66.9 F
Chicago
Wednesday, August 19, 2026
Home Blog Page 3614

UK Doctor Sacked Over Trans Pronoun Dispute Did Not Risk Safety Patient, Regulator Rules

UK Doctor Sacked Over Trans Pronoun Dispute Did Not Risk Safety Patient, Regulator Rules

Authored by Patricia Devlin via The Epoch Times (emphasis ours),

The General Medical Council (GMC) has said that a doctor’s refusal to use trans pronouns does not put the safety of patients at risk.

Undated handout photo of Dr. David Mackereth who lost his job with the Department of Work and Pensions after informing managers he would not refer to transgender patients using their preferred pronouns. (Christian Legal Centre)

In a letter to Dr. David Mackereth this week, the independent regulator also stated that although his views are “considered contentious” his fitness to practise is not impaired.

Mackereth—from Dudley, West Midlands—self-referred himself to the GMC after losing his disability assessor job in a pronoun row with the Department for Work and Pensions (DWP).

The 60-year-old had been undergoing DWP training to work as a disability assessor in Birmingham when he indicated to managers he would not refer to transgender patients by their preferred pronouns owing to his religious beliefs.

He later left the post before taking an employment tribunal against the DWP (pdf) for breaching his right to freedom of thought, conscience, and religion.

The tribunal heard that the doctor told a colleague he would refuse to refer to “any 6ft-tall bearded man” as “madam.”

Mackereth lost the case and subsequent appeal, with a panel ruling his biblical view of what it is to be male and female was “incompatible with human dignity.”

It also ruled that the DWP had not breached the Equality Act.

The doctor took the decision to refer himself to the medical regulator, and after being cleared as fit to practice, says he now intends to take his case to the European Court of Human Rights (ECHR).

No Regulatory Action

In the letter to Mackereth, the GMC said it had “carefully assessed” the doctor’s case including the decisions of the employment tribunal and subsequent appeals.

“In doing so we don’t believe this is an issue requiring further GMC action being taken with a view to removing or restricting your registration,” the regulator stated.

“Although your views might be considered contentious, we haven’t seen evidence to suggest that patient safety is at risk from the information provided nor that your fitness to practise is impaired.”

The GMC said it was clear Mackereth held a “strong view” on the subject “deeply rooted” in his religion.

The letter added: “Doctors are of course entitled to their views and this in itself wouldn’t be an issue requiring any regulatory action to be taken by the GMC.

“This would only become an issue for us should there be information to indicate that these views impact patient safety and or care.”

The GMC went on to state that there is no information to suggest the doctor had been approached by a patient for advice on this subject.

It was also noted that he had never encountered a transgender patient in an emergency setting or “that if a patient was, that they would be given inappropriate treatment or advice.”

In our view, it would not be proportionate to consider what might happen in a hypothetical situation such as if you were to be approached by a transgender patient for instance and we could not open an investigation on this basis.

It also dismissed a suggestion from the tribunal that the doctor’s views might contravene GMC guidance, stating “again there is no evidence to indicate that you have provided inappropriate advice or care to patients based on your views.”

The Christian Legal Centre, which is representing the 60-year-old, said it is thought to be the first time a professional regulator has considered the issue of misgendering and “ruled in favour of one of their members.”

Read more here…

Tyler Durden
Fri, 06/09/2023 – 03:30

These Are The Best And Worst Countries For LGBTQ+ Travelers

These Are The Best And Worst Countries For LGBTQ+ Travelers

In order to help LGBTQ+ tourists travel safely, the German portal Spartacus started publishing the Gay Travel Index in 2012.

In the 2023 edition, the ranking compared 203 countries and territories based on the situation of lesbian, gay, bisexual, transgender, intersex and queer people in each location.

Infographic: The Best and Worst Countries for LGBTQ+ Travelers | Statista

You will find more infographics at Statista

As Statista’s Anna Fleck reports, according to the index, Malta ranks first worldwide as the safest and most open country for LGBT+ travelers in 2023. It is the only country to receive a score of 13, simultaneously scoring points for its inclusive laws and rights – including anti-discrimination laws, its stance on transgender rights and the fact adoption is allowed – as well as not losing any points for discrimination, such as through anti-gay laws, religious influences or pride being banned. It does lose one point, however, for hostility among locals.

Canada and Switzerland also rank highly on the index with 12 points each, while the United States performs slightly worse with only five points, ranking alongside South Africa, Slovenia, Puerto Rico, Mexico, Greece, Costa Rica and Brazil. The U.S. lost one point under the Murders category as well as for Religious Influence and scored 0 points for its stance on so-called “conversion therapy”, the equal age of consent, intersex rights and transgender rights. When looking at a ranking of US states, California, New York, Washington, and Colorado ranked among the most open.

At the other end of the spectrum, Saudi Arabia, Iran, the Republic of Chechnya in Russia and Afghanistan each received -19 points, signaling that they are dangerous countries for LGBT+ travelers, where homosexuals are persecuted and killed.

The Middle East and North Africa are the regions least safe for LGBTQ+ travelers, while Latin America proves to be generally more welcoming than much of Asia – with the exception of Taiwan which scores highly (9). India also appears in green on the map, having improved from 1 point in 2021 to 4 points in 2023, while Malaysia hit a low -13 and Indonesia sank from 117th to 159th place following a new criminal law influenced by fundamentalism.

To develop the index, the creators looked at 17 categories ranging from marriage for all to the death penalty for LGBTQ+ people. According to the authors of the report, the index is intended with all kinds of travelers in mind, including those looking to travel to countries where the LGBT+ community is an accepted and loved part of society as well as for those consciously looking to travel to a country in order to enter into a dialogue with the oppressed local queer community.

Tyler Durden
Fri, 06/09/2023 – 02:45

Former NATO Head: Some NATO Countries Are Considering Sending Troops To Ukraine

Former NATO Head: Some NATO Countries Are Considering Sending Troops To Ukraine

Authored by Kyle Anzalone via The Libertarian Institute, 

The former civilian head of the NATO alliance is warning that some Eastern European states are prepared to send their soldiers to Ukraine if the bloc does not make significant pledges to Kiev during an upcoming summit. 

Anders Rasmussen, former NATO Secretary-General and current adviser to Ukrainian President Volodymyr Zelensky, is touring Europe and Washington to gauge the level of support Kiev should expect at the Vilnius Summit in July. “I think the Poles would seriously consider going in and assemble a coalition of the willing if Ukraine doesn’t get anything in Vilnius,” he said. “We shouldn’t underestimate the Polish feelings, the Poles feel that for too long western Europe did not listen to their warnings against the true Russian mentality.”

Getty Images

Poland and the Baltic States may send troops to Ukraine if the alliance fails to make a strong enough commitment to Kiev in Lithuania, according to Rasmussen. “If Nato cannot agree on a clear path forward for Ukraine, there is a clear possibility that some countries individually might take action. We know that Poland is very engaged in providing concrete assistance to Ukraine.” He continued, “I wouldn’t exclude the possibility that Poland would engage even stronger in this context on a national basis and be followed by the Baltic states, maybe including the possibility of troops on the ground.”

For several months, members of the North Atlantic Alliance have debated how to upgrade Ukraine’s status at the Vilnius Summit. Eastern European members and Kiev are seeking a concrete path to membership with a timeline for when Ukraine will be permitted to join. Some Western European states and Washington do not agree and prefer to focus on the war with Russia.

A subgroup of Eastern European countries within NATO dubbed the “Bucharest Nine” issued a statement on Tuesday calling for Ukraine to receive a path to membership. “We expect that in Vilnius, we will upgrade our political relations with Ukraine to a new level, and launch a new political track that will lead to Ukraine’s membership in NATO, once conditions allow,” the statement continued. “We will continue our support to Ukraine on this path.”

French President Emmanuel Macron said last month Paris will not support full membership for Kiev. Macron called for NATO to “build something between the security provided to Israel and a full-fledged membership.” 

There appears to be a consensus among members of the North Atlantic alliance on arming Ukraine as part of a significant multi-year commitment. “America and our allies are helping meet Ukraine’s needs on the current battlefield while developing a force that can deter and defend against aggression for years to come,” Secretary of State Antony Blinken said during a speech in Finland on Friday. “That means helping build a Ukrainian military of the future, with long-term funding.”

Anders Rasmussen has been engaged with Ukrainian leadership on behalf on NATO…

Rasmussen claimed that Macron was beginning to budge on the issue. “After a slow start, momentum was now building behind these ideas,” including in France, he said. Rasmussen noted that some members, such as Germany, believe that giving Ukraine a path to membership could provoke Russia. 

However, the former NATO Secretary-General believes that some member states threatening to send troops to Ukraine will push Berlin and others to give Kiev a quick path to membership in the alliance.

Tyler Durden
Fri, 06/09/2023 – 02:00

Assange Perilously Close To Extradition After High Court Denies Right To Appeal

Assange Perilously Close To Extradition After High Court Denies Right To Appeal

Authored by Joe Lauria via Consortium News,

A single judge on the High Court of England and Wales has rejected imprisoned WikiLeaks publisher Julian Assange’s nearly year-old request to appeal the British decision to extradite him to the United States to stand trial on espionage and computer intrusion charges.

The High Court at the Royal Courts of Justice, Wiki Commons

Assange’s legal team has one last recourse in the U.K. and has five days to request a hearing before the court. 

Stella Assange, Assange’s wife, issued this statement on Thursday:

“On Tuesday next week my husband Julian Assange will make a renewed application for appeal to the High Court. The matter will then proceed to a public hearing before two new judges at the High Court and we remain optimistic that we will prevail and that Julian will not be extradited to the United States where he faces charges that could result in him spending the rest of his life in a maximum security prison for publishing true information that revealed war crimes committed by the U.S. government.”

The single judge on the court, Sir Jonathan Swift, issued the 3-page decision on Tuesday.  It is not yet publicly available on the High Court’s website.  

In December, Assange appealed to the European Court of Human Rights. The court could issue an emergency injunction to stop Assange’s extradition until it examines the case.    

Assange initially won the case against extradition in the lower court based on his health and conditions of U.S. prisons. This was overturned by the High Court after the court accepted U.S. written assurances that Assange would not be mistreated in U.S. prisons.  

An application from Assange to the U.K. Supreme Court to appeal that decision was not granted. In July last year Assange’s team filed a cross appeal to the High Court on eight grounds including that the prosecution was political and that it violated the U.S.-U.K. extradition treaty barring extradition for political offenses.  

It was this application for appeal that Swift rejected 11 months later

The reaction from press freedom groups was swift.

“It is absurd that a single judge can issue a three-page decision that could land Julian Assange in prison for the rest of his life and permanently impact the climate for journalism around the world,” said Rebecca Vincent, director of campaigns at Reporters Without Borders. 

Tyler Durden
Thu, 06/08/2023 – 23:45

Pence’s Inaugural Foreign Policy Of Campaign: ‘F-16s For Ukraine Now’

Pence’s Inaugural Foreign Policy Of Campaign: ‘F-16s For Ukraine Now’

“President Joe Biden has been slow in providing military resources to Ukraine,” former Vice President Mike Pence complained during a CNN town hall Wednesday. He launched his campaign for the 2024 Republican nomination this week.

“We are [still] waiting on F-16s to be transferred from somewhere,” he said, arguing there should essentially be no limit to what Kiev receives from the United States.

Image: then VP Mike Pence at a military base press briefing, via USAF

“I believe the United States of America needs to continue to provide the courageous soldiers in Ukraine with the resources they need to repel … the Russian invasion and restore their territorial integrity,” Pence declared just on the heels of his official campaign announcement.

After a-year-and-a-half of wave after wave of anti-Russia sanctions, along with tens of billions pledged and spent for Ukraine, Pence still thinks the real problem is that Biden is not doing “enough”. 

So it seems the Neocon foreign policy wing of the GOP will be well-represented in the upcoming 2024 debates, given also presidential hopeful Nikki Haley has been loudly denouncing the positions of Trump and DeSantis on Ukraine

Haley, the only woman in the race for the Republican nomination, lambasted DeSantis for saying this year that Ukraine was a “territorial dispute”, a comment that drew widespread criticism and that he has since walked back. “For them to sit there and say that this is a territorial dispute – that’s just not the case, or to say that we should stay neutral,” Haley told voters in the early nominating state of Iowa during a televised CNN town hall event.

She said: “It’s in the best interest of our national security for Ukraine to win.”

Democrats have tended to use the old Russiagate playbook and smear any Republican presenting a more dovish position as ‘pro-Kremlin’. Certainly they’ve continued this rhetoric with Trump and are doing so with DeSantis as well.

Looking ahead, Trump in particular will have an easy time of pouncing on Pence and Haley during the primary related to their foreign policy stances. Prior to becoming president, Trump had been the first GOP nominee in history to condemn (and utterly mock) Bush’s decision to invade Iraq. This non-interventionist stance proved popular among Republican voters, especially on the younger end of the spectrum. 

Tyler Durden
Thu, 06/08/2023 – 23:25

The FDA Pledges To “Stop The Spread” Of Misinformation

The FDA Pledges To “Stop The Spread” Of Misinformation

Authored by Jeffrey Tucker via The Epoch Times,

It is a tight contest over which U.S. regulatory agency is most captured by industry. But leading the pack is surely the Food and Drug Administration (FDA). Many of us in the past believed the main problem with the agency was the costs it imposed on industry. The situation turns out to be more complicated. Whatever its past, it’s become an industry-dominated vending machine for drug approvals enacted with a very expensive rubber stamp.

The ordeal of the COVID vaccine proved it. So long as the check cleared, the FDA was ready with committee-based approvals for which no one in particular took responsibility. On Aug. 31, 2021, as the FDA was preparing to approve boosters for a variant that had already been superseded, two top officials resigned in protest: Marion Gruber, director of the Office of Vaccines Research and Review, and her deputy, Phil Krause.

They just couldn’t be part of the unfolding disaster. These were principled decisions. They should have marked a complete upheaval in the agency. But because hardly anyone in the mainstream media cared, and because both the agency and the industry decided to look the other way and pretend like it didn’t matter, the resignations without precedent made no difference at all.

And here we are in mid-2023 and agency capture is more intense than ever. No one doubts it. But it never ends with just financial and regulatory corruption. There is another stage, which is suppressing information and censorship. One might suppose that the FDA would have nothing to do with that end of things. But that would be wrong.

The FDA has now joined the censorship crowd, in effect masquerading as the one source of truth regarding pharmaceuticals.

“Inaccurate information spreads widely and at speed,” the agency says, “making it more difficult for the public to identify verified facts and advice from trusted sources, such as the FDA. However, everyone can help to stop the spread. If you see content online that you believe to be false or misleading, you can report it to the applicable platform:”

What follows at the FDA’s site are links to all the mainstream social media platforms and a method of reporting wrongthink. Note especially the invocation of the slogan “Stop the spread.” Yes, we heard that during the whole of COVID. It was never clear what the purpose of the slogan was in the first place. The spread simply could not be stopped. The virus did what it wanted to do and everyone got hit and nearly everyone recovered with a stronger immune system than before.

So “Stop the spread” was always a pretext for human control by the state. It was never anything else. And now we see the FDA appropriating the same language to shut down open discussion of what the heck happened to this agency over the last three years. Keep in mind that the top experts at the FDA itself have penned denunciations of the agency’s own processes. It’s hardly “disinformation.”

At the link at the FDA itself, there is a 55-second video that is straight out of Orwell. If someone claims that the government is up to no good, the agency says that this is very clearly wrong. You should verify that claim against “nonprofit fact checking organizations” (which are controlled by government) or “a government resource,” as if these are the only two credible venues out there.

The FDA is coming very close to saying that if the government does not confirm it, it is not true. The first time I heard such a preposterous claim it was from Jacinda Ardern, the one-time dictator of New Zealand who flat out told the national media that the government would “continue to be the one source of truth.” When I heard that, I immediately assumed she would be shouted down by every civilized person on the planet.

The opposite happened. Ardern instead was lauded and praised, winning a top speaking slot at Harvard and was cheered by know-nothing students. And now the British royal family has conferred on her the title Dame Ardern for her “service” to New Zealand. This woman is probably the single most hated leader in the whole of that country’s history and yet King Charles has decided that her service is worthy of a royal title.

This censorship stuff is no longer an aberration, a mistake made in panic, a secret plot to violate settled norms, or something about which these people are embarrassed once caught. Censorship has become the main agenda of many governments in the world today. It is being codified by the European Union, promoted by NATO, and institutionalized in every regulatory bureaucracy.

And there is a feeling of panic in the air about all of this, almost as if these agencies and industries are freaking out about losing control and desperate to regain the monopoly that they believe they once had. They have every intention of ramping up the spying, putting more pressure on social media, and otherwise deploying every trick in the book for clamping down on those who would dare to disagree.

Over the last three years, we’ve discovered that the best information about the virus and the vaccines has come from outside the agency and from unexpected sources. I invite you to peruse the archive of writing by Dr. Maryanne Demasi at Brownstone, for example. Here you will find extensive and highly documented proof that this agency is captured, manipulating data for industrial ends, and tricking the population into accepting medicines they don’t need and are not proven either safe or effective.

If government posited itself as one source of information among many, that would be one thing. We could take it with a grain of salt. But that is not what is happening. Governments around the world are positing themselves to gain the full monopoly on information and doing it through surreptitious means that fly in the face of the whole ethos of freedom itself, and with the ironic result of the triumph of misinformation and disinformation.

We must realize that these efforts can no longer be written off as weird aberrations. The push is organized, focused, intense, and involves security agencies at the highest levels. They have made their peace with the idea of hardcore censorship and will push it as far as it can go.

There is another worry too. Right now, there are myriad lawsuits extant that are challenging the cooperation between industry and government to restrict the free-speech rights of citizens. These lawsuits are succeeding. Discovery has unearthed a vast amount of proof that all of this is taking place in a very nonchalant way, as if it were perfectly normal for government to insist that social media companies block information they don’t like, even that which is admitted to be true.

These legal efforts seem to be succeeding. So why does this continue? Why is every agency, even the FDA, ramping up its censorship campaigns? Do they not care? My worry is that their power is so out of control that they frankly do not care what the courts say. Not even the Supreme Count has a police force to enforce its judgments. From what I can tell, the collaboration between government and industry is so tight and normalized that they have every intention to keep it up even after the courts slap them all down.

What are free people supposed to do then?

The government has effectively announced that it considers free speech to be a pandemic. And we know how they deal with pandemics: lockdown.

Tyler Durden
Thu, 06/08/2023 – 23:05

New Forecast Shows Wildfire Risks Explode In Northeast As El Nino Looms

New Forecast Shows Wildfire Risks Explode In Northeast As El Nino Looms

Millions of people in major US cities throughout the Northeast and Mid-Atlantic are breathing “unhealthy” air as smoke-filled skies persist for the third day. While the smoke from Canadian wildfires might dissipate in the coming days, troubling weather outlooks reveal new fire risks for the Eastern Half of the US. 

Hopefully, the apocalyptic Blade Runner 2049-esque scenes from Washington, DC, to New York City will be over by the end of the week. 

However, a new forecast from the National Significant Wildland Fire Potential Outlooks reveals beginning in July — wildfire risks will explode to “above normal” conditions in several Northeast states, as well as the Upper Midwest and East North Central states. 

Also, notice how California fire risks are “below normal” for many areas this summer while the Pacific Northwest will see “above normal” risks. 

June

July

August

September 

Meanwhile, corporate media has sounded the alarm about “global warming” as the culprit for the fires. There may be a more logical reason behind the fires, such as an emerging El Nino weather phenomenon that usually tends to change the climate in these regions to hotter and dryer conditions. 

And for those continuing to promote that humans are responsible for all this weather chaos, well, we have some bad news: “No, El Niño and La Niña are naturally occurring climate patterns and humans have no direct ability to influence their onset, intensity or duration,” United Nations Office for the Coordination of Humanitarian Affairs has stated. 

Tyler Durden
Thu, 06/08/2023 – 22:45

“Just Tip Of Iceberg”: CMBS Storm Unfolds As Delinquent Office Loans Hit Five-Year High

“Just Tip Of Iceberg”: CMBS Storm Unfolds As Delinquent Office Loans Hit Five-Year High

The commercial real estate space is experiencing stress following the recent turmoil in the regional bank sector, with the rapid rise in interest rates, tightening lending standards, and structural changes, such as sliding demand for office buildings. 

Some structural factors, such as remote work and hybrid work, have doomed the office space segment. This has left empty office buildings scattered across major US cities as the number of landlords falling behind on repayments due to the difficulty of refinancing and high vacancies has hit a five-year high. 

According to real estate data firm Trepp, more than 4% of office loans packed into commercial mortgage-backed securities were delinquent in the last 30 days as of May, the highest level since 2018. 

Dan McNamara, the founder of Polpo Capital Management, told Bloomberg about impending CRE turmoil: 

“This is just the tip of the iceberg for office delinquencies as $35 billion in CMBS office loans are scheduled to mature this year and the refinancing market is effectively shut to this asset class.” 

The rise in delinquencies comes as security card swipe data from Kastle shows many workers have yet to return to their desks in major US cities, resulting in high office space vacancies nationwide. 

After banking failures, we first warned premium subs about the “CRE Nuke Goes Off With Small Banks Accounting For 70% Of Commercial Real Estate Loans in mid-March. 

As Goldman pointed out to clients days ago, one major issue is a steep maturity wall of floating and fixed-rate CMBS loans due this year and next. The inability to refinance in these challenging market conditions will likely unleash a tidal wave of defaults in the second half of this year. 

Already, we have noted “CRE Giant Brookfield Defaults On $161 Million Debt For DC Office Buildings” and “San Fran’s CRE Apocalypse: The City’s Two Biggest Hotels Have Defaulted.” And also cited data from Moody’s Analytics that showed first-quarter CRE prices fell for the first time in over a decade

Goldman Sachs chief credit strategist Lotfi Karoui told clients last month, “the most accurate portrayal of current market conditions” is data via the Green Street Commercial Property Price Index, which suggests trouble ahead. 

Just how much danger? Karoui believes “Green Street indicates a 25% year-over-year drop in office property values and a 21% drop in apartment property values.” 

So the combination of high vacancies, sliding prices, and tightening lending standards is a perfect storm that could ignite an eruption of delinquencies in office loans in the coming quarters. 

Tyler Durden
Thu, 06/08/2023 – 22:30

Lira Plunges After Erdogan Appoints Co-CEO Of Failed First Republic Bank As New Central Bank Governor

Lira Plunges After Erdogan Appoints Co-CEO Of Failed First Republic Bank As New Central Bank Governor

Turkish President Erdogan, fresh from his re-election as president, has named Hafize Gaye Erkan as the new central bank head – and first ever female CBRT governor – replacing Sahap Kavcioglu in a move that some optimists claim may signal an attempt at returning to more conventional monetary policy (spoiler: it won’t). But even if it does mean the attempted end of Erdoganomics, the outcome will be another disaster for the Turkish economy for the simple reason that Erkan was formerly co-CEO of the failed First Republic Bank, and before that she of course worked at Goldman Sachs. Her current job will be to oversee the failure of Turkey, and take as much of the blame as possible even though the real culprit is someone else entirely.

Hafize Gaye Erkan 

The announcement, made through a decree in the Official Gazette, completes a makeover of Erdogan’s top economic team after Mehmet Simsek’s appointment as treasury and finance minister. In his time as governor, Kavcioglu never deviated from Erdogan’s belief that lowering interest rates can slow inflation.

And now that Turkey is out of reserves, even if Erdogan wants to put an end to the devastating MMT episode he put his country through, there simply is no more money.

While Bloomberg incorrectly claims that her appointment “was taken by markets as a sign of possible normalization in Turkey’s monetary policies after years of ultra-low borrowing costs” the reality is just the opposite and the lira quickly tumbled to a fresh record low in Asia on Friday after the news hit. The currency was indicated down almost 2%, which would mark a fresh record low.

While we expect Erkan to be fired within a month or two, if not weeks, her success will also depend on how much policy autonomy she will enjoy under Erdogan, according to Nick Stadtmiller, head of product at Medley Global Advisors.

“Erkan’s appointment hopefully marks an improvement over the policies of her predecessor,” he said. “The lingering question is whether Erdogan will allow the central bank to raise rates sufficiently to bring down inflation.”

And since Erdogan will never allow anyone else to have full autonomy over Turkey’s money printer, the answer of how much Erdogan will allow rates to rise is zero.

The Turkish central bank has been at the center of the growth-at-all-costs strategy that Erdogan has pursued since he turned his office into the nexus of all executive power in 2018. Erdogan argues lower interest rates slow inflation, a belief that contradicts conventional economic theories. There is no reason why Erdogan’s outlook on economics should change now that a return to normalcy would mean a devastating economic depression: at least as long as he pursues the status quo, Erdogan can pretend that it’s some evil outside force that is causing Turkey’s misery, much as he has been doing for the past decade.

And to show just how much Erdogan demands to be in charge of the central bank, before installing the outgoing central bank Kavcioglu as governor in March 2021, Erdogan ousted his three predecessors for tightening monetary policy too much as he wielded more power over the direction of interest rates.

Kavcioglu never deviated from Erdogan’s guidance on borrowing costs. Despite price growth reaching a peak of 86% last year, the central bank under his stewardship delivered zero rate hikes and instead slashed the benchmark to 8.5% from 19% at the start of his tenure. The result is hyperinflation, economic collapse and a currency that looks like this.

Finally, since merely switching around puppets will do nothing for the country which now needs to sell most of its gold to kick the can for at least a few months, we expect that today’s news will inevitably lead to an even faster collapse in the Turkish Bolivar. Indeed, at least check the USDTRY was trading at 23.56 for the dollar, a fresh record low.

Tyler Durden
Thu, 06/08/2023 – 21:25

Look Around And What Do You See? Social Defeat

Look Around And What Do You See? Social Defeat

Authored by Charles Hugh Smith via OfTwoMinds blog,

How often do you see acknowledgements that social defeat and social depression are rampant in America?

If you do a search for social defeat, you find hundreds of links to studies of rodents. Here, we demonstrate that social defeat stress (R-SDS) impairs goal-directed motivation in male mice. “Social defeat is initiated when a male rodent is introduced into the home cage of an older, aggressive, dominant male.” “The social defeat stress model.” And so on.

When applied to humans, the definitions are generalized in psychological terms: “The definition of Social Defeat is the loss of power, status, or self-esteem as a result of verbal or physical abuse by others.” “Social defeat (SD) is defined as a feeling of having lost the fight leading to a loss of valuable status or of important personal goals.” And so on.

In my analysis, social defeat is a complex response to systemic economic, social and political inequalities. In other words, social defeat is the only possible outcome of structurally generated extreme asymmetries of wealth, income and power. Downward mobility excels in creating and distributing social defeat.

Social defeat arises in strict social hierarchies in which the few dominate the many. Overcrowding exacerbates the many ills of social defeat within these social hierarchies based on dominance.

In my lexicon, social defeat manifests as a spectrum of anxiety, insecurity, chronic stress, powerlessness, and fear of declining social status. Countless studies have identified the destructive consequences of chronic social defeat: social avoidance, passivity, depression, hyper-aggression, increased food intake and body mass, drug addiction, and so on.

What do you see when you look around? I see all the manifestations of widespread chronic social defeat. When the system has been rigged to favor the dominant few at the expense of the many, the only possible outcome is systemic social defeat which manifests as all the ills listed above.

Downward mobility and social defeat lead to social depression. Here are the conditions that characterize social depression:

1. Unrealistically lofty expectations of endlessly rising prosperity have been instilled in generations of citizens as a birthright.

2. Part-time and unemployed people are marginalized, not just financially but socially.

3. Widening income/wealth disparity as those in the top 10% pull away from the shrinking middle class.

4. A systemic decline in social/economic mobility as it becomes increasingly difficult to obtain middle class security or hold onto it.

5. A widening disconnect between higher education and employment: a college/university degree no longer guarantees a stable, good-paying job. (This is what historian Peter Turchin calls overproduction of elites.)

6. A failure in the Status Quo institutions and mainstream media to recognize social depression as a reality.

7. A systemic failure of imagination within state and private-sector institutions on how to address social depression issues.

8. The abandonment of middle class aspirations by the generations ensnared by the social depression: young people no longer aspire to (because they cannot afford) families or homeownership.

9. A loss of hope in the young generations as a result of the above conditions.

The rising tide of collective anger arising from social depression is visible in many places: road rage, violent street clashes between groups seething for a fight, the destruction of friendships for holding the “incorrect” ideological views, and so on.

The unwelcome reality is that America chose economic and financial policies that transferred $50 trillion from labor to politically powerful capital. If this doesn’t seem possible, please read the RAND study in its entirety: Trends in Income From 1975 to 2018.

Next, read the summary from Time.com The Top 1% of Americans Have Taken $50 Trillion From the Bottom 90% — And That’s Made the U.S. Less Secure.

Here’s an excerpt:

There are some who blame the current plight of working Americans on structural changes in the underlying economy–on automation, and especially on globalization. According to this popular narrative, the lower wages of the past 40 years were the unfortunate but necessary price of keeping American businesses competitive in an increasingly cutthroat global market. But in fact, the $50 trillion transfer of wealth the RAND report documents has occurred entirely within the American economy, not between it and its trading partners. No, this upward redistribution of income, wealth, and power wasn’t inevitable; it was a choice–a direct result of the trickle-down policies we chose to implement since 1975.

We chose to cut taxes on billionaires and to deregulate the financial industry. We chose to allow CEOs to manipulate share prices through stock buybacks, and to lavishly reward themselves with the proceeds. We chose to permit giant corporations, through mergers and acquisitions, to accumulate the vast monopoly power necessary to dictate both prices charged and wages paid. We chose to erode the minimum wage and the overtime threshold and the bargaining power of labor. For four decades, we chose to elect political leaders who put the material interests of the rich and powerful above those of the American people.

Those who gained the pilfered wealth credit their “hard work.” That’s not the full story. Policies stripmined labor and the middle class and funneled the trillions to well-connected capital via tax loopholes, subsidies, favorable tax write-offs, family trusts and many other policy decisions that could only benefit the top 0.1%, who now own more of America’s wealth than the bottom 80%.

While the bottom 50% of America’s households lost ground as their share of the nation’s wealth shrank by a third to a meager 3%, the share of the top 1% soared by 40% to 32%.

How often do you see acknowledgements that social defeat and social depression are rampant in America, and that the causes are systemic, the result of policies chosen by the nation’s leadership elites? Shall we be brutally honest and admit the answer is never?

And what do you expect to be served at the banquet of consequences of this systemic generation of social defeat and social depression? Perhaps a pendulum swing to the opposite extreme?

New Podcast: Charles Hugh Smith on Getting Ready for a Real Recession (38 min) (38 min)

*  *  *

My new book is now available at a 10% discount ($8.95 ebook, $18 print): Self-Reliance in the 21st Century. Read the first chapter for free (PDF)

Become a $1/month patron of my work via patreon.com.

Subscribe to my Substack for free

Tyler Durden
Thu, 06/08/2023 – 21:05