“You Do This, Dumb B**ch!”: Maryland Man Flips Out And Goes Berzerk At McDonald’s Drive Thru Window
A man in White Marsh, Maryland went berzerk at a McDonald’s last week, throwing drinks as workers and demanding that they turn over food to him. And of course, it was all captured on a viral Tik Tok video, The New York Post reported last week.
Well, at least somewhere in a server room in China, the government cybersecurity experts getting paid to review all of the U.S.’s Tik Tok footage for national security secrets got to have a laugh.
According to The New York Post, an unidentified man, donned in a beanie, blue polo, and sunglasses, aggressively opens the drive-thru window of a McDonald’s in White Marsh, Maryland, about 16 miles from Baltimore. He confronts an employee, harshly telling them: “You do this! You do this, dumb b—h!”
In his rage, he snatches a serving of fries and a small beverage from the counter typically used for assembling drive-thru orders and hurls them at a staff member. Then, he took a large soda and tossed it into the eatery, causing people off-screen to react with gasps and screams. It remains unclear if anyone was injured in the incident.
Furiously, he yells “Shut it down right now!” while attempting to dismantle the soda fountain. “Give me some food!” he demands, gesturing towards the interior of the McDonald’s, apparently targeting one of the workers.
“I own all this stuff!” he then yells, looking at the cash register. In a fit of rage, the man wrenches the cash register from its mount, causing a cascade of registers and other equipment to topple. Frustrated, he shakes the rack, demanding “some damn real food.”
He then aggressively insists on being served “some f—ing food,” to which a visible staff member assures him that his meal is being prepared. A woman’s voice in the background of the video, which has attracted over 69,000 views since its posting, confirms, “He’s cooking your order right now.”
Demanding fries, he points through the window, threatening, “Give me that bag of fries right there,” and repeats his demand with an added threat towards an employee.
President Joe Biden and former President Donald Trump both released differing messages on Nov. 11, Veteran’s Day.
“Today, we honor the story of our veterans – the story of our nation at its best,” President Biden wrote on X.
“On Veterans Day, let’s recommit to fulfilling our one sacred obligation as a nation: to prepare those we send into harm’s way and care for them and their families when they come home.”
In a Veterans Day speech at the Memorial Amphitheater in Arlington National Cemetery, President Biden made reference to “those who have always, always kept the light of liberty shining bright across the world,” while making reference to his late son, Beau, who was deployed to Iraq about 15 years ago.
“We come together today to once again honor the generations of Americans who stood on the front lines of freedom … to once again bear witness to the great deeds of a noble few who risked everything, everything, to give us a better future,” President Biden also said.
During the event, president was joined by first lady Jill Biden, Vice President Kamala Harris, and second gentleman Douglas Emhoff. Several members of his cabinet also joined.
On Saturday, President Biden announced that military veterans who were exposed to toxins could be able to enroll in no-cost health care starting next year.
President Trump marked Veterans Day with a message on his Truth Social social media platform:
“To our heroic veterans, I am grateful for your service to our country and honored to wish you a Happy Veterans Day.”
He added that there is “no greater act of selfless service than defending America’s God-given freedoms and liberty.”
Hours later, he wrote a message on the platform noting that in “honor of our great veterans on Veteran’s Day, we pledge to you that we will root out the communists, Marxists, fascists, and radical left thugs that live like vermin within the confines of our country.”
They will “do anything possible, whether legally or illegally, to destroy America, and the American dream,” added President Trump, who was later seen at a UFC fight in New York on Saturday.
“The threat from outside forces is far less sinister, dangerous, and grave, than the threat from within,” the former president also wrote.
“Despite the hatred and anger of the radical left lunatics who want to destroy our country, we will make America great again!”
Two GOP presidential candidates issued Veterans Day messages to underscore their military ties.
“Proud of my veteran Michael Haley and the many men and women who have served to defend our freedoms,” former U.N. ambassador Nikki Haley wrote on X, along with a photo of her husband Michael, a National Guard officer.
And Florida Gov. Ron DeSantis, a former Judge Advocate General (JAG), sent this thanks to “all who have worn the cloth of our country.”
He added, “As a veteran myself, I am honored by the unwavering support we receive. I will always have the backs of our vets.”
Nov. 11, once known as Armistice Day, is the anniversary of the armistice that ended World War I in 1918. According to the Department of Veterans Affairs, the first celebration that used the term Veterans Day occurred in Birmingham, Alabama, in 1947.
World War II veteran Raymond Weeks had set up a “National Veterans Day,” which included a parade and other events to honor veterans. It has held on Nov. 11.
“In 1954, after the return of service personnel from both World War II and the Korean War, U.S. President Dwight D. Eisenhower signed a bill rededicating Nov. 11 as Veterans Day, encouraging Americans to commit themselves to the cause of peace and to honor America’s veterans for their courage, honor, patriotism and sacrifice,” according to the National World War I Museum.
“Antisemitism Has No Place Here” – Harvard President Condemns “From The River To The Sea” Phrase After 1600 Jewish Alum Pull Donations
Following enormous backlash against the University over its initial statementabout Hamas’ Oct. 7 attack on Israel – with critics condemning Harvard President Claudine Gay’s statement for failing to explicitly denounce Hamas and lack of response to a controversial joint letter by Harvard student groups in support of Palestine that called Israel “entirely responsible” for the violence – Harvard has just announced that it will work with its newly established antisemitism advisory group to implement antisemitism education and training for affiliates.
“I affirm our commitment to protecting all members of our community from harassment and marginalization, and our commitment to meeting antisemitism head-on, with the determination it demands,” Gay wrote.
“Antisemitism has no place at Harvard,” Gay added. “We are committed to doing the hard work to address this scourge.”
Harvard President Claudine Gay announced plans to implement training around antisemitism in a Thursday email.
Additionally, in her email, Gay explicitly condemned the use of the phrase “from the river to the sea” – a pro-Palestine slogan that prominent alumni have called “eliminationist” and antisemitic.
“Our community must understand that phrases such as ‘from the river to the sea’ bear specific historical meanings that to a great many people imply the eradication of Jews from Israel and engender both pain and existential fears within our Jewish community,” Gay wrote.
“I condemn this phrase and any similarly hurtful phrases.”
The Crimson reports that Gay’s decision to single out the phrase “from the river to the sea” – which is frequently chanted by the Harvard Undergraduate Palestine Solidarity Committee and other pro-Palestine student groups – almost immediately received backlash from some Harvard affiliates.
Kirsten A. Weld, a professor of History at Harvard, criticized Gay’s decision to denounce a specific phrase used by student activists.
“Can’t recall any prior instance of a contested phrase/idea receiving official condemnation like this, or having one singular ‘specific historical meaning’ imputed to it, in my 11 years on this campus,” Weld wrote in a post on X.
Gay, standing next to Harvard Chabad President Rabbi Hirschy Zarchi, views an Shabbat table installation in the Yard symbolizing the hundreds of hostages held by Hamas.
Gay also confirmed that the FBI and HUPD are investigating a video taken during the Oct. 18 pro-Palestine “die-in” protest at Harvard Business School depicting several protesters confronting a man and escorting him away after he filmed protester’s faces.
The protesters shouted “shame” after the man, who other media outlets later identified as an Israeli student.
What could have caused such a sudden and considerable ‘flip’ in Gay’s perspective (or silence) on the jew-hatred being seen at Harvard – and across many so-called ‘Ivy League’ schools? Doesn’t she realize the world is binary – oppressor vs oppressed, victimizer vs victims?
We are sure it is simply a realization that principles matter (and terrorism is bad), and has nothing at all to do with the fact that 1600 wealthy jewish alumni have withdrawn their donations from the once-prestigious learning academy.
As CNN reports, high-profile billionaire alumni like Pershing Square founder Bill Ackman and former Victoria’s Secret CEO Leslie Wexner have already said that if Harvard doesn’t take steps to fix the problem they could face a donor exodus, but now the largest group yet of alumni – most of whom do not have billionaire status – are threatening to withdraw their donations.
“We never thought that, at Harvard College, we would have to argue the point that terrorism against civilians demands immediate and unequivocal condemnation,” wrote members of the Harvard College Jewish Alumni Association (HCJAA) in an open letter to President Claudine Gay and Dean of Harvard College Rakesh Khurana.
“We never thought we would have to argue for recognition of our own humanity.”
Philanthropy is the single largest contributor to revenue at Harvard, accounting for 45% of the university’s $5.8 billion in income last year. Philanthropic gifts accounted for 9% of the university’s operating budget last year and 36% of its $51 billion endowment amassed over decades.
The Los Angeles County Board of Supervisors unanimously approved a plan this week to create a new Office of Food Equity to address what they call a growing problem of food insecurity in the region.
The measure, authored by Supervisors Janice Hahn and Lindsey Horvath, will build on the county’s Food Equity Roundtable, created in 2021 to bring together food companies with private and public charity groups. The coalition was funded by the Annenberg, the California Community, and the Weingart foundations.
According to Ms. Hahn, the new office will allow the county to improve the county’s food system.
“By creating the first-ever LA County Office of Food Equity, we can build on the work we already started with our partners, modernize our food system, and work toward a future where everyone in LA County can get the healthy food they need,” she said in a statement Nov. 7.
The roundtable, a two-year pilot program, integrates the county’s solutions for chronic food insecurity based on the principle that “just and equitable access to healthy and nutritious food is a human right.”
In a December 2022 report, the program compiled a list of recommendations to improve food access—such as addressing structural racism, ageism, and overall inequity—and identified populations who organizers say are disproportionately more vulnerable to food insecurity, including immigrant and transgender communities.
California residents living in poverty or who have lost jobs are already eligible for the federal Supplemental Nutrition Assistance Program (SNAP), which provides monthly funds to buy food. In 2022, more than 4.6 million California residents—or about 1 in 8 people—received SNAP benefits, according to a report by the Center on Budget and Policy Priorities, a nonpartisan research and policy institute.
Volunteers at Laguna Niguel Presbyterian work with San Clemente-based Family Assistance Ministries in handing out food donations to a line of cars in Laguna Niguel, Calif., on Dec. 23, 2021. (John Fredricks/The Epoch Times)
The state received nearly $14.5 billion in such benefits in 2022—about 142 percent more than in 2019.
However, food insecurity was much higher last year in Los Angeles County compared to the rest of the United States, according to the latest county and federal statistics.
In Los Angeles County, about 24 percent of households—nearly 1 in 4—were food insecure as of July 2022, statistics show.
“We know the need has only grown, particularly for communities of color who lack access to fresh food,” Ms. Horvath said in the Nov. 7 statement. “The Office of Food Equity will build on this successful public-private partnership model to continue to provide nutritious food to residents who are counting on us.”
Federal statistics show the number of households in the U.S. that were food insecure grew substantially in 2022 to 12.8 percent, or 17 million households. That meant 3.5 million more households were lacking food compared to the year before, when 10.2 percent reported food insecurity, according to the U.S. Department of Agriculture.
Food insecurity in the U.S. declined in 2018, decreasing for the first time to 2007 levels, the USDA reported. Only 11 percent of U.S. households were food insecure in 2018, a decline from 11.8 in 2017, according to the agency.
Cinny Kennard, executive director of the Annenberg Foundation, said she hoped the new office would ensure all people get the food they need.
“This motion approved by the Board of Supervisors will ensure the new office of Food Equity is staffed and supported so that we can together begin to work to get all people much needed quality, affordable, and healthy food,” she said in the statement.
Ms. Kennard is also a former media executive and co-chair of the food roundtable.
Palestinians ‘Disappointed’ Hezbollah Hasn’t Escalated A Northern War On Israel
On Saturday Hezbollah leader Hassan Nasrallah gave his second speech since the Gaza War began, and there was little new that signaled he’s ready to escalate; instead, it was mostly a reiteration of ‘red lines’ and more threats of possible future action.
He did emphasize that the war against Israel will be long and that “victory” would “take years” to achieve, after Hezbollah has already lost at least 63 of its fighters. He did pledge that “This front will remain active,” in reference to southern Lebanon.
In response, Israeli Defense Minister Yoav Gallant told his troops who are deployed to the northern border, “Hezbollah is dragging Lebanon into a war that might happen.” The two sides have exchanged daily rocket and mortar fire, but there’s yet to be the kind of all-out battle that many have been fearing.
“It is making mistakes and … those who will pay the price are first and foremost Lebanon’s citizens. What we are doing in Gaza we can do in Beirut,” Gallant said additionally.
But many Palestinians were hoping that Nasrallah would have declared war by now, and they are said to be “disappointed” this hasn’t happened. This is true also of Palestinians in refugee camps in Lebanon, some of which were interviewed by Al Jazeera:
His message fell short for many Palestinians in Sabra and Shatila, a Palestinian refugee camp that sprawls out across two Beirut neighborhoods.
“I wanted him to open up the war completely,” said Abdallah, 25, one of the Palestinians who gathered anxiously at a sidewalk cafe in Sabra and Shatila to watch the speech.
And others echoed the same:
“Hezbollah is fighting and they’re trying, but we want them to make more happen,” said Abdallah.
Some Palestinians in Lebanon believe that Hezbollah should take the fight to Israel first.
But feelings are much more mixed among Lebanese themselves, who remember much of the country being bombed in 2006, including Beirut’s international airport. But unlike the situation in 2006, Lebanon’s economy is currently in tailspin, amid other worsening societal woes.
There are fears that a full Hezbollah assault would drag the entire country into war with Israel, and it remains that the Lebanese Army doesn’t have much of an air force or proper anti-air defenses to speak of if Israel chooses to bomb the whole country “back to the stone age” – as Israeli leaders past and present have frequently vowed.
⚡️Israeli airstrike near the old road between the town of Qalaia and the Mahmoudiyah area, Lebanon pic.twitter.com/6SOS2fUXa0
So far both Hezbollah and the IDF have exercised some degree of restraint in order to keep the exchanges of fire “limited” – despite casualties on either side the border. The IDF has meanwhile been forced to divert a significant amount of troops, tanks and other armor to the north in order to deal with the Hezbollah threat.
Below is my column in the Messenger on the issuance of House subpoenas to the Biden family, including Hunter Biden. The move dramatically changes the profile of the investigation and the perils for the Biden family. After these subpoenas were issued, the House also subpoenaed an array of Biden associates connected to his alleged influence peddling or his art sales. After following the transfer of millions in foreign money, the Committee is drawing closer to the epicenter of the Biden family.
Here is the column:
The great English writer Samuel Johnson once told a friend, “Depend upon it, sir, when a man knows he is to be hanged in a fortnight, it concentrates his mind wonderfully.”
The quote came to mind after reading the response of Abbe Lowell, legal counsel for Hunter Biden, to the issuance of subpoenas for Hunter and other family members by the House Oversight Committee. Lowell said that “Hunter is eager to have the opportunity, in a public forum” — but premised that on the condition that it be “the right time” for Hunter to speak. He also dismissed the committee investigation as a “political stunt.”
It appears that further concentration is warranted.
A congressional subpoena is really not an invitation for a sit-down at a convenient time.
Hunter has spent years relying on denial and delay to fend off inquiries. With this subpoena, he will now have to choose between cooperation or contempt … on the committee’s schedule.
The issuance of subpoenas to Hunter, his uncle, James Biden, and Biden family associate Rob Walker, changes the entire threat — and the range of options — for the Bidens. Attorney General Merrick Garland moved quickly and aggressively to prosecute Trump associates such as Steve Bannon who failed to appear or cooperate with Congress. The public will demand the same vigorous prosecution in the face of any similar contempt by Biden associates.
Moreover, Hunter has tried a wide array of approaches to these allegations of influence peddling, from a plea for sympathy to threats of litigation. Too many in the media have been willing enablers of these shifting claims, including figures like Jimmy Kimmel who conducted a softball interview that portrayed Hunter as a hero rather than an alleged influence peddler.
That may now change. If Hunter lies to congressional investigators, he can be charged with a federal crime. While the Justice Department allowed the statutes of limitations to run on various felonies, Hunter would be faced with a new set of charges with years for criminal charges to be brought by prosecutors.
The situation is equally serious for the president’s brother, James, who has long been accused by House Republicans of influence peddling. Most recently, House investigators disclosed that, in 2018, James Biden received two loans totaling $600,000 from Americore Health, which they described as “a financially distressed and failing rural hospital operator.” The company has been referenced in past reports of alleged influence peddling by James Biden.
According to the company’s bankruptcy proceedings, it made the loans “based upon representations that his last name, ‘Biden,’ could ‘open doors’” to new overseas investors. On the day he received the second loan transfer, James Biden allegedly sent a check for the same amount — $200,000 — to Joe Biden as a “loan reimbursement.”
Congressional interviews can be perilous, but they are far more so when your client’s interview will cover years of transactions and statements. It presents a target-rich environment for investigators and ample opportunities for witnesses to make misleading or false statements.
Figures like Bobulinski are likely to cooperate. He already has accused President Biden of lying about his lack of knowledge of foreign dealings, including giving detailed accounts of meeting with Joe Biden in a hotel.
However, committees often first request voluntary interviews before issuing subpoenas. As with Hunter and James Biden, the committee has ample grounds to demand these interviews as part of both its impeachment inquiry and its oversight authority.
In anticipation, perhaps, Hunter is reviving his addiction defense, even claiming that the investigations into his conduct are a blow against anyone who is fighting addiction. It is a curious effort since his counsel recently claimed that federal gun charges are invalid because his client had a period of sobriety just in time to sign the allegedly false gun application. That is the type of fluid, conflicted narrative that can produce criminal charges in congressional investigations.
Samuel Johnson’s observation is particularly poignant in this case, given the subject. It was a reference to William Dodd, an Anglican clergyman, accused of being a spendthrift who became indebted due to his extravagant lifestyle. He forged a document to secure a “loan” to help clear his debts. Johnson tried unsuccessfully to keep him from the gallows, but he wrote a sermon before his death, titled, “The Convict’s Address to his unhappy Brethren.” Johnson was widely believed to have been the true author and defended his friend by saying that the hanging brought out the best of him.
It remains to be seen if these subpoenas will bring out the best or worst of Hunter Biden. Thus far, he has received every break from federal prosecutors, from expired statutes of limitations to reported tip-offs on investigators’ interviews. That will now change. Either Hunter will concentrate his mind, or congressional investigators will do it for him.
For decades, and with increasing severity, residents of San Francisco have been forced to navigate through shit-covered streets, drug dens and criminal elements, all while the city feigned the inability to do anything about it (despite employing 6-figure ‘poop patrollers’ to regularly pressure-wash the sidewalks).
Now, with the announcement that the world’s top commie, Chinese President Xi Jinping, will meet with President Joe Biden in The Golden City, and San Francisco was miraculously able to clean itself up, seemingly overnight.
San Francisco finally fixed the homeless crisis. All it took was a visit from a world dictator.
REPORT: The San Francisco homeless population has “miraculously” gone missing as President Biden & Chinese President Xi Jinping are set to meet in the liberal city.
Remarkable!
The typical drug addicts & homeless who wander the city like zombies have disappeared as 20,000… pic.twitter.com/2iDpl4FHCG
San Francisco is finally clean and it only took Xi Jinping to do it.
The government can easily fix our cities overnight. It just doesn’t want to.
It’s amazing what our government will do for #China but not for its own citizens!
Hey Dictator Xi Jinping, can you please visit… pic.twitter.com/dpbOb225QU
Needless to say, people are asking questions, as not only does San Francisco clearly have the capability to clean up its streets, it waited to do so until the president of China came to town.
Some locals say the homeless have just been ‘herded’ to a different part of town.
They’ve been “herded” back into the Tenderloin. I was out there today. Hundreds on the streets and garbage on every corner. They cleaned up the dealers, but the homeless remain. Very sad.
On Wednesday, November 8th, Academy Asset Management (an affiliate of Academy Securities) celebrated the VETZ Veteran Impact ETF and Veterans Day at the New York Stock Exchange by ringing the closing bell. Safety was a big topic of conversation last week, and was highlighted during the geopolitical roundtable that Academy held at the NYSE. Issues covered included:
Geopolitical and physical safety
Investment safety
Cyber security (or safety to fit within our theme)
“Safe” assets
Technological, economic, and trade “safety”
It doesn’t hurt that bringing up “The Safety Dance” brings back some good memories of a road trip to Montreal where we got to see Bootsauce live (a local up-and-upcoming band at the time). We all need some good things to reflect on when “safety” and “security” are top of mind.
It was nice that markets cooperated with the Bottom Line from last weekend’s What a Fire (some “consolidation” with a bias towards owning the “everything rally”).
We also got to discuss a variety of subjects (including “safety”) on Bloomberg TV on Wednesday (starts at around the 1:42:45 mark). Apparently, based on a lot of feedback, it was an interesting interview and worth watching. That feedback is at least partially supported by the fact that Bloomberg made a quick clip out of the Pain Trade portion of the interview and they used our line from the piece titled “Analysts Who Cried Recession” in the headline of a written report. Bloomberg also aired a replay of the energy discussion we had.
However, let’s get back to the issue of “safety.”
Geopolitical and Physical Safety
The battles between Israel and Hamas have intensified. As our Geopolitical Intelligence Group (“GIG”) has repeated over and over, it will be very difficult for Israel to eradicate Hamas as a threat. The complex tunnel network makes the urban fighting even more difficult than what the U.S. experienced in Fallujah. Setting up operations and command & control centers in and around civilian facilities (like schools and hospitals, which is prohibited by the Geneva Convention) makes the fighting more challenging.
On the “bright” side of things (to the extent that there is a bright side), so far there has been no escalation by other groups or countries in the region. That threat does exist, and will remain high while the fighting continues. This is a very tricky situation, but it has (so far) not escalated to the point of being a major global economic issue. However, I am hearing chatter about supply chain issues. The supply chain issues are centered around goods produced by Israel. There is also concern around the ability to ship things through the region (e.g. the Suez Canal) because the risk of escalation or even “accidents” is greatly increased.
Ukraine’s “counteroffensive” is all but over, and it seems like Russia may be turning the tide. The likelihood of the “stalemate” continuing seems high (though presumably, the Russians will attempt another winter offensive once the ground freezes). Support for weapons deliveries is now far from universal. However, while the quality and types of weapons being delivered are superior to what was delivered early in the war, many members of the GIG question whether it is enough to allow Ukraine to push Russian forces back across their border. Nothing good is happening in the war which, paradoxically, may be a good thing as it could push both sides to the table (though that is not likely until the spring). It is still unclear to me if this would result in much of an immediate impact to the global economy or even the inflationary pressures in Europe (Ride of the Valkyries).
“Safety” in Markets
As stocks seemed to defy gravity (or at least higher bond yields) on Friday to finish the day and the week up (1.3% to 2.4%, depending on the index you track), many are looking at “hedges.” That is in the “normal” realm of discussion topics. What is abnormal is this background buzz about whether Treasuries are “safe” assets.
The 10-year auction did well, but the 30-year auction struggled. That had absolutely nothing to do with the Fed. Yes, Powell spoke hawkish, but what else was he going to do or say? It has everything to do with:
Higher inflation expectations. The concepts of geopolitical inflation, ESG inflation, and supply chain inflation are now widely held views. We continue to expect 3% to 5% inflation over the next 3 to 5 years from these various forces. However, we don’t think that the Fed will react aggressively to persistent inflation near 3%, precisely because of where it’s coming from. It would be good to see better messaging out of D.C. regarding why this sort of inflation (which goes hand in hand with creating a safer and more secure economy) is not only necessary, but good for us longer-term!
Lack of control, discipline, and responsibility out of D.C. We discussed this in U.S. Credit on the back of some actions by the NRSROs (often referred to as rating agencies). Now, we are all watching the nation’s cost of borrowing rise rapidly as the combination of rising yields and more total debt becomes problematic. Some are using words other than “problematic” to describe the situation, but that is premature. Yes, we are on a bad trajectory, but both supply and the average coupon paid take time to reset significantly higher and too much is already priced in.
Treasuries are still “safe,” but in no way as “safe” as they were a year or two ago. Why would we even bother discussing the difference between “safe” and “still safe, but not as safe as before?” That is probably a good question, but I also wanted to point out that certain mathematicians have varying degrees of “infinite.” How can something that is infinite be bigger or smaller than something else that is infinite? Well, it can be, and I think that logic (although it hurts my head) is why it is appropriate to think about what is “safe.”
I’m leaning towards being overweight floating rate assets. SOFR (for all intents and purposes) is set by the government/Fed. Sure it can spike for a day or two, but there are tools and policy support steps in place to keep it stable. The same cannot be said for longer-dated bonds. Longer-dated bonds, especially in this algo driven “faux” liquidity (Voldemort) environment, are susceptible to large moves. The risk of stops being triggered is real. Bond investors typically lose far more money from forced selling than they do from defaults. I think that being overweight floating debt (or short-term debt) could put you in a position to capture some “weird” days in bonds, where we get a large move in bond yields (3 or more standard deviations).
Corporates (and Munis) versus government debt. Municipalities typically must operate with a balanced budget. In addition, corporations have governance. I really like the front end (5-years and in, with some floaters) of high-quality IG (A or better, I wanted to say BBB or better, but figured that I’d get too much push back) as spreads will do well as some choose corporates over government debt.
Crypto. There, I said it! I’m not even sure that I really believe it, though it is coming up more often in discussions about “what is safe.” Clearly Bitcoin has surged recently and is back above $37,000. Other parts of the market have also done well. Certainly, hopes of a “spot” ETF have fueled those gains. Geopolitical unrest across the globe is likely helping as well, but I suspect that part of this rise is driven by investors looking for something “safe.” I’m not there yet (in terms of thinking that crypto is “safe”), but clearly others are and at least from a trading perspective, this theme could have legs as others think about what is “safe” or not.
Stocks. In a world where we don’t “trust” the “safe” asset, maybe something that tends to benefit from government spending is “safer.” The one flaw here is that the debt that is increasing due to higher borrowing costs only really helps the savers, so I’m not sure how well that translates into corporate earnings or multiples that investors will pay.
Applying degrees of safety to government debt seems awkward, but we are there and not turning back any time soon.
Cyber Safety
We will be publishing some new “X Reports” (cyber, AI, and space focused) in the coming weeks, but two things really stuck out at the cyber/AI panel from Wednesday.
Quantum computing. The potential obsolescence of existing encryption.
How dangerous is the cyber world. Somehow the conversation on Wednesday turned to “number of attacks.” While some of the specific numbers are classified, the panelists seemed comfortable trying to point out that however high “we” (the audience) thought the numbers were, the real number was significantly higher. One example that was brought up, if I understood correctly, is that the NSA has a list of known malicious websites to which it helps block inadvertent access. This list is apparently in the billions! I started thinking about various letter and number combinations, and a billion seems like a lot. To put this in perspective, 1 million seconds is a bit less than 12 days. A billion seconds is over 31 years!
Very little about the cyber panel was comforting. In addition, this week a ransomware attack on a foreign financial institution caused some disruption in the U.S. Treasury market. However, the fact that companies and countries are acutely aware of the risks (and are working to stop them) is good. Also, we don’t hear much about the “successes” because that is the nature of cyber “warfare.”
Economic Safety
One thing that I could see happening is that the U.S. could reach some sort of “accord” with China in the coming weeks or months.
With so many “hot spots” across the globe, we could look to reduce tensions with China. Maybe we could back off on tariffs? We could also make some changes to what technology is prohibited from being traded.
I suspect that any such deal would cause us some longer-term problems as it would considerably help the “Made by China” story (which is gaining traction) and increase the risk of China gaining access to technology that we are trying to prevent them from accessing. Of note, the latest phones in China use chips that are thinner than the U.S. expected them to have at this point.
In the near-term, this kind of news would likely spark a major rally in risk assets.
Again, it seems convoluted that something that I don’t like long-term would help in the short-term. However, it does seem like the U.S. currently holds the “weaker hand” in trade negotiations with China (despite the obvious evidence of their economy slowing).
Bottom Line
Add some equity hedges and favor the “everything rally.” If nothing else, let’s not forget that:
“We can dance if we want to
We can leave your friends behind
Because your friends don’t dance
And if they don’t dance
Well, they’re no friends of mine.”
I write this knowing that I am a horrible dancer but wanted to end on a positive note because while we need to worry about “safety,” we also need to enjoy life!
Russia Begins Evacuating Some 600 Citizens From Gaza Strip
Russia has announced it has begun evacuating its citizens who have been trapped in the besieged Gaza Strip belatedly now that there has been more access through the Rafah Crossing. “The Emergency Situations Ministry together with Russian diplomats have organized the evacuation of civilians from the Gaza Strip,” a statement posted to Telegram indicated.
“Over the past week, the operational group of the Emergency Situations Ministry of Russia has been working to coordinate the procedure and routes for the evacuation of Russian citizenstrapped in the area of the Palestinian-Israeli conflict,” it continued.
Starting last week, two Russian Il-76 transport planes have been parked in Cairo on standby in order to evacuate Russians from the Gaza Strip, state-run TASS has confirmed.
Russian diplomats cited in state media earlier this month estimated there are almost 600 Russian citizens seeking to evacuate Gaza. They’ve been prevented from leaving until now, as it has been the countries of the US, Israel, Egypt and Qatar involved in discussions overseeing evacuations through Rafah.
Already a reported 60 Russian nationals have entered Egypt as of this weekend – this after over 80 were given Israel’s approval to leave, per RIA Novosti news agency. They are being sent to Cairo to be assessed by Russian emergency crews.
The United States has so far evacuated hundreds of its dual citizens through Rafah, as many other countries have for weeks been scrambling to get theirs out too.
The crossing has been subject to frequent, unannounced closures – and its vicinity even at times pummeled by Israeli airstrikes. Egypt is concerned over seeing a massive Palestinian refugee influx into its country. There’s been some limited numbers of medical evacuees.
According to The Wall Street Journal, “Fewer than 50 people, including foreign passport holders, Egyptians and five wounded Palestinians, had entered Egypt on Friday before the crossings were halted” – after in total, “More than 2,000 people have crossed the border at Rafah since limited evacuations from Gaza to Egypt began on Nov. 1. The evacuations have been suspended a few times due to strikes.”
Due to Washington’s closeness with Israel, there’s a widespread perception that the US has been given priority in terms of safely getting its hundreds of passport holders out of the war-ravaged Strip first.
Raids, Detention Camps, Mass Deportations: Trump’s Immigration Plan For Second Term
Anticipating a second term in the White House, former President Donald Trump has already begun drawing up sweeping and aggressive immigration policies intended to not only stop the huge influx of people into the United States, but also ejecting millions of those who’ve already made it across the border — even decades ago.
The plans were outlined in a Saturday New York Times report based on interviews with Stephen Miller and other Trump advisors. The Times characterized the plans as “an assault on immigration on a scale unseen in modern American history.”
Trump has foreshadowed the plan on the campaign trail. In September, he told Iowans, “Following the Eisenhower model, we will carry out the largest domestic deportation operation in American history,” a reference to Ike’s 1954 expulsion drive that deported some 1.1 million Mexicans — under the decidedly non-PC name of “Operation Wetback.”
Renewed use of health policy to block asylum claims. During his term, Trump restricted asylum claims under the pretense that is was necessary to restrain Covid-19. Next time around, he plans to point to tuberculosis and other infectious diseases.
Mass deportations. A second Trump administration would search the country for illegal immigrants, with a goal of deporting millions of them every year. This effort would be facilitated by “an enormous expansion of a form of removal that does not require due process hearings,” the Times reports. He would also shift federal agents from other tasks, deputize local cops and National Guard soldiers deployed by Republican governors.
Huge detention camps. With Immigration and Customs Enforcement (ICE) facilities overwhelmed, Trump would build enormous camps to hold migrants while their cases navigate the system. To create the camps, Trump plans to bypass Congress and redirect Pentagon money to the purpose, much as he did to scrape up money for border wall construction.
Birthright citizenship clampdown. Trump would seek to terminate the granting of citizenship to babies born to illegal immigrants.
Expanded ideological screening. Visa applicants would face heightened scrutiny of their views.
The Biden-Harris campaign quickly condemned the plans. “Mass detention camps, attempts to deny children born here citizenship, uprooting families with mass deportations — this is the horrifying reality that awaits the American people if Donald Trump is allowed anywhere near the Oval Office again,” said spokesman Ammar Moussa. “These extreme racist, cruel policies are meant to stoke fear and divide us, betting a scared nation is how he wins this election.”
If you’ve been vocal in your support of Palestinians on here, god bless you, but if you plan on not voting for Biden in 2024, just know that if Trump wins, he’s going to raid your homes, throw you in concentration camps, and have you deported.
— I Smoked Lauren Boebert’s Tiddies At The Theater (@BlackKnight10k) November 12, 2023
However, Biden is facing growing criticism of his immigration policies from within his own party, with New York City Mayor Eric Adams frequently and pointedly condemning White House negligence in the face of a migrant crisis that has overwhelmed New York City.
Immigration is playing a growing role in shaping the perspectives of 2024 voters.Reuters/Ipsos polling found the share of Americans who say immigration is their top concern grew from 8% in September to 14% in October. In September, 54% agreed that “immigration is making life harder for native-born Americans.”
