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The “War On Climate-Change” Is Coming… Again

The “War On Climate-Change” Is Coming… Again

Authored by Kit Knightly via Off-Guardian.org,

Last week, a senior member of Parliament for the UK’s Labour Party went on television demanding the UK – maybe even the entire world – be on a “war-like footing” to combat climate change.

Speaking on the BBC’s flagship political magazine Newsnight, Barry Gardiner MP argued for unity of purpose against climate change’s “existential threat”:

“…if this were a war we wouldn’t be arguing about whether the Labour strategy or the Tory strategy were better, we would be working together to try and win […] Well, it is a war. It is a war for survival and climate change threatens everything […] So actually instead of playing party political games about who is up, who is down, what we need to be doing is saying let’s get together, let’s mobilise on a war footing and that is what is needed…”

Two days later, the exact same thoughts were expressed in a Financial Times column by Camilla Cavendish, former head of David Cameron’s Downing Street policy unit and Kennedy School of Government alumnus:

The answer is surely to invoke a wartime spirit, and make the fight against climate change a joint endeavour against a common enemy. If the public and political will is there, human ingenuity can prevail, with remarkable speed. In the second world war, America transformed its manufacturing base to produce tanks and ammunition. The Covid pandemic resulted in the discovery and development of vaccines at scale, saving millions of lives.

It’s interesting to note the comparison to Covid, but we’ll come back that.

The campaign isn’t isolated to the UK, in fact it kicked off on the other side of the Atlantic, with the Inquirer running an article headlined “President Biden should address the nation and declare war…on climate change” on July 16th, which argued:

Biden and his aides need to grab that metaphorical bullhorn and call the TV networks to announce a prime-time address from the Oval Office that will declare a national emergency — in essence, a state of war — to fight climate change.

Joe Biden himself called climate change an “existential threat” on July 27th.

The invocation of metaphorical war is of course nothing new.

“War” is a very important word in the world of politics and propaganda. It has – or is assumed to have –  an immediate effect on the collective public mind; an instant connection to generations of shared memories, that promotes feelings of conformity and solidarity.

Some psychological study or focus group clearly figured this out decades ago, and as such the word “war” is frequently used to control narratives.

In Western “democracies” the deployment of the W word is code for bi-partisan agreement, attempting to breed faux solidarity between the same people they encourage to hate each other 90% of the time, whilst branding any dissenters as outsiders who are a threat to the safety of the group.

More pragmatically, being “at war” creates an “emergency” which justifies “temporary” suppression of human rights and freedoms and permits increases in the powers assumed by the state.

OffG – and others – have discussed this ad infinitum, past a certain point any authoritarian government needs to exist in a state of war in order to avoid collapse, and so enemies are created that, by their nature,  can remain forever never undefeated.

See: “The War on Drugs”, “The War on Terror”, “The War on Covid”

…and, now, the war on climate change.

Or, more properly, “the war on climate change…again”.

Because neither Barry Gardiner nor Camilla Cavendish are the first person to express this thought. Not even close.

Then-Prince now-King Charles expressed the exact same sentiment in the exact same words in a speech to the COP26 in November 2021, contemporary opinion pieces in the Guardian agreed with him.

They were, in fact, echoing a University College London report from May 2021.

CNN warned we were “losing the war on climate change” in April 2019, plagiarizing the exact same headline in The Economist from a year earlier in August 2018.

Bill McKibben wrote “We’re under attack from climate change—and our only hope is to mobilize like we did in WWII” for the New Republic in August 2016.

Venkatesh Rao wrote “Why Solving Climate Change Will Be Like Mobilizing for War” for the Atlantic in October 2015, repeating the same arguments from a CNN article four months earlier.

Hell, all the way back in 2003 the New York Times was running editorials “After Iraq: Declare war on global warming”

(Ah, remember when Climate Change hadn’t yet received it’s unfalsifiability  makeover and was still just known as “global warming”?)

Essentially, every few months they trot out this idea of “declaring war on climate change”, get almost no engagement from the public, and then go back to spouting alarmism and fear porn for a while before trying again.

They have been doing this for years. So far it has not worked.

…but this time might be a little different.

Why? Because we now live in a post-Covid society.

Consider, with the exception of the vaccines, everything brought on by Covid – the lockdowns, the financial collapse, all of the “Great Reset” – was originally meant to be a “response” to climate change.

They had a package of “solutions” ready and waiting for a public “reaction” that never came. People were simply never scared enough at the idea the world  might get a bit warmer.

It could be argued that global warming’s repeated failure to spark a global panic is the very reason they resorted to “Covid” in the first place, but whatever the cause-and-effect relationship the fact of the matter is that Covid has laid a foundation for the “war on climate change” that never existed before.

  • “anti-Covid measures” provide precedent both for the use of extreme ‘responses’ and their apparent “effectiveness”

  • Covid created enough fear that they can increase climate hysteria by linking environmentalism to future potential “pandemics”

  • Covid (allegedly) “inspired global cooperation” and “demonstrated what we can achieve when we all work together”

  • Covid lockdowns (allegedly) “showed how the world can heal” by cutting emissions.

  • And, most vitally, the roll out of the Covid narrative demonstrated that once people have invested their virtue or personality in a story you can tell them almost anything relating to that story and they’ll be incentivised to believe you – NO MATTER HOW ABSURD IT MIGHT BE.

We noted earlier that several recent articles “declaring war on climate change” reference Covid, almost always as a global success story.

It is now common place to talk about avoiding climate disaster through the medium of Covid. The United Nations, the Council on Foreign Relations and International Monetary Fund have all run articles in the last couple of years with near-identical titles eg:

What the Coronavirus Pandemic Teaches Us About Fighting Climate Change

Perhaps the most blatant example of using Covid imagery to sell climate change and globalism is the call to create a “Global Climate Organization”, from Dr David King in the Independent a few days ago (our emphasis):

“In terms of a health crisis, such as the Covid crisis, we have a World Health Organisation and it’s based in Geneva and is part of the United Nations. We don’t have a world climate crisis organisation. That’s what we need, so that all countries of the world could come together through a body of this kind, as we do when there’s a health crisis, we all contribute to the cost of the WHO. We need a global system that pulls us all together to battle with this external threat to our manageable future.”

We know what this is, this is the “pivot from Covid to climate” they literally told us was coming.

The “Great Reset” has made a good start, but they still have a raft of fun policies they want to introduce (eg. rationing food). In a post Covid world, they are hoping to finally make “climate change” frightening enough that people will beg them to completely reshape the world as they see fit.

The amusing part is that it still doesn’t feel like it’s landing, to be honest.

Outside of the media echo-chamber and the virtue-signalers, all the “terrifying” temperature maps, the experts warning that “millions will die instantly” if they turn their air conditioning off, the new buzzphrase of “global boiling” is being met with a bit of a  “meh”.

Unfortunate for them, because they’ve set themselves a deadline. Every year that passes without catastrophic climate breakdown, every summer the ice caps don’t disappear, every unseasonably cold or wet July is another nail in the coffin of their narrative, a few more normies disengaging from the story.

Which is probably why the coverage of “heatwave cerberus” and “global boiling” is fervid verging on feverish. There is an element of sweaty-palmed desperation seeping into every tweet, every headline.

They are running out of time.

The dark corollary of that is that someday soon they may well give up trying to persuade people, and start trying to force them.

Tyler Durden
Fri, 08/04/2023 – 17:40

Hollywood Starlets Face Extinction As Sexy AI-Influencers Invade Social Media

Hollywood Starlets Face Extinction As Sexy AI-Influencers Invade Social Media

The proliferation of scantily-clad AI-generated social media influencers is a wake-up call for striking Hollywood writers, actors, and other creators.

Thanks to the advent of AI-powered image and video generators, as well as chatbots, a number of virtual influencers, such as “Milla Sofia,” are posting content that appears to show them living a life of luxury. 

Sofia may claim to hail from Finland and post bikini pictures from European trips. And to the untrained eye, her content appears real, but it’s not. A message on the AI bot’s website reads Sofia is a “24-year-old virtual influencer and fashion model.”

The AI influencer has posted content on social media platforms like Instagram, TikTok, and Twitter since late 2022. However, the content has mostly stayed the same, but the pictures’ realism has improved because of AI advancements. 

“I’m always on the grind, learning and evolving through fancy algorithms and data analysis,” Sofia’s website continues. “I’ve got this massive knowledge base programmed into me, keeping me in the loop with the latest fashion trends, industry insights, and all the technological advancements.”

And Sofia isn’t the only AI influencer on Twitter. A simple search turns up dozens…

“Who needs pickup lines when you’re a virtual girl?” tweeted another virtual influencer Alexis Ivyedge. 

… and then there’s this. 

The trend raises plenty of concerns for OnlyFans creators. According to Medium:

AI bots can pump out quality content much faster, at a much cheaper price. Where an Onlyfans model might charge $20.00+ for a subscription to their page, a bot could produce the same photos, videos, and messages for less than half the price.

Maybe GenZ should start thinking about other jobs. 

Then there are striking actors and writers in Hollywood. Their unions are concerned major studios — Netflix, Sony, Amazon, and Disney — will replace them with AI. Netflix has already angered the Writers Guild of America and SAG-AFTRA by posting job openings for AI experts.

Yet more bad news for content creators and Hollywood folks. Several months ago, Goldman provided clients with a note on current jobs exposed to AI. 

Tyler Durden
Fri, 08/04/2023 – 17:20

Shellenberger Exposes The Fear, Arrogance, & Greed Behind ‘News Rating’ Organizations

Shellenberger Exposes The Fear, Arrogance, & Greed Behind ‘News Rating’ Organizations

Authored by Michael Shellenberger via Public Substack,

The bewildering number of news organizations has inspired entrepreneurs to create ways to rank them. The most prominent of them is NewsGuard.

It ranks media organizations based on their trustworthiness and then provides these rankings to large corporate advertisers.

NewsGuard’s co-CEOs are Steven Brill and Gordon Crovitz. Before starting NewsGuard, Brill had created CourtTV, and Crovitz was the publisher of The Wall Street Journal.

I interviewed them in March.

Gordon Crovitz and Steven Brill of NewsGuard

I have two specific concerns with NewsGuard.

  • First, it has taken money from the Pentagon.

How could NewsGuard be objective in evaluating news media coverage of the Defense Department if the Defense Department funds it?

  • Second, NewsGuard wrongly labeled the idea that Covid-19 escaped from a Chinese lab as a “conspiracy theory.”

And given that NewsGuard spread misinformation about covid’s origins, what right does it have to criticize others for spreading misinformation?

To NewsGuard’s credit, it publicly acknowledges that it took money from the Pentagon and got covid origins wrong. On its website, NewsGuard writes, “NewsGuard either mischaracterized the sites’ claims about the lab leak theory, referred to the lab leak as a ‘conspiracy theory,’ or wrongly grouped together unproven claims about the lab leak with the separate, false claim that the COVID-19 virus was man-made without explaining that one claim was unsubstantiated, and the other was false. NewsGuard apologizes for these errors.”

But NewsGuard still claims on its website as “THE TRUTH,” that “Scientific evidence points to the virus originating in bats.study published in the journal Nature in February 2020 found the new virus’s genome is “96 percent identical” to a bat coronavirus. A March 2020 study published in the journal Nature Medicine concluded that the virus “is not a laboratory construct or a purposefully manipulated virus.”

The above information is still on NewsGuard’s web site even though its own standard defines it as “misinformation.”

In fact, as Public and others have shown, the scientific evidence does not point to the virus originating in bats. In fact, in their emails and internal messages, the authors of the March 2020 Nature Medicine paper expressed serious doubts that pangolins were the intermediary host from bats to humans. As late as April 2020, the authors of “Proximal Origin” expressed doubt about the bat theory of covid. Indeed, it now appears that Anthony Fauci oversaw an effort to spread disinformation about covid’s origins, including by instigating the “Proximal Origin” paper.

[ZH: Of course, the “Proximal Origin” paper was not the only ‘issue’ that NewsGuard screwed up.]

As @ComfortablySmug relayed in a brief Twitter thread in March of 2022

If you thought it was more likely that Russians faked thousands of emails than that a crack addict forgot where he left his laptop, maybe you should get out of the fact-checking biz.

A story in three parts

10/20: NewsGuard CEO says the laptop is “a hoax perpetrated by the Russians” 

3/16/22: Huge ad agency says they’ll use NewsGuard to avoid placing ads on “unreliable” news

3/17/22: NYT says the laptop is real

Pretty obvious what’s going on here.]

Conflicts Of Interest

As for NewsGuard’s Pentagon funding, I felt Brill and Crovitz were slippery about what is obviously a conflict of interest.

Shellenberger: You seem to disagree that the $750,000 you received from the Pentagon is funding?

Brill: We didn’t form News Guard or do anything that has anything to do with us, you know, approaching the Pentagon, saying, “Hey, if you give us this money, we’ll do this.” It’s a product that we have.

Crovitz: We provide a service to the Pentagon. They license our data that Steve said, “misinformation fingerprints.” Like others, they’re just another licensee. So to say that we’re “government-funded” is like saying Verizon is government-funded. Yes, we have a government contract. We’re proud of the work that we do with the Pentagon to counter Russian and Chinese disinformation.

But funding is funding. The money creates a conflict of interest.

After all, NewsGuard must rank news media that cover Pentagon “counter-disinformation” efforts, including the kind NewsGuard does. Why would anyone expect NewsGuard to objectively evaluate such news coverage if the evaluation could negatively impact its client at the Pentagon? Why would we expect NewsGuard to objectively evaluate us, Public, given our criticisms of NewsGuard’s Pentagon funding?

The fact that Brill and Crovitz waved away this concern runs counter to the whole premise of NewsGuard, which is that it is objective and above financial conflicts of interest.

I believe Brill and Crovitz suffer from the third-person effect.

They seem to believe that the mass media do not influence them and, indeed, rise above it.

Similarly, they seem to believe that they are uniquely capable of recognizing misinformation but not guilty of spreading it.

Even though they admit that they did spread wrong information on covid origins, they don’t seem to think they might be doing the same with Misinformation Fingerprints™ or with their government contract, which they themselves called a “grant.”

I was glad that Brill and Crovitz agreed to speak with me when so many other organizations within the Censorship Industrial Complex refused to do so.

But I left feeling that they were blind to their own biases and arrogant as a result.

What’s behind the demand for their services, I believe, is a fear of the rise of independent media that might divert advertising revenue from traditional news media organizations.

This fear appears to emerge from traditional news media’s greed and sense of entitlement that only they, and not competitor news media, should receive advertiser money.

Subscribers to the Public Substack can read the full excellent report on NewsGuard here…

 

Tyler Durden
Fri, 08/04/2023 – 17:00

Fed F**kery Is Back: Seasonal Adjustments Turns $38BN Bank Deposit Outflow Into $5BN Inflow

Fed F**kery Is Back: Seasonal Adjustments Turns $38BN Bank Deposit Outflow Into $5BN Inflow

Usage of The Fed’s emergency bailout facility rose to a new record high last week and money-market funds saw further inflows, all eyes are once again on bank deposits

Seasonally-adjusted, total deposits rose by a de minimus $3.3 billion last week (the 2nd straight week on SA inflows)…

Source: Bloomberg

However, and not at all surprisingly, non-seasonally-adjusted total deposits tumbled $30 billion last week (the 3rd straight week of NSA deposit outflows)…

Source: Bloomberg

The divergence between money-market fund assets and bank deposits remains extreme…

Source: Bloomberg

On the other side of the ledger, both large- and small-banks saw loan volumes increase (+$8.7BN and +$1.6BN respectively). This is the 3rd straight week of loan volume increases…

Source: Bloomberg

Seasonally-adjusted large-banks saw deposit outflows (-$11BN), while small-banks saw $16BN in deposit inflows. Foreign banks saw $1.8bn in deposit outflows…

Source: Bloomberg

But, Large-banks saw a massive $46BN deposit outflow on a NSA basis (the 3rd week in a row of big outflows) while small banks and foreign banks saw deposit inflows…

Source: Bloomberg

The aggregate NSA-SA ‘gap’ is now around $160BN!!

So, Domestically, banks saw a $5BN deposit inflow (SA) but a $37BN deposit outflow (NSA)

Source: Bloomberg

This is the second week in a row that The Fed’s sleight of hand has turned outflows into inflows.

Tyler Durden
Fri, 08/04/2023 – 16:40

Jim Kunstler Fears “Civic Upheaval” From ‘A Final Desperate Diversion’ By Our “Lawless, Faithless, Clueless Government”

Jim Kunstler Fears “Civic Upheaval” From ‘A Final Desperate Diversion’ By Our “Lawless, Faithless, Clueless Government”

Authored by James Howard Kunstler via Kunstler.com,

Desperation Creeps In

“There is only one way to explain this shambles: Every one of these crises traces back to the Democratic Party’s obsession with taking and holding power more or less indefinitely to suit its hubristic, end-of-history “narrative” of righteous liberal triumph.”

– Patrick Lawrence

That silence you hear these dog days of a wilting empire is the calm before the storm and everybody knows it.

“Joe Biden’s” final desperate ploy against the menace of Donald Trump looks about on par with the Ukraine spring offensive, hardly even worth a “hey, nice try.”

So, the best they could do was to charge Mr. Trump with objecting vocally to an election that looked as rotten as Hunter’s uncapped teeth?

We all saw what happened overnight November 3 and 4, 2020:

  • what the numbers looked like in the swing precincts at midnight and the magic mathematics that swapped tens of thousands of votes over from the Trump column to the Biden column (say, whu?) …

  • the shutdown of the Fulton County State Farm Arena due to a supposedly leaking toilet and the ensuing monkey business with rolly-bags full of ballots under the tables captured by the closed-circuit cameras…

  • the miraculous wee-hour harvest of ballots in Milwaukee…

  • US Postal Service truck full of completed ballots out of Bethpage, Long Island, that turned up in Philadelphia…

  • Mark Zuckerberg’s $419-million-dollar operation using two front orgs, the Center for Technology and Civic Life (CTCL) and the Center for Election Innovation and Research (CEIR) to staff precinct election boards with party shills and buy votes…

  • the thumb drives and modems in the vote-counting machines….

Special Counsel Jack Smith may find it difficult to prove that expressing an opinion about all that is some kind of crime. Meanwhile, he’s turned Mr. Trump into the poster boy for the many other aggrieved victims of a government weaponized against its own people.

More than half the country sees exactly what’s going on and no amount of video footage showing “JB” and Jill holding hands on the beach is going cover for that.

We are on the threshold of a king-hell national crisis.

Consider: a 27.4% drop in goods of all kinds “roaded-in” on semi-trucks to the northeast USA this summer. That’s everything from auto parts to lumber, clothing, and food. What else do you think sent the Yellow Corp trucking company, one hundred years old, spinning into sudden bankruptcy this week? Yellow won’t be bought and reorganized, either. It owes three quarters of a billion dollars in loans to the federal government (i.e., to us taxpayers) and untold pension obligations. Next, 22,000 Yellow Corp workers will hit the unemployment rolls. Yellow Corp had a special role in the supply chain: the LTL (less-than-truckload) niche, often the final journey of a product to the customer. It was also the cheapest. Whoever picks up the work — FedEx, ABF Freight? — will cost more, and so will everything you have to buy.

Behind this crumbling economy looms the fragile financial system of banks, securities markets, a wilderness of derivatives trades, and currencies. How long do you think it will take before that clockwork of debt obligations and ownerships in failing enterprises breaks down? Think: four to eight weeks, starting with when everyone comes back from the beach or the lake after Labor Day. Banks will resume failing, too, followed by bail-out efforts that will open a trapdoor under the dollar.

The country will finally learn what Bidenomics means.

Money trouble tends to blot out whatever else is happening to you, so the nation may not even notice that the Ukraine war is a lost cause. Not that we actually lost it, the Ukrainians did, poor buggers. What role did it play in American life besides money laundromat for the Biden family and a convenient stash for any number of bio-weapons labs?  Are you still pretending that the war we provoked there was a heroic stand for “democracy?” Will the place matter to us when Russia has to take it on as a charity? The only thing a lot of newly-broke Americans will notice is the more than $100-billion we pounded down that rat-hole, and the thought will not make them feel warm and fuzzy.

Have you noticed the clamor about a coming new pandemic virus? The catch is that it doesn’t even have to be some kind of lab-grown novelty disease this time. All it will take now to remove millions from the voter rolls is an ordinary seasonal flu, considering how many Americans are walking around with wrecked immune systems from the mRNA vaccines they lined-up for so giddily.

There will be so much going on this fall that the nation might not even notice the impeachment hearings against Mr. Biden, AG Garland, and Mr. Mayorkas of Homeland Security. The major media won’t even cover the proceedings.

The only open question around all of these things —a presidential scandal, the Ukraine war, an economic train wreck, political show trials — is how much civic upheaval there might be on-the-ground across the land while all this plays out, especially if our lawless, faithless, clueless government tries to lay a climate emergency trip on everybody as a final, desperate diversion?

*  *  *

Support his blog by visiting Jim’s Patreon Page

Tyler Durden
Fri, 08/04/2023 – 16:20

Less Jobs, More Inflation: Stocks Puke, Oil Soars, Yield Curve Steepens

Less Jobs, More Inflation: Stocks Puke, Oil Soars, Yield Curve Steepens

Less jobs, slower Services and Manufacturing sector growth, sticky prices (ISM), and surging gasoline costs (thank you OPEC) – Bidenomics smells more like stagflation.

‘Hope’ has been in charge of macro data recently with ‘soft’ survey data surging back in its mean-reverting manner as ‘hard’ real data has been fading (led down by industrial, personal finance, and housing data)…

Source: Bloomberg

After a bloodbath in bond-land this week, today’s ugly jobs data sparked a bond-buying-panic (the belly outperformed today 5Y -15bps), sending yields at the shorter-end of the curve lower on the week (-10bps), though the long-end was still up around 20bps on the week…

 

Source: Bloomberg

No-one should be surprised by this purge in yields…

Rate-hike expectations tumbled…

Source: Bloomberg

On the stock side, AMZN and AAPL were the big movers (the former surging most since Nov as the latter tumbled by the most this year)…

 

Overall, they lost around $30 billion in market cap today…

Source: Bloomberg

That weighed on Nasdaq which was the week’s worst performer – its worst week since March. The Dow managed a bounce today – perfectly tagging unch for the week – before it all fell apart…

It seems Goldman’s Scott Rubner was on to something when he warned “fade the green” as stocks bounced this morning.

Options traders aggressively faded the bounce post-payrolls in stocks then they piled on as the S&P broke 4500…

Source: SpotGamma

The S&P plunged to 3-week lows…

None of which should have been a surprise given our warning.

‘Most Shorted’ stocks tumbled on the week – the first losing week in the last six…

Source: Bloomberg

VIX (and VVIX) were both higher on the week with significant volatility…

Source: Bloomberg

Back to bonds, the yield curve surged this week (2s30s steeper for the 9th straight day). Outside of the SVB collapse, the last two weeks have seen the biggest curve-steepening since April 2022…

Source: Bloomberg

Yields reversed at key resistance levels from last November (or March’s SVB collapse)…

Source: Bloomberg

The dollar rallied for the 3rd straight week, though today’s dovishness took some of the lipstick off. The reversal in the USD happened right at the pre-Payrolls dump level from July…

Source: Bloomberg

Crypto continues to tread water with BTC hovering around $29k (after tagging $30k intraday during the week)

Source: Bloomberg

Gold rallied on the day as the dollar sank but overall was lower for the second week in a row. Today’s post-payrolls jump echoed last month’s…

Oil prices surged to $83 (WTI) today after the OPEC+ panel’s recc and are up for the sixth straight week (longest streak since June 2022)…

…with WTI at its highest since November…

Source: Bloomberg

Which is a very bad thing for those who believed The Fed has beaten inflation – Pump prices are about to explode…

Source: Bloomberg

And this time Biden is out of options with the SPR… maybe time for another fist-bump?

Finally, you are here…

Source: Bloomberg

And, as Goldman notes, companies that are beating consensus ests by >1SD are only outperforming the S&P 500 by +70bps on the trading session directly following earnings. Typically beats outperform the S&P 500 by over 100bps.

In other words, it’s all priced-in.

Tyler Durden
Fri, 08/04/2023 – 16:00

US Navy Sailors Caught Spying For China Accused Of Handing Over Indo-Pacific Exercise Secrets

US Navy Sailors Caught Spying For China Accused Of Handing Over Indo-Pacific Exercise Secrets

Two US Navy sailors have been arrested for passing classified or sensitive material to China, including military details on wartime exercises and strategic operations.

Jinchao Wei, a 22-year-old sailor, was arrested on espionage-related charges, specifically conspiracy to provide national defense information to Chinese officials. He is attached to the San Diego-based USS Essex, an amphibious assault ship which is known to operate in the Pacific region, and even waters off Southeast Asia.

In a separate but similar case, 26-year old Wenhen Zhao was also charged over allegations he handed off sensitive US military videos and photos to Chinese intelligence. The DOJ specified the timeframe for the alleged espionage happened between August 2021 through this May (and possibly beyond). The two sailors, especially Zhao, allegedly provided material exposing classified information related to large-scale US Navy exercise in the Indo-Pacific region.

USS Essex, DoD/US Navy image

It is as yet unclear if the two cases are directly related, or whether they were in contact with the same Chinese intelligence officer. 

According to some of the specifics, “The DOJ alleges that Wei communicated with the Chinese intelligence officer, providing him with manuals and photos of amphibious ships, such as Essex and other big deck amphibious warships. Wei was paid for the information.”

USNI News writes further that “According to the indictment, filed July 19, the Chinese intelligence officer reached out to Wei and started a handler/asset relationship.”

The DOJ says it has evidence that at one point, Wei confided to another sailor that the Chinese intelligence officer had contacted him, and that he’d been asked to spy for China

Wei has been charged under the Espionage Act, which is rare, as it involves criminally aiding a foreign government. The Chinese appeared to be after closely guarded secrets on US defense tech and operations in the South China Sea and elsewhere, per more from USNI:

The Chinese intelligence officer asked for specific items, including information on the Navy and Marine F-35 Lightning II Joint Strike Fighter “lightning carrier” concept, as well as other amphibious combat concepts. The majority of the requests focused on amphibs, with the intelligence officer also asking for the number of Marines that would be involved in international maritime exercises.

Over the course of several months, Wei also sent numerous technical and mechanical manuals that contained information about the systems on naval ships. Wei provided information on the repairs and mechanical problems that affected ship deployment as requested, according to the indictment.

And crucially…

Zhao allegedly sent the intelligence officer controlled operational plans for a large scale exercise in the Indo-Pacific region, which included naval movements that were marked CUI (controlled unclassified information) or FOUO (for official use only). 

Without doubt, all of this is likely part of stepped-up Chinese intelligence efforts to gain a strategic edge in any potential future clash over Taiwan. Beijing has drastically increased its PLA navy and air force activities near the self-ruled island. 

The two espionage cases further suggests this could be the tip of the iceberg. How many more spies does China have embedded in the US military? 

Tyler Durden
Fri, 08/04/2023 – 15:40

How Wall Street Is Killing The American Dream

How Wall Street Is Killing The American Dream

Authored by James Gorrie via The Epoch Times,

Single-family home ownership is under assault by ultra-wealthy investment firms…

The biggest single aspect of the American Dream is owning a home. Not only is a single-family residence (SFR) the single biggest investment most Americans will make in their lifetimes, but home ownership also is a way for people to move within the American economy. Lower-priced starter homes help people get on the real estate ladder, and move up into larger homes, if they desire, as their incomes, wealth, and savings increase.

In short, homeownership has been the key to people entering the middle class

But that’s proving more difficult these days.

There are the usual suspects for skyrocketing home prices, such as inflation and rising interest rates. Of course, there’s often buyers that are competing for the same house. But for one in four buyers of single-family homes (SFRs) in 2022, none of those factors matter.

Wall Street Wants Your Home

That’s because one in four buyers of SFRs are Wall Street investment firms like BlackRock. Unlike you and me, Wall Street investment firms have access to massive amounts of cash, pay lower prices for the houses because they buy large numbers of SFRs at one time, and benefit from much lower interest rates than the typical American looking to provide a family home.

They also have the power to drive up home prices.

This wasn’t always the case. It wasn’t until around 2010 or so, when housing prices werecrashing, that financial institutions started buying houses in mass quantities at bulk pricing. Blackstone (and its subsidiary, Invitation Homes) isn’t the only institutional buyer and owner of thousands of SFRs in America, but it is the largest. Last year, in total, about 25 percent of SFRs were bought by Wall Street investment firms and other institutional buyers.

From the early 2010s onward, other institutional investors such as Tricon Residential, Progress Residential, and American Homes 4 Rent have acquired thousands of homes for each of their investment portfolios. Some of them are specifically intended as rental-only communities. This takes large numbers of house out of the market, creating more scarcity and leading to higher prices.

That’s potentially tens of thousands of homes under corporate ownership, with much of them in the southern states that are seeing heavy inflows of new buyers from the northern states and California.

A Disturbing Trend

A simple question needs to be asked: “Is the emerging trend of corporate ownership of SFRs good for America?”

A few key statistics can help provide context for that question.

For instance, as of 2022, 65.8 percent of Americans are homeowners. That’s a high percentage on a historical basis, and corporate and institutional apologists will argue that Wall Street ownership of houses is small compared to that.

But it’s more than just the percentage of institutional ownership that matters. It’s where the corporate ownership is taking place and its pace of growth.

That’s certainly the case in the Sunbelt, where prices and rents for detached homes are the fastest rising in the United States. Homebuyers are competing, however, with Wall Street buyers, according to the National Association of Realtors.

Rise of the Corporate Landlord

Taking ownership of tranches of SFRs at a time gives Wall Street behemoths like Balckstone monopolistic power over rents and prices. The result is rising rents, which has already become a major problem for renters in Blackstone-owned apartments in California and elsewhere, where rents have doubled in less than two years.

Why would they not do the same with SFRs?

Furthermore, according to analysts, even though today corporate ownership of SFRs in America is around 5 percent, that number is steadily rising. If the trend continues, as a a study by MetLife Investment Management indicates, institutional owners will a large share, upward of 40 percent of the rental homes by 2030.

The reality is that in some market sectors, they already do.

For example, some institutions are buying homes directly from the builder in volume. That means individual buyers don’t get the opportunity to buy. Worse, corporate owner, by owning entire subdivisions of homes, can set the rental price. Nationally, more than 30 percent of SFR inventory are already renter-occupied.

What’s more, the trend of institutional home buying is likely to accelerate this year and beyond.

No Legal Protection for Home Individual Buyers—Yet

What should be done about this disturbing trend to strip homeownership away from the average American? It’s hardly fair. Wall Street groups have profited from higher than average rent hikes in their target markets while leveraging government-backed financing and tax credits.

Several bills have been written in states such as Texas, California, and others to address this growing problem, but so far, none of them have become law.

This isn’t a screed against capitalism any more than protecting children from working in the mines or abolishing railroad monopolies were. There’s an implicit, if not explicit, social contract that obligates us—and out representatives—to protect the very fabric of our society, the American way of life, from the excesses of powerful and unaccountable corporations, of which Blackstone and other corporate landlords fit that profile to a “T.”

The reality is that every healthy idea or relationship can be twisted or expanded until it’s no longer healthy for a large amount of individuals or society. Shutting out the average Joe and Jill from homeownership is plainly unhealthy for society and un-American.

It’s time to put a stop to this dismal trend of turning average Americans into renter-serfs to Wall Street financial behemoths. It’s time to make homeownership in America great again.

Tyler Durden
Fri, 08/04/2023 – 15:20

Amazon Makes Sweeping Overhauls Of Grocery Business To Compete With Walmart, Kroger

Amazon Makes Sweeping Overhauls Of Grocery Business To Compete With Walmart, Kroger

Amazon is taking more strides in the world of grocery, launching the biggest overhaul of that part of its business since it bought Whole Foods. The details of its new overhaul, reported on by Bloomberg this week, include “revamping stores, testing new highly automated warehouses and, for the first time, offering fresh-food delivery to customers who aren’t Prime subscribers.”

The new initiatives will be put into place in coming weeks and months, the report says, with the intention of widening Amazon’s footprint in grocery. 

On August 2, the company is going to invite people who are not Prime members to use online grocery ordering. Boston, Dallas and San Francisco will be among 12 cities where the program pilots. Fees will be $7.95 to $13.95, about $4 more than what Prime members pay. 

Former Tesco executive Tony Hoggett, senior vice president for worldwide grocery stores, is leading the charge for Amazon, which hopes to make up ground on names like Kroger and Costco in grocery. Hoggett told Bloomberg: “We’re serious about grocery. Our plan is on building this really strong grocery relationship with customers over time.”

The company will also look to stock Whole Foods items in Amazon warehouses, so customers won’t have to navigate more than one online checkout to get their groceries. “We recognize that still needs to be improved,” Hoggett added. 

Brick and mortar Fresh stores will now sport Krispy Kreme stands near the door and will add 1,500 items to what had previously been limited inventory. Peter Abraham, a marketer in Los Angeles, told Bloomberg that Amazon’s Fresh stores “feels soulless”. 

“There were bells and whistles when they opened that look better in theory than reality. The new group says, ‘People like coffee and doughnuts, we need coffee and doughnuts.’ This is the new guard. These people aren’t technology people,” David Bishop, a partner with Brick Meets Click, a grocery and retail consultant, said. 

Hoggett is concentrating on perfecting Amazon’s retail presence in a few select markets, instead of aggressive expansion, stating: “All the look and feel and design is very different to our existing Fresh stores. Customers respond to a bit more of a bright and airy and light experience.”

As Bloomberg notes, margins have always been a struggle: “Amazon required a grocery order of about $115 to break even in 2010, on average. A decade later that break-even point was still $90 to $100.”

Amazon needs more physical stores to add to its Whole Foods stores in order to help the razor thin margins that come with the grocery business. It has about 530 Whole Foods stores and was going to add “hundreds more” before Andy Jassy stopped spending and the company shuttered more than 60 locations last year. 

The company is also adding “Dash Carts” which identify items placed into a cart and run a tally of prices for the customer. They will make it easier for customers to “just walk out” as a means of checking out, and they will be billed automatically. 

“The customers that enjoy Just Walk Out in the Fresh stores, they really love it. But we also recognize that it’s so new for many, many customers. The whole point for us is everybody’s welcome in our stores,” Hoggett concluded. 

Tyler Durden
Fri, 08/04/2023 – 13:40

Watch: CNN Admits Joe Biden’s Poll Numbers “Stink” And Trump Is In “Historically Strong Position”

Watch: CNN Admits Joe Biden’s Poll Numbers “Stink” And Trump Is In “Historically Strong Position”

Authored by Steve Watson via Summit News,

In a remarkable and rare instance of broadcasting, CNN told the truth about Joe Biden’s pathetic poll numbers and horrible chances of reelection.

CNN Analyst Harry Enten pointed out that more people at this point trust Congressional Republicans that they do Biden on the most significant issues, calling it a “very worrying sign” for his chances of a second term.

Enten also noted that Biden’s approval on the economy hasn’t improved no matter how many times he claims his strategy is working:

“If you look at Joe Biden’s approval on the economy right now, IT STINKS!” Enten declared.

Biden has just a 37 percent approval rating on the economy.

The analyst then noted that Donald Trump was so hated by leftists at this point in his presidency, that his approval was driven down, but it is still higher than Joe Biden’s:

Enten recently noted that “Trump is not only in a historically strong position for a nonincumbent to win the Republican nomination, but he is in a better position to win the general election than at any point during the 2020 cycle and almost at any point during the 2016 cycle.”

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Tyler Durden
Fri, 08/04/2023 – 13:20