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Viral TikTok Boat Challenge Leads To “Instant Death”

Viral TikTok Boat Challenge Leads To “Instant Death”

A dangerous TikTok challenge has gone viral as summer heats up in the Northern Hemisphere. The trend involves people jumping off the rear of a moving boat. Tragically, this viral challenge has already claimed the lives of four individuals in Alabama. 

“The four that we responded to when they jumped out of the boat, they literally broke their neck and, you know, basically an instant death,” Capt. Jim Dennis of the Childersburg Rescue Squad told NBC News. The deaths have occurred in the last six months. 

Dennis said, “I think people, if they’re being filmed on camera, I think they’re more likely to do something stupid because they want to show off in front of their friends for social media.”

Alabama officials are seeing people of all ages attempt this dangerous stunt on the Chinese video-sharing platform. 

Experts with the Sea Tow Foundation, a nonprofit organization focused on boater safety, warned, “Hitting the water from a moving boat is like hitting concrete from jumping multiple stories up.” 

Experts said even wearing a life jacket while jumping out of a moving boat would not prevent instant death because people are hitting the water at high rates of speeds with soaring risks of breaking their necks. 

Tyler Durden
Mon, 07/10/2023 – 20:40

Hottie Attorney Departs From Trump Defense Team In New York Civil Fraud Case

Hottie Attorney Departs From Trump Defense Team In New York Civil Fraud Case

Authored by Bill Pan via The Epoch Times (emphasis ours),

Donald Trump’s lawyer Alina Habba is no longer on the former president’s legal defense team in the high-stakes New York state fraud case and will assume a new role with a political action committee.

Alina Habba, a spokeswoman for Donald Trump, walks toward a media scrum outside the federal courthouse in Miami, Fla., on June 13, 2023. (Madalina Vasiliu/Epoch Times)

Mr. Trump’s Save America leadership PAC on Friday announced in a press release that Habba will take over as their legal spokesperson and general counsel. Ms. Habba’s New Jersey law firm, according to the PAC, will still assist Mr. Trump with “certain legal matters.”

“Alina has worked diligently and tirelessly on many of the witch-hunt cases that have been unfairly brought against President Trump,” said Trump communications director Steven Cheung.

“It is an honor to be asked by such a leader as President Trump to help Save America. Being able to devote more time to addressing publicly his many legal matters is the privilege of a lifetime,” Ms. Habba said in her own statement.

Any specific reason behind her departure has not yet been revealed beside that it will allow her to “devote her time” to her new duties, including serving as Mr. Trump’s “media representative on legal matters.”

In the meantime, Ms. Habba will withdraw from New York Attorney General Letitia James’ case against Mr. Trump and the Trump Organization “and other cases.”

Ms. James launched her probe into the Trump Organization in 2019 after lawyer Michael Cohen told Congress that his former employer had been falsely inflating the value of its assets when applying for bank loans. She sued Mr. Trump’s namesake business last year for fraud, seeking $250 million in damages and other sanctions that could ban the group from operating in the Empire State.

Mr. Trump has denounced the lawsuit as a “witch hunt,” accusing Ms. James of only going after him in order to save her troubled bid for re-election as New York’s attorney general.

“She is a failed A.G. whose lack of talent in the fight against crime is causing record numbers of people and companies to flee New York. Bye, bye!” Mr. Trump wrote on Truth Social last year.

Classified Document Case

While Friday’s announcement only specifically mentioned the New York state lawsuit, Ms. Habba is probably better known for speaking on behalf of Mr. Trump’s legal team in the Mar-a-Lago classified documents case, which she isn’t a part of.

On June 13, Ms. Habba delivered a furious statement outside the Miami courthouse where her boss pleaded not guilty to 37 federal charges related to keeping classified material at the Florida beach resort after leaving the White House. She denounced federal prosecutors who brought the case, saying they’re weaponizing the justice system in an attempt to undermine a 2024 frontrunner.

Alina Habba, a spokeswoman for Donald Trump, works toward a media scrum outside the federal courthouse in Miami, on June 13, 2023. (Madalina Vasiliu/Epoch Times)

“In recent years, we have seen the rise of politically motivated prosecutors who don’t care for impartiality, don’t care for due process for equal protection of laws,” she said outside the courthouse as pro-Trump demonstrators chanted in the background.

Ms. Habba called out former Secretary of State Hillary Clinton and President Joe Biden for not being prosecuted despite also keeping classified documents on private email servers and private homes.

“Hilary Clinton, Joe Biden himself, retained possession of classified documents that have not been prosecuted. And none of them came into possession of those documents while they were president,” the lawyer said.

“They pursue charges against President Trump while turning a blind eye to others is emblematic of the corruption that we have here,” she added, saying it was “the type of thing” that typically takes place in corrupted countries like Cuba and Venezuela. “What is being done to the president should terrify all citizens of this country.”

Tyler Durden
Mon, 07/10/2023 – 20:20

Trump Raises $35 Million In Second Quarter, Reinforcing Frontrunner Status

Trump Raises $35 Million In Second Quarter, Reinforcing Frontrunner Status

Authored by Savannah Hulsey Pointer via The Epoch Times (emphasis ours),

The campaign of former President Donald Trump announced on July 5 that he raised more than $35 million for his White House bid in the second fundraising quarter, nearly double what he raised in the first quarter of the year.

Republican presidential candidate former U.S. President Donald Trump speaks during the Moms for Liberty Joyful Warriors national summit at the Philadelphia Marriott Downtown in Philadelphia, Pa., on June 30, 2023. (Michael M. Santiago/Getty Images)

The amount is the most recent indication that Mr. Trump is the dominant frontrunner in the Republican primary and that being indicted twice—in New York and Florida—has only strengthened his standing among his most ardent supporters.

The average donation to Mr. Trump’s 2024 campaign has reached $34, the campaign said as evidence of his grassroots support.

The sum represents the campaign period from April 1 to June 30 and represents a substantial increase from earlier in the year.

The Trump campaign reported raising $18.8 million between his principal campaign account and a joint fundraising account during the first three months of 2024.

Even after Mr. Trump was indicted by a Manhattan grand jury in late March on charges related to hush money payments made to adult film actress Stormy Daniels during his 2016 campaign, $4 million was raised.

Mr. Trump’s campaign announced last month that it had raised over $6.6 million in the days following his second indictment—this time in Miami on federal charges related to his reported stockpiling of classified documents at Mar-a-Lago and alleged attempts to obstruct their return.

This included over $4.5 million in online donations and $2.1 million raised at a lavish fundraiser held the night of his arraignment at his golf club in Bedminster, New Jersey.

Mr. Trump faces additional investigations in Georgia and Washington, D.C., regarding his efforts to nullify the results of the 2020 presidential election in an attempt to remain in office.

DeSantis Fundraising

The presidential campaign of Gov. Ron DeSantis announced robust fundraising results on July 6,  saying his campaign raised $20 million in its first six weeks. In the meantime, his independent Super PAC has raised $130 million since its launch in early March.

In a written statement, Mr. DeSantis’ campaign stated that his fundraising “is the largest first-quarter filing by any non-incumbent Republican candidate in over a decade.

“The figures from the DeSantis campaign and from Never Back Down illustrated the Florida governor’s fundraising prowess as he aims to defeat front-runner and former President Donald Trump for the GOP nomination next year,” the Never Back Down Super PAC said in a statement.

“Trump’s team reported on July 5 that the former president’s campaign and Save America, his political action committee, together brought in over $35 million between April and June in the second quarter of political fundraising,” the PAC said.

Read more here…

Tyler Durden
Mon, 07/10/2023 – 19:40

Biden: ‘War With Russia Must End Before Ukraine Can Enter NATO’

Biden: ‘War With Russia Must End Before Ukraine Can Enter NATO’

President Biden has laid out his full vision for Ukraine’s eventual membership in NATO, a day before the much anticipated major NATO annual summit in Vilnius, Lithuania – which Zelensky has also been invited to attend in person.

While Air Force One was en route to Eastern Europe, at least one major development occurred, namely Turkey suddenly reversing course on Sweden’s accession, with Secretary General Jens Stoltenberg confirming that Erdogan has agreed to advance Sweden’s membership as a 32nd member of the alliance. 

Speaking to CNN on the all-important question of where Ukraine stands in Washington’s eyes, Biden emphasized the war-ravaged country is not yet ready for NATO membership

AFP/Getty Images

He made clear that the US would not support its path to entry (or even seriously discuss it) until after the war with Russia ends. But in place of guarantees for future membership, which it now seems very clearly won’t be something issued at the Vilnius summit, Biden is promising an essentially endless weapons supply in the foreseeable future, after controversially approving cluster bombs.

“I don’t think there is unanimity in NATO about whether or not to bring Ukraine into the NATO family now, at this moment, in the middle of a war,” Biden said.

“For example, if you did that, then, you know – and I mean what I say – we’re determined to commit every inch of territory that is NATO territory. It’s a commitment that we’ve all made no matter what. If the war is going on, then we’re all in war. We’re at war with Russia, if that were the case,” he stressed – in an implicit reference to the Article 5 common defense treaty.

But then he continued suggesting eventual, future membership: “I think we have to lay out a rational path for Ukraine to be able to qualify to be able to get into NATO,” Biden said.

But I think it’s premature to say, to call for a vote, you know, in now, because there’s other qualifications that need to be met, including democratization and some of those issues,” the President explained.

While Biden is at the very least showing some restraint on the NATO question, a number of Congressional hawks, especially among Republicans, have called for Kiev’s formal NATO membership, raising the political pressure higher…

Interestingly, in the same interview Biden boasted that he refused to accede to President Putin’s demands to pledge not to admit NATO. Biden says he resisted caving on the alliance’s principle of “an open-door policy” – which is strange given the fact that such a simple pledge could have prevented a war.

Meanwhile, more revealing Freudian slips out of this administration…

Tyler Durden
Mon, 07/10/2023 – 19:20

Vanlords – A New Form Of Urban Encampment

Vanlords – A New Form Of Urban Encampment

Authored by Martin Armstrong via ArmstrongEconomics.com,

I’ve discussed Accessory Dwelling Units (ADUs) at length as they have been marketed as a new way to force people into perpetual renting.

They have even advertised micro-ADUs that are no more than a shed with plumbing.

Since addressing the housing crisis would go against plans for the Great Reset, people are turning to desperate measures.

Vanlords is the newly deemed term for people who rent out RVs to desperate families.

This has become prominent in Los Angeles, California, where thousands of rental RVs have appeared.

The government found a way to house all the illegals who Biden let in the country. The citizens sleep on the street or in vans.

‘”Vanlords,” as L.A. City Councilmember Traci Park calls them, “typically buy RVs at auction, then either drive or get them towed to their location of choice.”

These are not completely legal, but they are increasing in popularity as people have no alternative to affordable housing.

“A lot of times, the inhabitants of the vehicle don’t know the name of the person who rented it from, they don’t have valid contact information, a lot of these vehicles are not registered, they’re not adequately insured,” said Park.

Not all RVs are hooked up to plumbing, and they are not legally hooked up to any electrical system.

People have begun dumping waste into storm drains and using public facilities for basic hygiene.

This is a step up from a large homeless encampment, and some cities are working on changing municipal codes to permit these eyesores to line residential streets.

This is not an adequate solution to homelessness and once more hurts the middle class as the upper class would have no need for a few hundred per month.

This is another form of urban encampment that will drive down property values and create a dangerous situation for residents, who don’t have many rights, and neighboring residents.

Tyler Durden
Mon, 07/10/2023 – 19:00

Russia Directs Rare Outrage At Turkey For ‘Unauthorized’ Release Of Azov Fighters

Russia Directs Rare Outrage At Turkey For ‘Unauthorized’ Release Of Azov Fighters

Russia is expressing a rare moment of outrage directed at Turkey, after Moscow says it was blindsided by the Erdogan government’s decision to handover of neo-Nazi Azav battalion prisoners to Ukraine.

President Putin is demanding answers: “Indeed, the return of the Azov leaders violates an existing agreement, and we will discuss this issue with Turkey and, in fact, we have already started talks on this issue,” presidential spokesman Dimitry Peskov told a news briefing. Russia says it wants “clarifications” from Ankara, and there has already been official phone calls on the issue. Azov Regiment Commander Denys Prokopenko, the man who for months led the final Azov holdout at Azovstal steel works plant, is now back in Ukraine a free man as a result of Zelensky’s intervention.

Photo released by Zelensky with freed Azov fighters who had been held in Turkey as part of agreements with Russia.

Peskov continued in the terse words directed at Turkey: “It is extremely important that, unlike a number of states from the so-called collective West, Turkey maintains a dialogue with us and supports it at the highest levels.” Moscow’s position is that the Azov prisoners were to remain in Turkey until the close of the war. Peskov complained that Russia wasn’t informed.

“Nobody informed us about this. According to the terms of the agreement, these persons were supposed to stay on the territory of Türkiye until the end of the conflict,” Peskov asserted.

“We will be employing these channels for the dialogue, primarily to explain our stance, and will certainly be taking into account the current situation while concluding future agreements in various spheres.”

The remarks as well as subsequent state media reporting have further strongly suggested the release of Azov fighters by Turkey undermines and erodes trust and strong relations between Ankara and Moscow. Presidents Putin and Erdogan have throughout the Ukraine war maintained relatively tight, positive relations given the backdrop of the conflict, and Turkey’s place in NATO.

Turkey had previously played a leading role in prisoner swaps centered on Azov commanders and fighters that were holed up at Azovstal before Russian forces captured it last year. According to background in Politico

The five commanders — from the 12th Ukrainian National Guard, its separate Azov regiment and the 36th Separate Marine Brigade of the Ukrainian army — were ordered to surrender to Russian forces in May 2022 after holding out for more than two months defending the the Azovstal steel plant in Mariupol.

The Azovstal commanders, along with 2,500 Ukrainian servicemen, were taken into Russian captivity. The Kremlin labeled all of them Nazis, with some Russian officials even saying the Ukrainian soldiers deserved execution by hanging.

Zelensky had personally traveled to Istanbul where he met with Erdogan, and secured their release. The Ukrainian leader has been celebrating this as a triumph… “We are returning home from Turkey and bringing our heroes home,” announced Zelensky over the weekend. On Saturday he posted the following: 

“Ukrainian soldiers Denys Prokopenko, Svyatoslav Palamar, Serhiy Volynsky, Oleh Khomenko, Denys Shleha. They will finally be with their relatives,” Zelensky had announced on Telegram. “We are returning home from Türkiye and bringing our heroes home,” he said, adding: “They will finally be with their relatives.”

Meanwhile, this could do further harm to the Turkey-brokered grain deal. Russia has been complaining to Turkey about the “inability of Western states” to carry out the grain deal, after it has already been hanging by a thread. Turkey is further seeking to give Russia security assurances, including the possibility of naval escorts, after Russia alleged Ukrainian aggression in the region of the Black Sea grain corridor. 

Tyler Durden
Mon, 07/10/2023 – 18:40

Victor Davis Hanson: Illegal Immigration And Western Spiritual Sickness

Victor Davis Hanson: Illegal Immigration And Western Spiritual Sickness

Authored by Victor Davis Hanson via American Greatness,

Enforcing the Law Has Become Abnormal

The usual suspects have weighed in on recent belated efforts to enforce U.S. immigration laws.

Our now bankrupt media, the corrupt government of Mexico, and the Diversity/Equity/Inclusion apparat have damned a series of laws recently passed by the Florida legislature and signed by Governor Ron DeSantis that enforce existing federal immigration laws.

Such critics seem oblivious to the current violence that is paralyzing Europe in general, and in particular France—as if such European chaos offers no lessons for the U.S. or any other salad-bowl, open-borders Western nation.

Florida decided no longer to provide de facto and illegal exemptions to foreign nationals who entered and now reside in the state illegally.

Gov. De Santis is conveying a message to the country that not enforcing the laws, exempting those who break them, or treating foreign nationals as if they had a birthright to enter the U.S. illegally, does not even win gratitude from those who violate U.S. law.

Such American magnanimity is seen, and rightly so, by illegal immigrants and the government who sends them here, as Western spiritual decadence. Thus illegal immigration is to be unapologetically leveraged and forever manipulated—and rarely to be reciprocated with any appreciation.

The Mexican government was not only more fearful of destroying the U.S. border during the Trump years; it oddly also gave the hated Trump more respect than it had shown either the supposedly messianic Barack Obama or compliant Joe Biden.

Indeed, the more Mexico praised and manipulated Obama and Biden, the more contempt it showed the U.S. Paradoxically, the more Mexico denounced Trump, the more it conceded to Trump that it must begin to cease its export of multimillions of its own citizens.

No one is now arguing that Florida is breaking any laws by enforcing them.

Again, the outrage is instead over the state’s legal adherence to the law.

No one privately believes the illegal aliens affected by the new enforcement are euphemistically merely “undocumented migrants.”

In truth, illegal aliens never sought nor possessed nor intended to possess immigration “documents” in the first place, although millions of would-be law-abiding immigrants easily do just that. Instead, they have shown contempt for U.S. laws and those who made and enforced them.

So “illegal alien” is precisely the correct term. Most other euphemisms are designed deliberately to obfuscate criminality and brand anyone a racist who would seek to differentiate legal immigrants from illegal immigrants, and legally residing aliens from illegally residing aliens.

The Hostility of Mexico

Note that the Mexican government now routinely urges those of its expanding expatriate community that are legal U.S. citizens to vote against Republican candidates in general, and De Santis in particular. Such interference is simply a warning sign of how much illegal immigration has warped the entire political landscape of America.

Imagine if a Republican U.S. president urged the 1.6 million American citizens now residing in Mexico to speak out against Mexico City’s immigration policies. Or what if he hectored millions of Mexican citizens now residing in the U.S. to become politically active in opposing the Obrador government? Would the Mexican people applaud that interference?

Note that Mexico never shows appreciation that some 20-30 millions of its citizens have entered the U.S. illegally and with impunity and been treated as if they were citizens. Instead, it is always a demand for more, more and more. Indeed, any mere suggestion of enforcing our own law—not Mexico usurpation of it—is again smeared as “racism.”

Why does Mexico feel it has an inherent right to mock U.S. laws—aside from the natural contempt it holds for America for reacting in such logical fashion to its aggression?

Remittances via illegal immigration is a $30 billion profitable Mexican enterprise. U.S. cash sent southward is the largest source of its foreign income.

Exporting human capital reduces social welfare costs for a racialist Mexican government that does not extend sufficient social welfare for many of its own largely indigenous people in the south.

Through illegal immigration, Mexico creates a favorable expatriate community that helps to influence U.S. policy to transition illegal aliens to citizens through blanket amenities.

It encourages those to enter the U.S. without background checks, on the self-interested rationale of also sending northward felons and others deemed undesirables by the Mexican government.

Moreover, Mexico attacks any smidgeon of U.S. immigration law enforcement on the strategy of putting Americans on the defensive as “racists” and “xenophobes.” That way it softens any American pushback to the cartels’ exportation of Chinese-reformulated fentanyl to the U.S.

Apparently, the billions of dollars the cartels harvest from their drug profits that pour into the Mexican economy outweigh the dangers such criminals pose to the rule of law in Mexico.

Mexico City acts as if the 100,000 norteños gringos that die from illegally imported Mexican opioids are tolerable collateral damage. In some sick way, does weaponizing cartel fentanyl serve Mexico by creating a sort of deterrence against enforcing the rule of law across the entire border—as in ”close the border—and you’ll get even more of our drugs!”?

In a word, any unbiased and disinterested observer would interpret the behavior of the Mexican government as at war with the U.S.

The European Mess

We are beginning to see something similar now coming to a head in Western European countries such as France, the Netherlands, and Sweden in particular, but also Germany, the United Kingdom, Italy, and Greece. While European illegal immigration differs from the American brand, the same parameters of Western spiritual bankruptcy persist.

Mexico and its citizens accept that millions in Mexico prefer to live in the United States even though America is premised on principles antithetical to Mexico.

They also assume that by smearing the American hosts as racists, xenophobes and nativists, they will achieve greater concessions.

So too millions of North Africans, Middle Easterners and sub-Saharan Africans flee without legal sanction to Europe.

The premise shared by such illegal immigrants, their host country, and their home governments is that literally hundreds of millions of people would prefer to move to Europe—and abandon their own homes, extended families, and familiar landscapes to enter a completely alien and antithetical culture.

Such illegal aliens, like those who enter the U.S., likewise assume they can lodge preemptive indictments of their hosts as racists, nativists and xenophobes—largely on the brief that after leaving their own poorer and often most failed states, they did not magically obtain near parity soon enough after arrival.

Illegal aliens in Europe further feel they can enter a mutually beneficial relationship with Western Leftists. The Left will normalize and amnesty their illegality. It will claim their own governments and people are racists for looking askance at illegal immigration. And it then will leverage illegal aliens to form a large new demographic bloc that will support leftist causes, either in the street, or legally through acquisitions of amnesty, green cards, and eventually citizenship.

In other words, the Left increasingly has realized in both Europe and North America that its policies on immigration, identity politics, climate change and fossil fuels, crime and the economy are nihilist.

Their agendas eventually transform their large cities into precivilizational enclaves. And they are losing popular support. Thus the international Western Left needs both new voters and new dependents to be whipped up to serve as blameless victims of their conservative enemies.

The Illogic of Illegal Immigration

One could argue over whether 18th and 19th-century Western imperialism and colonization of Asian, African, and New World landscapes proved solely lethal and toxic or sometimes beneficial to native peoples or both.

And further few can agree whether colonization proved in the long run and in a cost-to-benefit analysis, even predictably profitable for European interlopers, colonists and imperialists.

Yet whatever one’s take on past European colonization beyond the borders of Europe, what is indisputable is that most colonized people eventually rose up and threw out colonials—whether by violence in Algeria, Kenya, Rhodesia or Vietnam, or transitionally and over time in India, Libya or Egypt.

Apparently, sinful Westerners were once spit out abroad, but as penance now are to be hosts to millions from those lands they fled.

But on what logic or premises exactly?

Did the former victims of colonialism announce, “We hated you and yours so much in our country that we are now risking our lives to join you in yours?”

Or was the subtext the placard slogan used by demonstrators on the closure of the once huge American base at Subic Bay in the Philippines, “Yanquis, go home!—and take me with you?”

In surreal terms, the old anti-colonialist mantras of the 1950s and 1960s of “our country for ourselves” has now become something like, “Keep out of our country, but don’t keep us out of yours.”

What is far more astounding are the actual illogical absurdities of illegal immigration as it is practiced in the West.

One is the failure to integrate and assimilate into the culture of the host. Note again the logical fallacies. If the immigrant wishes to import his culture and seeks to retain it in Europe and if then that ensuing culture were to become the dominant one, would not the immigrant wish to move away from the very thing he had created—in the manner he had already done so in the past by leaving home?

In other words, if North Africans succeed in xeroxing Algeria or Somalia in France, why would they stay in France, since they already had fled to there precisely because it was not Algeria or Somalia?

Second, what about the ancient relationship between the guest, or rather the uninvited guest, and the host? Has it ever been a custom in any culture, country, or civilization in any era, that the guest enters the home of his host and makes demands upon it?

Or more absurdly, do uninvited guests ever fault the furnishings, the food, or the ambience of what the host has offered to him? Did Homer and his gods approve when the suitors made demands on the house of their host Penelope?

The answer is, of course no, because of an ancient comeback—so often caricatured but never refuted by the Left—that if the present wares are so bad, then why not just be free of them, leave and return home to paradise?

If President Andrés Manuel López Obrador of Mexico is so critical of the U.S., then why does he not block the border and insist that his citizens stay home safely far distant from a toxic host and its contaminating culture?

But again these are mere word games because we know the answers to all the above paradoxes and absurdities.

Western Spiritual Sickness

The non-West sees a richer, more leisured, and more relativist West as something akin to H.G. Wells’s posthuman Elois—strangely effete creatures who coast on the fumes of a distant past that once bequeathed to them their present wealth and leisure. Yet these perceived unworthy inheritors of the work of prior generations are seen as hardly deserving of respect. Indeed, they rightfully earn from illegal immigrants even greater contempt for not defending what they enjoy.

Thus, millions with impunity swarm American and European borders. Many are defiant in smearing their would-be hosts as racists or worse for daring to enforce the sort of immigration laws taken for granted in their own homelands.

In Paris, they riot and burn on the assumption that the soft West deserves what is dished out. The host apparently is seen as some sort of sick masochist who enjoys being told how sinful the West was and is—and how deserving it is of a comeuppance of riot, arson, mayhem and violence.

If that logic seems preposterous, then why does the violence periodically break out to such devastating effect? Exploitation? Racism? Yet, in Europe there is less of both than in his prior homeland, evident by the vote of his own two feet.

The Ethiopian in Italy, or the Algerian in France apparently sees his European host also as a sheep that merely bays when given a needed periodic sheering—albeit with the care of the sheerer to clip away at, but not extinguish, his bountiful host.

A Middle East immigrant to Sweden would never act as he routinely does in Malmo if he were in Budapest, much less in Singapore or Beijing. An illegal immigrant knows that as much as he detests the French and loathes the Dutch, he needs more of the French and more of the Dutch than more of himself in the land of the French and Dutch—if his dreams and agendas of living differently from where he came from are to be reified.

None of these irrationalities are about race. Instead, they pertain to human nature and culture. And the fault is not all the on the part of the illegal alien, and his plethora of self-serving hypocrisies.

His host is culpable as well. The West demands little of the illegal entrant, whether defined as obedience to laws, or to melt into and absorb the culture that he has voted for with his feet. The Westerner’s greatest fear is not even hostile, violent, and unassimilated illegal aliens, but the perception that such a community judges the Westerner as illiberal.

Instead, the post-civilizational Westerner has lost all confidence in his homeland, his traditions, his values, and his very future, to the point that he is well beyond the inability of defending his civilization—given that he no longer even knows how to define it.

Tyler Durden
Mon, 07/10/2023 – 18:20

Bonds Bid As Hawkish ‘High(er) For Long(er)’ FedSpeak Spooks Growth Stocks

Bonds Bid As Hawkish ‘High(er) For Long(er)’ FedSpeak Spooks Growth Stocks

A quiet-ish day on the macro front today as the ‘main events’ lie ahead of us but Wholesale Sales disappointedly declined and Consumer Credit rose dramatically less than expected.

However,  a murder of Fed Speakers certainly made clear how they feel, all singing from the same hymn-sheet – ‘High(er) For Long(er)’ it is:

  • *BARR: INFLATION IS STILL FAR TOO HIGH, RATES CLOSE TO RESTRICTIVE BUT FED STILL HAS WORK TO DO

  • *MESTER: INTEREST RATES NEED TO MOVE UP SOMEWHAT FURTHER, WILL NEED TO HOLD RATES AT PEAK FOR A WHILE

  • *DALY: INFLATION PRINTING TOO HIGH; LIKELY TO NEED A COUPLE MORE RATE HIKES, RISK OF DOING TOO LITTLE ON RATES OUTWEIGH DOING TOO MUCH

  • *BOSTIC: MAY NEED TO DO MORE ON RATES IF INF. EXP. UNANCHOR, COMFORTABLE TO LET RESTRICTIVENESS PLAY OUT

Small Caps ripped at the cash open as big-tech tumbled – with Nasdaq rebalancing plans weighing on the S&P and Nasdaq. Late-day melt-up dragged Nasdaq barely green…

Today’s shift took the Nasdaq 100 down to recent support relative to the Russell 2000…

Growth stocks underperformed Value…

A massive short-squeeze has been underlying the moves of the last three days with ‘most shorted’ stocks up 9% from Thursday’s post-open (ADP plunge) lows…

Source: Bloomberg

Despite The Fed’s proposals to increase capital requirements for smaller ‘large banks’, regional banks managed gains today…

Treasury bonds were aggressively bid across the board with the belly outperforming (5Y -12bps, 30Y -1bps)…

Source: Bloomberg

Which steepened the yield curve (2s10s) significantly – now back at its least inverted since June’s FOMC…

Source: Bloomberg

The 2Y Yield extended its decline from the pre-SVB peak levels in March…

Source: Bloomberg

The dollar was clubbed like a baby seal today as the yen eyed a four-month retracement level at 141.42 after falling below the June 15 high, the pound nears its 2023 high, and the euro challenging the top of a two-year triangle formation. The dollar index is back in a comfortable recent trading range…

Source: Bloomberg

Bitcoin rallied today after positive comments from former SEC Chair on ETF regulatory hurdles.

BTC broke out of its recent range but only modestly…

Source: Bloomberg

Oil prices were lower on the day…

Gold was flat on the day, despite a puke lower into the London Fixing…

Finally, can NVDA extend from here or is the COVID/Crypto-Boom pull-forward deja-vu about to happen all over again…

Source: Bloomberg

We will know soon as earnings loom. Let’s just hope it’s not all hype…”We are nowhere near achieving artificial general intelligence (AGI). Those who believe AGI is imminent are almost certainly wrong.”

Tyler Durden
Mon, 07/10/2023 – 16:00

Shocking Drop In Auto Loans Results In Weakest Consumer Credit Print Since 2020

Shocking Drop In Auto Loans Results In Weakest Consumer Credit Print Since 2020

Last month, when both revolving credit (i.e., credit card debt) and interest charged on credit cards hit a record high, we said that this trajectory was unsustainable and it was only a matter of time before the debt-funded US consumer hit a brick wall. One month later, the brick wall is finally here, because according to the Fed’s just released consumer credit report, in May US consumer credit grew by a paltry $7.24BN, down more than 50% from the downward revised $20.3BN in April

…. and a huge miss to the consensus forecast of $20 billion. In fact, this was the 4th miss in the past 6 months.

This was the lowest monthly increase in consumer credit since Nov 2020, and for an economy that – like the US – is entirely reliant on constant credit growth, a semi-stagnant print such as this one is tantamount to contraction.

However, while one may think that after several months of near-record increases in revolving credit we would finally see a drop in this series, that was not the case; in fact, in May revolving credit rose by a respectable $8.5 billion.

The shocker was in the non-revolving segment, also known as student and auto loans, and which unexpectedly dropped by $1.3 billion. This is a shocker because while the monthly change in revolving credit can fluctuate significantly month to month, the non-revolving credit increase has historically been a consistent $10+ billion. Only in the past 6 months, that has not been the case, and as shown below, we have seen a sharp drop in in the monthly increase in non-revolving credit, which after 5 months of drops finally printed negative to the tune of -$1.26 billion, the first negative print since April 2020!

While we don’t know whether this decline was driven by a reversal in student or auto loans – the Fed publishes that data quarterly and the next month we will get the Q2 update – it is safe to assume that at a time when student loans are still in forbearance if only for a few more weeks, and nobody has any qualms about taking out more debt they don’t have to repay, the driver behind the slowdown is auto loans, which is hardly a shock with the rate on new 60 month car loans approaching the highest on record at 7.81%, just a fair below the all time high of 7.82% hit in Q3 2006.

And with non-revolving credit now shrinking, the final straw will be the reversal in (record) credit card debt. With credit card interest rates also at a record 22.16%…

… we won’t have long to wait.

Tyler Durden
Mon, 07/10/2023 – 15:41

Turkey Suddenly Agrees To Advance Sweden’s NATO Bid

Turkey Suddenly Agrees To Advance Sweden’s NATO Bid

Update (1531ET): Stoltenberg confirms the massive news–there will be a 32nd member state added to NATO, as we now await Russia’s sure to be deeply unhappy and frustrated response.

Prior Moscow declarations related to Sweden’s potential move into NATO had involved measures to strengthen Russian defensive positions along the Scandinavian border region, specifically the Finnish border as well as in the region of the far-northern, remote arctic border area with Sweden.

What’s clear is that the ‘unintended consequences’ resulting from the Ukraine conflict have continued to spiral, and things are escalating by the day and week.

And now, to make matters worse, some (though not all) NATO member states are pushing for Ukraine’s entry into the military alliance. The US has resisted, however, with Biden saying Monday that this would have to wait until after the war, given NATO Article 5 would trigger a massive hot conflict with Russia. Will Biden’s vow to not consider admitting Ukraine into the alliance soften the blow for Moscow (regarding the major Sweden development)? This was perhaps key to some back-channel ‘assurances’, possibly.

* * *

Update (1520ET): In a rather surprising move – sure to upset Putin – Turkey agreed Monday to ask its parliament to advance Sweden’s bid for membership in the NATO alliance.

Bloomberg reports, according to a Turkish official, that the decision was made after receiving assurances on key demands, including Stockholm’s approach to supporters of Kurdish separatists operating in its territory.

The Turkish official said there was also progress toward meeting their demands to lift defense-related sanctions and that EU officials agreed to speed up their membership negotiations, including on joining the customs union and allowing visa-free travel for its citizens. 

Erdogan’s change of stance came hours ahead of a NATO leaders summit in Vilnius, Lithuania, where alliance members had originally hoped to be able to welcome Sweden as a new member. 

As The Wall Street Journal reports, the last-minute solution to the deadlock would allow NATO to enter the summit having ironed out major differences, projecting unity against Russian aggression.

It would also pave the way for an expansion across more than 1,000 miles of territory straddling the Baltic Sea, shifting the balance of power in northern Europe and creating a potential chokepoint for Russian warships and aircraft in the region.

*  *  *

As The Cradle detailed earlier, Turkish President Recep Tayyip Erdogan told US President Joe Biden during a phone call on Sunday that his country has not seen enough progress from Sweden to support its bid to join NATO, coming just two days ahead of a summit of NATO leaders in Lithuania.

“Erdogan stated that Sweden has taken some steps in the right direction by making changes in the anti-terrorism legislation,” the Turkish directorate of communications said in a statement following the call between the two presidents. 

However, “terrorist” supporters continue to hold protests in the country, Erdogan reportedly told Biden, referring to supporters of Kurdish groups such as the Kurdistan Workers Party (PKK) and its affiliates, outlawed in Turkey. 

“This nullifies the steps taken,” the Turkish statement went on to say. These “steps” refer to requests by Ankara for Sweden to extradite members of Kurdish groups.

According to a statement released by the White House on Sunday, the two “discussed the range of issues that NATO leaders will consider at the summit, expressed their shared commitment to continue supporting Ukraine, and reviewed efforts to strengthen our bilateral ties. President Biden also conveyed his desire to welcome Sweden into NATO as soon as possible.”

During a televised speech the following day, Erdogan suggested that the approval of EU membership for Turkey would pave the way for Sweden’s NATO membership.

“First, open the way for Turkey’s membership in the European Union, then we open it for Sweden, just as we opened the way for Finland,” he said. 

On July 11 a NATO summit is scheduled to be held in the Lithuanian capital, Vilnius, during which Washington is reportedly planning to push for a deal to see Sweden’s swift ascension into the alliance. 

While Turkey had previously been blocking Finnish ascension to NATO as well, over accusations that Finland was harboring Kurdish militant sympathizers, its application was approved, and in April, Finland officially joined the alliance. 

However, Sweden’s Quran burnings have hindered the process, particularly the latest incident last month – which took place with Swedish police approval and sparked worldwide condemnation and protests in several countries. Ankara has recently doubled down on its position regarding the Quran burning. 

At the end of last month, Erdogan said – implying that Turkey will hold off on approving Sweden’s NATO bid – that Ankara will “put forward our reaction in the strongest possible way until there is a concerted effort to combat the enemies of Islam as well as terrorist organizations.”

During the phone call, Biden and Erdogan reportedly discussed the sale of US F-16 jets to Turkey, which many have inferred would ease Sweden’s bid for NATO ascension. However, the Turkish president reportedly told Biden “That it is not correct to associate” the Turkish F-16 request with Sweden’s NATO membership. 

Tyler Durden
Mon, 07/10/2023 – 15:20