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US Retail Sales Tumbled In December

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US Retail Sales Tumbled In December

While all eyes have been on the inflation prints, and soaring consumer debt (and plunging savings rates), this morning we get an idea of that consumer ‘strength’ via the December retail sales data. Consensus expected a headline decline of 0.9% MoM, while the more accurate forecaster BofA expects an even more serious decline:

BofA was correct again as the headline retail sales print for December tumbled 1.1% MoM – the biggest monthly drop since July 2021 and second straight monthly drop…

Source: Bloomberg

10 of 13 retail categories fell last month, according to the report, including motor vehicles, furniture and electronics. The value of sales at gasoline stations slumped 4.6% as prices steadily dropped.

On a YoY basis, retail sales were flat at +6.0%, but core retail sales rose 6.7% YoY…

Finally, the control group – which feeds directly into the GDP calculation – tumbled 0.7% MoM (more than double as bad as the 0.3% decline expected)

Source: Bloomberg

And bear in mind, this data is notional, not real, so ‘real’ spending was down significantly.

Tyler Durden
Wed, 01/18/2023 – 08:44

US Producer Prices Plunge Most Since COVID Lockdowns

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US Producer Prices Plunge Most Since COVID Lockdowns

While CPI printed 0.1% lower (headline MoM) – exactly as expected – this morning’s headline producer price index was also expected to drop 0.1% MoM “confirming peak inflation” and stoking the fires of ‘pause/pivot/soft-landing’ narrative buyers.

They were right as the headline PPI print tumbled 0.5% MoM – the biggest monthly drop since April 2020.

Source: Bloomberg

That dropped the YoY PPI to +6.2%, the lowest since March 2021.

Prices for final demand goods moved down 1.6 percent in December, the largest decrease since falling 1.8 percent in July. Leading the December decline, the index for final demand energy dropped 7.9 percent. Prices for final demand foods decreased 1.2 percent.

Nearly half of the December decrease in the index for final demand goods can be traced to a 13.4-percent decline in prices for gasoline. The indexes for diesel fuel; jet fuel; fresh and dry vegetables; canned, cooked, smoked, or prepared poultry; and basic organic chemicals also fell. In contrast, prices for carbon steel scrap increased 8.3 percent. The indexes for chicken eggs and for electric power also moved higher.

Prices for final demand services edged up 0.1 percent in December after rising 0.2 percent in November. The December increase can be traced to margins for final demand trade services, which advanced 0.3 percent. (Trade indexes measure changes in margins received by wholesalers and retailers.) Conversely, the index for final demand transportation and warehousing services fell 0.2 percent, while prices for final demand services less trade, transportation, and warehousing were unchanged.  

A major factor in the December increase in prices for final demand services was a 17.6 percent jump in margins for fuels and lubricants retailing. The indexes for deposit services (partial), airline passenger services, inpatient care, and professional and commercial equipment wholesaling also moved higher. In contrast, prices for truck transportation of freight decreased 1.7 percent. The indexes for residential real estate loans (partial), machinery and vehicle wholesaling, and guestroom rental also fell.

The outlook for headline PPI is also trending lower as intermediate demand PPI is slowing rapidly…

Source: Bloomberg

One more silver lining for corporations, CPI printed higher than PPI for the first time since Dec 2020 (easing margin pressures broadly speaking)…

Source: Bloomberg

However, it wasn’t all great news (for the peak inflation-ers), as Core PPI (excluding the volatile food and energy components) actually rose 0.1% MoM.

This will be greeted as good news by the market but maybe worrisome for its “unwarranted easing” effects by The Fed.

Tyler Durden
Wed, 01/18/2023 – 08:36

“I Am Taking This Very Seriously”: BlackRock’s Larry Fink Struggles With “Demonized” ESG Narrative

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“I Am Taking This Very Seriously”: BlackRock’s Larry Fink Struggles With “Demonized” ESG Narrative

BlackRock, the world’s biggest asset manager, has faced increasing backlash about environmental, social, and governance (ESG) investing. A handful of US states have pulled billions of dollars from BlackRock funds over accusations of “greenwashing,” hurting the fossil fuel industry and turbocharging America’s “woke” culture.

On Tuesday, BlackRock’s Larry Fink told Bloomberg TV at the World Economic Forum in Davos that ESG investing has been tarnished:

 “Let’s be clear, the narrative is ugly, the narrative is creating this huge polarization. “

Fink continued:

“We are trying to address the misconceptions. It’s hard because it’s not business any more, they’re doing it in a personal way. And for the first time in my professional career, attacks are now personal. They’re trying to demonize the issues.”

The Republican crusade, including states such as Florida, Louisiana, and Missouri, said they would pull funds out of BlackRock, citing that the asset manager’s ESG efforts could impact investor returns. 

In December, Florida made the most significant withdrawal, pulling $2 billion from BlackRock. 

 “Using our cash to fund BlackRock’s social-engineering project isn’t something Florida ever signed up for.

 “It’s got nothing to do with maximizing returns and is the opposite of what an asset manager is paid to do,” Jimmy Patronis, Florida’s chief financial officer, said in a recent statement.

Meanwhile, Texas Lt. Gov Dan Patrick has urged state officials to label BlackRock as a hostile entity for its action in the attempt to crush the oil and gas industry.  

BlackRock is “capriciously discriminating'” against fossil fuel firms, Patrick said as he called for the asset manager to be added to the list of financial firms that “boycott” fossil fuels. 

Several other states are pushing back on BlackRock. 

Source: Bloomberg 

Recall Tesla CEO Elon Musk called ESG a “scam” last year after the electric-vehicle maker was excluded from an S&P Global ESG index. 

Musk followed up with a tweet earlier this week that said, “The S in ESG stands for Satanic.”

However, in the interview, Fink said BlackRock took in $230 billion in 2022 from US clients, and the outflows were small, though he takes the issue “very seriously” and was trying to address the negative mood around ESG:

“We are doing everything we can to change the narrative.” 

While Fink tries to save the ESG narrative, a former BlackRock senior executive, Terrence R. Keeley, recently opined in a WSJ article that after “trillions of dollars have poured into environmental, social and governance funds in recent years … there is astonishingly little evidence of its tangible benefit.” 

Perhaps what Fink’s terrified about is a run on BlackRock funds because state officials and many others are realizing ESG investing is just another globalist ‘scam.‘ 

Tyler Durden
Wed, 01/18/2023 – 05:45

500 ATMs Blown-Up By Migrant Gangs In Germany In 2022, Setting New Record

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500 ATMs Blown-Up By Migrant Gangs In Germany In 2022, Setting New Record

Authored by John Cody via Remix News,

Organized criminal gangs active in the Netherlands and France, mostly made up of Moroccan migrants, are blowing up ATMs in Germany at a record pace in highly professional robbery operations. In 2022, government statistics indicate that they blew up 500 such machines, with statistically more than one machine being blown up every day.

Cash remains popular with Germans, and to feed this demand, banks operate nearly 100,000 ATMs located throughout the country, with the machines routinely containing between €50,000 and €100,000. Criminal gangs are taking advantage of this, and they are willing to use extreme methods to gain access to this money. These criminal networks are said to meticulously plan their operations out, including initial surveillance, demolition, and the getaway. Police also say they act with brutality and ruthlessness, putting human lives at risk.

In fact, these migrant gangs are blowing up banks with such powerful explosives, that they are destroying entire buildings. In some cases, they have blown bank vault doors up to 30 meters away, underlining how powerful these blasts can be. Police say the danger facing Germans is unprecedented, as many of these banks are located in residential buildings.

Record number of cases

Although the final number of such bank heists has not yet been released for 2022, according to police sources obtained by Welt Am Sonntag, there were 500 such attacks, reaching a record high. Germany’s interior ministry is now holding high-level meetings on the issue, but it appears the robbery crews show little sign of slowing down. In 2021, the Federal Criminal Police reported that there were 414 cases of attempted or successful demolitions, while 2020 saw similar numbers.

Authorities describe how the gangs are most active in the west of Germany, with the most populous state, North-Rhine Westphalia, along with Lower Saxony, the most popular targets. For one, these regions are the closest states to the Netherlands, where the gangs are most active — although some gangs also operate out of France, which is also nearby.

How do the gangs operate?

The gangs tend to target banks located close to major motorways in order to make a quick getaway, with most banks targeted in the early morning hours when the roads are mostly empty.

They usually work in teams with each member playing a specific role. In one case near the small town of Heusenstamm in Hesse, the gang doused garbage bins in gasoline and set them on fire in the middle of the road, effectively creating a roadblock for both lanes of traffic. This roadblock would later hinder the police from pursuing the getaway vehicle.

Another two men, wearing face masks and tracksuits, pried the door open of the Commerzbank. They were filmed breaking open the ATM’s cash slots and then using a hose to fill the machine with acetylene and oxygen, which serve as the two ingredients for their bomb. Another individual who then detonated the bomb was in a BMW 320d behind the bank.

The men worked “with the precision and speed of a racing team at a pit stop,” according to Welt.

However, that is just one incident. Such explosions are rocking Germany nearly every night, and often the damage is far worse than thousands of euros lost from the machines.

A report from Die Welt details how powerful explosions have badly damaged buildings and led to residents being evacuated from their homes. Videos of explosions in buildings, supermarkets, and other public spaces routinely run on German news the next morning.

In one court trial for a gang member police managed to arrest, a judge from Hesse described “war-like damage” in German inner cities during sentencing. Police investigators from the prosecutor’s office described the gang as conducting “explosive attacks in public spaces.”

As a result, the line between robbery and terrorism is beginning to blur in such cases.

“It’s a miracle that there haven’t been any deaths yet,” says Swen Eigenbrodt, the lead investigator of a special new unit in the Hessian State Criminal Police Office (LKA). The unit has been actively targeting the gangs who have participated in the ATM heists seen in the state.

Some perpetrators have been brought into custody, often through small but legally devastating mistakes. For example, some have left fingerprints at the scene, others have been caught by speed-trap cameras while trying to race away from the scene, and sometimes they are apprehended with their smartphones, which provide movement data. Nevertheless, an arrest at the scene of the crime is very rare, as the teams move so fast, and despite some arrests, there are enough teams active that the demolitions continue to rise.

Utrecht is a hotspot

The Dutch city of Utrecht is prosperous, but it also faces pockets of poverty and in some neighborhoods, up to 60 percent of the population has a migration background. Now, Dutch and German law enforcement are working together to stop these organized gangs, as many of them come from this city.

Dutch criminologist Cyrille Fijnaut, a professor emeritus, has been observing these ATM heist crews for 20 years and actively advises the Dutch government. He said that the network of criminals consists of about 200 to 400 young men and that “many of them have Moroccan roots.” He said they often follow in the footsteps of older boys in their neighborhoods, who sport expensive watches and sports cars.

A few years ago, one of the top gang bosses set up his own training center for ATM demolition crews. He simply rented out a factory building, ordered discarded ATMs online, and began training members in what served as a sort of school for gang members. However, these criminal networks are also active in cities such as Amsterdam and Alkmaar.

A famed Dutch defense lawyer, Vito Shukrula, also said that these types of heists are actually used as “seed” money to enter into the Dutch cocaine trade. He described it as “easy money” for these teams.

As Remix News has previously reported, the Moroccan Mafia earns billions in revenue every year from the drug trade in the Netherlands. The criminal group has assassinated not only rivals, but also state witnesses and even journalists. The group has become so feared that 18-year-old Dutch Princess Amalia went into hiding over credible kidnapping and assassination threats just months ago. Dutch Prime Minister Mark Rutte has also beefed up his security due to threats from the group.

Tyler Durden
Wed, 01/18/2023 – 05:00

“Brought To Justice”: Italian Mafia Boss Arrested At Hospital After Three Decades On The Run

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“Brought To Justice”: Italian Mafia Boss Arrested At Hospital After Three Decades On The Run

Italy’s most wanted mafia boss, Matteo Messina Denaro, was arrested on Monday at a private hospital in Sicily during a cancer treatment, after being on the run since 1993.

Nicknamed “Diabolik” and “‘U Siccu” (The Skinny One), Messina Denaro had been sentenced in absentia to life in prison for the 1992 murders of two anti-mafia prosecutors, Giovanni Falcone and Paolo Borsellino.

Two armed police led the 60-year-old mafia boss away from Palermo’s “La Maddalena” hospital, where he had registered under a fake name.

“We had a clue to the investigation and followed it through to today’s arrest,” said Palermo prosecutor Maurizio de Lucia.

Magistrate Paolo Guido, who was also in charge of investigations into Messina Denaro, said dismantling his network of protectors was key in reaching the result following years of work.

A second man, who had driven Messina Denaro to the hospital, was arrested at the scene on suspicion of aiding a fugitive.

Images on social media show locals applauding and shaking hands with police in balaclavas as the minivan carrying Messina Denaro was driven away from the suburban hospital to a secret location. –Reuters

“We have not won the war, we have not defeated the mafia, but this battle was a key battle to win, and it is a heavy blow to organised crime,” said Italian Prime Minister Giorgia Meloni, who traveled to Sicily to congratulate police chiefs on the arrest.

Who is Matteo Messino Denaro?

As the Evening Standard reports, he was born in Sicily in 1962. His father was a powerful Cosa Nostra boss.

Messina Denaro, known as “the skinny one,” was involved in several crimes, including racketeering, money laundering and drug trafficking.

“I filled a cemetery, all by myself,” he is said to have once claimed.

Timeline of crimes and arrest

1992

Anti-mafia prosecutors Giovanni Falcone and Paolo Borsellino were killed by car bombs within months of each other.

The attacks also killed several bodyguards and policemen, as well as Falcone’s wife.

1993

The mafia organised a series of bomb attacks in Milan, Florence, and Rome.

On May 27, a bomb was detonated outside the Uffizi Gallery in Florence, killing five people and injuring dozens more. Ten people were killed in the series of bombings.

In November, Giuseppe Di Matteo, the 12-year-old son of a former mafia member turned state witness, was kidnapped. He was held captive and tortured for two years before being killed and his body dissolved in acid.

Messina Denaro became a fugitive but is thought to have continued to issue orders.

2002

Messina Denaro was sentenced to life in jail in absentia in 2002 for a number of murders, including the 1992 killings and the 1993 bomb attacks, despite still being a fugitive.

2013

His sister Patrizia and several associates were arrested.

2023

Messina Denaro was arrested on January 16.  -Evening Standard

“In the aftermath of the anniversary of the arrest of Totò Riina, another head of organised crime, Matteo Messina Denaro is brought to justice,” said PM Meloni, adding “My warmest thanks, together with those of the entire government, go to the police forces, and in particular to the Ros dei Carabinieri, to the national anti-mafia prosecutor, and to the Palermo prosecutor for the capture of the most significant exponent of mafia crime.”

Tyler Durden
Wed, 01/18/2023 – 04:15

Crisis Over? Europe’s Gas Stocks At Seasonal Record High

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Crisis Over? Europe’s Gas Stocks At Seasonal Record High

By John Kemp, senior energy market analyst

Northwest Europe is half-way through the winter heating season and gas inventories are at a record high following an extended period of exceptionally mild temperatures since the middle of December.

Preparation and luck have combined to rescue Europe from potential gas shortages this winter: 

  • Preparation by policymakers and forward-looking gas markets ensured inventories began the winter season at the one of the highest levels on record.
  • Market-driven high prices have significantly reduced gas and electricity consumption by major industrial customers and more modestly by residential and commercial users.
  • Luck in the form of exceptionally mild weather has transformed comfortable stocks in mid-December into plentiful inventories by mid-January.

At Frankfurt in Germany, a proxy for the densely populated northwest Europe mega-region, half of winter heating demand occurs on average on or before January 15.

On January 15, inventories across the European Union and the United Kingdom amounted to 922 terawatt-hours (TWh), according to Gas Infrastructure Europe (“Aggregated gas storage inventory”, GIE, January 17).

Stocks were 268 TWh (+41% or +2.57 standard deviations) above the prior ten-year average, up from a surplus of 173 TWh (+23% or +1.58 standard deviations) when the warm spell began on December 19 and 92 TWh (+10% or +0.86 standard deviations) at the start of the winter season on October 1.

Heating demand started this winter close to the long-term average, with an unusually mild October offset by colder-than-normal temperatures in the first part of December. By December 19, Frankfurt had experienced a total of 675 heating degree days, very close to the long-term average of 682.

Between December 19 and January 15, however, the region experienced an exceptional and extended period of much warmer temperatures that reduced heating demand significantly.

Frankfurt experienced an additional 184 heating degree days, the lowest this century, and compared with a seasonal average of 341.

Cumulative heating demand so far this winter was 20% below the long-term seasonal average by January 15 compared with a 5% deficit by December 19.

As a result of mild weather, gas inventories depleted by just 18 TWh over the 27 days ending on January 15, compared with an average ten-year depletion of 113 TWh.

EMERGENCY OVER

Stocks are now projected to fall to a low of 612 TWh before winter ends, up from a projected low of 518 TWh on December 19 and 440 TWh when the winter season started on October 1.

Inventories are on course to end the winter at the highest level on record, with storage sites still more than 54% full.

Prices have already slumped to redirect more liquefied natural gas (LNG) to other regions of the world, encourage more consumption in Europe and stem inventory accumulation.

Futures prices for deliveries in March 2023 have halved to €56 per megawatt-hour from €110 on December 19 and €177 at the start of winter.

Lower prices will buy back some consumption lost earlier this winter from the most price-sensitive customers directly exposed to wholesale markets, mostly power producers and energy-intensive industrial users.

Gas-fired electricity generators are likely to operate for more hours at the expense of coal-fired and fuel oil-fired competitors, absorbing some of the surplus. Manufacturers of fertilizer, iron and steel, ceramics, glass and chemicals, as well as non-ferrous smelters, are likely to restart some idled capacity if prices remain lower.

Futures for gas delivered to Northwest Europe are now trading at a discount to gas delivered to Northeast Asia, from a premium over €11 per megawatt-hour on December 19 and almost €43 at the beginning of winter.

Relatively lower European prices should reduce the incentive to maximise LNG inflows and redirect more gas to importers in East and South Asia, which will also limit the further build up of a surplus in Europe.

Tyler Durden
Wed, 01/18/2023 – 03:30

Italian Lawmaker At Center Of EU’s Qatargate Scandal Agrees To Spill Beans

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Italian Lawmaker At Center Of EU’s Qatargate Scandal Agrees To Spill Beans

One of the handful of EU officials at the center of the Qatargate scandal which emerged last month and shook confidence in European Parliament decision-making is going to spill the beans, in what looks to be a breakthrough for investigators amid what’s widely considered “the most egregious case” of corruption the body has seen in years.

According to Politico on Tuesday, “Pier Antonio Panzeri, a former Italian EU lawmaker detained in the European Parliament corruption probe, has struck a plea deal with the Belgian prosecutor to exchange information about bribes he made in exchange for a reduced sentence.”

Former Italian EU lawmaker Pier Antonio Panzeri, via La Libre

This means that likely for the first time the specifics of how the Qataris hoped to shape debate and outcomes in European Parliament will be revealed. 

Reportedly Panzeri has said he’s ready to disclose financial arrangements and which countries and officials were involved, as well as who benefited. The other country likely to be named is Morocco

Panzeri is currently in jail and as of Tuesday morning he had withdrawn his appeal of provisional detention. He’s facing charges related to criminal organization, money laundering and corruption. 

The former MEP’s daughter, Silvia Panzeri, is also being investigated for allegedly being aware of, or even possibly complicit in her father’s activities. 

Other high-level suspects are Greek MEP Eva Kaili, her partner Francesco Giorgi, and lobbyist Niccolò Figà-Talamanca. As a result of the scandal, which was revealed after police raids on multiple offices and homes (including a hotel) in Brussels turned up stacks of cash totaling around €1.5m (£1.3m), Kaili was swiftly removed as a vice-president of the Parliament.

Belgian police last month released images of stashes of cash uncovered connected with raids on the offices and homes of MEP’s offices. 

The governments of Qatar and Morocco, as well as now former vice-president of the Parliament Kaili, have all vehemently denied wrongdoing. There may be more officials that are named as a result of Panzeri’s pending deal.

The BBC notes that “Mr Panzeri’s reference to unknown people within the investigation suggests more revelations are due to emerge.”

The report says that “Belgian prosecutors have already sought to lift the immunity of two more centre-left MEPs. Belgian Marc Tarabella and Andrea Cozzolino from Italy.” Thus the scope of the scandal could expand as Panzeri hands the prosecutor more information and specifics of corruption involving EU lawmakers.

Tyler Durden
Wed, 01/18/2023 – 02:45

Greta Thunberg Detained By Police, Slams “Very Hypocritical” German Green Party For “Embarrassing Itself”

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Greta Thunberg Detained By Police, Slams “Very Hypocritical” German Green Party For “Embarrassing Itself”

Authored by Thomas Brooke via Remix News,

Swedish climate activist Greta Thunberg has slammed Germany’s left-wing government, accusing the Green party of “really embarrassing itself” by sanctioning a new coal-lignite mine in the latest sign of progressives attacking one another in pursuit of a wildly unrealistic environmental policy.

“Disappointed is one way of putting it. I think it’s very weird to see the German government, including the Green Party, make deals and compromise with companies like RWE, with fossil fuel companies, when they should rather be held accountable for all the damage and destruction they have caused,” she said in response to the left-wing’s government with German energy multinational RWE to excavate the area near the village of Lützerath.

The ongoing drama in the village, which has been cleared of thousands of protesters to make way for a lignite mine, has seen climate change activists turn on each other. Protesters — who had been illegally occupying the disused village and were forcibly removed by police last week — blamed the German Greens for making a backroom deal with RWE despite promises to fight climate change.

The protesters’ cult hero, Greta Thunberg, arrived in Lützerath for the second time over the weekend to offer solidarity with the illegal squatters, who have continued to ignore a court-mandated eviction order. They are crying foul play against police, while authorities argue they have little choice but to clear the protesters.

Thunberg, herself, was eventually carried off the site by two police officers on Sunday, according to German tabloid, Bild.

The Swedish activist, however, appears to have used the vast majority of her visit to Germany to criticize the country’s government — which includes the German Greens in its coalition — for failing to act at her behest.

During an interview on the Anne Will program on Sunday, the Swedish climate campaigner called Germany “historically one of the biggest polluters in the world,” and accused the current federal government of doing little to address this unwanted title.

Green voters in Germany are finding it difficult to stomach that it was primarily Green politicians who reached the agreement with RWE to raze the village of Lützerath to aid the energy company’s expansion of the Garzweiler coal mine. Mona Neubaur, Green vice premier of the state of North Rhine-Westphalia (NRW), and Robert Habeck, Germany’s economy and climate minister, were perhaps the two most influential Green politicians behind the deal.

When asked about the deal, Thunberg told the program: “It’s not my role as an activist to watch compromises between governments and very destructive corporations,” before proceeding to make it her role by accusing the deal of “endangering the lives of countless people.”

She continued to call the discussions between prominent Green politicians and RWE “very hypocritical,” and dismissed Habeck’s claim that Lützerath would be the “last village” to give way for lignite in Germany, asking: “How can (Lützerath) be a symbol of the end if they plan to move on, to move on with this?”

Environmental activists have campaigned across Germany for years in favor of cleaner energy production; however, leaders are currently finding a need to revert back to coal given the energy fall-out from the ongoing conflict in Ukraine, and Green party politicians have also accepted the reality of the current energy situation.

Since campaigning to phase out nuclear energy in Germany, climate activists will be horrified to see the rise in coal mining, a far more harmful form of production for the environment than the former. And with coal constituting a staggering 31 percent of German electricity production, compared to 8 percent recorded in 2015, eco-warriors only have themselves to blame, writes Wolfgang Munchau of Eurointelligence.

Thunberg’s criticism of Green politicians in Germany’s federal government is reflective of the way many Greens voters are feeling about their elected representatives.

“I voted the Greens and I will never, ever do [so again],” said David Dresen, from the neighboring village of Kuckum as cited by news outlet Politico.

“It’s a gut punch that Green ministers now try to sell this backroom coal deal as a success. We won’t accept that,” added Olaf Bandt, the chair of the German Federation for the Environment and Nature Conservation.

Tyler Durden
Wed, 01/18/2023 – 02:00

Not A Coup, But A Cover-Up

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Not A Coup, But A Cover-Up

Authored by Lee Smith via The Epoch Times,

Speculation is growing in Republican media circles that the recent scandal over President Joe Biden’s improper possession of classified information from his time as vice president represents an internal coup. The theory holds that Democratic Party insiders, particularly Obama-era officials situated within the Biden administration, are using the revelations of Biden’s carelessness to push him aside or at least prevent him from running for reelection in 2024.

Capitol Hill sources say it’s true that the Biden administration is a hornet’s nest with several factions vying for control, including one led by domestic policy adviser Susan Rice and Deputy Attorney General Lisa Monaco, both Obama loyalists. However, a careful look at the evidence shows that senior Biden aides, Democratic officials, and the party’s media apparatus are circling the wagons to protect Biden. What we’re watching isn’t a coup but a coverup.

Press reports show that at the beginning of November 2022, Biden’s lawyers found classified documents in his office at a Washington think tank affiliated with the University of Pennsylvania that bears his name: the Penn Biden Center. This account is improbable. If Biden’s legal team, rather than his administrative staff, typically sorted through his papers, it’s likely they would have previously identified the classified records in question.

There were at least two other opportunities for Biden’s aides to find the papers among his belongings. The first came when his staff packed his boxes as he left the Office of the Vice President in January 2017. It isn’t yet known where the documents were kept between then and when they were moved to the Penn Biden Center when it opened in 2018. The move would have given his staff another chance to find the classified documents. Hence, it seems likely that it was an outside source that alerted either the Biden team, the National Archives, or the Department of Justice to the fact that the president was improperly holding classified documents.

In a press conference on Jan. 12, Attorney General Merrick Garland said that on Nov. 9, 2022, he asked the FBI to assess whether those records had been mishandled. On Nov. 14, 2022, he asked the U.S. attorney in Chicago, John Lausch, to conduct an initial investigation.

Administration officials and Biden loyalists in federal law enforcement knew they had a problem. Mishandling classified documents was the basis of a broad Democratic Party campaign against Biden’s possible 2024 rival, former President Donald Trump.

The FBI raided Trump’s Florida home in August 2022 to seize classified documents, and rumors circulated that indictments were in the offing. Eventually, the Department of Justice appointed a special counsel to investigate Trump. Biden even chastised his predecessor for mishandling classified documents in a September 2022 media interview. And now, here was Biden as culpable as the man they hoped to destroy with the same instrument—classified documents.

The Biden team moved to attenuate the potential fallout with a leak to the press. A Nov. 14, 2022, Washington Post article citing “people familiar with the matter” explained that “FBI interviews with witnesses so far, they said, also do not point to any nefarious effort by Trump to leverage, sell or use the government secrets. Instead, the former president seemed motivated by a more basic desire not to give up what he believed was his property.”

That is, contrary to the public outcry that Trump had taken the documents for illicit purposes—he was selling U.S. nuclear secrets to Saudi Arabia, one journalist claimed without evidence or reason—there was nothing sinister at play. Rather, he was simply motivated by ego.

The Nov. 14, 2022, article was evidence that the Biden circle was walking back its scorched-earth campaign against Trump on classified papers. Nearly three months later, it’s clear why—to reframe the context for when news of Biden’s own problems with classified documents went public.

When the story broke last week in administration-friendly media outlets, Democratic lawmakers not only rallied around the president but also compared his response favorably to Trump’s. Unlike Trump’s team that argued with the institution tasked to keep U.S. records, Biden’s lawyers, Rep. Jamie Raskin (D-Md.) intimated, “appear to have taken immediate and proper action to notify the National Archives.”

Dozens of media publications, from The New York Times to Vox, have published explainers showing why what Trump did is much worse than what Biden did.

Trump had more documents, the argument runs; Biden’s lawyers were more forthright; and so forth. The fact is that no one on the Democratic side has broken with the president or even so much as hinted that he did something wrong. This isn’t what an internal coup looks like.

The special counsel appointed to investigate Biden’s handling of classified documents identifies as a Republican but he appears to be a Never Trump Republican. Robert Hur is a protégé of Rod Rosenstein, the deputy attorney general under Trump who reportedly offered to wear a wire to spy on the previous president.

Rosenstein furthered the anti-Trump cause by withholding documents from the investigation led by former Rep. Devin Nunes (R-Calif.) into alleged FBI crimes and abuses committed during the bureau’s Trump–Russia probe. He also allegedly threatened to subpoena Nunes’s staffers, including Kash Patel. A winter 2018 chain of emails (pdf) between Department of Justice officials shows that Hur was part of the law enforcement team tasked to stonewall Nunes’s investigation.

Former congressional investigators say that Hur’s appointment as special counsel is intended not to uncover potential crimes committed by the president but rather to give the appearance of a genuine investigation and thereby bury the issue once and for all. And thus, actions taken by the Biden administration and the responses of Democratic officials and the media show that what’s unfolding at present isn’t a coup, but a coverup.

Read more here…

Tyler Durden
Tue, 01/17/2023 – 23:40

How Ozone-Depleting Gases (Almost) Disappeared

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How Ozone-Depleting Gases (Almost) Disappeared

According to an expert assessment released last week, the hole in the ozone layer is expected to close completely over the upcoming decades.

As Statista’s Katharina Buchholz reports, the layer in the world’s stratosphere containing a high concentration of ozone had ruptured every year since the 1980s due to harmful chemicals being released into the air and depleting the atmosphere’s naturally occurring ozone. Striking a hopeful note for the successes possible in environmental and climate conservation, the phase-out of substances like CFCs are expected to reverse the damage done.

Infographic: How Ozone-Depleting Gases (Almost) Disappeared | Statista

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The UN Ozone Secretariat supplies data on the annual global consumption of ozone-depleting substances and how their use decreased since the end of the 1980s.

CFCs (Chlorofluorocarbons) and halons had been the single most consumed ozone-depleting gases some decades ago and were used in aerosols and fire extinguishers or as refrigerants and solvents. Their use has all but been phased out. The use of other ozone-harming gases has also been cut down to a minimum. The exception are Hydrochlorofluorocarbons (HCFCs), which have been employed as a bridge technology to phase out more harmful sustances faster. They are still used today but due to their shorter lifespan in the atmosphere do much less harm. The substances are scheduled for a complete phase-out by 2030. Another substitute for ozone-harming gases – Hydrofluorocarbons (HFCs) – do not have an effect on the ozone layer. However, their emissions from the use in air conditioning, insulation and refrigeration are many times as potent as CO₂ emissions in warming the global climate.

Holes in the ozone layer have been forming over the Earth’s poles due to the globe’s wind pattern and the regions’ cold winter climate, which fosters conditions for ozone depletion that manifest themselves in the spring. Due to Antarctica featuring a cold-attracting landmass, the hole in the ozone layer in the Southern hemisphere has usually been larger. Once a hole in the ozone layer has formed, ultraviolet radiation from the sun hits the Earth more strongly, for example heightening the risk of skin cancer.

The ozone hole over the Antarctic varies in size each year but has been growing smaller lately. Under current scenarios, the ozone layer is expected to be restored to its 1980 condition by 2066 at the latest.

Tyler Durden
Tue, 01/17/2023 – 23:20