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Biden Admin Rewards School Lockdown Champion With Homeland Security Role

Biden Admin Rewards School Lockdown Champion With Homeland Security Role

Authored by Steve Watson via Summit News,

The Biden administration has appointed the person who pushed hardest for schools to remain closed during the pandemic to a new position within the Department of Homeland Security.

As Fox News reports, Randi Weingarten, the controversial head of the American Federation of Teachers union, will be one of the new members of a Homeland Security Academic Partnership Council.

The newly formed council “will provide strategic and actionable recommendations to the Secretary on campus safety and security, improved coordination, research priorities, hiring, and more,” according to the DHS.

The DHS claims the council will “support our mission to safeguard the American people, and help our country think through and prepare for whatever threats lie ahead.”

Weingarten recently attempted to rewrite history, claiming that she spent every waking day during the pandemic trying to open schools, despite the fact that her union aggressively pushed for lockdowns at the local level, and lobbied to keep them in place.

Twitter Community notes exposed Weingarten’s lies, with Elon Musk chiming in tweeting a pants on fire emoji.

Furthermore, Weingarten has no experience in security, so the appointment is even more baffling.

Weingarten is apparently being rewarded for falling into line with the administration and championing the policy that has done untold damage to a generation of young people.

 

 

 

 

 

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Tyler Durden
Fri, 06/23/2023 – 09:15

Distressed CRE Properties Top $64 Billion As “Full-Blown Trouble” Ahead

Distressed CRE Properties Top $64 Billion As “Full-Blown Trouble” Ahead

In yet another sign that a commercial real estate crisis has arrived, a new report from MSCI Real Asset reveals that distressed properties are piling up as some building owners of malls and office spaces have no choice in a high-interest rate environment but to default. 

The report, which Bloomberg first reported, shows the number of distressed assets increased by 10% in the first quarter to nearly $64 billion. The report notes distressed CRE assets could balloon to as much as $155 billion. 

These distressed assets are unable to refinance while regional banks are tightening credit standards amid a period of high borrowing costs — and couple that with sliding CRE prices and some properties, such as office space and malls, where vacancy rates are soaring. 

“Should this potential distress be upgraded to full-blown trouble, an increase in distressed asset sales and declining prices would be inevitable,” MSCI Real Assets analysts Jim Costello and Alexis Maltin wrote in the report. 

At the end of the first quarter, there were about $23 billion in distressed CRE retail properties and $18 billion in office buildings. The report highlighted another $43 billion of potential distress emerging in the office space segment as companies shrink corporate footprints. 

The analysts found Manhattan had the most distressed CRE asset sales with $2.6 billion of deals — or 19% of US transactions in the 12 months through May. Los Angeles was second with $746 million of distressed asset sales, followed by Houston with $465 million. 

None of this should be surprising to readers, as we outlined months ago “CRE Nuke Goes Off With Small Banks Accounting For 70% Of Commercial Real Estate Loans.” 

And have shown CRE prices have slid for the first time in more than a decade. 

And what’s worse is a multi-trillion-dollar CRE debt maturity wall over the next five years. 

We suspect when MSCI Real Assets releases the second quarter report, the CRE space will have deteriorated even further as just recently:

The CRE dominos are falling. 

Tyler Durden
Fri, 06/23/2023 – 08:55

Doom-Loop I: “Bringing Demand Forward” Will No Longer Save Us

Doom-Loop I: “Bringing Demand Forward” Will No Longer Save Us

Authored by Charles Hugh Smith via OfTwoMinds blog,

The fantasy is that inflation will plummet to zero and we can all go back to “Bringing Demand Forward.” The reality is what’s plummeting is demand.

The US economy has been saved time and again over the past two decades by this one weird trick: “Bringing Demand Forward” by lowering interest rates and lending standards so Americans could continue to buy stuff they didn’t really need because the monthly payment dropped as interest rates were pushed toward zero.

Every time the economy faltered, the Federal Reserve would push interest rates down to “Bring Demand Forward” by goosing debt-based consumption: OK, so you don’t actually need a new car, but come on, the new car loan is only 1.9%, you can afford the monthly nut. Or hey, it’s zero-percent financing for a couple years. Just go for it, get that new vehicle. Live large, you can swing it.

Flooding the economy with low-cost credit doesn’t just “Bring Demand Forward;” it also juices speculative bubbles across the entire spectrum, from cryptocurrencies to commercial real estate. As bubbles inflate, punters feel wealthier and so they’re willing to borrow and spend more–the infamous “wealth effect.”

Nothing “Brings Demand Forward” like a speculative bubble and so inflating credit-based bubbles is all part of the plan to encourage people to buy stuff they don’t need on credit to keep GDP expanding.

“Bringing Demand Forward” with speculative bubbles is joyous until the bubble pops–and all bubbles pop. When bubbles deflate, gains are replaced by losses and the reverse wealth effect kicks in.

The solution for the past two decades has been to drop interest rates even further and expand credit even more to generate a new bubble in one asset class or another.

Now that central banks have pumped up the Everything Bubble and unleashed inflation, the weird trick of dropping interest rates / juicing liquidity no longer works. It no long works in China, Japan, Europe, the US or the developing world: diminishing returns are systemic. Economies that become dependent on zero interest rates / juicing liquidity habituate to this constant stimulus and become dependent on speculative bubbles rather than on organic growth funded by earnings, savings and the advances of productivity.

“Bringing Demand Forward” always had an expiration date. You can’t bring demand forward forever. Eventually consumers tap out, bubbles pop, speculative gambles go bust, debt service eats up consumers’ disposable income, credit cards get maxed out and enterprises bloated by decades of bubbles and credit-funded spending implode under their fixed costs and debt loads.

The fantasy is that inflation will plummet to zero and we can all go back to “Bringing Demand Forward.” The reality is what’s plummeting is demand. The Everything Bubble is popping, credit is tightening, stimulus that worked in the past is no longer saving stagnating economies and the higher cost of credit is drowning consumers and enterprises that have grown complacent after 20 years of continuous “saves” via zero interest rates and tsunamis of cheap credit.

Sure, those households bringing in $250,000 and up are doing just fine–if they bought houses and other assets ages ago and can reap the gains to subsidize their lifestyles. But everyone living off average earnings without the cushion of Everything Bubble gains–how much “demand” will they be able to afford after paying $300 for a couple bags of groceries?

It’s going to hurt when we hit the rocks at the bottom and unfortunately few are taking measures to reduce their risk while such measures are still within reach.

*  *  *

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Tyler Durden
Fri, 06/23/2023 – 07:20

Watch: People Don’t Understand Gold… Or Money

Watch: People Don’t Understand Gold… Or Money

The average person doesn’t understand gold. Or even money for that matter…

As SchiffGold writes, we all recognize that there is a lot of ignorance out there, but I’m not sure we fathom just how uninformed a lot of the people around us are.

About 18 months ago, Mark Dice went out on the street in front of a precious metals dealer in Southern California and tried to trade a gold 1-ounce Canadian Maple Leaf coin in exchange for random stuff people were carrying.  Some of the items he tried to procure included a hat, a soda, a bag of clothes and ice cream.

Nobody would take the gold coin. (Gold was priced at about $1,800 an ounce at the time).

Granted some people were probably skeptical and thought they were being scammed. But Dice even offered to go into the coin shop and have the bullion appraised.

Still no takers.

And it’s clear by their reaction that many of the people simply had no clue how much an ounce of gold was worth.

Check out the video.

Tyler Durden
Fri, 06/23/2023 – 06:55

UK Real Rates Poised To Become Among Highest In World

UK Real Rates Poised To Become Among Highest In World

Authored by Simon White, Bloomberg macro strategist,

Current pricing for Bank of England rate hikes will rapidly take UK real rates from being among the lowest in the world to being one of the highest, posing a significant risk to the economy.

The UK’s real rate, even after today’s larger-than-expected 50-bps rate rise, is still one of the most negative in the world, with only Sweden and Turkey having a lower real policy rate.

But the UK is projected to very quickly have one of the highest real policy rates, due to a combination of inflation that is expected to fall at a greater pace in the coming months (due mainly to base effects and to the energy price cap falling from July), and aggressive rate-hike expectations.

Within one year’s time, the UK’s real policy rate is anticipated to be just under 3%, higher than the 2.7% expected for the US, and well above the 0.7% projected for Europe.

This raises the question: how damaging will this be for the economy?

There had been tepid signs that weak growth in the UK was stabilizing, with, for instance, a nascent bounce in mortgage approvals and consumer confidence.

But yesterday’s hawkish move from the BOE has likely put an end to that.

As the chart below shows, over the last 10 years, there has been a close, inverse relationship between UK mortgage rates and consumer confidence.

Higher mortgage rates, especially as cumulatively more borrowers come off fixed-rate deals, threaten to progressively depress spending and increasingly corrode confidence in the housing market.

The rates market seems to be reflecting the increasing likelihood aggressive rate hikes will lead to an economic fallout that will necessitate cuts down the road. While the front SONIA futures have sold off ~20 bps, the red and green contracts expiring in 2024 and 2025 are rallying.

BOE Governor Andrew Bailey said yesterday the economy was doing better than expected, but if the bank follows through on rate expectations, it may end up doing much worse than they feared.

Tyler Durden
Fri, 06/23/2023 – 06:30

Luxury Recession: Diamond Prices Crash, Rolex Downturn Persists

Luxury Recession: Diamond Prices Crash, Rolex Downturn Persists

Diamond deflation has arrived with a bang as prices have spent the last year and a half crashing, roundtripping levels not seen since the early days of Covid (and right around the time the federal government started handing out stimmy checks). The crash in prices is yet another indication of a luxury spending bust. Barclays forewarned clients in December that a “luxury recession” was imminent. And luxury watches, like Rolex, have also plunged. 

Diamonds, watches, and other jewelry soared during the pandemic and peaked in the first half of 2022. We have covered the Rolex boom and bust extensively and now turn our attention to diamonds. 

The Diamond Index via International Diamond Exchange (IDEX) soared from a value of 116 in March 2020 to 158 in Mach 2022 or about a 36% upswing. Since the peak, prices have plunged 24%, roundtripping to late summer 2020 levels.  

Paul Zimnisky, the CEO of Paul Zimnisky Diamond Analytics, told CNBC that a 1-carat natural diamond fetching $6,700 a year ago is now selling for around $5,300. 

One of the most likely reasons for diamond deflation is consumers are no longer flushed with government stimulus checks. Also, two years of negative real wage growth, drained personal savings, and mounting credit cards with the highest interest rates in years had dented luxury spending. 

Last month, Deutsche Bank analysts warned clients about the luxury spending bust emerging in the US:

“Slowing to negative growth year-on-year in the US is a building concern, especially given signs of softening demand from more economically sensitive aspirational consumers.” 

Summing up, consumers in retreat are early indications of an economic downturn that might materialize late this year or in the first half of 2024. 

Tyler Durden
Fri, 06/23/2023 – 05:45

Putin Says A Political Solution Is Still Possible

Putin Says A Political Solution Is Still Possible

Authored by Andrew Korybko via The Automatic Earth blog,

Putin’s Three Latest Appearances

President Putin strongly suggested in a series of appearances last week that a political solution to the NATO-Russian proxy war in Ukraine is still possible. Those of his supporters in the Alt-Media Community who convinced themselves that the special operation won’t stop until Russian forces reach the Polish border are bound to be infuriated by this assessment, but it’s based on his own words as proven by the official Kremlin website. Here are the three appearances that will be cited in this analysis:

* 13 June: “Meeting with war correspondents

* 16 June: “Plenary session of the St Petersburg International Economic Forum

* 17 June: “Meeting with heads of delegations of African states

What follows are relevant excerpts from each appearance along with a one-sentence summary of the point that he conveyed in each passage.

After going through all three of them, the next subchapter will summarize President Putin’s envisaged end game to this proxy war. Finally, the last part of this analysis will then conclude with a few thoughts about the viability of his plans, which are arguably quite reasonable if one takes the time to calmly dwell upon them.

Meeting With War Correspondents

* Russia still intends to achieve its original objectives in the special operation.

– “[The goals and tasks of the special military operation] are changing in accordance with the current situation but of course overall we are not changing anything. Our goals are fundamental for us.”

* The demilitarization of Ukraine remains on track.

– “We are dealing with this gradually, methodically…The Ukrainian defence industry will soon cease to exist altogether. What do they produce? Ammunition is delivered, equipment is delivered and weapons are delivered – everything is delivered. You won’t live long like that, you won’t last. So, the issue of demilitarisation is raised in very practical terms.”

* Kiev’s counteroffensive is failing.

– “If we look at irretrievable losses, clearly, the defending side suffers fewer losses, but this ratio of 1 to 10 is in our favour. Our losses are one-tenth of the losses of the Ukrainian forces. The situation is even more serious with armour…By my calculations, these losses are about 25 or maybe 30 percent of the equipment supplied from abroad.”

* Attacks against Russia’s pre-2014 territory are designed to divert its forces from the frontlines.

– “As for border areas, there is a problem, and it is connected – and I think you understand this too – mainly with a desire to divert our forces and resources to this side, to withdraw part of the units from those areas that are considered the most important and critical from the point of view of possible offensive by the armed forces of Ukraine.”

* The creation of buffer zones to protect Russia’s pre-2014 territory is being considered.

– “If this continues, then we will apparently have to consider the issue – and I say this very carefully – in order to create some kind of buffer zone on the territory of Ukraine at such a distance from which it would be impossible to reach our territory. But this is a separate issue, I am not saying that we will start this work tomorrow. We have to see how the situation develops.”

* The now-defunct draft treaty with Ukraine helped Russia solidify its eastern and southern gains.

– “Even though they tossed it, nevertheless, we used this time to get where we are now which is practically all of Novorossiya and a significant portion of the Donetsk People’s Republic with access to the Sea of ​​Azov and Mariupol. And almost all of the Lugansk People’s Republic, with a few exceptions.”

* Russia might mobilize if it decides to move on Kiev again, but there’s no need for that today.

– “Do we need to go back [to Kiev] or not? Why am I asking this rhetorical question? Clearly, you do not have an answer to it, only I can answer that. But depending on our goals, we must decide on mobilisation, but there is no need for that today.”

* One of the fundamental factors of this conflict is that the West is flooding Ukraine with arms.

– “You know, this is a fundamental question, absolutely fundamental. When we say – I said it, and you repeated it – that the West is flooding Ukraine with weapons, this is a fact, nobody is hiding this; on the contrary, they are proud of it.”

* Russia’s military-technical production surged over the past year.

– “During the year, we increased the production of our main weapons by 2.7 times. As for the manufacture of the most in-demand weapons, we increased this by ten times. Ten times!”

* Not every one of Russia’s responses to the crossing of its “red lines” is covered by the media.

– “Not everything may be covered by the media, although there is nothing to be ashamed of. Are strikes on Ukraine’s energy system not an answer to them crossing the red lines? And the destruction of the headquarters of the main intelligence directorate of the armed forces of Ukraine outside Kiev, almost within Kiev’s city limits, is it not the answer? It is.”

* The Ukrainian state exists and must be treated with respect, but it’s unacceptable to threaten Russia.

– “With regard to ‘what Ukraine are they talking about,’ Ukraine, such as it may be, does exist and we must treat it with respect…If they want to live in our historical territories, then they should influence their political leadership so that it establishes proper relations with Russia and no one poses a threat to us from these territories. This is the issue. This is what the issue is all about.”

* It’s debatable that the West will continue supplying weapons to Ukraine no matter its losses.

– “This is debatable (which was said in response to a war correspondent’s claim that ‘Clearly, no matter what losses Ukraine suffers, the Western countries will continue to supply weapons to it’).”

* There’s no guarantee that Russia will go on the offensive after the failure of Kiev’s counteroffensive.

– “I think that, being aware – I say this with good reason – of the catastrophic losses, the leadership, whatever it may be it has a head on its shoulders, should think about what to do next. We will wait and see what the situation is like and take further steps based on this understanding.”

* Depleted uranium shells are being shipped to Ukraine because the West already ran out of all others.

– “They simply have no shells, but they have depleted-uranium shells in warehouses. It appears that they have now decided to use these shells for the time being. They have swept the warehouses clean”.

* The EU’s snowballing economic problems will impede its plans to produce more arms for Ukraine.

– “The (EU’s) economic problems are snowballing…So, it is not so easy to produce everything there, and even more difficult to expand production and build new facilities. This will come in handy for us, because Russia has a special situation. We must build up our armaments; we will have to, and we will accumulate strategic reserves in warehouses.”

* American mission creep is creating very serious risks for Russia.

– “The United States is getting more and more involved in this conflict, almost directly involved, provoking serious international security crises. Correcting the movements of drones that are attacking our warships is a very serious risk. This is very serious, and they should know that we know about it. We will think about what to do with this in the future. In general, this is how it is.”

* Peace talks could resume and the Istanbul draft treaty be revived if the US cuts off Kiev’s arms supply.

– “We have never refused – as I said a thousand times – to participate in any talks that may lead to a peace settlement…Ultimately it is about the United States’ interests. We know that they hold the key to solving issues. If they genuinely want to end today’s conflict via negotiations, they only need to make one decision which is to stop supplying weapons and equipment. That’s it. Ukraine itself does not manufacture anything. Tomorrow, they will want to hold talks that are not formal, but substantive, and not to confront us with ultimatums, but to return to what was agreed upon, say, in Istanbul.”

* Many Americans are afraid of their country starting World War III since they know it won’t win.

– “[The US] pretend(s) not to be [afraid to endlessly escalate the situation and raise the stakes]. In fact, there are many people there who think clearly and are unwilling to lead the world into a third world war in which there will be no winners; even the United States will not come out of it as a winner.”

Plenary Session Of The St Petersburg International Economic Forum

* President Putin repeated Russia’s military-technical statistics from his last appearance.

– “Our defence industry is gaining momentum every day. We have increased military production by 2.7 times during the last year. Our production of the most critical weapons has gone up ten times and keeps increasing.

* Basing Ukraine’s NATO-supplied F-16s outside that country would pose a serious danger for Russia.

– “The F-16s will be burning too (if they’re sent to Ukraine), no doubt about it. But if they are located at air bases outside Ukraine and are used in hostilities, we will have to think about how and where we can hit the resources that are used against us in the hostilities. There is a serious danger of NATO’s further involvement in this armed conflict.”

* The door to diplomacy remains open if the West decides to resume talks with Russia.

– “We never closed [the door to diplomacy]. They were the ones who decided to close it, yet they keep peeking through the crack at us”.

* Attacks inside Russia are designed to provoke an overwhelming response.

– “Knowing that there is little chance of success (on the frontline), they are provoking us (through the Belgorod and Kremlin attacks) into making a harsh response, hoping to point the finger at us and say, ‘Look at them; they are malicious and cruel; nobody should have any dealings with them.’ They want to say this to all the partners we are working with now. So, no, there is no need to take such actions.”

* Nevertheless, a buffer zone is still in the cards, though Russia won’t let this distract it from the front.

– “As for these adjacent territories, it is an attempt to distract our attention from the possible key areas of the main offensive they are considering, an attempt to force us to redeploy units we have amassed in other areas of combat, and so on…I have already said that if these attacks on our adjacent territories continue, we will consider the possibility of creating a buffer zone in the Ukrainian territory. They should know what this can lead to. We use long-range high-precision weapons against military targets, and we are succeeding in all these areas.”

* Russia isn’t contemplating a nuclear first strike and will only use these weapons in self-defense.

– “I have already said that the use of the ultimate deterrent is only possible in case of a threat to the Russian state. In this case, we will certainly use all the forces and means at the disposal of the Russian state. There is no doubt about that.”

Meeting With Heads Of Delegations Of African States

* Russia will still talk with Ukraine despite the possibility that it might withdraw from other agreements.

– “Russia has never rejected any talks…Turkiye hosted a whole series of talks between Russia and Ukraine to work out confidence-building measures, which you have just mentioned, and draft the text of the treaty…But after we withdrew our forces from Kiev, as we had promised, the Kiev authorities, just like their masters usually do, dumped it into the dustbin of history, let’s put it mildly, I will try to avoid any foul expressions. They rejected this. Where are the guarantees that they will not withdraw from other agreements? But even amidst such circumstances, we never refused to hold talks.”

Putin’s Envisaged End Game

The preceding subchapters highlighted the most relevant excerpts from President Putin’s latest media appearances with respect to his envisaged end game. At present, he’s clearly reluctant to escalate the conflict through a second round of mobilization, which he said could precede another march on Kiev. That’s not needed for the time being, however, since the first one already served its military purpose of solidifying Russia’s gains in the east and south even if its political one of reaching a peace deal failed.

The demilitarization of Ukraine remains one of President Putin’s most important objectives, which he said is proceeding as proven by the destruction of its military-industrial complex. Although the enemy continues attacking Russia’s pre-2014 borders, he believes that this is aimed at diverting his country’s forces from the front, which is why he’s hesitant to carve out a buffer zone there right now even though it remains in the cards and could possibly be achieved with only missiles instead of dispatching troops.

The NATO-Russian “race of logistics”/”war of attrition” that Secretary-General Stoltenberg finally acknowledged in mid-February is trending in Moscow’s favor as evidenced by its military-industrial output spiking between 2.7-10 times depending on the particular product. The West is already running very low on supplies to Ukraine and that’s why it’s now resorting to the dispatch of depleted uranium, President Putin noted, since it literally doesn’t have any other shells left.

He believes that these abovementioned military-strategic dynamics could combine with the EU’s “snowballing” economic problems to make it impossible for NATO to defeat Russia in the “race of logistics”/”war of attrition”. In that event, peace talks might resume upon the end of Kiev’s NATObacked counteroffensive, during which time the now-defunct draft treaty with Ukraine could be revived as the basis for facilitating a speedy resolution to this conflict.

The abovementioned scenario is only possible if the US cuts off its arms supply to Ukraine, which House Foreign Affairs Committee Chair Michael McCaul said is possible if the counteroffensive fails since Congress might then be unable to pass a supplemental spending package for sustaining this aid. Nevertheless, the US’ mission creep could lead to an incident with Russia in the air, at sea, and/or concerning the basing of Ukraine’s promised F-16s in a NATO country before that happens.

This might even be deliberate if its liberalglobalist elite became desperate enough to escalate the conflict if they thought that doing so might coerce Russia into abandoning its newly unified regions and thus helping them “save face” before voters if they agree to a peace deal. Should a 1962-like nuclear standoff emerge as a result of a US-initiated provocation, President Putin would likely regard it as a bluff but would still only use nukes in self-defense instead of a first strike like an influential expert suggested.

He obviously doesn’t want it to get to that point, but it’s America’s prerogative whether it does or not. Russia is more than capable of staying in the “race of logistics”/”war of attrition” if the US refuses for whatever reason to cut off Kiev’s arms supply after the end of its failed counteroffensive, but the latter is unlikely to be able to rely on the EU much any longer since it’s already mostly run through all its stockpiles. This fact raises the chances of a meaningful de-escalation unless warmongers intervene.

Concluding Thoughts

President Putin believes that the odds favor at least freezing the Line of Contact (LOC) through a ceasefire, if not outright ending the conflict by reviving last year’s now-defunct draft treaty with Ukraine, albeit with amendments reflecting the new ground reality of Kiev having lost four more regions. There’s even the chance that a creative diplomatic-legal solution can be found for making the LOC the new international border without violating the Russian Constitution’s prohibition on ceding territory.

Speculation about the devilish details of a peace treaty aside, the point is that these discussions could begin taking place literally the day after the US cuts off Kiev’s arms supply should it tacitly cede victory to Russia in the “race of logistics”/”war of attrition” after the counteroffensive ends. Its ruling liberal-globalist elite might instead escalate out of desperation to coerce sensitive concessions from Russia in order to “save face” before voters if they agree to a peace deal, however, which could lead to a standoff.

In any case, President Putin doesn’t presently have any plans to escalate Russia’s involvement in the conflict as proven by him ruling out a second round of mobilization, remaining reluctant to carve out a buffer zone, and refusing to publicize every response to the crossing of his country’s “red lines”. Right now, he’s wagering that Kiev’s failed counteroffensive, the EU’s economic troubles, and NATO’s depleted stockpiles will combine to revive last year’s now-defunct draft treaty, which is actually quite reasonable.

*  *  *

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Tyler Durden
Fri, 06/23/2023 – 05:00

Gold-Bar Vending-Machines Rolled-Out At South-Korean Convenience-Stores

Gold-Bar Vending-Machines Rolled-Out At South-Korean Convenience-Stores

Buying physical precious metals is a time-proven method of securing generational wealth while reckless central bankers debase currencies and ignite the worst inflation storm in a generation. Gold and silver investing has long been seen as a hedge against inflation and a store of value against currencies. Access to physical precious metals is challenging and usually involves a bullion dealer. Sometimes online dealers take weeks to receive the delivery. 

South Korean convenience store GS Retail, with 10,000 locations, has understood the soaring demand for ‘sound money’ and wants to enhance accessibility. The company rolled out gold bar vending machines with offerings in five sizes, weighing 0.13 ounces to 1.3 ounces, according to UPI News Korea

“The most popular gold bar is the smallest, the 0.13-ounce one, which is currently priced at around $225,” a GS Retail representative told the media outlet. 

“People in their 20s and 30s appear to be the main buyers, purchasing physical gold as an investment vehicle, especially in times such as these, when its value is continuing to rise,” the representative said. 

GS has rolled out 29 gold bar vending machines with plans to increase to 50 by the end of the year. 

A combination of banking crises in the US and Europe, global slowdown fears, persistent inflation, and depreciating currencies has led to surging demand for physical gold in the first quarter of the year. Even central banks are on a buying spree

“Niggling inflation and the SVB crisis seem to have caused more people to be interested in anti-inflationary assets such as gold.

“But a gold bar purchased at a convenience store seems more like something done in fun rather than as a means for serious investment. I believe the popularity of these gold bars is mainly due to its easy accessibility, at convenience stores no less,” Inha University Professor Lee Eun-hee said in a phone interview.

It’s all about accessibility. Just like there are cryptocurrency ATMs, the next wave might be precious metals vending machines, though don’t put any of these machines in US Democrat cities because thieves will be all over them. 

Tyler Durden
Fri, 06/23/2023 – 04:15

Court Dismisses Environmental Challenge To UK Nuclear Plant Approval

Court Dismisses Environmental Challenge To UK Nuclear Plant Approval

Authored by Tsvetana Paraskova via OilPrice.com,

A UK court on Thursday dismissed an appeal by an environmental group against Sizewell C nuclear power plant project, ruling that the government’s go-ahead to project was in line with the law.

In the autumn budget statement last November, the UK Chancellor of the Exchequer, Jeremy Hunt, reiterated the plans of Boris Johnson’s previous government to back nuclear power generation in the UK as a means to help the country generate cleaner energy and reach net zero by 2050.

Hunt said that “we need to go further, with a major acceleration of home-grown technologies like offshore wind, carbon capture and storage, and, above all, nuclear.” 

The government thus supported the previous consents given to the Sizewell C nuclear power project.

Sizewell C, being developed by France’s nuclear power giant EDF, is expected to meet 7% of the UK’s energy needs for at least 60 years, the French company says. Sizewell C is designed to be a 3.2-gigawatt (GW) power station generating low-carbon electricity for around 6 million UK homes. By replacing fossil-fuel power, the new nuclear plant in Suffolk is expected to avoid around nine million tons of carbon emissions each year.

The project’s approval, however, was challenged in court by the group Together Against Sizewell C (TASC), which argued that the government had failed to adequately consider the environmental impact of the project.

“Our members remain appalled that potential risks to Suffolk’s wildlife and damage to their special habitats have not been taken into account, despite warnings from Natural England,” Rachel Fulcher of Suffolk Coastal Friends of the Earth said early this year.

But Judge David Holgate of London’s High Court dismissed on Thursday the legal challenge to the approval, ruling that the government’s consent was in line with the country’s energy policy. 

The legal challenge is an attempt “to rewrite the government’s policy aims by pretending that the central policy objective is … to produce clean energy, without any regard to diversity of energy sources and security of supply,” judge Holgate wrote.

Tyler Durden
Fri, 06/23/2023 – 03:30

Zelensky Signs Bill Banning Russian Books

Zelensky Signs Bill Banning Russian Books

In the country’s latest blow to free speech, freedom of expression, and ethnic diversity, President Vladimir Zelensky announced Thursday he’s signed into effect a new law banning Russian books and publications in Ukraine. 

The law blocks any new Russian and Belarusian publications from being imported into the country. “I believe this law is the right decision,” Zelensky wrote of the measure.

Book market in Lviv, selling books in Russian and Ukrainian. Source: Alamy

But Ukraine has at the same time urged European authorities to fast-track the country into the EU, which could now be further complicated with this latest move.

Ukrainian national media itself has noted this will be a significant hindrance to future EU membership.

As The New Voice of Ukraine (republished by Yahoo) points out, “However, the new law has faced criticism and was vetoed by the Ministry of Justice and the Ministry of Foreign Affairs for potentially violating certain provisions of the Ukrainian Constitution, and for not aligning with EU law.”

The publication added, “Nevertheless, a petition supporting the initiative gathered enough signatures to proceed.”

Russia’s RT has also picked up on the story, which is sure to drive further outrage among the Russian population, and in the Russian-speaking regions of eastern and southern Ukraine

The move comes after Ukrainian citizens registered an online petition on the official presidential website asking for the ban back in May. The petition reached the 25,000-vote threshold required for it to be formally considered by the head of state. 

The author of the petition noted that the Ukrainian parliament had already approved the law on June 19, 2022, but that Zelensky had never signed the bill. As a result, Russian books continued to be sold in Ukraine, which undermines “the information security of the state and the economic foundations of Ukrainian book publishing,” according to the petition.  

A key driving factor which unleashed civil war in the Donbas since 2014 in the first place was Kiev’s ongoing crackdown against Russian language and culture, impacting many millions of Ukrainians. 

Crimea (now Russian-controlled), and even large swathes of Ukraine, has populations which speak Russian as their first and only language.

Ukraine’s Foreign Ministry had remarked on the current version of bill that it “does not meet the norms and standards of the EU in the field of human rights, including freedom of opinion, protection of the rights of national minorities, prohibition of discrimination on the basis of language, and therefore may complicate the process of negotiations on Ukraine’s accession to the European Union.”

Related to this is also the government’s crackdown on the Ukrainian Orthodox Church which maintains ties to the Russian Patriarchate in Moscow – despite the church speaking out against the Russian invasion. 

Tyler Durden
Fri, 06/23/2023 – 02:45