Authored by Lloyd Billlingsley via AmGreatness.com,

Local police, not the FBI, are the true warriors against terrorism…

Ten years ago, at the April 15, 2013 running of the Boston Marathon, Tamerlan and Dzhokhar Tsarnaev planted pressure-cooker bombs that wounded more than 250 and killed Lingzi Lu, 23, Krystle Campbell, 29, and Martin Richard, only eight years old.

The 2016 film “Patriots Day” dramatizes the story but doesn’t start at the beginning. 

A year and a half before the bombing, the FBI ignored warnings from Russia about the Tsarnaevs’ terrorist connections. In the film, Kevin Bacon plays special agent Richard DesLauriers, in charge of the “counterterrorism investigation,” after the fact.  

Local police, not the FBI, go after the bombers and manage to take down Tamerlan. Dzhokhar hid in a boat and suffered several wounds, including one to the mouth that may have been self-inflicted. 

The brothers had murdered MIT police officer Sean Collier, as U.S. Attorney William Weinreb explained, “shooting him in the head at point-blank range twice in the side of the head and once right between the eyes.” 

That brought the death toll to four. As they buried their dead, Bostonians had cause to wonder why the FBI failed to learn from previous bombings. 

In 1993, the FBI failed to prevent Islamic terrorists from detonating approximately 1,200 pounds of explosives at the World Trade Center. The blast claimed the lives of John DiGiovanni, Robert Kirkpatrick, Stephen Knapp, William Macko, Wilfredo Mercado, and Monica Rodriguez Smith. The blast wounded more than 1,000, including 88 firefighters, 35 police officers, and a medical worker. 

Three years later, at the 1996 Olympics in Atlanta, the FBI failed to stop Eric Robert Rudolph from planting a bomb, packed with nails, that killed Alice Hawthorne of Albany, Georgia. Turkish cameraman Melih Unzonyol suffered a fatal heart attack and the bomb wounded more than 100 others. 

The FBI then tried to frame security guard Richard Jewell, subject of the eponymous Clint Eastwood film, who tried to evacuate the area before the blast. For his part, Rudolph had an example to follow. 

Back in 1978 Ted Kaczynski mailed a bomb that wounded Northwestern University professor Buckley Crist. Kaczynski’s bombs also wounded United Airlines president Percy Wood, Vanderbilt University secretary Janet Smith, UC Berkeley electrical engineering professor Diogenes Angelakos, engineering student John Hauser, University of Michigan professor James McConnell, his assistant Nicklaus Suino, and computer store owner Gary Wright. 

Kaczinski’s explosive devices maimed renowned computer scientist David Gelernter in 1993 and killed computer store owner Hugh Scrutton, advertising executive Thomas Mosser and lobbyist Gilbert Murray, in 1994. The so-called Unabomber had been active for 17 years, during the administrations of Jimmy Carter, Ronald Reagan, George H. W. Bush, and Bill Clinton—all without detection by the FBI. 

Only with the aid of Kaczynski’s brother, who identified the bomber through his public manifesto, was the FBI able to track down Ted. He pleaded guilty in 1998 and was sentenced to life without parole. 

Three years later, the FBI failed to prevent the attack of September 11, 2001, with 3,000 casualties, billions in damages, and suffering that endures to this day. It remains unclear whether any FBI bosses were disciplined, demoted, or discharged over that deadly failure. It was hardly the bureau’s only lapse. 

The FBI had been tracking Army psychiatrist Maj. Nidal Hasan, a self-described “soldier of Allah” who was communicating with al Qaeda terrorist Anwar al Awlaki about killing Americans. Someone in the FBI’s Washington office dropped the surveillance. 

On November 5, 2009 at Fort Hood, Hasan murdered 13 unarmed American soldiers, including Pvt. Francheska Velez. She was pregnant and pleaded “My baby! My baby,” before Hasan shot her through the chest, bringing the death toll to 14 with the death of her unborn child. 

Hasan was only stopped when civilian police officers Kim Munley and Mark Todd returned fire and wounded the mass murderer. Munley was wounded in both legs and a wrist but “she stayed upright and kept firing at the charging gunman.” Had Munley not done so, Hasan would have claimed many more lives. 

The FBI played no role in the takedown.

There is still no word if any FBI bosses were ever disciplined, demoted, or dismissed for the lapses that enabled this massacre, the worst ever on a U.S. military base. The broader public also stood at risk. 

On December 2, 2015, in San Bernardino, California, Syed Farook and Tashfeen Malik murdered 14 people at a holiday office party. The FBI did nothing to prevent the attack and played no role in the takedown. The fleeing terrorists fired at least 81 rounds at police officers, who shot the terrorists dead with no loss of civilian life. 

In 2013, the FBI twice interviewed Omar Mateen about his connections to the Islamic State, and questioned him again the following year. Knowing his terrorist connections, the FBI did nothing to prevent Omar Mateen from murdering 49 people at the Pulse nightclub in Orlando, Florida, on June 12, 2016. Orlando police, not the FBI, took down the mass murderer. 

The composite character president David Garrow described in Rising Star: The Making of Barack Obama, downplayed Islamic terrorism and cast his domestic opposition as the true threat. That is also true of Joe Biden, as the Delaware Democrat made perfectly clear in an angry speech last September 1. 

For the FBI, just about everybody less-than-worshipful of Joe Biden is a domestic terrorist or violent extremist. The bureau has even deployed informers in Catholic churches. FBI boss Christopher Wray is “aghast” and wants to “figure out how we can make sure something like this doesn’t happen again.” 

If Catholics, Baptists, or Presbyterians thought that meant the FBI would do it more it would be hard to blame them. The FBI has never been held to account and, indeed, is about to be rewarded with a new headquarters bigger than the Pentagon. 

With actual terrorism, the FBI prefers to look the other way and leave the front-line combat to the police, as in Boston in 2013. Ten years later in 2023, actual domestic terrorists are again on the march. 

Audrey Hale, a woman who thought she was a man, planned an attack on the Covenant School for months, without detection by the FBI. Hale murdered Evelyn Dieckhaus, 9, Mike Hill, 61, William Kinney, 9, Katherine Koonce, 60, Cynthia Peak, 61, and nine-year-old Hallie Scruggs, daughter of Chad Scruggs, senior pastor at the Covenant Presbyterian Church. 

Nashville police officers Michael Collazo and Rex Engelbert took down Hale before she could take more innocent lives. The FBI is now controlling Hale’s manifesto, which at this writing is still unreleased. 

As with his statement after Fort Hood, Joe Biden failed to name or condemn the shooter, and failed to name a single victim. Under the Delaware Democrat, every year is the year of living dangerously. 

*  *  *

Go Emma, run great tomorrow, we’re all very proud of you…

In 2022, the global bond market totaled $133 trillion.

As one of the world’s largest capital markets, debt securities have grown sevenfold over the last 40 years. As Visual Capitalists Dorothy Neufeld details below, government and corporate debt sales across major economies and emerging markets have fueled this dramatic growth. Over the last three years, China’s bond market has grown 13% annually.

Based on estimates from the Bank for International Statements, this graphic shows the largest bond markets in the world.

Total debt numbers here include both domestic and international debt securities in each particular country or region. BIS notes that international debt securities are issued outside the local market of the country where the borrower resides and cover eurobonds as well as foreign bonds, but exclude negotiable loans.

Ranked: The World’s Top Bond Markets

Valued at over $51 trillion, the U.S. has the largest bond market globally.

Government bonds made up the majority of its debt market, with over $26 trillion in securities outstanding. In 2022, the Federal government paid $534 billion in interest on this debt.

China is second, at 16% of the global total. Local commercial banks hold the greatest share of its outstanding bonds, while foreign ownership remains fairly low. Foreign interest in China’s bonds slowed in 2022 amid geopolitical tensions in Ukraine and lower yields.

*Represent countries where total debt securities were not reported by national authorities. These figures are the sum of domestic debt securities reported by national authorities and/or international debt securities compiled by BIS.

Data as of Q3 2022.

As the above table shows, Japan has the third biggest debt market. Japan’s central bank owns a massive share of its government bonds. Central bank ownership hit a record 50% as it tweaked its yield curve control policy that was introduced in 2016. The policy was designed to help boost inflation and prevent interest rates from falling. As inflation began to rise in 2022 and bond investors began selling, it had to increase its yield to spur demand and liquidity. The adjustment sent shockwaves through financial markets.

In Europe, France is home to the largest bond market at $4.4 trillion in total debt, surpassing the United Kingdom by roughly $150 billion.

Banks: A Major Buyer in Bond Markets

Like central banks around the world, commercial banks are key players in bond markets.

In fact, commercial banks are among the top three buyers of U.S. government debt. This is because commercial banks will reinvest client deposits into interest-bearing securities. These often include U.S. Treasuries, which are highly liquid and one of the safest assets globally.

As we can see in the chart below, the banking sector often surpasses an economy’s total GDP.

As interest rates have risen sharply since 2022, the price of bonds has been pushed down, given their inverse relationship. This has raised questions about what type of bonds banks hold.

In the U.S., commercial banks hold $4.2 trillion in Treasury bonds and other government securities. For large U.S. banks, these holdings account for almost 24% of assets on average. They make up an average 15% of assets for small banks in 2023. Since mid-2022, small banks have reduced their bond holdings due to interest rate increases.

As higher rates reverberate across the banking system and wider economy, it may expose further strains on global bond markets which have expanded rapidly in an era of dovish monetary policy and ultra-low interest rates.

Authored by Jonathan Turley,

Last year, we discussed the declaration of WHO Director-General Tedros Adhanom Ghebreyesus that censorship was needed to combat what he called the “infodemic.” It was a jarring position given the censorship of experts and scientists who have now been vindicated in raising questions over mask protection to natural immunities to school closings to the origins of Covid 19. Nevertheless, U.S. Food and Drug Administration Commissioner Robert Califf added his own voice to call for censorship. Califf declared that life expectancy rates are being suppressed due to “misinformation.” His call for action against ill-defined “disinformation” or “misinformation” is being echoed throughout the Biden Administration.

In a CNBC interview,  Califf lashed out at “health misinformation” which he said was one of his top priorities to address through “specific authorities at FDA, FTC and other areas.”

Califf noted:

“You think about the impact of a single person reaching a billion people on the internet all over the world, we just weren’t prepared for that. We don’t have societal rules that are adjudicating it quite right, and I think it’s impacting our health in very detrimental ways.”

He does not elaborate on what would be those “societal rules” for “adjudication” of access to information. However, it holds a familiar ring for free speech advocates.

In recent months, the Twitter Files revealed an extensive and secret effort by the FBI and other agencies to censor citizens on social media. I testified on that effort. New emails uncovered in the ongoing Missouri v. Biden litigation reportedly show that the Biden Administration’s censorship efforts extended to Facebook to censor private communications on its WhatsApp messaging service.

We also know of backchannel communications with the CDC and other agencies.

As officials like Califf call for continued crackdowns, there is no recognition of how the government worked to silence opposing views that have been vindicated in recent months.

For years, scientists faced censorship for even raising the lab theory as a possible explanation for the virus. Their reputations and careers were shredded by a media flash mob. The Washington Post declared this a “debunked” coronavirus “conspiracy theory.” The New York Times’ Science and Health reporter Apoorva Mandavilli was calling any mention of the lab theory “racist.”

When a Chinese researcher told Fox News that this was man-made, the network was attacked and the left-leaning PolitiFact slammed her a “pants on fire rating.”

The mask mandate and other pandemic measures like the closing of schools are now cited as fueling emotional and developmental problems in children. The closing of schools and businesses was challenged by some critics as unnecessary. Many of those critics were also censored. It now appears that they may have been right. Many countries did not close schools and did not experience increases in Covid. However, we are now facing alarming drops in testing scores and alarming rises in medical illness among the young.

The point is only that there were countervailing indicators on mask efficacy and a basis to question the mandates. Yet, there was no real debate because of the censorship supported by many Democratic leaders in social media. To question such mandates was declared a public health threat and what the WHO called our “infodemic.”

A lawsuit was filed by Missouri and Louisiana and joined by leading experts, including Drs. Jayanta Bhattacharya (Stanford University) and Martin Kulldorff (Harvard University). Bhattacharya previously objected to the suspension of Dr. Clare Craig after she raised concerns about Pfizer trial documents. Those doctors were the co-authors of the Great Barrington Declaration, which advocated for a more focused Covid response that targeted the most vulnerable population rather than widespread lockdowns and mandates. Many are now questioning the efficacy and cost of the massive lockdown as well as the real value of masks or the rejection of natural immunities as an alternative to vaccination.  Yet, these experts and others were attacked for such views just a year ago. Some found themselves censored on social media for challenging claims of Dr. Fauci and others.

The media has quietly acknowledged the science questioning mask efficacy and school closures without addressing its own role in attacking those who raised these objections.

What is most striking about Califf’s comments is the failure to address how censorship in the last three years may have increased public health risks by suppressing opposing or dissenting scientific views. Indeed, just this week, a new British study came out directly refuting CDC guidance on masks and suggesting that, while not appreciably reducing the risk of serious Covid symptoms, masks may have caused health problems. Other studies have rejected the mask efficacy argument though this remains a matter of intense debate.

The point is that there is now a debate after social media companies allowed people to discuss these views and the media is no longer labelling dissenters as conspiracists or racists.

Before we continue to make these government efforts a top priority, we should have a public debate over the means used to combat misinformation and what constitutes misinformation. That should start with a full investigation of past government efforts to censor or blacklist individuals or groups.

The Federal Aviation Administration granted SpaceX final regulatory approval to launch the world’s biggest rocket on Monday morning. 

“After a comprehensive license evaluation process, the FAA determined SpaceX met all safety, environmental, policy, payload, airspace integration, and financial responsibility requirements,” the FAA said in a statement, adding, “The license is valid for five years.” 

Elon Musk’s SpaceX said the Starship spacecraft and Super Heavy booster are ready for launch at its facility in Boca Chica, Texas, beginning at 0700 CT for a 150-minute window.

SpaceX explained this Starship launch is the first “integrated flight test.” This means it’s the first time the Super Heavy rocket and Starship will have taken off together. 

If the launch is successful, the Super Heavy booster will attempt landing at SpaceX’s base, while Starship will attempt a splashdown in the Pacific Ocean near the Hawaiian island of Kauai.

SpaceX developed Starship to haul people and cargo to the moon, Mars, and deep space.

Over the weekend, Musk retweeted images of the Starship rocket on the launch pad. 

The billionaire recently said the Starship test has a 50% chance of succeeding on its first orbital flight. 

By Eric Peters, CIO of One River Asset Management

“Rather than embracing the promise of new technology as we have done in the past, here we propose to embrace stagnation, force centralization, urge expatriation, and welcome extinction of new technology,” said SEC Commissioner Hester Pierce, a registered Republican, first nominated to the SEC by Obama in 2015, appointed by Trump in 2017, and will serve through 2025.

“Accordingly, I dissent,” she said, directly to Chairman Gensler and the three additional Commissioners who collectively lead the SEC.

“No longer does this Commission consider the real-world effects of its exercise of authority. No longer does this Commission think creatively about regulatory alternatives that advance the Commission’s mission while preserving space for potentially disruptive innovation. No longer does this Commission worry that regulatory bullheadedness often produces absurd consequences,” said Hester, a courageous public servant in a world short of inspired leaders, determined to call things as she sees them.

“Rather, today’s Commission aggressively expands its regulatory reach to solve problems that do not exist. Today’s Commission treats its basic approach to exchange regulation as something that must not – indeed cannot – be altered to allow room for new technologies or for new ways of doing business,” she said.

“The release sends a message that we are uninterested in facilitating innovation and competition in the financial markets and instead seek to protect incumbents. Accordingly, although I am generally supportive of reopening comment periods where it is clear that the Commission will benefit from further good faith engagement with the public, I cannot support what the Commission is doing in this release,” said Hester.

Nowhere else in the world was such open dissent amongst appointed leaders on display. And it doesn’t matter whether you agree or not with Pierce’s position on the matter of distributed ledger technological innovation, it is the spirit and substance of her public stand that reminds us of what makes America great.

For the complete SEC Commissioner Hester Pierce speech [click here].

CVS has issued ‘gender transition guidelines’ which put employees on notice that people must be addressed by their preferred pronouns and names, and that they may use whichever restroom or locker room they wish, whether or not they identify as transgender, Fox Business reports.

According to the guidelines, employees are notified that they may be entitled to medial leave “under the Family and Medical Leave Act, state law, and/or CVS Health policy,” while transitioning employees are encouraged to tell their immediate supervisor about their decision so that the company “can provide support and to make your transition as smooth as possible.”

“You may also wish to have appropriate medical care to support your transition, including treatments such as hormone replacement therapy and/or gender confirmation surgery,” the guide continues.

“During and after the transition has occurred, CVS Health encourages you to continue to partner with your Leader and your Advice & Counsel representative, and to immediately report any issues that you might have with your employment, your work environment, and/or your Leader, co-workers, clients, and customers.”

In a section titled, “Guidelines for Supporting a Colleague who is Transitioning,” the guide encourages employees to be an ally by asking colleagues to let them know if they say or do anything that makes them uncomfortable. It also urges employees to not make assumptions about a person’s gender.

It says employees should become an ally to make a positive impact on a co-worker’s life, become an inclusive leader, champion and celebrate all aspects of diversity and to show compliance with the CVS Health Equal Employment, Affirmative Action, AntiDiscrimination, Anti-Harassment, and Anti-Retaliation Policy. -Fox Business

According to the company’s Affirmative Action, AntiDiscrimination, Anti-Harassment, and Anti-Retaliation Policy, the company is “committed to the principle of equal employment opportunity and takes affirmative action to recruit, hire, employ, develop, compensate, promote and advance in employment based on an individual’s job-related qualifications, abilities, and job performance,” and prohibits discrimination and harassment.

Transgender CVS employees are encouraged to include their preferred pronouns in email signatures, and let people know during meeting introductions. After this is done, co-workers are instructed not to refer to the individual by other pronouns or their previous name.

“People use different terms to refer to themselves, but some terms are universally considered disrespectful and violate CVS’s policy against discrimination and harassment,” states the guide. “Terms like transgender, trans-male/trans-female, non-binary or ‘male’ or ‘female’ should be used.”

What’s more, according to company policy, all workers “should determine the most appropriate” bathroom and locker room based on their gender identity.

“Any colleague, customer, or patient—transgender or otherwise–may choose to use the restroom and/or locker room that is appropriate to the gender they identify with,” according to the guide, which adds that transgender employees have “Any colleague, customer, or patient—transgender or otherwise–may choose to use the restroom and/or locker room that is appropriate to the gender they identify with.”

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Two appeals court judges recently weighed in on reporting around Supreme Court Justice Clarence Thomas and that he and his wife were gifted with trips and vacations from a billionaire friend for decades.

Judge Thomas Hardiman of the United States Court of Appeals for the Third Circuit dismissed the notion of a “scandal” surrounding Supreme Court Justice Clarence Thomas. Last week, left-wing outlet ProPublica published an article in which “experts,” some unnamed, argue Justice Thomas violated disclosure obligations by neglecting to report luxury gifts he received from billionaire friend Harlan Crow.

“The thing that I thought was weird about the Justice Thomas thing is the ‘scandal,’ to use your word, there was no intimation at any time, ever, that his billionaire friend ever had any business before the Supreme Court. So, how’s he helping his friend? He’s not even in a position to help his friend because his friend had exactly zero cases in the Supreme Court,” Judge Hardiman said in response to a question asked by an undergraduate during this week’s event, according to the National Review.

He was making reference to a ProPublica article published earlier this month that cited several unnamed experts who claimed that Thomas violated disclosure obligations by not reporting luxury gifts he received from billionaire Harlan Crow, a friend of his. The move prompted some Democratic lawmakers—namely Rep. Alexandria Ocasio-Cortez—to propose impeaching Thomas.

“You know, I decide cases involving lawyers in Pittsburgh. And I know these lawyers, some of them are former law partners of mine. I belong to organizations with them, I go to lunch with them. Should I not hear their cases? If you have such suspicion about our integrity, you could really end up in a situation where judges can’t even do their jobs because at some point you’re attached to everybody,” Hardiman continued.

“If someone wanted to make me look bad and I happened to rule in favor of a client in an immigration case that was argued by my former law clerk, oh, there would be a big exposé, ‘oh, Hardiman chose partiality to his law clerk,’” Hardiman then said.

The judge then gave an example:  “I’ve had my former law clerks stand up in court and argue cases. And I don’t think they’ve ever won a case. And it’s not because they’re not brilliant lawyers. They are. But usually they’re doing pro bono immigration cases, and sadly, for the immigrants, those cases can be very difficult to win.”

Judge James Ho of the U.S. Court of Appeals for the Fifth Circuit said that there is a difference between “an actual instance of corruption” and “the mere perception” during remarks he made during the event. “I think the appearance issue is absolutely important” as “the judiciary basically rests on its credibility,” he said, according to the National Review.

“The judiciary, like any human institution, isn’t perfect, because none of us are perfect,” Ho added.

Earlier in the month, a report published by nonprofit news organization ProPublica, which receives some funding from billionaire financier George Soros, said that Thomas had accepted luxury trips almost every year over the past 20 years or so without disclosing them.

Read more here…

A trend of lawlessness has unfolded in cities run by progressive leaders this spring. The latest incident occurred on Saturday night in Downtown Chicago, where hundreds of teenagers wreaked havoc by smashing car windows and destroying public and private property. They also attempted to enter Millennium Park, which prompted a significant police response. There was even a shooting that resulted in multiple injuries. 

FOX 32 Chicago reported massive crowds of teenagers that unleashed chaos in the downtown district last night. Besides the rogue kids smashing and breaking anything in their sight, there were reports of shots fired and two teenagers wounded by gunfire near the corner of Madison and Michigan. 

Even FOX 32 said the chaos last night was “unsafe to keep our news crew on the scene.” There was even footage of kids jumping on top of a bus.  

Watch the dramatic video of Chicago’s youth ‘gone wild.’ 

🚨#BREAKING: Chaotic Scene Unfolds in Downtown Chicago as Teenagers Vandalize Cars and Gunfire Erupts

📌#Chicago | #Illinois ⁰
There is currently a significant police response taking place in downtown Chicago due to a large group of teenagers causing chaos. They have been… pic.twitter.com/n7xhBpsTKs

— R A W S A L E R T S (@rawsalerts) April 16, 2023

Cell phone video shows group jumping on vehicle along Michigan Avenue https://t.co/vyGYiYnHpp pic.twitter.com/gm00vZdwrO

— ABC 7 Chicago (@ABC7Chicago) April 16, 2023

Equity… Chicago pic.twitter.com/ucCdPw5DqW

— @amuse (@amuse) April 16, 2023

“This is the second time this weekend that a group of rowdy teenagers has prompted a police response,” the local media outlet pointed out. 

The culture of lawlessness continues, and it’s not even summer. The video is proof of the rapid moral decay of the younger generation that has been educated in failed liberal institutions. 

Meanwhile, Chicago’s new mayor, Brandon Johnson, is another soft-on-crime progressive who comes after Lori Lightfoot was ejected from office for failing to make the city safer. 

Chicago is not the only city dealing with out-of-control youth. Another failed liberal city, Baltimore, experienced similar chaos just one week ago. 

Just a late night run at the great Baltimore City’s #InnerHarbor #SpringBreak vibes #SpringBreak2023 #Baltimore #Maryland #น้องวินอยากเป็นพี่วิน #TAEHYUNGxCELINE #SuccessionHBO #Succession #ChaguoSmartNaAirtel #Maryland #Taiwan #TikTok #SummerMMFF2023 #INVASION #Russia… pic.twitter.com/X36btbT65g

— Daniel Barahona (@GlobalSETT) April 10, 2023

What’s the pattern here? Progressives are transforming their cities into lawless hellholes. 

And the response?.. People are leaving these dumps for safer areas. Even Walmart closed half of its stores in Chicago last week because of the deteriorating environment. 

By Eric Peters, CIO of One River Asset Management

Answers

“What happens when governments stifle innovation?” I asked.

GPT4 answered: “When governments stifle innovation, it can lead to reduced economic growth, decreased competitiveness, and a slower pace of technological advancement. Businesses may face regulatory barriers, restricted access to resources, and limited incentives for research and development. As a result, talented individuals might seek opportunities in more innovation-friendly environments, causing a brain drain and hindering the nation’s progress.”

“Why would governments ever stifle innovation?”

GPT4 answered: “Governments may inadvertently stifle innovation due to bureaucracy, excessive regulation, or protectionist policies aimed at preserving domestic industries. They might also prioritize short-term political gains over long-term economic benefits, leading to misguided policies. Additionally, some governments may lack the foresight to recognize the potential of new technologies or may act in response to pressure from special interest groups resistant to change.”

“When governments stifle innovation, what is the best way to correct such mistakes?”

GPT4 answered: “It is crucial to identify and eliminate barriers to innovation, such as excessive regulations and bureaucracy. Governments should establish policies that incentivize research and development, invest in education, and promote collaboration between the public and private sectors. Encouraging open dialogue, fostering competition, and ensuring transparent and evidence-based decision-making can help create a more innovation-friendly environment.”

“Why do governments avoid near-term pain, even if that amplifies longer-term costs?”

GPT4 answered: “Governments often prioritize near-term pain avoidance due to electoral cycles, political pressures, and the need for public support. Short-term benefits may secure votes or address immediate crises, even at the expense of long-term consequences. The complexity and uncertainty of long-term issues are challenging for policymakers. This short-termism can hinder the development of policies that serve society’s broader interests in the long run.”

“Why do individuals do the same?”

GPT4 answered: “Humans tend to avoid near-term pain due to cognitive biases and psychological factors. Present bias, for instance, makes immediate rewards and consequences appear more significant than future ones. Additionally, humans have difficulty accurately predicting long-term outcomes, leading to a focus on short-term gratification. Uncertainty, fear of failure, and aversion to change also contribute to this preference for avoiding short-term discomfort, even if it compromises long-term success.”

Anecdote

“Why are we so often our own worst enemies?” I asked myself. I didn’t bother asking GPT4, it couldn’t possibly give me the real answer. We feed these large language models everything we’ve ever learned, which is why they tell us what we already know. And this question remains as deep a mystery as any in the universe.

I first started to appreciate it as a young trader. The profession requires one to make frequent decisions, many of which are wrong. Both winning and losing trades can be cut short or left to run. And the profit/loss score card cannot be denied. In such a pursuit, each decision should be made coldly, rationally, with the sole objective to maximize profit while minimizing loss.

Yet there are times when traders act otherwise. We trade out of fear, greed, arrogance, stubbornness, narcissism, boredom, addiction. We add to losing longs in the irrational belief that by buying more, we may reverse a declining market. Or vice versa. We swear that if the market lets us get away with it one last time, we’ll never do it again. Sometimes a Hail Mary trade may work, even spectacularly.

And so reckless behavior is occasionally rewarded. But of course, in time, the market hunts down those unable to control their self-destructive impulses and ruins them. The ones who survive this battle with themselves learn to make decisions that are hard, humbling, and exploit the behavioral weaknesses and lack of discipline in others. Naturally, such elemental flaws manifest in every aspect of who we are; personally, professionally, politically. They are the source of the world’s infinite complexity, our pain, political dysfunction too.

It is why we must celebrate those rare dissenters with the courage to take a stand, forcing us to face our reflection when we succumb to our inner enemies. But these mysterious flaws are also the source of our sublime beauty. If we optimized for cold rationality, we would be utterly boring algorithms. Perhaps like the AIs we are creating. Which I suspect will never fully appreciate us.     

A dangerous live-fire incident has been reported in a disputed sea border patrolled by both North and South Korea on Saturday. 

Reportedly a North Korean vessel had been pursuing a Chinese fishing boat, according to the military statement, and subsequently retreated after warning shots were fired from a South Korean military patrol boat.

“Our military maintains decisive battle posture while monitoring the enemy’s movements in preparation for potential provocations regarding NLL (Northern Limit Line) violations by North Korean patrol boats,” the South Korean Joint Chiefs of Staff said in a Sunday Statement, confirming the prior day’s incident.

Tensions are already soaring after a series of joint US-South Korea military drills which have been answered with the north conducting a series of major weapons tests, including of ballistic missiles and what’s been described as an underwater nuclear drone.

Saturday’s incident on the seas may have involved a collision, as The Hill describes:

The disputed sea border between the two countries, the Northern Limit Line, has served as a theater for provocation and naval showdowns in the past. South Korean officials said one of its ships came into “minor” contact with a Chinese vessel due to poor visibility, but said there were only slight injuries reported.

As for Pyongyang’s spate of recent missile tests, Time has analyzed missile launch data by North Korea and compared it to last year’s:

Last year was already record-breaking: data from the James Martin Center for Nonproliferation Studies, which has been documenting North Korean missile launches since 1984, showed 68 tests in 2022—10 times more than in 2021. And there are no signs that the country plans to let up.

Already the country is on track to surpass this: 

On Thursday morning local time, prompting a temporary evacuate-or-seek-shelter warning in Japan, North Korea reportedly fired a ballistic missile toward the East Sea—Pyongyang’s 12th test of the year so far, according to a review by TIME of reports by North Korea’s state news agency, South Korea’s military, and international media.

Regional US ally Japan in particular has been fearful of the increasing tests ordered by the Kim Jong-Un regime. Upon a last Thursday launch, Japan issued an evacuation order for a northern island but soon retracted it when the missile’s flight path was believed no longer a threat.