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House Committee Chair Calls For Probe Into ‘$60 Billion’ In Fake COVID-19 Unemployment Claims

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House Committee Chair Calls For Probe Into ‘$60 Billion’ In Fake COVID-19 Unemployment Claims

Authored by Katabella Roberts via The Epoch Times (emphasis ours),

House Ways and Means Committee Chairman Jason Smith (R-Mo.) is calling for an investigation into the “historic theft of taxpayer dollars from COVID-era unemployment programs” after a report by the Government Accountability Office (GAO) found that as much as $60 billion may have been spent on fraudulent claims for unemployment insurance during the pandemic.

People line up outside Kentucky Career Center prior to its opening to find assistance with their unemployment claims in Frankfort, Kentucky, on June 18, 2020. (Bryan Woolston/Reuters)

The report, released on Jan. 23, said that the Department of Labor (DOL) stated that about $878 billion in total unemployment benefits were paid from April 2020 through September 2022.

GAO said that at least $4.3 billion in unemployment insurance (UI) fraud has been formally confirmed by state workforce agencies, while at least $45 billion in payments have been flagged for potential fraud by the DOL’s Office of Inspector General.

The federal government started an unemployment aid program in March 2020. GAO added that it’s difficult to know for sure the extent of fraud in unemployment insurance programs across the system during the pandemic.

For example, it noted that the Labor Department, based on states’ reviews of samples of claims, estimates that as much as $8.5 billion was spent on fraudulent UI claims in 2021.

According to GAO, if that level were to be extrapolated to total spending across all UI programs during the wider pandemic period, it would suggest more than $60 billion in fraudulent payments were made.

People who lost their jobs wait in line to file for unemployment at an Arkansas Workforce Center in Fayetteville, Ark., on April 6, 2020. (Nick Oxford/Reuters)

‘Hard-Earned Tax Dollars Lost to Criminal Activity, Fraud’

The report notes, however, that the figure is an estimate, subject to limitations regarding its validity and accuracy, and should be “interpreted with caution” while the actual amount is unclear.

In a statement on Monday, Smith said that the GAO report “only scratches the surface of what is publicly known about the unprecedented scope, size, and severity of the fraud.”

This report proves what Republicans have already been saying. American families, whose wages have eroded under President [Joe] Biden’s inflation crisis, have watched as hundreds of billions of their hard-earned tax dollars were lost to criminal activity and fraud because Democrats refused to acknowledge the problem and repeatedly rejected Republican efforts to put basic safeguards in place to protect against this activity,” Smith said.

“Congressional Democrats walked away from their oversight responsibilities of getting to the bottom of how this happened, what they could do to prevent it, and even how much has fully been lost, leaving criminals to profit off the backs of taxpayers. Republicans are committed to investigating fraud and conducting rigorous oversight on behalf of working families,” he added.

The Missouri lawmaker also pointed to testimony (pdf) by DOL Inspector General Larry D. Turner in March last year stating that at least $163 billion in pandemic UI benefits could have been “paid improperly, with a significant portion attributable to fraud.”

According to The Washington Post, the government has so far recovered just over $4 billion of that, which amounts to just 2.4 percent of the wrongful payments.

In this photo illustration, a person files an application for unemployment benefits in Arlington, Va., on April 16, 2020. (Olivier Douliery/AFP via Getty Images)

Actual Unemployment Fraud Figure Could Be Much Higher

Smith also pointed to estimates by experts including Blake Hall, CEO of ID.me, who told Axios in 2021 that as much as $400 billion went on fraudulent unemployment claims. Half of all unemployment spending may have been stolen, Hall told the publication.

A statement issued in September 2022 by the DOL inspector general said that more than 190,000 investigations relating to UI fraud have been opened since the start of the pandemic, but so far just over 1,000 individuals have been charged.

While GAO noted in its report that the DOL has taken steps to address fraudulent jobless benefits, such as issuing guidance, providing funding to states, and deploying teams to recommend improvements to state unemployment insurance programs, the watchdog noted that as of December 2022, the department has “not yet developed an antifraud strategy based on leading practices in GAO’s Fraud Risk Framework.”

Read more here…

Tyler Durden
Wed, 01/25/2023 – 17:40

Facebook Reinstates Trump After Two Years With “New Guardrails In Place”

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Facebook Reinstates Trump After Two Years With “New Guardrails In Place”

A little more than a week after the Trump campaign urged Facebook parent Meta to lift the ban on the former president, the social media giant has agreed to reinstate him on both Facebook and Instagram after a two-year ban, according to Nick Clegg, Meta’s president of global affairs.

“We’ve always believed that Americans should be able to hear from the people who want to lead the country,” Clegg said.

“We don’t want to stand in the way of that.”

As Meta wrote in a lengthy blog post:

Social media is rooted in the belief that open debate and the free flow of ideas are important values, especially at a time when they are under threat in many places around the world. As a general rule, we don’t want to get in the way of open, public and democratic debate on Meta’s platforms — especially in the context of elections in democratic societies like the United States.

The public should be able to hear what their politicians are saying — the good, the bad and the ugly — so that they can make informed choices at the ballot box. But that does not mean there are no limits to what people can say on our platform. When there is a clear risk of real world harm — a deliberately high bar for Meta to intervene in public discourse — we act.

We know that any decision we make on this issue will be fiercely criticized. Reasonable people will disagree over whether it is the right decision. But a decision had to be made, so we have tried to make it as best we can in a way that is consistent with our values and the process we established in response to the Oversight Board’s guidance.”

Interestingly, Meta’s Oversight Board wrote its own blog post distancing itself from the decision: 

Today’s decision by Meta is a pivotal moment in the debate over the best way to handle harmful content posted by politicians on social media.

Today’s decision to reinstate Mr. Trump on Meta’s platforms sat with Meta alone — the Board did not have a role in the decision.

As Nick Clegg noted, “I am the the ultimate decision maker on these kinds of issues in the company.”

Cue the outrage mob explaining how this will end democracy as we know it…

Despite all the fearmongering, Jameel Jaffer, executive director at the Knight First Amendment Institute at Columbia University, says “this is the right call”…

“…not because the former president has any right to be on the platform but because the public has an interest in hearing directly from candidates for political office. There are narrow circumstances in which social media platforms really have no choice but to take down political leaders’ posts – which is why we endorsed Meta’s decision to suspend Trump’s account when he used it to encourage violence. In most circumstances, though, it’s better if the major social media platforms err on the side of leaving speech up, even if the speech is offensive or false, so that it can be addressed by other users and other institutions.”

Additionally, Katie Fallow, senior counsel at the Knight First Amendment Institute at Columbia University, points out that “big tech platforms already exercise a huge amount of power over public discourse online. In general, we don’t want them also deciding which political leaders we hear from and which ones we don’t.”

Former President Trump has responded in his usual under-stated manner:

Trump was banned from the platform shortly after the Jan. 6 Capitol riot.

The reinstatement of Trump’s accounts will allow him to run ads via his Facebook and Instagram pages, which have 34 million and 23 million followers, respectively.

  • Trump relied heavily on Facebook ads in previous election cycles for fundraising and list-building.

  • Under Elon Musk, Twitter has also reinstated Trump’s account, but he has not posted yet, continuing to rely on his account at Truth Social instead. -Axios

That said, Clegg warned that “We just do not want — if he is to return to our services — for him to do what he did on January 6, which is to use our services to delegitimize the 2024 election, much as he sought to discredit the 2020 election.”

Trump’s accounts will not be reinstated immediately, as Meta engineers will need time to build in nanny capabilities to restrict certain posts or ad capabilities in the future, if needed.

The former president will be subject to new policies governing accounts by public figures during periods of civil unrest – under which Meta can restrict the account for between one month and two years.

  • More serious violations will merit either a six or 12-month restriction from creating content or a full account restriction for two years, if severe.

  • Trump will also be subject to a crisis policy protocol, introduced by Meta in August, that will consider both on and off-platform risks of imminent harm to evaluating whether the actions or speech of any public figures requires sanctioning.

  • If he now posts further violating content, that content will be removed, of course, and he could be suspended for between one month and two years, depending on the severity of the violation,” Clegg said. -Axios

Interestingly, Trump has an exclusivity deal with his social media company, Truth Social – which requires him to “first channel any and all social media communications” to Truth for at least six hours before cross-posting the content to other platforms, according to SEC filings. That agreement expires in June, according to Rolling Stone, which notes that it would be right around when Republican primary season begins to heat up.

Tyler Durden
Wed, 01/25/2023 – 17:21

2023: Fourth Turning Meets Mass Formation Psychosis, Part 2

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2023: Fourth Turning Meets Mass Formation Psychosis, Part 2

Authored by Jim Quinn via The Burning Platform blog,

In Part 1 of this article, I laid out the mass formation psychosis theory postulated by Mattias Desmet in his book The Psychology of Totalitarianism and how totalitarian minded politicians and bureaucrats manipulated the masses by creating the covid crisis. Now I will focus on how this will impact the Fourth Turning we are currently trying to survive.

Decades of social indoctrination and degraded ability to think critically has left most people hopelessly unable to resist the vitriolic opinions of those under the spell of coronavirus mass formation. Even though they didn’t necessarily believe the covid narrative, especially when it became clear only the very old (especially when tyrant governors inserted infected patients into nursing homes) and the very obese actually died with covid, these people still went along. Even the CDC admitted only 6% of deaths were attributable to covid alone.

Based upon research like the Milgram Experiment, we know average people will obey authority without question, even when they know their actions are causing pain. The conformity research done by Solomon Asch explains why a huge percentage of the global population just conformed to what appeared to be a majority opinion. Asch’s experiment had 8 test subjects, but 7 of them worked for Asch. They asked them which line was the same length as Exhibit 1. The 7 Asch employees answered C. Only 25% of the case subjects consistently answered A. They were cowed into giving a patently absurd answer due to peer pressure and lack of faith in their own judgement.

When you have 30% of the population as true believers of the covidian religion, with their savior Fauci, prophets Walensky, Birx, Gottlieb, Biden, the pope, a slew of Big Pharma paid priests for hire, Hollywood elites, low IQ athletes, and a highly compensated mass media campaign of fear and loathing, the 40% in the middle really had no chance to not be pulled into the vortex of pandemia. From the outset they were inundated with data like Neal Ferguson’s Imperial College model of death. Putting up a scary chart, even though it was based on absurd assumptions, is considered fact by the lazy, non-thinking masses.

Shutting down the world was based on this worthless fraudulent model. Add some fake videos of dead people piling up in the streets in China, with media talking heads declaring hospitals being overrun (even though nurses had time to do coordinated dance routines on Tik Tok), and graphics on CNN, MSNBC, and Fox showing cases rising (based on a faulty PCR test set too high), and Fauci knowingly lying about the effectiveness of masks and the ineffectiveness of ivermectin and hydroxychloquine, and you’ve got panic.

Cases were not sicknesses. Covid deaths were deaths from something else, while testing positive for covid. The average age of “covid” deaths was 83. The overall survival rate was 99.7%. If you were under 70 it was 99.9%. If you were under 40 it was 99.999%. It was nothing more than the annual flu, with a multi-billion-dollar marketing budget, paid for by the same taxpayers who were locked down and out of work.

Anyone with the gall to dispute the narrative with factual data, sound reasoning, and pointing out the cure was worse than the disease, became an enemy of the state and subject to intolerant attacks, cancellation from society, and censorship on par with the worst totalitarian regimes in history. The physicians’ principle of Do No Harm was discarded for the almighty buck. The measures taken to “defeat” a relatively benign virus wreaked havoc upon the world economically, socially, and psychologically.

The damage they caused and the unintended consequences they unleashed will have a profound negative impact on the world forever. The animosity, mistrust, fear, and suffering created by those running this shitshow will fuel the coming chaos, havoc and war which always arrives during the waning years of a Fourth Turning. The 30% still firmly under the sway of their mass formation psychosis will never hold Fauci, Biden and the myriad of covid cronies responsible for their crimes against humanity. As Desmet explains, everything can be rationalized by the covidian cult.

“Another consequence, that is very typical for totalitarian states, is that people become radically intolerant for dissonant voices. Because if someone tells another story, if someone claims that the official story is wrong, then this person threatens to wake the people up and they will get angry because they’re confronted with the initial anxiety and the initial psychological discontent. So, they direct all that aggression at these dissonant voices, at the other voices. And at the same time, they are radically tolerant for their leaders, for the people who pronounce the mainstream narrative. These people can actually cheat and lie and manipulate and do everything they want, but they will always be forgiven by the crowd because the crowd seems to think that they do it for their own sake. That’s also part of the mechanism of mass formation.” 

– Mattias Desmet – The Psychology of Totalitarianism

Being wrong means nothing to those who have latched onto a narrative that gives their lives meaning. This is what explains how seemingly intelligent people could believe an utterly absurd narrative, built upon falsified data, inaccurate statistics, and irrational hype. Subjective conclusions pronounced by those who benefited from those conclusions are not objective facts. The last two years have been a far greater psychological calamity than biological catastrophe. The mental illness which has infected the masses has opened the Pandora’s box of totalitarianism and a surveillance state never envisioned by Orwell in his worst dreams.

The lockdowns and vaccines have caused more death than they prevented. Suicides, overdose deaths, deaths due to preventative healthcare not accessed, deaths by ventilators and Remdesivir, deaths due to not allowing doctors to prescribe ivermectin and hydroxychloroquine, and now sudden deaths from the Pfizer and Moderna jabs are all verifiable and factual, but no empathy from the covidian cult is forthcoming for these victims. As Desmet points out, once the mass formation began it encouraged various factions to keep it going for their own self-interest. The cult never wants it to end.

“But this is also being constructed by politicians who are under pressure from public opinion and feel compelled to act decisively, by leaders who have lost control of society and are now able to regain control because of the virus, by experts who have to hide their ignorance and choose the flight ahead, by academics who see an opportunity to assert themselves, by the inherent tendency in man for hysteria and drama, by pharmaceutical companies that sense a golden opportunity, by media that thrive on sensational stories, through testimonials of unique cases in which the course of the disease was exceptionally difficult.” 

– Mattias Desmet

So here we are in early 2023, with the mass formation psychosis still thoroughly intact, authoritarian measures still in place, anger building among all three factions, as the 30% dissenters have been proven right without being given credit, the hypnotized 30% who were wrong want more restrictions and punishments, and the go along to get along 40% are slowly realizing they were duped and experiencing massive regret. We face a multi-pronged situation which is likely to result in a tragedy of untold proportions over the next few years.

Having a major segment of your population proud of their willful ignorance and believing their opinions based on emotions and what they are told by mass media, is as valid as someone who basis their judgement on critical well researched thought and factual data, sets the stage for tragic denouement to this Fourth Turning. The superficiality of the citizenry, celebration of deviancy, financial illiteracy, unserious culture, technology obsession, and devastating level of governmental, academic, media and corporate corruption, are a perfect recipe for the fall of the American empire.

The mass formation needs an object of fear to keep its intensity at a hypnotic level. First it was masks and lockdowns. Next it was the vaccines and destroying the lives of anti-vaxxers. Next it was Putin and Russia as the evil antagonist. Then it was climate change and banning gas stoves. Everything these people believe is based on absurdities and purposeful ignorance of facts. The societal woes which allowed this to blossom have not dissipated and until our culture undergoes a wrenching reset forced upon it by an inevitable financial collapse and likely global conflict, our chances to survive as a nation are slim.

This is what must happen during a Fourth Turning. The existing social order is swept away and replaced by something better or worse. We will either continue down this path towards global totalitarianism, where you own nothing, are under government surveillance 24/7, ask permission to travel more than 15 minutes from your home, accept your regular booster shots, and are tagged like cattle through social credit scores tied to your use of their central bank digital currencies, or the minority of resisters and critical thinkers recapture control and steer this ship back towards liberty, freedom, sustainable local communities, and lives which regain meaning and purpose.

Where I disagree with Desmet is regarding his opinion the leaders (Fauci, Gates, Soros, Schwab, Biden) being followed during this mass formation psychosis event were also under a self-hypnosis driven by their ideological beliefs. He doesn’t give much credence to the “conspiracy theorists” who believe this was an engineered event to promote the Great Reset and introduce authoritarian measures upon the masses. As one of those “conspiracy theorists” I no longer believe in coincidences.

Fauci stated in early 2017 Trump would face a deadly pandemic during his term, when we hadn’t experienced a real pandemic in decades. Fauci illegally funded the gain of function research at the Wuhan bio-weapon lab. Gates, Soros, and Fauci ran the Event 201 pandemic simulation in October 2019, a few months before covid. Pfizer and Moderna already had their gene therapies (which had failed miserably in previous trials) waiting for the green light from those running the show. The Build Back Better campaign was orchestrated across the world in every western country. I could go on, but it is plainly evident this plandemic was not organic but coordinated by the global elite.

Our best hope is for the vocal 10%, who refused the jabs, have defied the overlords at every turn, and understand the dystopian path we are being herded towards, can slowly but surely convince their fellow 20% of unjabbed and the middle 40% on the fence to join them in a mass resistance to the Great Reset/New World Order being jammed down our throats by the Davos elite, shadowy billionaire globalists/satanists, the captured pliant corporate media, bought off Soros installed politicians and bureaucrats, and thousands of feckless apparatchiks around the globe, saying anything they are told for a buck.

Unless we can break this mass formation psychosis, this Fourth Turning will surely end in our enslavement to a totalitarian global state and the horrific consequences for humanity if we let it happen. Desmet’s advice for humanity reminds me of Andy Dufresne’s quote from the movie Shawshank Redemption, “It comes down to a simple choice, really. Get busy living or get busy dying.”

“Don’t let freedom – especially the right to speak freely – be subordinated to the fear of any virus. Generations and generations have fought and given their lives to realize a certain freedom. Show that you are worthy of that freedom. If you want a life worth living, you have to be able to accept a certain amount of risk. Don’t give up everything for a sense of security that may eventually turn out to be false.”

–  Mattias Desmet

The core elements of this Fourth Turning (debt, civic decay, global disorder) are still driving this crisis, as they juxtapose and feed on each other, creating the environment and atmosphere for the coming storm, in which the hundreds of millions still entrapped in this mass formation are perfect fodder for those seeking to capitalize on their inability to comprehend facts and reality. This is how the totalitarians hope to succeed in creating a centralized global techno-gulag, where they control 8 billion people (while culling billions to make their prison more manageable), and are arrogantly sure their “science” based pronouncements from on high will be implemented flawlessly, leading to a utopian world – for them.

It is this hubris that will lead to their downfall. Everything they do and propose makes the world a worse place. Their ludicrous ideas, assumptions, postulations, and beliefs cannot and will not succeed, either through utter failure when implemented or by armed resistance from those unwilling to bend the knee.

I find a distinct relationship between mass formation, totalitarianism, and Fourth Turnings. Evidence of mass formation and support for totalitarians among populations during the Civil War Fourth Turning and Depression/World War II Fourth Turning is obvious to me. A major percentage of the Northern population was convinced their abolition of slavery cause was just, and therefore allowed Lincoln to ignore Constitutional civil liberties and ultimately override state’s rights, while consolidating more power at the Federal level.

A majority elected FDR four times, supported his socialist New Deal programs, and patriotically died on his behalf in a war he helped provoke. Simultaneously, the German people became enthralled and mesmerized by the rhetoric of Hitler and his promise to undo the treachery inflicted upon the German people at Versailles. Stalin convinced a major percentage of Russians to kill and imprison tens of millions of their fellow citizens, and then fought Germans to the death on Stalin’s behalf.

It appears 2023 could be a tipping point year in this Fourth Turning, much like the 15th year of the last Fourth Turning (1943-1944) when the tide turned during WWII with the Battle of Stalingrad and Normandy Invasion. Biden’s corrupt administration appears to be imploding. Inflation, rising interest rates, a $31 trillion national debt, $200 trillion of unpayable obligations, a USD that has lost 97% of its purchasing power, out of control surveillance state agencies running amok, broken education system, rampant worship and promotion of deviancy, ghetto crime rampaging in every major urban city, transferring $120 billion to the Ukraine (actually US arms dealers) to instigate WWIII, provoking China over Taiwan, and allowing unelected officials at non-governmental organizations (WEF, WHO, UN, NATO, World Bank) to impose their rules, regulations and mandates on our lives, has set the table for the disintegration of our financial, political, social, and cultural institutions. The downward spiral, decades in the making, is irreversible at this point.

Will all of these lit fuses ignite their powder kegs simultaneously in 2023? Probably not, but a few will explode, producing unintended consequences and start a process of falling dominoes and chaos for the average human on this earth. Having already ruined the livelihoods of tens of millions across the globe, destroying thousands of small businesses, igniting inflation not seen in forty years, causing food shortages, and making our lives far worse, the sudden deaths of children, mothers, fathers, sisters, brothers, and friends from their mandated gene altering, spike protein inducing therapy should be the last straw and provoke a violent response from the awakening masses.

After the collapse of our warped, dehumanizing, immoral, irresponsible, greed based system, building back better is not going to mean what the Davos elite think it means. All the trappings of modernity will fall away and we will be left with the task of daily survival, based upon our hard work, strong supportive families, like minded neighbors, intelligence, wisdom, local community collaboration, and the promise of a more meaningful and useful life. Building personal relationships with people you trust, preparing for crisis now, growing food or befriending farmers, improving your health, making sure you are armed and trained in using those arms, and readying yourself for when courage, honesty, fortitude, and guile will be required to insure a better future for your children and their children, is essential.

I’m just an average guy, like most people reading this article, trying to understand what is happening, why it is happening, and what will happen next. We are three-quarters through this Fourth Turning Crisis, with the nastiest, bloodiest episode lying ahead. I’m more prepared than most, not as prepared as many, and wondering whether it will even matter if the madmen and psychopaths controlling the levers in this world decide to destroy it. All I can do at this point is to proudly count myself among the 10% vocal resisters to those attempting to destroy our society and hope my efforts and the efforts of others make a small contribution towards breaking this mass formation psychosis.

“The risk of catastrophe will be very high. The nation could erupt into insurrection or civil violence, crack up geographically, or succumb to authoritarian rule. If there is a war, it is likely to be one of maximum risk and effort – in other words, a total war. Every Fourth Turning has registered an upward ratchet in the technology of destruction, and in mankind’s willingness to use it.” 

– Strauss & Howe – The Fourth Turning

Here’s to an uneventful 2023, but I’m not counting on it. Good luck and Godspeed. Our choices will matter.

*  *  *

It is Jim’s sincere desire to provide readers of The Burning Platform with the best unbiased information available, and a forum where it can be discussed openly, as our Founders intended. But it is not easy nor inexpensive to do so, especially when those who wish to prevent us from making the truth known, attack us without mercy on all fronts on a daily basis. So each time you visit Jim’s site, he asks that you consider the value that you receive and have received from The Burning Platform and the community of which you are a vital part. He needs your help and support to keep it alive. Please consider contributing an amount commensurate to the value that you receive from this site and community, or even by becoming a sustaining supporter through periodic contributions. 

Tyler Durden
Wed, 01/25/2023 – 17:02

Wind Turbines Are Burning, Collapsing in Green Energy Setback

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Wind Turbines Are Burning, Collapsing in Green Energy Setback

No one’s been killed or injured — yet — but a rash of wind turbine failures is jarring a key cornerstone of the green energy movement, according to a new Bloomberg report. 

The unwelcome trend of malfunctions — which includes both breakdowns and total structural collapses — is being witnessed in the United States and Europe alike. As this rare 2008 video of a collapse indicates, the phenomenon isn’t brand new, but insiders say the frequency is spiking.  

Perhaps most disturbingly, recently-manufactured windmills are among latest string of casualties. “We’re seeing these failures happening in a shorter time frame on the newer turbines, and that’s quite concerning,” Fraser McLachlan, CEO of GCube Underwriting Ltd tells Bloomberg

Last summer, a GE turbine that had been installed less than a year earlier buckled in half. Within a week, the same model notched another failure in Colorado. 

The failures aren’t limited to a single manufacturer or model. The West’s three biggest manufacturers — GE, Vestas Wind Systems and Siemens are all facing hundreds of millions of dollars in additional costs.

The wreckage from the collapse of a 784-foot-tall wind turbine in Haltern, Germany (TF-Images/Getty Images via Bloomberg

Bloomberg reports that Vestas, GE and Siemens Gamesa have all confirmed that pressure to quickly introduce more powerful turbines has led to the stumbles. In response, they’re slowing the pace of innovation.  

“Rapid innovation strains manufacturing and the broader supply chain,” said GE CEO Larry Culp on an October earnings call. “It takes time to stabilize production and quality on these new products.” 

The damage to bottom lines is already appearing: On Friday, Siemens lowered its forecasted 2023 earnings due to elevated warranty and maintenance costs associated with faulty Siemens Gamesa wind turbine components. GE took a half-billion-dollar charge in its third quarter for higher warranty and repair costs. 

That financial damage to this green energy sector could be compounded in short order, as a higher frequency of claims is likely to prompt a hike in insurance premiums

Of course, even when they’re not falling victim to define flaws, wind turbines are always under steady attack by nature, with lightning strikes inflicting many casualties …and putting on quite a show on the way out.  

That isn’t the only trouble for windmills. After 7 whales washed up dead on New York and New Jersey beaches in a little over a month, environmentalist are pointing a finger at offshore wind farm development and demanding it be halted pending an investigation.  

Tyler Durden
Wed, 01/25/2023 – 15:29

Seattle Medical Examiner Running Out Of Space To Store Bodies Due To Fentanyl Overdoses: Official

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Seattle Medical Examiner Running Out Of Space To Store Bodies Due To Fentanyl Overdoses: Official

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

The health director of the Washington county that encompasses Seattle confirmed the medical examiner’s office is struggling to store bodies due to rampant fentanyl overdoses across the city.

“A key indication of just how bad things are at the end of 2022, and likely to get worse and 2023, the medical examiner’s office is now struggling with the issue of storing bodies because the fentanyl-related death toll continues to climb,” Seattle-King County Public Health Director Dr. Faisal Khan said during a board meeting last week, captured on video by conservative local radio host Jason Rantz.

A tent sits under an on-ramp as traffic drives past during morning rush hour in Seattle, Wash., on Feb. 9, 2016. (Elaine Thompson/AP Photo)

Khan noted that the King County Medical Examiner’s Office is “now struggling with the issue of storing bodies because the fentanyl-related death toll continues to climb” due to the “finite space in the coolers they use and that space is now being exceeded on a regular basis.”

His remarks came during a King County Board of Health meeting on Jan. 19. A dashboard provided by King County shows that 2022 saw the highest number of fentanyl poisonings—686—as compared with 2021, where only 385 fentanyl overdoses were confirmed.

“When the final review of fatal overdoses is completed in the upcoming weeks, I fear that 2022 will set another heartbreaking record for fatal overdoses in King County. It will more than double the number of lives lost compared to just three years ago, in 2019,” Khan said during last week’s meeting.

A spokesperson for Public Health—Seattle & King County told Rantz’s show on KTTH that officials “have options for temporary morgue surge capacity when our census count gets high, including storing decedents on autopsy gurneys and partnerships with funeral homes.”

“We’re exploring longer-term options for adding more capacity,” the spokesperson said.

Noting the insidious nature of fentanyl, Khan told the board that the powerful synthetic opioid often appears in fake prescription pills, or it can be made to look like cocaine or heroin. It’s now involved in about 70 percent of King County overdose deaths as of late 2022.

People do no realize that they are taking fentanyl,” he said, adding that “the biggest driver of these fatal overdoses involves fentanyl in white powder and in fake pills, which are flooding the streets.”

Fentanyl, firearms, and cash confiscated by DEA Los Angeles. (Courtesy of DEA Los Angeles)

Fueling Homeless Deaths

Meanwhile, a record 310 homeless people died in the Seattle area last year, highlighting the region’s struggle to house the thousands of people living on its streets. The 310 deaths in King County surpassed the previous record of 195 homeless deaths set in 2018, the Seattle Times reported, and marked a 65 percent jump over 2021.

That’s just appalling,” the paper quoted Chloe Gale, policy and strategy vice president for REACH, the largest homelessness outreach provider in Seattle, as saying.

Seattle Mayor Bruce Harrell said it underscores his administration’s urgent need to get more people indoors.

Last year, Public Health—Seattle & King County distributed more than 10,000 kits of naloxone, a medication that can reverse opioid overdoses, and about 100,000 fentanyl test strips. The agency is leading public awareness campaigns about the synthetic opioid and helping people find treatment.

Brad Finegood, who leads the agency’s opioid and overdose response, said researchers keep watching the monthly overdose numbers, hoping to see rates flatten out.

“Maybe we’re plateauing at a really bad rate and maybe it’s going to get worse,” Finegood told The Associated Press. “I don’t know when it’s going to stop.”

Other Issues

A report issued in 2022 by a federal commission found that fentanyl and similar drugs are being manufactured in labs in Mexico. Those chemical precursors are mostly shipped from China.

Read more here…

Tyler Durden
Wed, 01/25/2023 – 15:06

Tesla Earnings Preview: Focus Is On Margins And Guidance

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Tesla Earnings Preview: Focus Is On Margins And Guidance

Twitter will report earnings after the bell today, in what will be one of the most anticipated earnings reports of the company’s tenure as a publicly traded entity. Tesla shares have rebounded slightly over the past 2 weeks after plunging for most of 2022 and the beginning of 2023. 

Focus will be around the company’s lackluster Q4 delivery figures which, although they were record numbers, fell short of Wall Street expectations. There will also be a looming question about margins with Tesla’s recent price cuts, though pressure from the sales may not show up until Q1 2023 figures. 

Wall Street is expecting Q4 Revenue of $24.07 billion and Q4 Adjusted EPS of $1.13. To put that expectation in context with TSLA’s share price:

Additional estimates, provided by Bloomberg, include:

  • Revenue estimate $24.07 billion

  • Free cash flow estimate $3.12 billion

  • Automotive gross margin estimate +28.4%

  • Gross margin estimate 25.4%

  • Capex estimate $1.9 billion

  • Cash and cash equivalents estimate $22.71 billion

And for guidance, Bloomberg is looking for Q1 Automotive gross margin estimate +25.3% and full year guidance as follows: 

  • Automotive gross margin estimate +26.7%

  • Capex estimate $7.9 billion

  • Deliveries estimate 1.9 million

  • Production estimate 1.9 million

2022 – and Q4 in general – was volatile, to say the least, for Tesla.

Deliveries widely disappointed the market to start the year. Tesla announced earlier this month that it had delivered a record 405,278 vehicles for the Q4 2022 quarter. The number marked a record for the company, but came in below most Wall Street estimates, even some that were revised lower. Consensus estimates for deliveries stood at 420,760 into the report, according to Bloomberg. “In 2022, vehicle deliveries grew 40% YoY to 1.31 million,” the company’s press release said. This falls short of the 50% growth figure the company had once projected for the year. 

Tesla commented earlier this month: “We continued to transition towards a more even regional mix of vehicle builds which again led to a further increase in cars in transit at the end of the quarter. Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve a great 2022 in light of significant COVID and supply chain related challenges throughout the year.”

The breakdown of vehicles included 388,131 Model 3 and Model Y deliveries, which fell short of the 405,597 estimated:

And 17,147 Model S/X deliveries, which fell short of the 18,578 estimate:

As we noted days ago, short sellers have been in the drivers seat with Tesla to start 2023. The company’s stock is still up almost 500% over the last five years – but 2022 saw a -65% drop in the equity’s price which has short sellers feeling like they are back in the driver’s seat. And according to Yahoo Finance/Bloomberg, short sellers reaped mark to market profits in 2022 of about $17 billion. Citing data from S3 Partners, the report said that Tesla has lost about $670 billion in market value last year.

Tesla has also been dealing with a flood of protestors in both the U.S. and China, complaining about the company’s recent swift price cuts. Customers were demanding rebates and credits, claiming that they had overpaid for the same cars that weren’t marked down at the time they were purchased. Prices of Tesla vehicles in China are now between 13% and 24% lower than they were in September.  About 200 recent buyers of the Tesla Model Y and Model 3 made their way to a Tesla delivery center in Shanghai to protest.

Just days ago we wrote about angry U.S. customers complaining about the same. One 32 year old Tesla “fan girl” named Marianne Simmons told Bloomberg: “I feel like I got duped. I feel like I got taken advantage of as a consumer. Right off the bat, I’m out $13,306. It’s such a large reduction that it’s going to affect a lot of people who just bought a vehicle.”

Ivan Drury, director of insights for research website Edmunds.com told Bloomberg: “For any existing owner it’s a kick to the teeth. Anyone who bought a Tesla recently will feel an immediate impact and wish they leased it.” 

Another new Tesla owner, Andrew Checketts, from Santa Barbara, California, told Bloomberg that Tesla was “hounding” him about discounts at the time he made his purchase – but if he had waited, he could have saved far more money. He said: “I have solar scheduled to be installed soon. Really having a hard time giving Tesla any more of my money and can’t even look at the car this morning.”

Recall, Tesla had also suspended operations at its Shanghai plant for a portion of December. The EV maker was expected to halt production – as we noted in a previous article – but continued swirling questions about demand had surfaced after the company shut down operations at the key location earlier than expected. Back on December 9th we wrote that the company was shutting down operations late this month due to upgrades at the plant and waning consumer demand.

At the end of December, Morgan Stanley had called Tesla’s sell off an “opportunity”. “We believe 2023 is shaping up to be a ‘reset’ year for the EV market where the last 2 years of demand exceeding supply will be substantially inverted to supply exceeding demand. Within this environment, we believe players that are self-funded (non-reliant on external capital funding) with demonstrated scale and cost leadership throughout the value chain (from manufacturing to up-stream material supply) can be relative winners,” Jonas wrote.

“We believe Tesla may be in position to extend its lead vs. the EV competition in FY23 (both legacy and start-up) even before consideration of IRA (Inflation Reduction Act) benefits where Tesla also stands out as the biggest potential winner,” he continued. 

Whether or not Musk will be able to continue pulling off Tesla’s exceptional growth is a question that will be answered in minutes when the company reports. A conference call will follow shortly thereafter. 

Tyler Durden
Wed, 01/25/2023 – 14:48

Only 14% Of Americans Agree With Amnesty For Illegals; New Poll Finds

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Only 14% Of Americans Agree With Amnesty For Illegals; New Poll Finds

Authored by Steve Watson via Summit News,

A poll has found that the vast majority of Americans do not agree that there should be a blanket amnesty for immigrants who have cross the border into the United States illegally.

The survey, conducted by The Trafalgar Group in partnership with Convention of States Action, found that only fourteen percent agreed that citizenship should be granted to those have have entered illegally.

A total of 59.5 percent of Americans said that “those in review should complete their reviews and either be removed or granted asylum, and those here illegally should be expelled.”

Screenshot: The Trafalgar Group 

Meanwhile, 15 percent said that “only those in asylum review should be granted amnesty and citizenship.”

Most interestingly, fewer than three percent of hispanic voters said that illegal immigrants should be allowed to stay permanently.

Screenshot: The Trafalgar Group 

Even 36 percent of Democrats responded that no blanket amnesty should be enacted, compared to 30 percent who believe it should.

The same poll found that most Americans still want President Trump’s border wall completed, with 62.6 percent agreeing that it is “essential to US National Security.”

Highlighting the political divide on the wall, more than 86 percent of Democrats said they do not support it, while a massive majority of almost 93 percent of Republicans do support it.

Mark Meckler, President of Convention of States noted that “While Democrats continue to pander to Hispanics and pretend they want open borders and mass illegal immigration, the data overwhelmingly shows that they, as American citizens, want illegal immigrants expelled from the country.”

“While it is the Biden Administration’s responsibility to secure the border and expel those trying to enter illegally–and it has utterly failed to do so for two years–the new Congress has the ability to exercise vigorous oversight and put heat on the White House. Clearly, such oversight has the strong backing of voters,” Meckler added.

The findings come as fresh figures released by the Customs and Border Protection Agency have revealed that a record amount of illegal crossings were recorded in December, with 17 individuals on the terrorism watchlist apprehended.

The numbers, released Friday, show that 251,487 illegal immigrants crossed the border in December, the highest monthly total in history.

CBP Figures Show Highest Monthly Total Of Illegal Crossings EVER Recorded

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Tyler Durden
Wed, 01/25/2023 – 14:29

Out-Of-Control ‘Tip-flation’ Infuriates Consumers

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Out-Of-Control ‘Tip-flation’ Infuriates Consumers

In a post-Covid world, the emergence of digital kiosk systems has allowed businesses to offer consumers a new tipping option. These high-tech point-of-sales machines are popping up across all sorts of businesses, not just restaurants. 

Consumers are finding more and more tip requests in unusual businesses, such as coffee, deli shops, and even car washes, which has fueled a tipping invasion. 

‘Tipflation’ is a relatively new phenomenon. The culprit behind it is the boom in the use of digital kiosks after the pandemic. 

While consumers have no issue tipping bartenders, servers, doorman, and all the traditional folks working less than minimum wage, adding 18% or even 20% gratuity for a cup of coffee or a sandwich has infuriated some. 

“Suddenly, these screens are at every establishment we encounter. They’re popping up online as well for online orders. And I fear that there is no end,” etiquette expert Thomas Farley told AP News. He considers widespread tipping somewhat of “an invasion.”

AP provided more color on the silent frustration brewing amongst consumers: 

Traditionally, consumers have taken pride in being good tippers at places like restaurants, which typically pay their workers lower than the minimum wage in expectation they’ll make up the difference in tips. But academics who study the topic say many consumers are now feeling irritated by automatic tip requests at coffee shops and other counter service eateries where tipping has not typically been expected, workers make at least the minimum wage and service is usually limited.

People do not like unsolicited advice,” said Ismail Karabas, a marketing professor at Murray State University who studies tipping. “They don’t like to be asked for things, especially at the wrong time.”

Clarissa Moore, a 35-year-old who works as a supervisor at a utility company in Pennsylvania, said some tip requests have come up in some very odd places, including her mortgage company. 

Typically, she’s happy to leave a gratuity at restaurants, and sometimes at coffee shops and other fast-food places when the service is good. But, Moore said she believes consumers shouldn’t be asked to tip nearly everywhere they go — and it shouldn’t be something that’s expected of them.

“It makes you feel bad. You feel like you have to do it because they’re asking you to do it,” she said. “But then you have to think about the position that puts people in. They’re paying for something that they really don’t want to pay for, or they’re tipping when they really don’t want to tip — or can’t afford to tip — because they don’t want to feel bad.” –AP News

It’s hard to say how bad tiplflation will become before people start boycotting non-traditional places that request tips. And a reminder, the tip means the business incurs a larger processing fee, which implies service workers won’t see all of it. 

Tyler Durden
Wed, 01/25/2023 – 14:05

Watch Live: President Biden Makes Big Announcement On Ukraine War

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Watch Live: President Biden Makes Big Announcement On Ukraine War

Watch Live: President Biden is expected to address the Ukraine conflict in remarks from the White House scheduled for 12 eastern time. It’s likely he’ll formally announce Abrams M1 tanks for Ukrainian forces in a major escalation.

* * *

As expected, Russia is furious over the decision of the United States and Germany to authorize Western-manufactured advanced tanks for Ukrainian forces, calling it “extremely dangerous” and pointing out the unprecedented decision blows past Kremlin “red lines”.

The Russian Embassy in Berlin communicated to the German government that the dangerous move “takes the conflict to a new level of confrontation.” The statement asserted that it “contradicts the statements of German politicians about the unwillingness of the FRG [Federal Republic of Germany] to be drawn into it [the war]. Unfortunately, this happens over and over again.”

Via Reuters

According to the latest media statements by US officials, the Pentagon is preparing plans to send approximately 30 M1 Abrams tanks to Ukraine as part of a $400 million deal. While the official White House announcement of the tank transfer is likely imminent, it’s unlikely the tanks will be seen on the battlefield anytime soon.

It takes multiple months to over six months or more to train crews to effectively operate the Abrams. The same could also go for Germany’s Leopard 2 tanks which will be provided. Both are considered sophisticated main battle tanks.

Chancellor Olaf Scholz confirmed his country’s decision to send 14 tanks at a cabinet meeting on Wednesday. Crucially Germany will also allow other countries to send theirs, which is likely to provide the bulk of Leopard tanks. According to the latest from Politico:

Germany and its European partners plan to “quickly” send two Leopard 2 tank battalions to Ukraine — suggesting about 80 vehicles — the government in Berlin announced Wednesday, adding that Germany would provide one company of 14 Leopard 2 A6 tanks “as a first step.”

Other countries likely to send Leopards to the war against Russia include Poland, Spain, Norway and Finland.

Alongside the Abrams, the initial transfers is also expected to include special recovery vehicles which assist in repair of tanks on the battlefield, or else which are capable of removing stalled tanks. 

Russian Foreign Minister Sergey Lavrov reiterated that this development shows that Ukraine and the West “has unequivocally stated its desire to inflict a strategic defeat on Russia.” A ministry statement echoed his words in the following:

“There is a hybrid war going on against our country, which Foreign Minister [Sergei] Lavrov spoke about in detail just recently. Arguments about the red lines are a thing of the past,” the foreign ministry told state news agency Tass, in comments translated by Google.

“The United States has unequivocally stated its desire to inflict a strategic defeat on Russia. It is impossible not to notice the reality,” the ministry added, Tass reported.

And separately Putin spokesman Dmitry Peskov underscored the “absurdity” of plan by NATO allies to send tanks. He said in a Wednesday briefing, “now we can only state that there are currently no prospects for entering the diplomatic path.”

“Unfortunately, we see a lot of manifestations of the conviction of a number of politicians, a number of experts, the military and so on, who believe that it is by continuing the war that the security of the continent can be ensured. This is an absurd belief,” Peskov added.

Specifically addressing the US and German tank escalation, he said: “I am convinced that many experts understand the absurdity of this idea too. It’s just that, in terms of technological aspects, this plan is quite a failure, and most importantly, it is a clear overestimation of the potential that it will add to the Armed Forces of Ukraine.”

Tyler Durden
Wed, 01/25/2023 – 12:00

Short-Seller Hindenburg Targets India’s Richest Man For “Brazen Stock Manipulation”

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Short-Seller Hindenburg Targets India’s Richest Man For “Brazen Stock Manipulation”

Short seller Hindenburg Research, best known for publishing a scathing report on EV startup Nikola, which brought down the founder, is pursuing its biggest target yet: India’s richest man. 

Late Tuesday, Hindenburg issued a lengthy report titled “Adani Group – How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History.”

“Today we reveal the findings of our 2-year investigation, presenting evidence that the INR 17.8 trillion (US $218 billion) Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades,” the report said. 

Gautam Adani, Founder and Chairman of the Adani Group, has soared up the Bloomberg Billionaire’s Index in the past year to become the fourth-wealthiest person in the world. 

Adani “has amassed a net worth of roughly $120 billion, adding over $100 billion in the past 3 years largely through stock price appreciation in the group’s 7 key listed companies, which have spiked an average of 819% in that period,” the report said. 

Hindenburg noted that Adani Group had already been investigated for corruption, money laundering, and theft of taxpayer funds. They allege the companies are extremely overvalued: “The 7 key listed companies have 85% downside purely on a fundamental basis owing to sky-high valuations.”

Hindenburg said it was shorting Adani Group companies through US bonds and non-Indian-traded derivative instruments. They noted their short thesis was developed after speaking with “dozens of individuals, including former senior executives of the Adani Group, reviewing thousands of documents, and conducting diligence site visits in almost half a dozen countries.” 

Bloomberg provided a quick snapshot of Hindenburg’s main allegations:

  • Identified 38 Mauritius shell entities controlled by Adani’s brother, Vinod Adani, or his close associates plus entities controlled by him in other tax havens.
  • The offshore shell network seems to be used for earnings manipulation.
  • Adani Group has previously been the focus of 4 major government investigations relating to allegations of fraud.
  • Adani Enterprises and Adani Total Gas Ltd. appear to be audited by a tiny firm, with no current website, only 4 partners and 11 employees which has audited just one other listed firm.
  • The auditor “hardly seems capable of complex audit work” when Adani Enterprises alone has 156 subsidiaries and many more joint ventures.

The seven India-listed companies, which include Adani Enterprises and Adani Transmission, fell between 1% and 8% on Wednesday. Even India’s main equity index slid about 1% S&P BSE Sensex. 

Avinash Gorakshakar, head of research at Profitmart Securities, told Reuters that the slide in Indian stocks was due to a “combination of factors – the report on Adani group stocks, the monthly expiry of January derivatives series and the fading off of the pre-budget rally.” 

Adani Group dismissed the allegations. They accused Hindenburg of ‘sabotage’ ahead of a planned $2.5 billion stock sale on Friday.

“We are shocked that Hindenburg Research has published a report …without making any attempt to contact us or verify the factual matrix,” Jugeshinder Singh, Adani Group’s chief financial officer, said in a statement. He said the short report was full of misinformation and “baseless and discredited allegations.”

Last year, Adani launched a hostile takeover of Indian broadcaster NDTV to build a media empire. The billionaire might use his media outlet to hit back at Hindenburg’s short attack. 

Tyler Durden
Wed, 01/25/2023 – 11:45