The current issue revolves around an emerging disruption in mid-Atlantic supply chains. The major East Coast port is now paralyzed due to the mangled bridge blocking the only shipping lane in and out of the harbor.
Bloomberg reports that the US automotive supply chain will be disrupted. Data shows that Mazda Motor and Mercedes Benz, Subaru of America, Mitsubishi Motors of North America, and Volkswagen Group have the most exposure to the port.
“It’s a large port with a lot of flow through it, so it’s going to have an impact,” John Lawler, Ford Motor Co.’s chief financial officer, said Tuesday on Bloomberg TV.
Lawler continued, “We’ll work on the workarounds. We’ll have to divert parts to other ports along the East Coast or elsewhere in the country.”
Earlier, Consol Energy shares plunged nearly 10%, the most since October, as the bridge collapse will affect its massive coal terminal, which is served by CSX trains.
A major sugar refinery owned by American Sugar Refining Inc. warned its Domino Sugar refinery only has six to eight weeks of raw sugar supplies as the blockage affects ships moving in and out of the port.
Major cruise ship terminal
The supply chain snarls have sent major logistics companies scrambling across the US East Coast on Tuesday afternoon.
“Our first priority is engaging clients to make plans for containers that were originally routed to Baltimore that will be discharged at other ports on the Eastern Seaboard,” Paul Brashier, vice president of drayage and intermodal for ITS Logistics, told CNBC.
“These diverted volumes will impact the ports of New York/New Jersey, Norfolk and the Southeast and we have to prepare trucking and transload capacity to get that freight to its intended network,” Brashier said.
Goetz Alebrand, senior vice president and head of ocean freight for the Americas at DHL Global Forwarding, told CNBC:
“The immediate impact is with the cargo on board and its accessibility. Other planned shipments through Baltimore will likely be rerouted, potentially increasing cargo flow to New York, Norfolk, and nearby ports.
“Bulk and car carriers reliant on Baltimore must assess operations in the event of a prolonged closure.”
According to the shipping journal Lloyd’s List, Baltimore is the eleventh-largest port in the nation, making an average of 207 port calls per month.
* * *
Update (1018ET):
An unclassified report from the DHS National Operations Center says the container ship “lost propulsion” before it rammed the Francis Scott Key Bridge.
Here’s a video of the incident:
Video seems to show repeated power losses on ship just before it destroyed Francis Scott Key Bridge.pic.twitter.com/REoGCL9zcu
Bloomberg’s Brendan Murray explains how the collapsed bridge blocking the only shipping lane in and out of the Port of Baltimore is about to spark a supply chain crisis across the Mid-Atlantic:
An economic disruption along the US East Coast is unfolding with potentially tragic human consequences after a container ship struck the Francis Scott Key Bridge in Baltimore, sending nearly the entire roadway structure crumbling into the water.
The immediate priority of the rescuers is finding people who may have been on the bridge either working or driving across. The ship, the Singapore-registered Dali, was operated by charter company Synergy Group and is time chartered by Maersk carrying Maersk customers’ cargo.
Of secondary concern in the days ahead will be tough questions about the effect on business, commuters, holiday travelers and the economy across the region.
The Port of Baltimore — the biggest handler of US imports and exports of cars and light trucks — looks to be out of commission indefinitely. The resulting bottleneck could accelerate a shift of goods through West Coast ports. Another crucial question: Which other ports have spare capacity to handle the Ro-Ro vessels that carry automobiles if Baltimore is closed for an extended period.
And it begins:
One very big logistical complication in the Baltimore bridge collapse is that the Francis Scott Key Bridge was the main route for hazardous materials (which aren’t allowed to be transported through the tunnels) pic.twitter.com/dj2vR7OVdL
ABC News reports the Singapore-flagged “Dali” container ship “lost propulsion” as it left the Port of Baltimore just before it rammed the Francis Scott Key Bridge.
“The vessel notified MD Department of Transportation (MDOT) that they had lost control of the vessel and a collision with the bridge was possible,” ABC quoted the US Cybersecurity and Infrastructure Security Agency as saying, adding, “The vessel struck the bridge causing a complete collapse.”
Bloomberg’s Josh Wingrove says, “Authorities are heavily downplaying the risk of foul play here.”
Authorities are heavily downplaying the risk of foul play here.
“We don’t see anything that relates to that at this time. It’s an open investigation but there’s nothing that points to that, ” Wiedefeld said.
No indication as of now of “nefarious intent,” per the White House.
BREAKING🚨: Mass Casualties. Ship collides with Francis Scott Key Bridge in Baltimore. This comes just days after the Crocus terror attack in Moscow which has been widely blamed on the West. pic.twitter.com/zgC4tO24wH
A massive container ship chartered by Maersk and moving outbound from the Port of Baltimore struck the Francis Scott Key Bridge around 0130 ET. The bridge collapse has paralyzed a large swath of the largest inland port on the East Coast. The port is ranked 9th for total dollar value of cargo and 13th for cargo tonnage among US ports.
Governor Wes Moore released a statement on the collapse, declaring a State of Emergency in Maryland:
“My office is in close communication with US Transportation Secretary Pete Buttigieg, Baltimore Mayor Brandon Scott, Baltimore County Executive Johnny Olszewski, and the Baltimore Fire Department as emergency personnel are on the scene following the collapse of the Francis Scott Key Bridge. I have declared a State of Emergency here in Maryland and we are working with an interagency team to quickly deploy federal resources from the Biden Administration. We are thankful for the brave men and women who are carrying out efforts to rescue those involved and pray for everyone’s safety. We will remain in close contact with federal, state, and local entities that are carrying out rescue efforts as we continue to assess and respond to this tragedy.”
Chief Kevin Cartwright, the Baltimore City Fire Department’s director of communications, told Fox Baltimore that at least 20 people and several vehicles had fallen into the river.
In markets, Maersk shares in Copenhagen are trading down more than 3% on the news.
Shocking radio transmission: “The entire Key Bridge is in the harbor.”
Radio traffic from the first arriving @BaltimoreFire unit.
“SOC5 to Battalion 6 and Communications, I’m at Fort Armistead, be advised the entire bridge, the entire Key Bridge is in the harbor.” pic.twitter.com/wTlPxLStRf
Shocking footage is coming from Baltimore City, home to one of the nation’s largest marine ports. It shows a container ship striking the 1.6-mile-long Francis Scott Key Bridge and collapsing it
🚨#BREAKING: Mass Casualty has been Declared after a Large Container Ship Collides with Key Bridge Causing it completely Collapse⁰
📌#Baltimore | #Maryland
Currently, numerous agencies, including the Coast Guard and fire department have just declared a mass casualty incident as… pic.twitter.com/wvOTOVbvHE
The Francis Scott Key Bridge in Baltimore, Maryland which crosses the Patapsco River has reportedly Collapsed within the last few minutes after being Struck by a Large Container Ship; a Mass Casualty Incident has been Declared with over a Dozen Cars and many Individuals said to… pic.twitter.com/SsPMU8Mjph
“This effectively shuts down the Port of Baltimore completely. I’m truly speechless,” one X user said.
Pictured: Francis Scott Key Bridge collapsed. This is the bridge I drive every single day. This effectively shuts down the Port of Baltimore completely. I’m truly speechless pic.twitter.com/BzqPa3axJ2
According to the ship tracking website MarineTraffic, the Singapore-flagged cargo ship “Dali” slammed into the Francis Scott Key Bridge around 0130 ET. Bloomberg notes the ship was chartered by Maersk (remember Maersk’s Ever Given in the Suez Canal a few years ago?).
The bridge spans the Patapsco River and carries an estimated 11.5 million vehicles annually. In this collapse, the only shipping lane in and out of the port was severed.
Baltimore is the most inland port on the East Coast and is connected to the I-95 highway network. With no commercial vessels sailing in and out of port anytime soon, this is catastrophic for port operations and could spark supply chain snarls in the Mid-Atlantic and Northeast. We suspect inbound vessels are rerouting sails this morning.
The bridge collapse has severed these major marine terminals. It’s unknown when operations will be restored.
According to the Maryland government’s website, the Port of Baltimore handled over 52 million tons of international cargo valued at more than $80 billion last year, ranking it as the ninth busiest port in the United States. The data shows that the port handled 847,158 autos and light trucks in 2023, the most of any US port. The port also handles farm and construction machinery, sugar, gypsum, and coal.
The port supports 15,330 direct jobs and 139,180 jobs in Maryland, according to the Maryland government’s website.
Baltimore Mayor Brandon Scott’s office posted on X:
“I’m aware of and en route to the incident at the Key Bridge. I have been in contact with Baltimore Fire Chief James Wallace, Gov. Wes Moore (and the county executives of Baltimore and Anne Arundel counties). Emergency personnel are on scene, and efforts are underway.”
Stellar Demand For 5Y TSY Auction Despite Record $67BN For Sale To Fund Gargantuan Budget Deficit
After a solid, if tailing, record big 2Y auction to start the week on Monday, moments ago the Treasury sold another record-sized batch of paper, this time in the form of 5Y notes, or specifically $67 billion of them, the largest such auction on record.
While – as CNBC’s Steve Liesman said this morning – it is remarkable that there was any buyers for this size paper, what is just as remarkable is that there was rather solid demand for this debt: the auction stopped at a yield of 4.235%, below last month’s 4.320% and stopping through the 4.245% When Issued, the first stop through following 2 months of tails.
The Bid to Cover was 2.41, identical to last month and just below the recent auction average of 2.43.
The internals were especially strong with Indirects surging to a 2024 high of 70.45% from 63.53% last month, and far above the 65.5% recent average. And with Directs awarded 16.8%, just below the recent average of 18.0%, Dealers were left holding just 12.8%, the lowest since June 2023.
Overall, this was a remarkably strong auction which was especially notable since it was also the biggest 5Y auction on record, with yields sliding across the curve after news of the auction pricing hit…
… and indicates that there is a growing disconnect between supply (surging) and demand (also surging) which will continue until one day there is a violent repricing as demand finally pulls back from the infinitely growing supply at which point it will be game over for the western financial system. Until then, just BTFD if you can find any D that is…
Below is my column in the New York Post on reported plan of the Democratic National Committee and allied groups to try to block third-party candidates from the 2024 ballot. The contradiction is stunning as these groups raise money to “save democracy” by limiting democratic choice.
Here is the column:
The last time that the Chicago Democratic Convention was held in Chicago in 1968, the resulting riots led to one of the greatest Freudian slips in American politics. Mayor Richard Daley declared “the policeman isn’t there to create disorder; the policeman is there to preserve disorder.”
The Democratic National Committee has now added its own gem: the Democratic Party is not here to preserve democracy, it is here to prevent democracy.
That’s because the DNC is seeking to block third party candidates from ballots — Robert Kennedy Jr., Cornell West, and Jill Stein. All three are liberal and are considered a threat to Joe Biden.
This effort will likely include any ticket put forward by the No Labels group, seeking a moderate alternative to the two parties.
Mary Beth Cahill, the former interim DNC CEO, and long-time DNC staffer Ramsey Reid will lead this effort. According to media reports, former Buttigieg campaign aide to Lis Smith will lead the effort with another Buttigieg alumni, Matt Corridoni. This effort includes not just a public campaign against Kennedy and Stein as spoilers, but “legal action” to solve the problem by denying voters a choice.
The media does not appear at all alarmed or critical of the effort to limit democratic choice. The Washington Post stated clinically “Democrats are taking third-party threats seriously this time.” Taking it seriously appears to mean using legal means to keep them from the ballots.
It is true that the main political parties have challenged qualification signatures and paperwork in the past. However, the reports indicate a systemic effort geared toward reducing the choices for voters. What is striking is that this is coming from democratic groups and the DNC, which are raising money on the “save democracy” narrative.
The contradiction is spellbinding. On the same sites promising to oppose the third party candidates, the DNC and other groups push the narrative that only the Democrats are working to protect the right to vote.
The Post reports that Democrats have studied the Hillary Clinton campaign and vowed not to allow third party candidates to drain away millions of voters as they did in 2016. Of course, the comparison is particularly telling because in both 2016 and 2024, the DNC had the least popular Democratic candidates. Polls showed that Clinton was the worst possible candidate for the party, but the Clintons had control over the DNC and state party organizations.
Of particular concern is the fact that Trump beat Hillary Clinton in Pennsylvania, Wisconsin and Michigan by only 67,000 votes. In just those states, Libertarian Gary Johnson and the Green Party’s Stein received more than half a million votes.
Rather than actually pick a candidate that most citizens want, the DNC wants to replay the 2016 strategy of forcing the choice between two evils in a Biden-Trump choice. That can only work reliably if there is no other choice for citizens tired of the duopoly and the political (and media) establishment. So Kennedy, Cornell, and Stein just have to go.
I am one of those misguided voters. Years ago, I wrote a column saying that I was tired of voting for the lesser of two evils — leaving every election as a moral hazard. I am prepared to vote for candidates from the two main parties in any given election, but I will only vote for the candidate who I believe is the best of candidates to be president. We are played as chumps by a political and media establishment in every election system. Over two decades ago, I pledged to vote for the best candidate, even if they are with a third party.
The DNC is reportedly to be joined in this effort by a well-financed array of groups including the liberal think tank Third Way (which has filed complaints with secretaries of states); American Bridge (a Democratic opposition operation), and Clear Choice (a super PAC composed of “allies of President Biden”).
While these groups work to limit the choice of voters, the effort continues in Florida, Georgia, Washington, and New York to keep Trump in court until the election, including a possible trial running up to or even through the election.
There is hope that this multi-front effort will be the winning ticket, particularly if the ultimate ticket denies voters any other choice.
The open discussion of these efforts in the media illustrates the contempt for voters, who need to be protected from their bad choices. I have previously compared the underlying assumptions to a type of electoral Big Gulp law. Before they were also struck down, these laws sought to take away the dietary choices of citizens because they were making the wrong choice in the view of experts.
Now activists are now big gulping the election. Voters cannot be trusted with something as important as democracy.
President Biden has said “make no mistake: Democracy is on the ballot for all of us.” Of course, he could end this effort by denouncing further ballot cleansing (something he refused to do when Trump was removed by the Colorado and Maine ballots). It appears that the last thing that democracy needs is free democratic choice.
Trump To Own Nearly 80 Million ‘DJT’ Shares – Here’s What Price Makes Him The World’s First Trillionaire
Following the merger between Digital World Acquisition Corp and Trump Media & Technology Group, former President Donald Trump is expected to own 78,750,000 shares of the combined company, which is trading under the symbol “DJT.”
Assuming maximum redemptions by DWAC shareholders, this would represent 69.4% of outstanding shares, according to the latest S-4 filing with the SEC, MarketWatch reports.
Trump would be by far the largest shareholder. Why not, the company’s stock ticker post-merger will be his initials, “DJT.”
ARC Global Investments, which is the investment vehicle of former Chief Executive Patrick Orlando. is expected to be the second-largest shareholder, with 10,790,415 shares, or 9.3% of the shares outstanding.
Devin Nunes, CEO, is slated to own 115,000 shares, or less than 1%.
Trillionaire?
This week’s merger added roughly $3.5 billion to Trump’s net worth, bringing it up to $6.4 billion. The boost was enough to include Trump in the Bloomberg Billionaires Index, which tracks the top 500 wealthiest people in the world.
So as a fun thought experiment (why not?), what price does $DJT need to hit to make Trump the world’s first (documented) trillionaire?
India Suspends Venezuela Oil Purchases Fearing U.S. Sanctions Return, Stops Accepting Russian Oil Tankers
Is India starting to get cold feet about breaching US sanctions?
On Tuesday, Indian state and private refiners suspended purchases of crude from Venezuela as the U.S. sanctions waiver on Venezuela’s oil exports expires on April 18 and could lead to complications if not renewed, Bloomberg reported citing sources familiar.
As OilPrice adds, private refiner Reliance Industries, which is India’s largest buyer of Venezuelan crude grade Merey, looks to avoid complications with cargoes if the U.S. were to re-impose the sanctions that were temporarily lifted for six months in the middle of October 2023. As the deadline for the waiver expiry nears, state refiner Indian Oil Corporation has also halted buying Venezuelan crude.
At the end of last year, the U.S. introduced a temporary sanctions relief from October 2023 to April 2024, which now allows the production, lifting, sale, and exportation of oil or gas from Venezuela, and the provision of related goods and services, as well as payment of invoices for goods or services related to oil or gas sector operations in Venezuela.
As a result, the top international oil trading houses are back in the business of trading with oil from Venezuela, and refiners in India returned at the end of last year to the market of purchasing Venezuela’s crude.
In December, India resumed imports of crude oil from Venezuela for the first purchases since 2020 after the U.S. lifted most of the sanctions on Venezuela’s oil industry in October.
For India, the world’s third-largest crude oil importer, Venezuelan oil is welcome as some refineries are designed to process the South American country’s heavy crude. The biggest refiners, including Reliance Industries, Indian Oil Corporation, and HPCL-Mittal Energy started securing crude cargoes from Venezuela as soon as the sanctions were lifted temporarily in October.
Most refiners have resumed the purchases via intermediaries, sources familiar with the development told Reuters at the time. Reliance is also looking to discuss direct sales with Venezuela’s state-owned oil firm PDVSA, according to Reuters’ sources.
It’s not just Venezuela, however: last week Bloomberg also reported that all of India’s oil refineries have stopped accepting Russian crude oil delivered by tankers operated by Sovcomflot, Russia’s largest commercial shipping company that has been sanctioned by the US, potentially dealing a blow to Moscow’s economy as India is one of the largest importers of its fossil fuels since the start of the Ukraine war.
According to the report, private and state-run processors including the biggest – Indian Oil – have stopped taking cargoes if they’re on Sovcomflot tankers, as refiners scrutinize the ownership of each ship to make sure they’re not affiliated with the company, or other sanctioned groups.
About 1.5 million barrels of Urals crude were shipped so far on Sovcomflot vessels in March, down from 4.4 million barrels in January and 4.7 million barrels in February.
India has been a major buyer of Russian oil since the invasion of Ukraine, but tighter enforcement of US sanctions has disrupted the trade and led to refiners seeking more expensive crude from other regions such as the US. Sovcomflot said this week that the penalties were putting pressure on its operations.
The Sovcomflot issue means there are fewer tankers to deliver Russian crude, which has led to discounts for the nation’s oil narrowing to compensate for higher freight costs. Of course, the end result of this supply congestion will be higher oil prices which is precisely the opposite of what Biden needs with elections looming, so we would not be surprise if Venezuela’s sanctions are indefinitely postponed while the White House quietly backchannels with India to advise them that Russian oil remains perfectly eligible for under the table purchases.
Priced-In Fed Rate-Cuts Are On Shakier Ground Than In UK And Europe
Authored by Simon White, Bloomberg macro strategist,
Greater inflation expectations and receding recession risk leave the interest rate cuts priced in for the Federal Reserve more vulnerable than in the UK or Europe.
The market currently sees a similar amount of rate cuts in 2024 for the US, UK and euro area, with ~80 bps seen for the Fed and BOE and just over 90 bps expected for the ECB. The US is more exposed to rising inflation, which is beginning to be reflected in the market’s expectations. The CPI-fixing market has started marking up its estimates of where inflation is anticipated to be over the next 12 months after a protracted period of marking them down.
We can take the six-month change in the sum of the next 12 months of fixings and compare this across regions to get an idea of how different inflation expectations are evolving.
As the chart below shows, inflation expectations are being marked up by more in the US than in the UK and Europe.
This comes when recession risks continue to recede in the US.
The Dallas Fed Manufacturing Index for March was just released, coming in weaker than expected. But the Fed regional indexes are quite useless individually as they are too volatile. However, we can improve the signal by looking at a diffusion of them.
When all of them are contracting it is not a bad recession indicator.
They had all been in contraction territory on a three-month smoothed basis for most of the last year, but now fewer than 70% of them are in the negative zone (gray bars are recessions in the chart below).
The Fed has made its life difficult when it de facto pivoted in December.
As long as the data keeps coming in solidly, and inflation inches higher, the amount of cuts expected in the US – especially relative to the UK and Europe – is at risk.
Powell stated at last week’s Fed meeting a surprise weakening in unemployment would prompt them to cut rates, but net conditions are already very loose.
The market may end reversing its position of last year – where further hikes that were telegraphed prompted more cuts to be priced, given the expected damage to the economy – and instead see cuts telegraphed as a policy mistake, and price in subsequent rate hikes.
