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Houthis Claim Another Container Ship Attack As Middle East Turmoil Worsens

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Houthis Claim Another Container Ship Attack As Middle East Turmoil Worsens

Turmoil in the Middle East today has been marked by twin explosions near the burial site of the late Iranian commander Qasem Soleimani in Kerman, resulting in at least 73 fatalities and injuring 170 others. Additionally, there are new reports of another attack on a commercial vessel in the Red Sea by the Iran-backed Houthi rebels. 

According to Bloomberg, the Houthis’ armed forces’ spokesman claimed rebel forces attacked the container ship “CMA CGM TAGE” after the vessel’s captain ignored multiple warnings. 

The United Kingdom Maritime Trade Operations (UKMTO) organization reported a vessel that would’ve been in the same proximity of CMA CGM TAGE came under attack. 

However, French container shipping giant CMA CGM SA said the container ship “did not suffer any incident” and was sailing through the Red Sea area with a destination of Alexandria. 

Bloomberg data shows the container ship switched off its automatic identification system in the Arabian Sea before the Bab al-Mandab Strait on December 30. The transponder was turned on Tuesday. 

Some of the world’s largest container shippers have chosen to reroute their fleets thousands of miles around the Cape of Good Hope in response to drone and missile attacks in the Red Sea. The Houthis have said any vessel associated with Israel would be attacked. 

Over the weekend, the Maersk Hangzhou container ship was struck by a missile while transiting the Southern Red Sea. Then US attack helicopters destroyed three small Houthi boats. 

So much for the hope that the Pentagon’s Operational Prosperity Guardian would unfreeze the Red Sea.

Regional conflict risks are rising. 

Tyler Durden
Wed, 01/03/2024 – 14:40

NYC Mayor Eric Adams Warns Immigrants Will Soon Be Sleeping On Streets

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NYC Mayor Eric Adams Warns Immigrants Will Soon Be Sleeping On Streets

Authored by Katabella Roberts via The Epoch Times,

New York City Mayor Eric Adams has warned that illegal immigrants will soon be forced to sleep on streets as the city struggles to find space to house them amid an ongoing surge in new arrivals.

The Democrat issued the warning in an interview with FOX5 New York on Jan. 2.

Mr. Adams said that New York City is “being inundated” with illegal immigrants, with roughly 2,5000 arriving every week, although that number can top 4,000 on some weeks, he said.

“We’re not just saying we’re out of room as a sound bite, we’re out of room literally. People are going to be eventually sleeping on the streets,” Mr. Adams said.

He stressed that the so-called “sanctuary city” would soon only be able to provide food, shelter, and clothing to immigrants owing to the continuous pressure it is under.

“This is a national problem. It’s unfair for local municipalities and cities to handle this problem,” he said.

Mr. Adams also said that he believes too many immigrants are entering the United States through “various pathways and cavities in our border,” but did not elaborate further.

“We have to be extremely careful because not everyone that’s coming is pursuing the American Dream,” he said.

NYC at ‘Breaking Point’

Elsewhere during the interview, commissioner of the NYC Mayor’s Office of Immigrant Affairs, Manuel Castro, echoed his previous remarks that the current surge of immigrant arrivals in New York City is unsustainable.

“We had to do this because it’s an emergency and a lot of people are coming in that have no idea what’s going on,” he said of the city welcoming thousands of immigrants, including those bused from Texas by Gov. Greg Abbott.

“They were just given a bus ticket to come here or a plane ticket to come here and then they don’t know where else to go.”

Their comments come after Mr. Adams in October proposed setting up tent cities in public parks to house the surge of immigrants, which has squeezed homeless shelters beyond full capacity.

In that same month, the mayor announced immigrant families with children currently residing in the city’s shelters would only be allowed to stay for 60 days as NYC reached “breaking point.”

He also urged government agencies to submit plans to cut budgets by 5 percent and potentially up to 15 percent to offset the financial impact brought by the illegal immigration crisis.

Illegal immigrants board a bus en route to a shelter at Port Authority Bus Terminal in New York City on May 18, 2023. (Michael M. Santiago/Getty Images)

Clampdown on Immigrant Buses

Last month, Mr. Adams issued an executive order to clamp down on charter bus companies transporting illegal immigrants from Texas, stating that such firms must notify the city’s Emergency Management Office at least 32 hours before arriving in the city.

According to the executive order, charter bus companies may only drop off immigrants between 8:30 a.m. and 12 p.m. every day, while the sole designated location for drop-offs is on West 41st Street between Eighth and Ninth Avenues in Manhattan.

Firms who fail to comply with the regulations risk class B misdemeanor charges, fines, lawsuits, and the impounding of buses, according to Mr. Adams.

Chicago earlier this month made a similar move and reportedly began impounding buses sent by Texas to drop off illegal immigrants in the city and began imposing fines on buses that do so without a permit.

Mr. Adams has previously estimated it will cost the city roughly $12 billion over the next three years to handle the ongoing influx of immigrants.

Speaking during his appearance on FOX5 New York on Tuesday, the Democrat said his administration is unable to do anything to change New York City’s “sanctuary” status which protects immigrants from being turned over to Immigration and Customs Enforcement (ICE) agents.

“I don’t have the authorization to tell people they can’t come into New York City,” he said. “It’s against the law. We cannot by law tell someone if they come into the city ‘you can’t come into the city.’ We can’t even turn them over to ICE,” he said.

Tyler Durden
Wed, 01/03/2024 – 14:20

Biden Admin Says US, Israel Not Behind Iran Blast As Death Toll Surpasses 100

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Biden Admin Says US, Israel Not Behind Iran Blast As Death Toll Surpasses 100

Update(1405ET): The death toll in Kerman city has risen to at least 103 killed, and over 141 injured, with new details being revealed in state-backed IRNA news as follows: “The first blast took place 700 meters away from Martyr General Qassem Soleimani’s tomb and the second explosion happened one kilometer away from it.” Other sources are saying there were well over 170 injuries in the aftermath. “The explosions dispersed mourners from Kerman’s cemetery and ambulances rushed to deliver the injured to hospitals in the city,” the report continues. This was among the single deadliest attacks in all of Iranian history.

Iranian President Ebrahim Raisi didn’t single out any country of its intelligence services for being behind the attack, but said, “the perpetrators and criminals who were involved in this terrorist crime will soon be identified and punished for their actions.”

However, some top Iranian officials did quickly point the finger at Israel and the US. This prompted a quick rejection of the allegation by the Biden administration, which also sought to distance Israel from the mass casualty event too:

State Department spokesman Matthew Miller said the U.S. had no reason to believe that Israel was involved in the explosion, and added, “the United States was not involved in any way, and any suggestion to the contrary is ridiculous.”

Ayatollah Ali Ali Khamenei also did not specify any country potentially behind the major attack on the memorial event. “The enemies should know that, with God’s permission, perpetrators of this tragedy will be met with a strong response,” he posted to X.

According to an afternoon press briefing by US national security council spokesman John Kirby (via RTRS):

  • White House says the US does not have detail on the Iran bombing; US has no indication Israel was involved in the Iran blast
  • White House says US will continue to maintain a significant force presence in the middle east; US will not shrink from defending US interests and free flow of international commerce
  • Actions in the Red Sea directly threaten freedom of navigation.

* * *

Update(0845ET): Iranian state media has confirmed that more that 70 were killed in two “terrorist attacks” at the cemetery where memorial anniversary events for the slain IRGC General Qassem Soleimani were being held in the southern city of Kerman.

“Babak Yektaparast, a spokesperson for Iran’s emergency services, told state media that 73 people had been killed and 170 injured,” according to Sky News. Wednesday marked the four-year anniversary of Soleimani’s assassination.

Iran is meanwhile vowing to “punish the perpetrators of the Kerman explosions” according to state media.

* * *

Two explosions close in time to one another ripped through a cemetery in the southern Iranian city of Kerman on Wednesday, killing scores of people and injuring over 15 others. The initial death toll of 20 was been quickly revised upward, with Reuters and Sky News subsequently reporting, “At least 50 people have been killed at a cemetery in Iran where a ceremony was being held to mark the 2020 assassination of Iran’s top commander Qassem Soleimani, an official has told Reuters news agency.”

Large crowds had been gathered near the grave of IRGC commander Qassem Soleimani a day of memorial events marking his death anniversary. The semi-official Nournews initially described that “several gas canisters exploded on the road leading to the cemetery and relevant authorities are monitoring the situation”.

Videos from the scene show chaos after the two explosions sent people running, which appear to number in the tens of thousands.

A correspondent with Iranian state-run Tasnim has said that the mounting casualty count is “high”. He’s been cited as saying, “There is a strong chance that more 50 people have lost their lives and 50-60 have been injured.”

Scenes from blast aftermath at the crowded cemetery…

According to more details via Al Jazeera:

Iranian state media says two explosions have struck a procession marking the anniversary of General Qassem Soleimani’s assassination. The blasts reportedly happened near the slain commander’s gravesite in the city of Kerman.

And very quickly in the aftermath, as casualties are still being rushed to the hospital, an Iranian official has been quoted in state media as saying the blasts in Kerman city were “terrorist attacks”.

This couldn’t come at a worse time and appears possibly connected with events in Gaza as the region already stands on the brink of a major regional war.

Yesterday Israel assassinated the deputy head of Hamas in a drone strike on southern Beirut, and Hezbollah’s Secretary-General Hassan Nasrallah is still set to give a major speech later today.

Soleimani was killed on January 3, 2020 when his convoy left Baghdad International Airport. The strike was ordered by then President Trump and likely had the assistance of Israeli intelligence. It was considered essentially an act of war by Tehran, which then lobbed dozens of ballistic missiles onto US bases in Iraq, resulting in Americans injured.

developing…

Tyler Durden
Wed, 01/03/2024 – 14:05

Fed Minutes Push Back On Powell’s Dovish Pivot

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Fed Minutes Push Back On Powell’s Dovish Pivot

Today we get to see the cherry-picked highlights from The Fed’s ‘Great Pivoting’ in December.

Will they admit what we all think happened? Of course not

Since the ‘dovish’ flip-flop at the last FOMC meeting on December 13th, markets have mimicked ‘the QE trade’ – dollar down, everything else up (led by crypto)…

Source: Bloomberg

Short-term rates markets have clung to the belief that The Fed will start cutting in March – with all the hawkish jawboning failing to shift expectations too much (75% odds of March cut now)…

Source: Bloomberg

And also still expected six full rate-cuts (150bps) in 2024

Source: Bloomberg

Interestingly, after the unprecedented easing of financial conditions since the start of November, the last three weeks since the Dec FOMC has seen Financial Conditions stabilize (and start to tighten very modestly)…

Source: Bloomberg

So the big question is, will The Fed use the Minutes to jawbone back these ultra-dovish expectations further after various ‘hawkish’ Fed Speakers since the FOMC have failed to change the market’s mind on 2024

Source: Bloomberg

Will the Minutes be as dovish as Powell sounded?

So, what do they want us to know?

The Fed Minutes appear to be far less dovish than Powell suggested.

  • No sign of imminent rate cuts: Policymakers say their projections imply reductions “would be appropriate by the end of 2024” and several suggest rates could stay at current level for longer than they currently anticipate

  • The benchmark rate was seen as likely at or near its peak, though officials note that further rate hikes remain possible if the economy warrants them

  • In addition, Fed officials reaffirmed a “careful” approach to rate decisions.

  • Several participants observed that circumstances might warrant keeping policy rate at current level longer than they currently anticipate.

  • Participants generally reaffirmed it would be appropriate for policy to remain restrictive until inflation was ‘clearly moving down sustainably’.

  • At the same time, officials acknowledge “clear progress” in 2023 toward Fed’s 2% inflation goal

It seems the discussion of rate-cuts, that Powell mentioned during the press conference, was far less of a ‘thing’ than the market went with.

These Minutes in no way support a 150bps rate-cut cycle next year.

And uncertainty remains high:

“Participants generally perceived a high degree of uncertainty surrounding the economic outlook.”

Fed doves are more worried about labor market weakening too quickly, signaling a sense of urgency to cutting rates.

“Several participants noted the risk that, if labor demand were to weaken substantially further, the labor market could transition quickly from a gradual easing to a more abrupt downshift in conditions.

Furthermore, the Minutes pushed back against too much exuberance in financial markets:

“Many participants remarked that an easing in financial conditions beyond what is appropriate could make it more difficult for the Committee to reach its inflation goal.”

And some talk of tapering QT:

“Several participants remarked that the Committee’s balance sheet plans indicated that it would slow and then stop the decline in the size of the balance sheet when reserve balances are somewhat above the level judged consistent with ample reserves.

These participants suggested that it would be appropriate for the Committee to begin to discuss the technical factors that would guide a decision to slow the pace of runoff well before such a decision was reached in order to provide appropriate advance notice to the public.”

Read the full FOMC Minutes below:

Tyler Durden
Wed, 01/03/2024 – 14:00

Women’s Rights Groups Protest UN Appointment Of Transgender Activist As “Women’s Champion”

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Women’s Rights Groups Protest UN Appointment Of Transgender Activist As “Women’s Champion”

Authored by Steve Watson via Modernity.news,

The United Nations has appointed a transgender activist as a “women’s champion,” prompting women’s rights groups to express their “dismay and disappointment.”

The Times reports “Seventeen women’s rights groups have signed a letter to the charity UN Women UK expressing concern about its choice of a transgender woman as its “UK champion”.

UN Women bills itself as the “Entity for Gender Equality and the Empowerment of Women,” that works “for gender equality and the empowerment of women.”

Yet they’ve appointed a biological man as the UK’s representative for women.

It seems like a direct exercise in trolling women at this point.

The person in question is Munroe Bergdorf, a model, broadcaster and transgender activist.

Campaign Group Fair Play For Women issued a statement noting “In December the UN Women’s UK committee appointed a male who presents in a highly sexualised stereotype of womanhood as an ambassador for women.”

It continues, “UN Women has made a point of demonstrating that it considers males can become women. It’s disappointing to see the UK committee go so far as to select a male to represent women. Their credibility is in tatters.”

A letter penned by the group and sixteen others including Sex MattersTransgender Trend and the Women’s Rights Network urges that “The female population of the UK is more than 33 million, yet you have ignored every one of us and chosen a male.”

They also state that “Bergdorf’s gender presentation embodies the objectification which most women reject as a particularly demeaning example of offensive gender stereotypes.”

The rights groups also point out that “Bergdorf’s well-publicised activism is not pro-women. This person has objected to women making references to our female bodies.”

They continue, “Yet many issues affecting women, such as FGM, child marriage and forced marriage, reproductive rights, male violence against women and girls, rape as a war crime, pregnancy and maternity healthcare, and more, are inextricably linked with our female biology. How can this person be a champion of women if these issues are deemed unmentionable?”

The groups also point out that Bergdorf has a checkered history, noting that “Bergdorf resigned as an adviser on LGBT+ to the UK Labour Party after previous homophobic and racist posts on social media were revealed. These included saying that “all white people” are “violent racists” and “fuck you, stupid dirty and smelly nigga”. There are numerous examples of homophobic messaging, using expressions like “faggot” and “old poof”, “hairy barren lesbian” and “barren…hairy dyke”.

Bergdorf was dropped by cosmetics company L’Oréal in 2017 over the race comments, which also included an accusation thrown at all white people that “most of y’all don’t even realise or refuse to acknowledge that your existence, privilege and success as a race is built on the backs, blood and death of people of colour. Your entire existence is drenched in racism.”

The letter further notes that “In a separate incident, Bergdorf was dropped as an ambassador to a children’s charity, Childline, because of inappropriate messages which were counter to safeguarding norms.”

Is there any conceivable way that UN Women didn’t know about this completely public information? Did they do even a Google search on the person they were appointing? The answer is likely yes, which means the globalist entity thinks it’s all just fine.

*  *  *

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
Wed, 01/03/2024 – 12:20

The World Has “Fundamentally Changed” – Jeff Gundlach Warns Tucker Carlson of “Large, Multi-Generational Reset”

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The World Has “Fundamentally Changed” – Jeff Gundlach Warns Tucker Carlson of “Large, Multi-Generational Reset”

While DoubleLine founder Jeffrey Gundlach does not believe politics was the “primary factor” behind Fed Chair Powell’s shockingly fast-flop in November/December from uber-hawk to unter-dove, he warns Tucker Carlson in the following interview that The Fed’s regime-change is more driven by systemic fears as debt is soaring unsustainably – and interest costs are rising exponentially (as we detailed here) with rates so high.

“This is a really big problem because we have such a large amount of expenditures that are mandatory. We don’t have the money right to to to have interest expense that high.”

Gundlach comments grow more ominous about the implications of Washington’s largesse:

“there is a real problem with this massive deficit. We’re going to not be able to really refinance this debt.

And I think that’s going to lead to a crisis in the dollar, which will lead to a crisis in the economy.

What will really move The Fed is simple:

“The stock market dropping is really the thing that is the straw that breaks the Fed’s back when it comes to giving up on maintaining higher interest rates.”

But, Gundlach believes “the world has fundamentally changed.”

“You know, when I was in college, there was this Green Peace movement and there and their motto was Save the Whales. And now the environmentalists movement is killing the whales with windmill construction in the ocean.

…There were a lot of sort of hippie types that had bumper stickers that said “Split wood, not atoms.” And now what are we doing? We’re saying zero carbon. We’re now saying anything but split wood, anything but burned coal.

“So everything changes,” the bond king laments:

“You know, the women’s movement was a big deal back in the seventies. Women’s rights, equal opportunity. Now it’s the opposite of that. At least in athletics, women are under attack.

So it’s weird how everything changes, but that’s the way society and long term economic cycles work is that things that were norms in the past become outdated as as societal conditions change, attitudes change, the means of production change, and those norms just can’t hold up.”

And Gundlach concludes by pointing out that “we’re in one of those radical transformations” now:

“Of course, we see that in the political spectrum where, you know, everyone thought the 2016 election was wacky and then the 2020 election turned out to be wackier. And I think everybody can sense that the 2024 election is going to be the wackiest of our lifetime.”

“I think we’re looking at a very large generational, multi-generational reset.

We don’t make the mistakes our parents made.

We make the mistakes that our grandparents and great grandparents made.

And that’s why these cycles seem to be sort of 75 years in length. And there was the Civil War, then there was World War II, and now look where we are.

We’re about 75 years after that. And so this is somewhat predictable, if not totally predictable…”

Watch the abbreviated interview below:

Watch the full interview at TCH here

Tyler Durden
Wed, 01/03/2024 – 12:00

Appeals Court Deals Blow To California City’s Gas Stove Ban

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Appeals Court Deals Blow To California City’s Gas Stove Ban

Authored by Katabella Roberts via The Epoch Times,

The U.S. Court of Appeals for the Ninth Circuit has declined to reconsider a ruling preventing a ban proposed by the City of Berkeley, California, on new natural gas hookups from going into effect.

The panel’s Jan. 2 ruling was in response to a lawsuit filed by the California Restaurant Association (CRA) alleging federal law overruled the City of Berkeley’s ban on installing natural gas installations in newly constructed buildings.

Berkeley became the first U.S. city to ban gas stove hook-up installations in 2019 after the city council passed an ordinance requiring that new buildings be built all-electric, beginning Jan. 1, 2020.

Existing buildings were not affected by the ordinance, which aimed to curb greenhouse gas emissions.

In their lawsuit, the association—the largest nonprofit statewide restaurant trade group in the nation—argued that restaurants rely on natural gas for preparing certain foods and that the ban would impact the way chefs are trained to prepare food, which is typically via natural gas stoves.

They further argued the Energy Policy and Conservation Act (ECPA) of 1975 preempts the City of Berkeley’s ban on gas hookup installations in new residential and commercial buildings.

Under the ECPA, local regulations are prevented from impacting the energy use of natural gas appliances.

However, a lower court ruled in favor of Berkeley in July 2021, disagreeing with the restaurant association’s interpretation of federal energy law, prompting CRA to file an appeal.

Berkeley ‘Waded Into a Domain Preempted by Congress’

In April 2023, a three-judge panel of the federal appeals court reversed that earlier decision, prompting another challenge, this time by Berkeley city officials.

In their ruling on Tuesday, the Ninth Circuit panel wrote that, “By completely prohibiting the installation of natural gas piping within newly constructed buildings, the City of Berkeley has waded into a domain preempted by Congress.”

“The Energy Policy and Conservation Act expressly preempts State and local regulations concerning the energy use of many natural gas appliances, including those used in household and restaurant kitchens,” the panel wrote. “Instead of directly banning those appliances in new buildings, Berkeley took a more circuitous route to the same result. It enacted a building code that prohibits natural gas piping in those buildings from the point of delivery at a gas meter, rendering the gas appliances useless.”

“EPCA thus preempts Berkeley’s building code, which prohibits natural gas piping in new construction buildings from the point of delivery at the gas meter,” they concluded.

Not every member of the panel of judges agreed, however.

U.S. Circuit Judge Michelle Friedland, who was appointed by President Barack Obama, wrote in dissent in what she said was the first time “in nearly a decade on the bench.”

Flames emerge from burners on a natural gas stove, in Walpole, Mass. on June 21, 2023. (The Canadian Press/AP-Steven Senne)

Ruling Is a ‘Critical Victory’

The judge pointed to efforts to combat the perceived dangers of climate change, which she said is “one of the most pressing problems facing society today.”

“The opinion misinterprets the statute’s key terms to have colloquial meanings instead of the technical meanings required by established canons of statutory interpretation,” the judge wrote.

“The panel opinion needlessly blocks Berkeley’s effort to combat climate change, along with the equivalent laws passed by other local governments.”

Judge Friedland added that the court “should not stifle local government attempts at solutions based on a clear misinterpretation of an inapplicable statute.”

Following the panel’s ruling Tuesday, an attorney for CRA, Reichman Jorgensen Lehman & Feldberg partner Sarah O. Jorgensen, told Courthouse News Service that the judges affirmed the association’s interpretation of federal energy law.

“As the panel decision recognizes, Berkeley’s ban on gas piping concerns the energy use and energy efficiency of covered appliances, and is preempted by the act and therefore invalid and unenforceable,” Ms. Jorgensen said.

“The denial of rehearing and confirmation of the panel decision is a critical victory for the members of the California Restaurant Association, including its chefs and restaurant owners, and will protect energy security, domestic supply, and consumer choice,” the attorney added.

The Epoch Times has contacted a spokesperson for the City of Berkeley for comment.

Roughly 38 percent of U.S. households use natural gas for cooking, according to the U.S. Energy Information Administration.

The Biden administration has been clamping down on gas stoves in recent months as part of efforts to cut greenhouse gases, although the move has faced fierce opposition from members of the gas appliance industry who are concerned it could lead to more financially viable and efficient natural gas products being pulled from the market.

Tyler Durden
Wed, 01/03/2024 – 11:40

“Intersectional Pyramid Of Oppression”: After Much Reflection, Bill Ackman Pens Magnum Opus On Why ‘DEI Is Racist’

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“Intersectional Pyramid Of Oppression”: After Much Reflection, Bill Ackman Pens Magnum Opus On Why ‘DEI Is Racist’

Following the Tuesday resignation of Harvard president Claudine Gay, Billionaire investor Harvard alum Bill Ackman took to X on Wednesday to pen a 4,000-word essay on why DEI (Diversity, Equity and Inclusion) – which views society through ‘oppressor/oppressed’ framework – is inherently racist. Apparently it took Bill’s galaxy brain this long to discover what we’ve been reporting for years.

DEI is racist because reverse racism is racism, even if it is against white people (and it is remarkable that I even need to point this out),” writes Ackman, who says he became concerned over the evolving situation at Harvard following the Oct. 7 Hamas attack on Israel, after which 34 student organizations banded together on Oct. 8, before Israel had responded, to come out publicly in support of Hamas, a globally recognized terrorist organization.

I came to learn that the root cause of antisemitism at Harvard was an ideology that had been promulgated on campus, an oppressor/oppressed framework, that provided the intellectual bulwark behind the protests, helping to generate anti-Israel and anti-Jewish hate speech and harassment.

Then I did more research. The more I learned, the more concerned I became, and the more ignorant I realized I had been about DEI, a powerful movement that has not only pervaded Harvard, but the educational system at large. I came to understand that Diversity, Equity, and Inclusion was not what I had naively thought these words meant. -Bill Ackman

According to Ackman, “Under DEI, one’s degree of oppression is determined based upon where one resides on a so-called intersectional pyramid of oppression where whites, Jews, and Asians are deemed oppressors, and a subset of people of color, LGBTQ people, and/or women are deemed to be oppressed. Under this ideology which is the philosophical underpinning of DEI as advanced by Ibram X. Kendi and others, one is either an anti-racist or a racist. There is no such thing as being “not racist.””

He further explains that under DEI, any policy, program, educational system, economic system, grading system, admission policy, (and even climate change due its disparate impact on geographies and the people that live there), etc. that leads to unequal outcomes among people of different skin colors is deemed racist.

So:

  • Capitalism is racist
  • Advanced Placement exams are racist
  • IQ tests are racist
  • Corporations are racist

“In other words, any merit-based program, system, or organization which has or generates outcomes for different races that are at variance with the proportion these different races represent in the population at large is by definition racist under DEI’s ideology,” Ackman continues.

And in order to be deemed “anti-racist,” one must have personally taken action to reverse unequal outcomes in society – while the DEI engine is designed to transform society “from its currently structurally racist state to an anti-racist one.”

And so, as Ackman notes in the beginning, DEI is completely racist…

…Racism against white people has become considered acceptable by many not to be racism, or alternatively, it is deemed acceptable racism. While this is, of course, absurd, it has become the prevailing view in many universities around the country.

You can say things about white people today in universities, in business or otherwise, that if you switched the word ‘white’ to ‘black,’ the consequences to you would be costly and severe.

To state what should otherwise be self-evident, whether or not a statement is racist should not depend upon whether the target of the racism is a group who currently represents a majority or minority of the country or those who have a lighter or darker skin color. Racism against whites is as reprehensible as it is against groups with darker skin colors.

He further points out that “Having a darker skin color, a less common sexual identity, and/or being a woman doesn’t make one necessarily oppressed or even disadvantaged,” and that while the enslavement of blacks “remains a permanent stain on our country’s history,” and which is used by DEI to label white people as oppressors, “it doesn’t therefore hold that all white people generations after the abolishment of slavery should be held responsible for its evils.”

“Similarly, the fact that Columbus discovered America doesn’t make all modern-day Italians colonialists.”

What’s the solution?

“A meritocracy is an anathema to the DEI movement,” concludes Ackman, as “DEI is inherently a racist and illegal movement in its implementation even if it purports to work on behalf of the so-called oppressed.”

The rest of Ackman’s note goes into Harvard’s mismanagement, and what he thinks should happen to turn the institution around.

In other words:

Oh and Bill’s not done… now he’s sparring with MSNBC homophobic host, Mehdi Hasan;

Tyler Durden
Wed, 01/03/2024 – 11:20

Treasuries Send Out An Early Message of Caution On 2024 Trades

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Treasuries Send Out An Early Message of Caution On 2024 Trades

By Ven Ram, Bloomberg Markets Live analyst and reporter

As traders prepare for the release of Fed minutes, the markets are telegraphing an early, if somber, message: so much of the putative trades of 2024 were front-run in the past two months that chasing that theme may no longer be as rewarding.

Consider Treasuries.

The yield on two-year notes declined by almost 85 basis points through November and December. If you take the Fed at its word that it intends to cut its benchmark rate three times this year, you have to wonder how much further the emphatic rally can go.

Further out the curve, the 10-year yield slumped by more than 100 basis points over the same period. Even so, given rapidly crumbling inflation in the US and a Fed bracing itself to cut rates, this maturity is trading more or less around where it ought to. However, because the tenor is fully valued now, further gains will be hard to come by.

Stocks tell much the same story.

Equities seem to have won a prescriptive right in recent years to rally regardless of what happens to interest rates, an untenable script that can’t be glossed over forever. The Nasdaq 100 surged more than 15% through the last two months of 2023, and despite Tuesday’s correction, technology stocks are already trading as though their valuations are discounted by Fed rates that are far lower than current levels. Hence it should be challenging to drive valuations higher and higher. While the S&P 500 was far less exuberant through November and December, the basket is also mildly overvalued given a fair value of 4,632.

The extraordinary moves in Treasuries and stocks of the past two months provide the context for the minutes of the Fed’s December meeting.

With Chair Jerome Powell having expressly stated that policymakers discussed a time line for reducing rates, traders will be keen to find out whether a March cut is still in play. Indications from New York Fed President John Williams suggest a reduction in March may be too early.

If the minutes reinforce that message, a continuation of the correction in Treasuries is likely.

Tyler Durden
Wed, 01/03/2024 – 11:00

Pentagon’s ‘Extremism In Our Ranks’ Propaganda Debunked By Their Own Study

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Pentagon’s ‘Extremism In Our Ranks’ Propaganda Debunked By Their Own Study

Recall 2021… when the Biden FBI deployed counterterrorism resources against concerned parents who showed up at school board meetings, and Gen. Mark Milley told Congress that he wanted “to understand White rage” one month after an enraged father was dragged out of a Loudon County, Virginia school board meeting after his daughter was raped by a transgender boy in the girl’s bathroom – which the school board then covered up.

Remember that?

And instead of addressing the concerns of millions of angry parents who had woken up to a nationwide phenomenon of mentally ill schoolteachers, critical race theory / DEI indoctrination, and transgender boys crushing the dreams of female athletes, the Biden administration turned the whole thing into a ‘white rage’ problem caused by extremist Trump supporters.

In December of 2021, the Pentagon furthered the ‘white rage’ narrative, warning that ‘extremism’ within the ranks was on the rise, which would require ‘detailed new rules’ to prohibit service members from engaging in ‘certain activities.’

The new policy lays out in detail the banned activities, which range from advocating terrorism or supporting the overthrow of the government to fundraising or rallying on behalf of an extremist group or “liking” or reposting extremist views on social media. The rules also specify that commanders must determine two things in order for someone to be held accountable: that the action was an extremist activity, as defined in the rules, and that the service member “actively participated” in that prohibited activity.

Previous policies banned extremist activities but didn’t go into such great detail, and also did not specify the two step process to determine someone accountable. -AP

Turns out that was total bullshit

US Defense Secretary and former Raytheon board member Lloyd Austin

According to the Wall Street Journal, “Good news: The U.S. military isn’t packed with violent extremists.”

That’s the gist of a new report commissioned by the Pentagon in 2021 and released quietly with little notice in December. The result won’t surprise Americans who have spent time in uniform, but it should calm the media frenzy about right-wing radicals in the armed forces.

After reports that some service members participated in the Jan. 6 riot, Defense Secretary Lloyd Austin ordered an independent study to get “greater fidelity” on extremism in the ranks. The think tank tasked with the report, the Institute for Defense Analyses (IDA), “found no evidence that the number of violent extremists in the military is disproportionate” to U.S. society. A review of Pentagon data suggested “fewer than 100 substantiated cases per year of extremist activity by members of the military in recent years,” the report says.

The researchers found that “the prevalence of extremist and gang-related activity that are reflected in court-martial opinions is limited to fewer than 20 cases” since 2012, for example.

One conclusion was that the military doesn’t need a new section of the Uniform Code of Military Justice to punish alleged “extremists” in the ranks, and that commanders can simply rely on Article 116 (riot or breach of peace), Article 88 (contempt toward officials), Article 109 (destruction or damage to property), and Article 115 (communication of threats), as well as others.

The researchers also found that “fewer than ten” out of more than 700 Jan. 6 cases involved active members of the military, debunking yet another leftist claim.

Let’s see how much attention this debunking receives vs. the original headlines?

Tyler Durden
Wed, 01/03/2024 – 09:05