82.1 F
Chicago
Thursday, September 3, 2026
Home Blog Page 3310

25 Years Ago Today, Two Nobel Laureates Received A $3.6 Billion Bailout, Launching Too Big To Fail

0
25 Years Ago Today, Two Nobel Laureates Received A $3.6 Billion Bailout, Launching Too Big To Fail

By Eric Peters, CIO of One River Asset Management

Twenty-five years ago today, two Nobel laureate economists and a famous bond trader received a $3.65bln bailout from fourteen financial institutions at the behest of the Federal Reserve.

LTCM had delivered a 21% net return in its first year. 43% in the second. 41% in the third. Greed, hubris, leverage, illiquidity, and lack of imagination led to the inevitable.

A year later, Japan cut rates to zero, started QE in 2001. This sparked the introduction of ever more powerful policy tools to address crises, which manifested regularly, with growing intensity. Decades passed. There appeared no limit to what could be achieved using such exciting new tools.

But of course, that was simply the start of the latest chapter. In the oldest story ever told.

* * *

I would say you know ‘sufficiently restrictive’ only when you see it,” said the Fed Chairman at Wednesday’s press conference, echoing Supreme Court Justice Goldberg, who in 1964 drew a blurred line between art and obscenity in motion pictures.

“It’s not something you can arrive at with confidence in a model or in various estimates, you know,” continued Powell, a big fat crayon in his breast pocket. “I think confidence comes from seeing, you know, enough data that you feel like, yes, okay, this feels like we can for now decide that this is the right level and just agree to stay here,” explained Jay, terrified to admit how the discussion amongst his twelve governors had gone.

Unable to quite articulate their definition of ‘sufficiently restrictive,’ the committee members drew pictures instead.

“Nonetheless, you know, we need to get to a place where we’re confident that we have a stance that will bring inflation down to 2 percent over time,” said Powell to the room of reporters, still haunted by the drawings of his fellow board members, images that could not be unseen.

Naturally, many of them included depictions of the years spent with policy tied to the zero lower bound, printing presses burring, purring, moaning under the strain of lifting consumer prices by a few tenths of a percent to achieve an utterly arbitrary target.

The resulting wild economic distortions, inhuman contortions, crept in the shadows, suppressed for years. Then came the virus, masks, debt fueled consumption, gluttony, global conflict.

The twelve drawings were at once beautiful, grotesque, enigmatic, an insult to the senses. But not a single image helped the Chairman put his finger on what exactly it meant to be sufficiently restrictive.

And this left Jay grasping, uncertain how he’d ever return us to a state of normality, prudence.

But no matter, a Fed Chairman’s job is to convey confidence, pretend. “As we’ve gotten closer to it, we’ve slowed the pace at which we’ve moved. I think that was appropriate. And now that we’re getting closer, again, we have the ability to proceed carefully.”

Tyler Durden
Sun, 09/24/2023 – 19:40

Now We Fear The Fed?

0
Now We Fear The Fed?

By Peter Tchir of Academy Securities

If the Fed’s wish was to push risk assets lower, then they got their wish!

This market faces a lot of problems, but I don’t think that the Fed is one of them.

Yes, we got a Fed meeting this week.

The statement at 2pm ET initially sounded quite hawkish. The SEP showed 50 bps more next year and the year after (“confirming” for many the higher for longer trade). However, I thought that the Powell presser was actually tilted towards the dovish side (he usually has to say hawkish things, but he barely accomplished that).

I remain convinced that we are in a position where the Fed wants to do NOTHING.

The 2-year yield closed Tuesday at 5.09% and ended at 5.11% – hardly alarming.

The 10-year was a bit worse, moving 10 bps on the week. Bad, but was it worth 3.6% on the week for the Nasdaq 100 (and 5% since last Thursday)?

Stocks seemed to fear the Fed more than the bond market did (at least by the end of the week). There is very little evidence of a “recession trade” as bond yields did inch higher and oil barely gave up any of its recent gains.

As discussed last weekend in 99 Problems, the economy and markets face several headwinds, but I do not believe that the Fed is one of them. If anything, I’m the most bullish that I have been on risk and rates since earlier this year when we were looking for a short squeeze.

Jinx

I’ve heard that markets don’t like how Powell answered questions about the likelihood of achieving a “soft landing”. I grew up playing sports and learned two things:

  • You are not allowed to create your own nickname. Others have to do it for you (even Greenspan didn’t wake up one morning and start calling himself “the Maestro”).
  • The minute you say good things about your performance is the moment that your performance starts to deteriorate. Who hasn’t said, “I’ve finally fixed my drive” only to shank one on your very next tee shot. Or “I might never miss an extra point again”, right before having one blocked. Okay, maybe only a few people have experienced that “jinx”, but trust me, it’s real.

So, what was Powell supposed to say?

  • What he wanted to say? Which was probably something along the lines of: “Listen, for two years I said that I thought we could get a soft landing and you ignored me and made the idea seem silly, but now, suddenly, you want me to say that it is not just likely but it is also the base case?”
  • What he had to say? “Yes, risks still exist and there are a lot of things that could prevent a soft landing. No, I cannot take a victory lap, nor can I say with certainly that we won’t have a recession.”

He had to go with the latter. He would be torn to shreds by the media if we hit a recession in a few months after claiming victory.

For those who say that he exhibited fear of a recession, it seems like they are taking his comments out of context and not considering that he cannot jinx himself or give his critics fodder if the recession hits. Recession remains a risk, which (paradoxically) is part of my bull thesis for now.

AI

We continue to focus on AI and discussed General (ret.) Groen’s take on the meetings in DC the prior week (he had an interesting seat at the table). We also discuss why we are searching for AI “success stories.” Not just stories about AI companies, but companies that have managed to harness/incorporate AI (or cutting-edge tech) into their products or processes to show outsized gains. Please see Thursday’s X Report – Intelligent Life in DC for more on these topics.

Bottom Line

I liked buying the post FOMC dip in stocks and rise in yields, and I am comfortable being almost max- long Treasuries, credit, and stocks here. I am also overweight risk and duration.

One of the best parts of my job is speaking with clients. While Zoom meetings are great, the travel schedule has been busy and gets hectic for the next 6 weeks. I cannot wait to sit down and speak with our clients! From corporations, to municipal entities, to asset managers of all stripes, it will be a great opportunity to exchange ideas and learn!

More people are asking if we can explain our “made by China” view in more detail as snippet after snippet of information comes out supporting that path for China (see TIC data & Merc). They want to discuss how they should be thinking about this for their businesses and investments.

India. I’m increasingly concerned that in 3 to 5 years, many of us will wonder why we weren’t discussing India in 2023 as much as we should have been. We are doing everything we can to rectify that as India’s potential (and figuring out how to profit/benefit from this) is high on my agenda!

Deion Sanders and Colorado are fun to watch! Please see last weekend’s piece and think about the “jinx” section from earlier in this report (and then don’t worry about Powell not sounding overly optimistic about a soft landing 􀑡􀑢􀑣􀑤).

Tyler Durden
Sun, 09/24/2023 – 18:30

Elon Musk’s Starlink Exceeds 2 Million Users, Doubling In Just Nine Months

0
Elon Musk’s Starlink Exceeds 2 Million Users, Doubling In Just Nine Months

Democrats are probably even more furious with Elon Musk’s huge success with SpaceX-owned space internet company Starlink now boasting over 2 million active users worldwide. 

“Starlink is available on all 7 continents, in over 60 countries and many more markets, connecting 2M+ active customers and counting with high-speed internet!” Starlink posted on X. 

Tesla blogger Sawyer Merritt posted a graph on X that shows Starlink’s onboarding of new customers has been parabolic since June 2022. 

Starlink has doubled the number of active users from 1 million to more than 2 million in only nine months. 

This comes as SpaceX has been launching countless rockets with Starlink satellites to build its massive satellite contestation in low Earth orbit. 

Weeks ago, Musk posted on X that SpaceX has launched 61 Falcon rockets this year. He said, “SpaceX has delivered ~80% of all Earth payload mass to orbit in 2023. China is ~10% & rest of world other ~10%.”

Data from the website Starlink Satellite Tracker shows that 5,039 satellites have been launched into low Earth orbit over the last several years. Of that, 4,207 are active, 591 have burned up, and 241 are inactive. 

Meanwhile, Democrats, the current party that spends taxpayers’ funds like a drunken sailor on the unpopular Ukrainian war, have blasted Musk for allegedly turning off the space internet service on Ukraine’s military last year.

A former Obama administration official recently declared: “The US government needs to end its relationship with Musk immediately.” 

Good luck with that one. Then there are no Starlinks for Ukraine.

Tyler Durden
Sun, 09/24/2023 – 17:55

“Spam Strike” Looms After Hormel Minnesota Workers Reject Contract Offer

0
“Spam Strike” Looms After Hormel Minnesota Workers Reject Contract Offer

By Nathan Owens of Agricultural Dive

Summary:

  • Meatpacking workers at Hormel Foods’ plant in Austin, Minnesota, voted to reject a “final offer” contract last week in a push for stronger wages, setting the stage for a potential strike at the processor’s largest facility.

  • “It’s simply not good enough,” said the United Food and Commercial Workers Local 663 bargaining committee, which represents close to 95% of workers at Hormel’s hometown plant. “Hormel’s record profits are just wages not shared fairly with the rest of us.”

  • A Hormel spokesperson said that the parties have agreed on a contract extension through Oct. 8 as negotiations continue. The Austin plant is the largest of Hormel’s manufacturing locations, employing 1,800 people and producing more than 1 billion pounds of Spam, pepperoni and other food items each year.

Meatpacking workers “overwhelmingly” voted down Hormel’s contract offer, according to UCFW, with the rejection coming as thousands around the U.S. mobilize to demand big businesses provide better working conditions and distribute record profits.

Detroit auto workers for Ford, GM and Stellantis — known as the Big Three — are on day six of a walk-out strike, pressuring automakers for better benefits and pay as they see record high profits. The Writers Guild of America is expected to resume talks today with major Hollywood studios to improve worker compensation and protections around the use of artificial intelligence, Reuters reported. Nurses, teachers, truck drivers and other essential workers are also in the fight against stagnant wages amid inflation.

“The reality is that we keep Hormel running,” the UFCW Local 633 committee said.

“We demand that Hormel does better and comes to the table for a fair agreement quickly.”

Voting took place Sept. 13 and 14 at the plant and UFCW union hall in Austin. Workers are pushing for higher wages in light of Hormel’s high earnings results, which soared as food companies adjusted their sales prices to compensate for absorbed costs.

Hormel’s gross profits totaled $2.05 billion over the past 12 months, though the company is currently grappling with financial headwinds. The pork processor warned investors of lower than expected earnings this year as it navigated through a period of volatile commodity markets.

“We are disappointed in the vote, especially given the significant contract package offered, however we remain optimistic that we will reach agreement,” the Hormel spokesperson said.

Tyler Durden
Sun, 09/24/2023 – 17:20

Zelenskyy Asks Spirit Cooker Marina Abramovic To Be Ambassador For Ukraine, Help ‘Rebuild Schools’

0
Zelenskyy Asks Spirit Cooker Marina Abramovic To Be Ambassador For Ukraine, Help ‘Rebuild Schools’

Authored by Chris Menahan via Information Liberation (emphasis ours),

Ukrainian president Volodymyr Zelensky is recruiting spirit cooker Marina Abramovic to serve as an ambassador for Ukraine and help “rebuild schools.”

From The Telegraph, “Zelensky asks Marina Abramovic to be ambassador for Ukraine”:

Volodymyr Zelensky has asked Marina Abramovic, the performance artist, to be an ambassador for Ukraine.

‌Ms Abramovic, a fierce critic of Vladimir Putin’s illegal invasion, said the Ukrainian president had asked for her help in rebuilding schools.

[…] ‌”I have been invited by Zelensky to be an ambassador of Ukraine, to help the children affected by rebuilding schools and such.”

‌She added: “I have also been invited to be a board member of the Babyn Yar organisation to continue to protect the memorial.”

‌The Holocaust memorial centre to Jews murdered by Nazis in Ukraine was damaged by Russian missile attacks in March last year.

The “bombing” of the Babyn Yar memorial was confirmed to be a lie last year.

‌Ms Abramovic installed her work Crystal Wall of Crying at the memorial centre in Kyiv four months before Russia invaded Ukraine in February 2022.

‌The wall, 40 metres long and three metres high, is made of coal and has large quartz crystals sticking out of it. Visitors can touch the installation, which mirrors the western wall in Jerusalem.

Zelensky said last year his goal is to turn Ukraine into a “Greater Israel.”

In Dec 2022, Zelensky made a deal with BlackRock’s Larry Fink to help “rebuild” Ukraine after the war and just last week the Biden regime announced Penny Pritzker would become their Special Representative for “rebuilding” Ukraine.

Meanwhile, Abramovic’s pals, the Clintons, are also salivating over helping to ‘rebuild’ Ukraine.

Tyler Durden
Sun, 09/24/2023 – 16:10

WaPo Scrambles After Own Poll Accidentally Shows Trump Crushing Biden

0
WaPo Scrambles After Own Poll Accidentally Shows Trump Crushing Biden

A new poll from the Washington Post and ABC News accidentally revealed that former President Trump would crush Joe Biden in a hypothetical 2024 matchup, so they cast doubt on their own polling.

Illustration via the Pittsburgh Post-Gazette

The poll shows Trump leading Biden by 10 percentage points (52% vs. 42%), which the Post immediately noted “does not match other recent polling” and may be “an outlier.”

Screenshot via MxM News

Via the Washington Post:

Biden and former president Donald Trump appear headed for a rematch of their 2020 contest, although more than 3 in 5 Democrats and Democratic-leaning independents say they would prefer a nominee other than the president. But Biden’s advisers have argued that he is the strongest Democrat for 2024 and those who wish for someone else share no consensus on who that should be, with 8 percent naming Vice President Harris, 8 percent naming Sen. Bernie Sanders (I-Vt.) and 20 percent saying they prefer “just someone else.”

The Post-ABC poll shows Biden trailing Trump by 10 percentage points at this early stage in the election cycle, although the sizable margin of Trump’s lead in this survey is significantly at odds with other public polls that show the general election contest a virtual dead heat. The difference between this poll and others, as well as the unusual makeup of Trump’s and Biden’s coalitions in this survey, suggest it is probably an outlier.

According to Trump adviser Jason Miller, “Heads are EXPLODING” over the WaPo poll.

The NY Post further breaks down the poll, noting that 44% of those surveyed say their financial picture has deteriorated under Biden, while just 30% have favorable views on Biden’s handling of the economy.

37% approve of Biden’s overall performance, while 56% disapprove.

On immigration, Biden’s approval clocks in at 23%, with 45% strongly disapproving.

Then, a considerable 74% of voters feel that he’s too old for another term, wile about 50% say the same about Trump. -NY Post

It’s not just WaPo’s poll either…

The Post also doesn’t want you to believe your lying eyes, claiming that “the Post-ABC poll is an outlier in finding Trump with a lead,” then proceeds to post a picture of Trump leading in 3 out of 5 polls with a fourth being a tie.

Poll below:

Tyler Durden
Sun, 09/24/2023 – 15:35

Kerry Acknowledges Need For Nuclear Power As Climate Diplomacy Dominates New York City

0
Kerry Acknowledges Need For Nuclear Power As Climate Diplomacy Dominates New York City

Authored by Nathan Worcester via The Epoch Times,

While addressing an Atlantic Council meeting on nuclear energy, U.S. Climate Envoy John Kerry made it clear he doesn’t think wind and solar alone will be sufficient to meet global energy needs while achieving policy plans to rapidly scale back the use of hydrocarbons in the name of addressing climate change risks as outlined by the United Nations.

“You will have to have some component of nuclear—yet to be determined how big or where it’ll go. That’s going to be a market-based reaction,” said Mr. Kerry, who served as a Democratic senator from Massachusetts before serving as Secretary of State under former President Barack Obama.

The 2004 Democratic candidate for president said that “most scientists will tell you” the goal of Net Zero 2050 cannot be achieved “unless we have a pot, a mixture of energy approaches.”

“Clearly, we’re going to need nuclear to be a part of that,” he said on Monday.

Mr. Kerry’s pro-nuclear remarks come as climate-related diplomacy and other climate-themed events overtake New York City.

Over the weekend, protesters demonstrated against fossil fuels in the streets of New York City, with Rep. Alexandria Ocasio Cortez (D-N.Y.) among the participants.

Mr. Kerry voiced support for those demonstrators in his speech to the Atlantic Council.

In addition, the U.N. will hold its inaugural Climate Ambition Summit on Sept. 20.

U.N. statement on the event states it “will showcase leaders who are ‘first movers and doers’ from government, business, finance, local authorities, and civil society who have credible actions, policies and plans to keep the 1.5°C degree goal of the Paris Agreement alive and deliver climate justice to those on the front lines of the climate crisis.”

The Climate Ambition Summit comes ahead of the next annual United Nations Climate Change Conference, which will begin in late November. It’s taking place in Dubai, United Arab Emirates.

Even as he praised climate protesters, Mr. Kerry noted that a previous generation of environmental activists had fought hard against nuclear power, now seen as a pragmatic solution by many climate hawks.

“In my state of Massachusetts, where there was a huge fight over Seabrook Nuclear Plant in New Hampshire, we now happily get about 20 percent of all our energy from Seabrook, and nobody’s complaining—maybe about the prices a little bit, because that’s normal in today’s world,” he said.

A view of the Seabrook Nuclear Power Plant in Seabrook, N.H., on March 21, 2011. (Emmanuel Dunand/AFP via Getty Images)

“The United States is now therefore committed, based on experience and based on reality, to trying to accelerate the deployment of nuclear energy, as part of the Biden program,” he added.

The diplomat, who came under fire from Republicans earlier this summer for his unwillingness to share details of his staff at a Congressional hearing, commented positively on Bill Gates’ TerraPower, which plans to build the next-generation Natrium nuclear reactor in Wyoming.

He also drew attention to his recent trip to Romania, where he visited a control room simulator for a small modular reactor developed by the American firm NuScale.

Mr. Kerry took issue with the continued construction of unabated coal-fired power plants and with the existence of subsidies for fossil fuels.

An International Monetary Fund (IMF) study identified $1.3 trillion in “explicit” subsidies for fossil fuels in 2022, a stark increase from $500 billion in 2020. Such subsidies are ascribed to fossil fuel prices when they are lower than they would otherwise be if producers fully bore supply costs. The IMF authors attributed a substantial proportion of the increase to “temporary price support measures,” in line with surging fossil fuel prices during that period.

Whitehouse Touts ADVANCE Act

Mr. Kerry wasn’t the only high-level Democratic politician who addressed the Atlanticist forum on Monday.

In pre-recorded remarks, Sen. Sheldon Whitehouse (D-R.I.) touted the bipartisan, nuclear power-related ADVANCE Act, which passed the Senate as part of the National Defense Authorization Act (NDAA) in July. The bill has not moved ahead in the House.

“Our legislation would strengthen the Nuclear Regulatory Commission’s ability to safely and efficiently review the expected influx of applications and prepare them to license HALEU [high-assay low-enriched uranium] fuels,” the lawmaker said.

Russia currently dominates the production of HALEU fuels, which are key for most next-generation nuclear reactors. Uncertainty about Russian supplies of HALEU has been a worry for TerraPower and a central motivation for the Nuclear Fuel Security Act, another successful NDAA amendment.

“We spend nearly $1 billion each year on Russian uranium. Russia uses these revenues to fund its invasion of Ukraine,” Sen. John Barrasso (R-Wyo.) said in the Senate as the measure was under consideration.

Sen. John Barrasso (R-Wyo.) in Washington on Dec. 1, 2020. (Bill O’Leary-Pool/Getty Images)

‘Decarbonize Beyond Electricity’

Other speakers at the event expanded on how nuclear energy could be used to cut carbon emissions.

“We need to decarbonize beyond electricity,” said John Wagner, director of the Idaho National Laboratory. He cited industrial heating and hydrogen production as examples of such applications for nuclear energy.

Sama Bilbao y León, director general of the World Nuclear Association, concurred.

“Yes, we need to electrify as much as we can of our economy, but it is not going to be possible to electrify everything,” she said.

Ben Pickett of Nucor Corporation, which operates mills that recycle scrap steel using electric arc furnaces, explained that his company’s operations require “billions and billions of kilowatt hours per year.”

Earlier this year, Nucor signed a memorandum of understanding with NuScale Power. The latter could potentially develop small modular reactors for use in conjunction with Nucor’s steel production facilities.

“We’ve got customers now that are demanding much cleaner steels,” Mr. Pickett said.

He conceded that the idea of running steel production on advanced nuclear has met with a “mixed” reaction in his industry.

Tyler Durden
Sun, 09/24/2023 – 15:00

Zelenskyy, Trudeau Honor Actual 3rd Reich Nazi With Standing Ovation

0
Zelenskyy, Trudeau Honor Actual 3rd Reich Nazi With Standing Ovation

Canadian Prime Minister Justin Trudeau and Ukrainian President Volodomyr Zelenskyy – who commands a battalion of neo-Nazis – honored an actual WWII Nazi with a standing ovation on Friday.

Yaroslav Hunka, 98, fought in a Third Reich military formation accused of war crimes.

On Friday, he was honored during a session of Canadian parliament in which Zelenskyy addressed the lawmakers to thank them for their support since Russia invaded Ukraine, saying that Canada has always been on “the bright side of history.”

Hunka stood for standing ovation and saluted, according to Canadian television.

According to the Associated Press, Hunka “fought with the First Ukrainian Division in World War II before later immigrating to Canada,” another name for the 14th Waffen Grenadier Division of the SS, the Nazi party’s military wing, also known as the SS Galichina.

Related:

Formed in 1943, SS Galichina was comprised of Ukrainians from the Galicia region in the western part of the country. It was armed and trained by Hitler’s Nazis and commanded by German officers. The next year, the division received a visit from SS head Heinrich Himmler, who had high praise for the unit’s effectiveness at slaughtering Poles.

The SS Galichina subunits were responsible for the Huta Pieniacka massacre, in which they burned 500 to 1,000 Polish villagers alive.

One of several photos on a blog by an SS Galichina veterans’ group that shows Yaroslav Hunka, the Ukrainian immigrant honored by the Canadian Parliament during a visit by Ukrainian President Volodymyr Zelenskyy. Hunka is in the front row, middle.

In fact, during the Nuremberg Trials, the Waffen-SS was declared to be a criminal organization responsible for mass atrocities.

Following the war, thousands of SS Galichina veterans were allowed to leave Germany and resettle in the West – with around 2,000 moving to Canada. By that time, they were known as the First Ukrainian Division.

A blog by an association of its veterans, called “Combatant News” in Ukrainian, includes an autobiographical entry by a Yaroslav Hunka that says he volunteered to join the division in 1943 and several photographs of him during the war. The captions say the pictures show Hunka during SS artillery training in Munich in December 1943 and in Neuhammer (now Świętoszów), Poland, the site of Himmler’s visit. 

In posts to the blog dated 2011 and 2010, Hunka describes 1941 to 1943 as the happiest years of his life and compares the veterans of his unit, who were scattered across the world, to Jews. –Forward

So, the same leftists who called Trump supporters Nazis for years are now honoring an actual Nazi – while Germany has notably locked up several concentration camp guards in their 90s for their involvement in Nazi activities.

University of Ottawa Political Scientist Ivan Katchanovski lays it out…

Meanwhile, here’s Ukraine’s Azov Battalion of neo-Nazis that everyone with a Ukraine flag in their bio is supporting…

Odd, they don’t look like Trump supporters.

Maybe these Nazis can shed some light? Careful, “X” thinks this is sensitive material (that might redpill people?).

Meanwhile…

Tyler Durden
Sun, 09/24/2023 – 14:25

Bitcoin Mining Can Reduce Up To 8% Of Global Emissions: Report

0
Bitcoin Mining Can Reduce Up To 8% Of Global Emissions: Report

Authored by Ezra Reguerra via CoinTelegraph.com,

A paper published by the Institute of Risk Management (IRM) concluded that Bitcoin has the potential to be a catalyst for a global energy transition. 

IRM Energy and Renewables Group members Dylan Campbell and Alexander Larsen published a report titled “Bitcoin and the Energy Transition: From Risk to Opportunity.”

The paper argued that while BTC was perceived as a risk because of its energy consumption, it can also catalyze energy transition and lead to new solutions for energy challenges worldwide.

Within the report, the authors also highlighted the important function of energy and the increasing need for reliable, clean and more affordable energy sources.

Despite the criticisms of Bitcoin’s energy intensity, the study provided a more balanced view of Bitcoin by showing the potential benefits BTC can bring to the energy industry.

Amount of vented methane that can be used in Bitcoin mining. Source: IRM

According to the report, Bitcoin mining can reduce global emissions by up to 8% by 2030. This can be done by converting the world’s wasted methane emissions into less harmful emissions. The report cited a theoretical case saying that using captured methane to power Bitcoin mining operations can reduce the amount of methane vented into the atmosphere. 

The paper also presented other opportunities for Bitcoin to contribute to the energy sector.

“We have shown that while Bitcoin is a consumer of electricity, this does not translate to it being a high emitter of carbon dioxide and other atmospheric pollutants. Bitcoin can be the catalyst to a cleaner, more energy-abundant future for all,” the authors wrote.

According to the report, Bitcoin can contribute to energy efficiency through electricity grid management by using Bitcoin miners and transferring heat from miners to greenhouses.

Tyler Durden
Sun, 09/24/2023 – 13:50

Von Der Leyen Speech Suggests Russia Dropped Nuke On Hiroshima 

0
Von Der Leyen Speech Suggests Russia Dropped Nuke On Hiroshima 

Von der Leyen just said what?…

This past Wednesday, President of the European Commission Ursula von der Leyen delivered a speech before the 2023 Atlantic Council Awards in New York, where she sounded the alarm over the specter of nuclear war centered on the Russia-Ukraine conflict. But while invoking remembrance of the some 78,000 civilians killed instantly by the atomic bomb dropped on Hiroshima at the end of WWII, she said her warning comes “especially at a time when Russia threatens to use nuclear weapons once again. She  actually framed the atomic atrocity in a way that made it sound like the Russians did it. Watch:

There was not one single acknowledgement in Von der Leyen’s speech that it was in fact the United States which incinerated and maimed hundreds of thousands when it dropped no less that two atomic bombs on Japanese cities.

Here were her precise words, according to an Atlantic Council transcript

You, dear Prime Minister, showed me the meaning of this proverb during the G7 summit in Japan last year. You brought us to your hometown of Hiroshima, the place where you have your roots and which has deeply shaped your life and leadership. Many of your relatives lost their life when the atomic bomb razed Hiroshima to the ground. You have grown up with the stories of the survivors. And you wanted us to listen to the same stories, to face the past, and learn something about the future.

It was a sobering start to the G7, and one that I will not forget, especially at a time when Russia threatens to use nuclear weapons once again. It is heinous. It is dangerous. And in the shadow of Hiroshima, it is unforgivable

The above video of that segment of the speech gives a better idea of the subtle way she closely associated in her rhetoric the words “once again” with the phrase “shadow of Hiroshima” while focusing on what Russia is doing, to make it sound like it was Moscow behind the past atrocities.

Via dpa

Russian media not only picked up on the woefully misleading comments, but the Kremlin issued a formal rebuke of Von der Leyen’s speech as well:

In response to von der Leynen’s remarks, Russian Foreign Ministry spokeswoman Maria Zakharova accused the European Commission president of making “no mention whatsoever of the US and its executioners who dropped the bombs on populated Japanese cities.”

Zakharova responded on social media, arguing that von der Leyen’s assertions on Moscow’s supposed intentions to employ nuclear weapons “is despicable and dangerous” and “lies.”

Some Russian embassies in various parts of the globe also highlighted the speech on social media, denouncing the “empire of lies” and those Western leaders issuing ‘shameful’ propaganda and historical revisionism.

Tyler Durden
Sun, 09/24/2023 – 13:15