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Cardano Founder Considers Bailing Out CoinDesk, Says $200 Million Is “Overpriced”

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Cardano Founder Considers Bailing Out CoinDesk, Says $200 Million Is “Overpriced”

CoinDesk Inc., a cryptocurrency news website whose parent company is financially troubled Digital Currency Group Inc., reached out to investment bankers at Lazard Ltd. for a potential sale. 

“Over the last few months, we have received numerous inbound indications of interest in CoinDesk,” CoinDesk CEO Kevin Worth told WSJ. 

One interested party in CoinDesk is Cardano blockchain founder Charles Hoskinson. 

On Thursday, Hoskinson tweeted a video explaining the price of the crypto-focused media outlet is around $200 million, adding it might be overpriced if the valuation is based on “a 2021 number when everything was on the cocaine and hookers era, and everyone was making great money.” He then asked if the valuation had been readjusted for 2022 numbers during the crypto bear market. 

“At $200 million, I believe it’s a bit overpriced,” he said. “I could afford it if I really wanted to.” 

Hoskinson said his goal is to revive “journalistic integrity” in the crypto news race. He noted Cardano had a bunch of bad press from various media outlets with agendas — citing how FTX funded The Block. 

He said it might be cheaper to build a “more decentralized organization” with $5 to $10 million. 

He pointed out that CoinDesk doesn’t have a good video unit yet and lacks a metaverse component. 

Here’s Hoskinson talking about CoinDesk:

And the news of a potential sale comes as Genesis Global Capital filed for Chapter 11 on Thursday night. Genesis and CoinDesk are both parent companies of Digital Currency Group, which Barry Silbert operates. Perhaps Silbert’s crypto empire is in a liquidity crunch. 

Tyler Durden
Fri, 01/20/2023 – 20:00

US Expands Training Of Taiwanese Military By Sending National Guard Units

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US Expands Training Of Taiwanese Military By Sending National Guard Units

Authored by Dave DeCamp via AntiWar.com,

The US has expanded its training of the Taiwanese military to include a program involving the US National Guard, Nikkei Asia reported on Thursday.

A source told Nikkei that the training began sometime before spring 2022. In May 2022, Taiwanese President Tsai Ing-wen announced cooperation with the National Guard while hosting Sen. Tammy Duckworth (D-IL) in Taipei. “The US Department of Defense is now proactively planning cooperation between the US National Guard and Taiwan’s defense forces,” Tsai said. “We look forward to closer and deeper Taiwan-US cooperation on matters of regional security.”

Image source: Stars & Stripes. A Taiwanese marine prepares to launch a drone over the Taiwan Strait.

The report said that the training already began before Tsai made the announcement during Duckworth’s visit. Since the training started, the National Guard has trained Taiwanese troops in both Taiwan and inside the US.

National Guard training overseas typically involves a unit from a single state, but the report said the training in Taiwan involves units from multiple US states, including Hawaii. The US and Taiwan rarely acknowledge their military cooperation, and a Pentagon spokesman declined to comment on the National Guard Training.

“We don’t have a comment on specific operations, engagements or training, but I would highlight that our support for, and defense relationship with, Taiwan remains aligned against the current threat posed by the People’s Republic of China,” the Pentagon told Nikkei.

In October 2021, The Wall Street Journal reported that a US special operations unit and a contingent of Marines were in Taiwan and had been training Taipei’s military for at least a year. Tsai later confirmed the report, marking the first time a Taiwanese leader acknowledged a US military presence in Taiwan since Washington severed diplomatic relations with Taipei in 1979.

The growing US-Taiwan military ties anger Beijing, which views the policies as an affront to the one-China policy. The 2023 National Defense Authorization Act President Biden recently signed into law includes measures to increase US and Taiwanese military cooperation even more.

The US is also encouraging Japan’s military buildup and is planning to expand its military facilities in the Philippines as part of its effort to counter China in the region. The top US Marine Corps general in Japan described the effort as “setting the theater” and said the US did something similar in Ukraine starting in 2014, after the US-backed coup that deposed former Ukrainian President Viktor Yanukovych.

The US launched a similar National Guard training program for Ukraine in 2014, known as Joint Multinational Training Group-Ukraine, that rotated through units from different states. US military officials said 23,000 Ukrainians were trained under the program. The US withdrew its National Guard troops from Ukraine shortly before Russia’s invasion.

Tyler Durden
Fri, 01/20/2023 – 19:40

Trump To Host First 2024 Campaign Event With Graham, McMaster In South Carolina

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Trump To Host First 2024 Campaign Event With Graham, McMaster In South Carolina

Authored by Lorenz Duchamps via The Epoch Times (emphasis ours),

The campaign of former President Donald Trump announced on Tuesday that Sen. Lindsey Graham (R-S.C.) and Gov. Henry McMaster will join Trump on Jan. 28 as the Republican will make the first public appearance of his 2024 White House run.

Former President Donald Trump arrives to speak at the Mar-a-Lago Club in Palm Beach, Fla., on Nov. 15, 2022. (Alon Skuy/AFP via Getty Images)

Last week, campaign spokesman Steven Cheung confirmed with the Associated Press (AP) that Trump will host an event in South Carolina later this month, but no specific details were immediately announced at the time.

Trump, 76, hinted at a 2024 run for more than a year and formally announced his presidential bid in a prime-time speech at his Mar-a-Lago resort in Florida in November 2022.

The two well-known South Carolina Republicans will attend the Jan. 28 event at Columbia’s state capitol building, where the former president will unveil his campaign’s state leadership team, according to Tuesday’s announcement.

A person familiar with the matter speaking to AP on the condition of anonymity said the event will also include members of South Carolina’s congressional delegation, as well as state lawmakers.

Trump has not hit the campaign trail since he formally announced his presidential run on Nov. 15, 2022. Instead, he made occasional appearances before invited guests at his Mar-a-Lago estate.

The event comes as two other South Carolina Republicans—former Gov. Nikki Haley and Sen. Tim Scott—are both considered potential challengers for the Republican nomination.

Former U.N. Ambassador Nikki Haley speaks to guests at the Republican Jewish Coalition Annual Leadership Meeting in Las Vegas, Nev., on Nov. 19, 2022. (Scott Olson/Getty Images)

Haley, who will turn 51 on Jan. 20, said about a week after Trump announced his presidential bid in mid-November that she’s considering launching a 2024 presidential bid, reneging on a promise she made in 2021 that she would not run if Trump ran.

A lot of people have asked if I’m going to run for president now that the midterms are over, I’ll look at it in a serious way and I’ll have more to say soon,” she said during an appearance at a Republican Jewish Coalition meeting. Haley was the U.S. ambassador to the United Nations while Trump was in office.

Scott, recently reelected to what he has said will be his final Senate term, has been making visits in other early-voting states and launched a political action committee that could become a presidential campaign vehicle.

In 2016, when South Carolina was the third state after Iowa and New Hampshire, Trump’s statewide victory helped solidify his status as the GOP front-runner.

Tyler Durden
Fri, 01/20/2023 – 17:40

Facebook And Instagram Could Soon Allow Transgender And Non-Binary People To Show Their Breasts

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Facebook And Instagram Could Soon Allow Transgender And Non-Binary People To Show Their Breasts

Just when we thought that there couldn’t possibly be more useless detritus floating around on Facebook and Instagram comes the news that both social media platforms could soon be “allowing transgender and non-binary users to flash their bare breasts”.

And in a real slap to the face for equality, women who were born biologically female will have no such option, according to a new report by the NY Post.

Regardless, Meta’s Oversight Board, which the company refers to as its “Supreme Court” for moderation and censorship policies, ordered both Facebook and Instagram to “lift a ban on images of topless women for anyone who identifies as transgender or non-binary,” the Post wrote. 

The board’s decision stated: “The same image of female-presenting nipples would be prohibited if posted by a cisgender woman but permitted if posted by an individual self-identifying as non-binary.”

“Time to fire up the ole’ Facebook…”

And hey, we’re asking for a friend, but we wonder how much the position of “breast content moderator” is going to pay. After all, the company is reportedly going to be relying on “human reviewers” to moderate such content, the report says. 

Those reviewers are going to be tasked with “quickly assess[ing] both a user’s sex, as this policy applies to ‘female nipples,’ and their gender identity,” the Post wrote. And this isn’t some hastily thrown together initiative – the board has added the complex nuance that there will be “additional nipple-related exceptions based on contexts of protest, birth giving, after birth, and breastfeeding which it did not examine here, but also must be assessed.”

“We had reinstated this content prior to the decision, recognizing that it should not have been taken down,” the company told the Post. “We are constantly evaluating our policies to help make our platforms safer for everyone. We know more can be done to support the LGBTQ+ community, and that means working with experts and LGBTQ+ advocacy organizations on a range of issues and product improvements.”

“We welcome the board’s decision in this case,” the concluded. Yeah, but what about the rest of us?

Tyler Durden
Fri, 01/20/2023 – 17:20

The Biden Administration Finally Admits Its Mistake In Canceling The Keystone XL Pipeline

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The Biden Administration Finally Admits Its Mistake In Canceling The Keystone XL Pipeline

Authored by Tom Harris via RealClear Wire,

At long last, the Biden administration is admitting what experts have always known: reckless energy policies have disastrous consequences. This time, the Department of Energy quietly released a report highlighting the positive economic benefits of developing the Keystone XL pipeline from Canada, an energy project canceled by President Biden in the hours following his inauguration. 

But the DOE’s report is a proverbial day late and a dollar short. The cancelation of the Keystone XL pipeline has already cost the United States thousands of jobs and billions in economic growth while families suffer under the weight of record high energy prices. It’s time for lawmakers to make American energy independence a top priority. 

Released without a formal announcement, the DOE’s report points out that the pipeline would have created between 16,149 and 59,000 jobs and would have had an economic benefit of between $3.4 and 9.6 billion. That’s no small impact. Yet with one stroke of his pen, Biden slashed the project and instead focused his efforts on costly “green energy” goals. As a result of his executive action, 11,000 pipeline workers were promptly laid off and told to “go to work to make solar panels” instead. 

But Biden’s green energy efforts are bound to backfire sooner rather than later. That’s because today, more than 70 percent of the energy produced and consumed in America comes from oil, gas and coal. That’s not likely to substantially change anytime soon. In fact, the International Energy Agency predicts that oil’s share of energy production in the United States will only fall 8 percent in the next two decades, from 31 to 23 percent. And that’s assuming a sustained commitment to green energy policies. The forecast spells bad news for the Biden White House. At his political peril, Biden ignores the lessons of Presidents Jimmy Carter and George H. W. Bush, who both lost elections due to spiked oil prices and accompanying recessions. 

Two years into sowing its Green New Deal policies, the administration is reaping a bitter harvest. Due to Biden’s folly, oil, natural gas and electricity prices have more than doubled in just a single year. Meanwhile, more than 28 percent of Americans abstained from purchasing food or medicine to pay an energy bill in 2021. And now, the misnamed Inflation Reduction Act includes wind and solar spending that will cost Americans $369 billion

If the president and his Democratic allies in Congress refuse to heed lessons from the past, they have a rare opportunity to view an even more desperate future of what will certainly come to pass by staying on the same irresponsible course.  

Conditions in Europe serve as a timely warning of that future. European leaders are years ahead of the United States in their quest towards achieving a green utopia, but they’ve seen little success. In Germany, the situation has gotten so desperate that candle sales are skyrocketing as families anticipate power outages in the dead of winter. Some German villages are being ploughed over to make way for digging brown coal, a step necessitated by Germany’s misguided overcommitment to wind and solar power. These desperate measures might help but are insufficient to protect the vulnerable. 

Europe’s obsession with green energy and overreliance on Russian gas have resulted in energy cost increases so severe that 147,000 more people are projected to die this winter from cold-related illness than if electricity prices had remained at the 2015-2019 average. 

Despite this, in Finland, electric car owners are being told not to warm up their vehicles on cold mornings to avoid putting unnecessary strain on the nation’s failing electricity grid. The United Kingdom takes the prize for dystopian power-saving measures, where families are being bribed to sit in the dark in exchange for electric bill savings and other prizes. If the United States follows in Europe’s green footsteps, it risks ushering in a similarly dark, cold and dismal existence.

American families deserve better. The problem is that the Biden administration is waging unrelenting war on energy producers and sabotaging American energy production in pursuit of a green energy pipedream. Our nation has the resources and the technology to produce energy for all our needs. Lawmakers must recommit themselves to the goal of an abundant energy future that brings prosperity and fuels dreams in America’s communities.

Tom Harris is Executive Director of the Ottawa, Canada-based International Climate Science Coalition.

Tyler Durden
Fri, 01/20/2023 – 17:00

Hey ChatGPT: Write A Taylor Swift Song About The Volatile Macro Market

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Hey ChatGPT: Write A Taylor Swift Song About The Volatile Macro Market

Confirming again that AI will be this year’s “bright shiny thing”, at least until the use case crashes and burns mercilessly as it has with all other TAM fads in recent years, earlier this week UBS’ Internet team published a lengthy note looking at the practical applications of the reigning superstar in the consumer AI field, Chat GPT (the report is available for pro subs).

While the report’s findings – most of which are generally conventional wisdom by now – are as follows…

ChatGPT marks a tipping point in generative AI?

OpenAI’s models have captivated the public and spawned fascinating use cases from essay writing, contract drafting and image content creation. ChatGPT usage has surged: the chatbot had 57M UVs in Dec, its first month with 266M visits per SimilarWeb. While several tech players have been working on this for years, a combination of better compute, more data, and advancements in architecture has improved generative AI to the point where it can now create content and interaction that feels close to human. Productization of this tech is seeing an inflection point with OpenAI providing the missing piece of the puzzle: widespread access to developers and the public…. We see ChatGPT’s prowess and traction with consumers as a near-term threat to Alphabet multiple and a boost for Microsoft and Nvidia. Many thought leaders are equating this to a new epoch in tech with potential to revolutionize the space with implications for Alphabet, Microsoft, Amazon, Meta, among others. In our maiden report on this topic, we try to provide an overview for “why now”, review use-cases of generative AI, and give preliminary thoughts on implications for covered companies.

Threat to Google? Multiple could take a hit even if true impact hard to judge

We see a few key near-term risks to Alphabet: (1) loss of query share, (2) monetization risks (search format changes), and (3) multiple compression. We note reasons to be skeptical: significant moats at Google (e.g. users, data, distribution), LLM search could be niche, and there may be hype here. But right now, it’s hard to disprove the bear case.  With Google deeming this a “code red” alarm, per the NYT, we are not surprised investors are concerned here. We think the 2012 multiple compression on mobile case study is instructive and points to 34% downside in an extreme scenario.

Microsoft well positioned with Bing and Azure

MSFT made a $1B investment in OpenAI in ’19, securing ‘preferred partner’ status, Azure as the cloud provider, and recent reports suggest MSFT is looking to invest a further ~$10B. We expect it to be a key beneficiary of the growing usage of ChatGPT through (1) an increase in Azure consumption, (2) a leg up on broader AI workloads via the Azure OpenAI Service, (3) embedding OpenAI’s tech into services such as Bing/Office 360, and (4) potential growth in OpenAI’s valuation.

Broader implications for the tech space

Growth in usage and commercialization of LLMs (including ChatGPT) should boost demand for GPU providers such as Nvidia, cloud compute and storage providers such as Azure (Microsoft), Amazon (AWS), GCP (Google), companies that build LLMs (most private co’s), and AI-enabled apps, esp. those that leverage language applications in their core product (Meta, Grammarly, Jasper).

… what we found most amusing was the following prompt to ChatGPT from the report’s author, namely to “Write a Taylor Swift song about the volatile macro market.” The result, as published in the UBS report, was the following:

Fascinatingly, when we recreated the UBS effort, we got another, arguably even more impressive, result:

And then there’s this…

Tyler Durden
Fri, 01/20/2023 – 16:40

Russian Orthodox Church Issues “End Of The World” Warning

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Russian Orthodox Church Issues “End Of The World” Warning

Authored by Paul Joseph Watson via Summit News,

The head of the Russian Orthodox Church has warned that any attempt to “destroy Russia” by “madmen” trying to impose their values will lead to “the end of the world.”

The comments were made by Patriarch Kirill after a religious service marking the Orthodox Christian holiday of Epiphany.

According to Patriarch Kirill, “madmen” are stupid enough to believe that Russia, which “has powerful weapons and is populated by extremely strong people,” can be defeated despite the fact that it has “never given in to an enemy and had always emerged victorious.”

The church leader also decried how such “madmen” were trying to “impose on them certain values that cannot even be called values, so that they would be like everyone else and obey those who have the power to control most of the world.”

“We pray to the Lord so that he enlightens those madmen and helps them understand that any desire to destroy Russia will mean the end of the world,” said Patriarch Kirill.

Former Russian president Dmitry Medvedev made similar remarks when he asserted that Russia had “never lost a major conflict on which their fate depended” and that the result of defeat in a conventional war would be the triggering of nuclear war.

Meanwhile, in a potentially massive new escalation, the New York Times reported that the United States is considering working with Ukraine to attack Crimea, emboldened by the belief that “fears that the Kremlin would retaliate using a tactical nuclear weapon have dimmed.”

“Biden’s neocon handlers are essentially taunting Russia to use nukes against Ukraine,” comments Chris Menahan.

In another Orwellian speech, NATO Secretary General Jens Stoltenberg told Davos globalists that military escalation is the only way to bring about the end of the war, remarking, “Weapons are the way to peace.”

Other world leaders are insisting that they are fully prepared to wage perpetual war in support of Ukraine.

*  *  *

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Tyler Durden
Fri, 01/20/2023 – 16:20

Stocks & Bonds Drop, Commodities & Cryptos Pop As ‘Hard Landing’ Looms

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Stocks & Bonds Drop, Commodities & Cryptos Pop As ‘Hard Landing’ Looms

As the FedSpeak blackout period begins (and corporate share buyback blackouts accelerate), the markets dealt with a huge options expiration today with notable event risks right ahead in the FOMC with stocks and bond yields surging to end a volatile (holiday-shortened) week.

On the week, rate-trajectory expectations ended marginally lower (dovish) but the last two days have seen Fed jawboning lift the terminal rate and lower rate-cut outlooks…

Source: Bloomberg

US Macro Surprise Index tumbled significantly this week, crushing the ‘soft landing’ narrative…

Source: Bloomberg

On the week, financial conditions ‘tightened’ but remain around as ‘loose’ as they were in June when Fed Funds were 275bps lower…

Source: Bloomberg

With the largest non-quarterly OpEx today, we had a feeling something big was going to happen and stocks screamed higher from the moment the cash markets opened. Nasdaq rallied over 2% today…

Despite today’s surge, stocks ended the week lower (with The Dow back in the red YTD) with Nasdaq the prettiest horse in the glue factory (managing to ramp all the way into the green for the week today) and The Dow dumped over 3% on the week despite today’s melt-up…

After 7 straight days of short-squeeze, ‘most shorted’ stocks reversed on Wednesday and Thursday this week (only to see Friday bring the squeeze back) which left them down modestly on the week…

Source: Bloomberg

Technical levels dominated price action this week with the S&P breaking below its 200DMA and then trading around its 50DMA. Today saw the S&P rally all the way up to its 200DMA perfectly tagging it before stalling…

And Nasdaq flip-flopped between its 50- and 100-DMAs…

The big banks are very mixed since their earnings were announced with Goldman the biggest loser and Morgan Stanley leading the pack…

Source: Bloomberg

Treasuries were dumped for the last two days, erasing the gains from the start of the week and dragging 30Y Yields higher on the week (as the short-end outperformed)

Source: Bloomberg

At the shortest-end of the curve, the T-Bill curve is starting to ‘kink’ around the June/July period in anticipation of the debt-ceiling debacle…

The Dollar ended the week very modestly higher after some noise midweek shifted the greenback out of its narrow range…

Source: Bloomberg

Cryptos rallied this week with Ethereum outperforming Bitcoin (and Solana leading them all)…

Source: Bloomberg

Bitcoin is up for the 16th day of the last 17 days, closing above $22,000, at its highest since September 2022 (above the November pre-FTX-plunge highs)…

Source: Bloomberg

Commodities were broadly higher on the week with Oil, Gold, and Copper all higher while NatGas ended lower after a very noisy week…

Source: Bloomberg

Gold closed the week at its highest since April 2022, finding support at $1900 numerous times…

Oil prices closed the week at their highest since November with WTI above $81…

Source: Bloomberg

Which means brace yourselves for gas prices at the pump to soar again soon

Source: Bloomberg

Finally, we note that global stocks and bonds are moving in sync like never before, thanks to expectations for a Federal Reserve pivot as well as a Chinese economic rebound.

Source: Bloomberg

As Bloomberg notes, the 120-day rolling correlation between the MSCI ACWI Index for world equities and the Bloomberg flagship gauge for bonds has reached the highest in data going back to 1998. The unusual level suggests the correlation could start to wind down, meaning the two asset classes are likely to start moving in opposite directions.

The market appears to be starting to worry about the debt-ceiling debacle as US sovereign credit risk is soaring…

Source: Bloomberg

…and there’s nothing The Fed can (or will) do about that.

Tyler Durden
Fri, 01/20/2023 – 16:00

Rep. Swalwell Accuses Speaker McCarthy Of “Political Vengeance” Over Planned Committee Removal

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Rep. Swalwell Accuses Speaker McCarthy Of “Political Vengeance” Over Planned Committee Removal

Authored by Samantha Flom via The Epoch Times,

Rep. Eric Swalwell (D-Calif.) holds that he did nothing wrong in his associations with a suspected Chinese spy and that House Speaker Kevin McCarthy’s (R-Calif.) vow to remove him from his committee assignments was an act of “political vengeance.”

In December 2020, Axios broke the story that Swalwell had been targeted by a Chinese national and suspected spy named Christine Fang, or “Fang Fang,” between the years of 2011 and 2015, during his rise from an up-and-coming local politician to a U.S. representative.

Recalling his response to that revelation on Jan. 18 on ABC’s “The View,” Swalwell said, “When [the FBI] told me about this, I did everything I hope everyone would do, which was to cooperate and help the FBI, and she was removed.”

Noting that former Speaker John Boehner (R-Ohio) had been briefed on the situation when it occurred and chosen not to act, Swalwell added, “The Washington Post fact-checker gave Kevin McCarthy four Pinocchios for his claims about this … so, it looks to me like political vengeance.”

McCarthy has vowed since November to remove Swalwell from his seats on the Intelligence Committee, Judiciary Committee, and the Committee on Homeland Security, holding that the Democrat poses a security threat for his past relationship with Fang.

“Swalwell can’t get a security clearance in the private sector,” the speaker told the Associated Press on Jan. 9.

“I’m not going to give him a government security clearance.”

However, the specific comment that seems to have drawn Swalwell’s ire is one McCarthy made at a Jan. 12 press conference at the Capitol.

“If you got the briefing I got from the FBI,” the speaker told one reporter, “you wouldn’t have Eric Swalwell on any committee.”

That is the claim that received four “Pinocchios” from The Washington Post, which held that “there is no evidence [Swalwell] did anything wrong” despite McCarthy’s intimation otherwise.

What We Know

According to the Axios report, Fang enrolled as a student at California State University East Bay in 2011, where she began to establish a political platform as president of both the school’s Chinese Student Association and the campus chapter of Asian Pacific Islander American Public Affairs. Using those positions, she began to form off-campus political connections while maintaining “unusually close ties” to the Chinese consulate in San Francisco.

Swalwell reportedly met Fang when he was a Dublin City, California, councilman on the rise, prior to his election to the House of Representatives in 2012.

Christine Fang with then-Dublin City Councilmember Eric Swalwell at an October 2012 student event. (Screenshot/Social media)

By 2014, Fang had formed “close ties” with Swalwell’s office, the report said. She fundraised for his 2014 reelection campaign and helped to get at least one intern placed in his Washington office.

In January 2015, Swalwell was appointed to the House Intelligence Committee, gaining access to some of the most sensitive information available to members of Congress. It was around that time that intelligence officials, alarmed by Fang’s suspicious activity, decided it was necessary to brief Swalwell to avail him of their concerns.

In response, Swalwell cut all ties with Fang, who unexpectedly fled the country later that year amid the investigation.

Other political power players targeted by Fang reportedly include at least two Midwestern mayors with whom she had romantic or sexual relationships.

Experts have warned that such tactics, an espionage method known as “honey trapping,” are commonly employed by the Chinese Communist Party and pose a serious risk for the loss of sensitive information and its use for blackmail.

To date, Swalwell has neither confirmed nor denied the extent of his relationship with Fang.

Other Removals

In addition to Swalwell, McCarthy has also pledged to remove Reps. Adam Schiff (D-Calif.) and Ilhan Ohmar (D-Minn.) from their committee assignments.

In the last Congress, Schiff chaired the House Intelligence Committee and was a member of the controversial Jan. 6 Committee, while Omar sat on the Foreign Affairs Committee and the Education and Labor Committee.

“Schiff has lied to the American public,” McCarthy told the Associated Press last week “He should not be on Intel.”

McCarthy did not elaborate on which alleged lies he was referring to, though Schiff was criticized last year for presenting a doctored text message as evidence before the Jan. 6 Committee.

In 2017, Schiff also heavily promoted the authenticity of the Steele dossier, claiming to have seen “more than circumstantial evidence” that the Trump campaign colluded with Russia to steal the 2016 presidential election.

The contents of the dossier have since been debunked.

In a Nov. 19 tweet, McCarthy also explained his reasoning on Omar.

“Last year, I promised that when I became Speaker, I would remove Rep. Ilhan Omar from the House Foreign Affairs Committee, based on her repeated anti-semitic and anti-American remarks,” he wrote.

“I’m keeping that promise.”

Technically, McCarthy does not have the power to unilaterally strip members of their committee assignments. Instead, a majority of the full House must approve such a move. Therefore McCarthy would need the support of all but a handful of his caucus to remove the three Democratic representatives.

Both Omar and Schiff have pushed back on those decisions, with Omar attributing them to Republicans’ alleged “mission to use fear, xenophobia, Islamophobia and racism to target me on the House Floor and through millions of dollars of campaign ads.”

“McCarthy’s effort to repeatedly single me out for scorn and hatred—including threatening to strip me from my committee—does nothing to address the issues our constituents deal with,” she added.

“It does nothing to address inflation, healthcare, or solve the climate crisis.”

Schiff, on the other hand, called McCarthy a “very weak leader” of the Republican caucus, holding, “He will adhere to the wishes of the lowest common denominator, and if that lowest common denominator wants to remove people from committees, that’s what they’ll do.”

The Epoch Times has reached out to Speaker McCarthy’s office for comment.

Tyler Durden
Fri, 01/20/2023 – 15:45

US Judge Orders Boeing In Texas Court Next Week On 737 Max Fraud Conspiracy Charge

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US Judge Orders Boeing In Texas Court Next Week On 737 Max Fraud Conspiracy Charge

A federal judge ruled Boeing must appear in a Texas courthouse next week to be arraigned on federal criminal charges in the deaths of the 346 people killed in two Max plane crashes in 2018 and 2019. 

“Initially, Boeing was granted immunity from the U.S. Department of Justice as part of a $2.5 billion deferred prosecution agreement entered into in January 2021 regarding fraud involving the flawed design of the MAX aircraft that was never revealed to the proper authorities and officials before it was allowed to fly in the skies,” the Clifford Law Office, representing some of the victims’ family members wrote in a statement. 

In Thursday’s ruling, U.S. District Judge Reed O’Connor of the Northern District of Texas, located in Fort Worth, stated Boeing must appear in court on Jan. 26 for an arraignment because the victims’ families were excluded from the initial process. He ruled under the Crime Victims’ Rights Act, which they should’ve been. 

“It is rare in U.S. aviation law history that a corporation is arraigned on criminal charges regarding the deaths of plane crash victims,” Clifford Law Office stated. 

Another lawyer and University of Utah law professor, Paul G. Cassell, also representing families of those killed in the two crashes, told The Washington Post that O’Connor’s ruling “is a real blow in favor of evenhanded justice.” 

The Justice Department said in 2021, “misleading statements, half-truths, and omissions communicated by Boeing employees to the (Federal Aviation Administration) impeded the government’s ability to ensure the safety of the flying public.”

“We are glad they will be actually brought to an open court” to face the charge, Michael Stumo, whose daughter was killed on the plane in Ethiopia, told WaPo. He said he wants to see Boeing executives prosecuted:

 “I am also happy that we and other victims’ family members will be able to finally address the court on what Boeing’s criminal conspiracy to defraud the FAA and cause the death of hundreds, including my daughter Samya Rose Stumo, cost us,” Stumo said.

Judgment day is coming for Boeing execs. 

Tyler Durden
Fri, 01/20/2023 – 15:25