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Yes, 3D-Printed Steaks Are A Thing

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Yes, 3D-Printed Steaks Are A Thing

Authored by Bruce Wilds via Advancing Time blog,

Believe it or not, 3d printed meat may soon be on its way to a store near you. Reuters recently reported that Israel’s Redefine Meat has struck a partnership with importer Giraudi Meats to drive the distribution of its ‘New Meat’ steak cuts produced on 3D printers. At this time, they will be targeting the European market.

Redefine hopes to reach thousands of restaurants by the end of next year with its plant-based whole cuts of alternative meat. Their product, which mimics meat, or as they say, flank steak, is a mix of soy and pea protein, chickpeas, beetroot, nutritional yeasts, and coconut fat.

The Israeli company has been working with about 150 restaurants in Israel, they say the whole cuts they offer will broaden the appeal of alternative meat products. These, up until now, have mostly been limited to ground-beef dishes, including hamburgers and sausages.

Is This What We Want?

As the larger cuts of alternative meat which are more complicated to produce evolve, companies are gearing up to meet the demand which could reach $140 billion by 2029, according to Barclays. This would account for about 10% of the world’s market for meat.

“We’re scaling up the capacity. Every batch that we make is five times larger than the previous batch. So we’re changing … the machines, the flow and we’re also changing the product attributes.” Redefine Meat’s CEO Eshchar Ben-Shitrit said.

To be clear, Redefine Meat, is not the only company moving in the direction of what some of us see as “fake meat.” In fact, competition in this sector is growing, players include California’s Beyond Meat (BYND.O) and Impossible Foods as well as Spain’s Novameat, and Israel’s Aleph Farms, which is developing a method to cultivate meat in the lab from cow cells.

Adding New Meaning To, Where’s The Beef?

It is likely that if Europe does not reject this concoction, it will soon reach our shores. To many Americans and other people across the world, this will most likely be viewed as an abomination pushed upon us by climate change activists that see cattle as harming the environment. 

This move to produce food in ways foreign to nature can also be framed as proof that mankind is moving further from its roots and off into some strange bizarre future.

This is certainly not something our ancestors would not have seen coming.

Tyler Durden
Wed, 11/16/2022 – 21:00

Did SBF Buy Puff-Piece Propaganda?

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Did SBF Buy Puff-Piece Propaganda?

As FTX founder Sam Bankman-Fried faces extradition to the USA following his fund’s commingled asset implosion, one might be a bit confused about the gravity of the situation given recent press coverage.

For example, the NY Times on Monday published a cowering puff-piece which mentioned exactly none of the major accusations against the well-connected Democrat mega-donor.

Months before his firm imploded, Vox penned a slobbering review of SBF’s “Effective Altruism” program, painting him as a benevolent crime-fighter in his efforts to help ensure Joe Biden won the 2020 US election.

But his motivations aren’t those of an ordinary Democratic donor — Bankman-Fried told Goldstein that fighting Trump was less about promoting Democrats than ensuring “sane governance” in the US, which could have “massive, massive, ripple effects on what the future looks like.” -Vox

Fast forward to Tuesday, when Vox proclaimed that SBF’s support of Democratic candidates to the tune of $40 million, second only to George Soros, is “massively overstated” and essentially no big deal.

And what do we have here? SBF gave millions to corporate media outlets according to Tablet, and noted by @balajis, who suggests that it may have been done with “stolen customer funds.”

Over the past two years, Bankman-Fried cultivated the media lavishly, if not carefully. Drawing on what then seemed like an unlimited pool of cash, SBF (as we’ll call the mythologized version of the real person) dispersed investments, advertising dollars, sponsorships, and donations to key news outlets—including ProPublica, Vox, Semafor, and The Intercept—with extraordinary effectiveness. -Tablet

And while some of said outlets (Semafor, and The Intercept for example) covered FTX without obvious bias, recent pieces from Vox suggest the investment has paid off in spades.

On Wednesday, Vox must have realized how dumb they looked – leading to Vox’s Dylan Matthews (who oddly took the “Vox” reference out of his Twitter bio earlier today) dumping what appears to be incriminating texts with another Vox journo.

An interesting analogy…

And while the NY Times wasn’t on the list of outlets that received money, perhaps SBF’s deep-rooted establishment connections have something to do with it.

Tyler Durden
Wed, 11/16/2022 – 20:40

The Road To Totalitarianism (Revisited)

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The Road To Totalitarianism (Revisited)

Authored by CJ Hopkins via The Consent Factory,

It feels like it’s finally over, doesn’t it, the whole “apocalyptic pandemic” thing? I mean, really, really over this time. Not like all those other times when you thought it was over, but it wasn’t over, and was like the end of those Alien movies, where it seems like Ridley has finally escaped, but the alien is hiding out in the shuttle, or the escape pod, or Ridley’s intestinal tract.

But this time doesn’t feel like that. This time it feels like it’s really, really over. Go out and take a look around. Hardly anyone is wearing masks anymore (except where masks are mandatory) or being coerced into submitting to “vaccinations” (except where “vaccination” is mandatory), and the hordes of hate-drunk New Normal fanatics who demanded that “the Unvaccinated” be segregated, censored, fired from their jobs, and otherwise demonized and persecuted, have all fallen silent (except for those who haven’t).

Everything is back to normal, right?

Wrong. Everything is not back to normal. Everything is absolutely New Normal. What is over is the “shock-and-awe” phase, which was never meant to go on forever. It was always only meant to get us here.

Where, you’re probably asking, is “here”? “Here” is a place where the new official ideology has been firmly established as our new “reality,” woven into the fabric of normal everyday life. No, not everywhere, just everywhere that matters. (Do you really think the global-capitalist ruling classes care what people in Lakeland, Florida, Elk River, Idaho, or some village in Sicily believe about “reality”?) Yes, most government restrictions have been lifted, mainly because they are no longer necessary, but in centers of power throughout the West, in political, corporate, and cultural spheres, in academia, the mainstream media, and so on, the New Normal has become “reality,” or, in other words, “just the way it is,” which is the ultimate goal of every ideology.

For example, I just happened upon this “important COVID-19 information,” which you need to be aware of (and strictly adhere to) if you want to attend a performance at this Off-Broadway theater in New York City, where “everything is back to normal.”

I could pull up countless further examples, but I don’t want to waste your time. At this point, it isn’t the mask and “vaccination” mandates themselves that are important. They are simply the symbols and rituals of the new official ideology, an ideology that has divided societies into two irreconcilable categories of people: (1) those who are prepared to conform their beliefs to the official narrative of the day, no matter how blatantly ridiculous it is, and otherwise click heels and follow the orders of the global-capitalist ruling establishment, no matter how destructive and fascistic they may be; and (2) those who are not prepared to do that.

Let’s go ahead and call them “Normals” and “Deviants.” I think you know which one you are.

This division of society into two opposing and irreconcilable classes of people cuts across and supersedes old political lines. There are Normals and Deviants on both the Left and the Right. The global-capitalist ruling establishment couldn’t care less whether you are a “progressive,” or a “conservative,” or a “libertarian,” or an “anarchist,” or whatever you call yourself. What they care about is whether you’re a Normal or a Deviant. What they care about is whether you will follow orders. What they care about is whether you are conforming your perceptions and behavior and thinking to their new “reality” … the hegemonic global-capitalist “reality” that has been gradually evolving for the last 30 years and is now entering its totalitarian stage.

I’ve been writing about the evolution of global capitalism in my essays since 2016 — and since the early 1990s in my stage plays — so I’m not going to reiterate the whole story here. Readers who have just tuned into my political satire and commentary during the last two years can go back and read the essays in Trumpocalypse (2016-2017) and The War on Populism (2018-2019).

The short version is, back in 2016, GloboCap was rolling along, destabilizing, restructuring, and privatizing the planet that it came into sole unchallenged possession of when the Soviet Union finally collapsed, and everything was hunky-dory, and then along came Brexit, Donald Trump, and the whole “populist” and neo-nationalist rebellion against globalism throughout the West. So, GloboCap needed to deal with that, which is what is has been doing for last six years … yes, the last six — not just two and a half — years.

The War on Dissent didn’t start with Covid and it isn’t going to end with Covid. GloboCap (or “the Corporatocracy” if you prefer) has been delegitimizing, demonizing, and disappearing dissent and increasingly imposing ideological uniformity on Western society since 2016. The New Normal is just the latest stage of it. Once it gets done quashing this “populist” rebellion and imposing ideological uniformity on urban society throughout the West, it will go back to destabilizing, restructuring, and privatizing the rest of the world, which is what it was doing with the “War on Terror” (and other “democracy”-promoting projects) from 2001 to 2016.

The goal of this global Gleichschaltung campaign is the goal of every totalitarian system, i.e., to render any and all deviance from its official ideology pathological. The nature of the deviance does not matter. The official ideology does not matter. (GloboCap has no fixed ideology. It can abruptly change its official “reality” from day to day, as we have experienced recently). What matters is one’s willingness or unwillingness to conform to whatever the official “reality” is, regardless of how ridiculous it is, and how many times it has been disproved, and sometimes even acknowledged as fiction by the very authorities who nonetheless continue to assert its “reality.”

I’ll give you one more concrete example.

After I happened upon the “Covid restrictions” (i.e., the social-segregation system) still being enforced by that Off-Broadway theater, I stumbled upon this article in Current Affairs about the oracle Yuval Noah Harari, the writer of which article mentions in passing that somewhere between 6 million and 12 million people have “died of Covid,” as if this were a fact, a fact that no one in their right mind would question. Which it is, officially, in our new “reality,” despite the fact (i.e., the actual fact) that — as even the “health authorities” have admitted — anyone who died of anything in a hospital after testing positive was recorded as a “Covid-19 death.”

This is how “reality” (i.e., official “reality,” consensus “reality”) is manufactured and policed.

It is manufactured and policed, not only by the media, corporations, governments, and non-governmental governing entities, but also (and, ultimately, more effectively) by the constant repetition of official narratives as unquestionable axiomatic facts.

In our brave new totalitarian global-capitalist “reality,” anyone who questions or challenges such “facts” immediately renders oneself a “Deviant” and is excommunicated from “Normal” society. Seriously, just for fun, try to get a job at a corporation, or a university, or a part in a movie or a Broadway play, or a book deal, or a research grant, etc., while being honest about your beliefs about Covid. Or, if you’re a “respectable” journalist, you know, with literary and public-speaking agents, and book deals, and personal managers, and so on, go ahead, report the facts (i.e., the actual facts, which you know are there, but which you have been avoiding like the plague for the last two years), and watch your career get violently sucked down the drain like a turd in an airplane toilet.

That last bit was meant for “urban professionals,” who still have careers, or are aspiring to careers, or are otherwise still invested in remaining members in good standing of “Normal” society, i.e., not you folks in Florida and Idaho, or my fellow literary and artistic “Deviants.”

We have pretty much burned our bridges at this point. Unless you’re prepared to mindfuck yourself, and gaslight yourself, and confess, and convert, there’s no going back to “normal” society (which we couldn’t go back to anyway, on account of how it doesn’t exist anymore).

I realize that a lot of folks have probably been looking forward to that … to the day when the Normals finally “wake up” and face the facts, and truth prevails, and we return to something resembling normality. It’s not going to happen. We’re not going back. The Normals are never going to “wake up.” Because they’re not asleep. They’re not hypnotized. They’re not going to “come to their senses” one day and take responsibility for the damage they have done. Sure, they will apologize for their “mistakes,” and admit that possibly they “overreacted,” but the official narrative of the Covid pandemic and the new “reality” it has ushered into being will remain in force, and they will defend both with their lives.

Or, rather, they will defend both with our lives.

If you think I’m being hyperbolic, well, consider the epithets GloboCap has conditioned the Normals to use to demonize us … “conspiracy theorist,” “science denier,” “insurrectionist,” “extremist,” “violent domestic terrorist.” None of which signify a political ideology or any political or critical position whatsoever. They signify deviation from the norm. Any type of deviation from the norm. They are tactical terms, devoid of meaning, designed to erase the political character of the diverse opposition to global-capitalism (or “globalism,” if you are touchy about the word “capitalism”), to lump us all into one big bucket of “deviance.”

It is usually not a very good omen when nations — or totally unaccountable, supranational global-power systems — suddenly break out the “deviance bucket.” It is usually a sign that things are going to get ugly, ugly in a totalitarian fashion, which is precisely what has been happening for the past six years.

Back in July of 2021, at the height of the fascistic New Normal hate frenzy, with the military enforcing “Covid restrictions,” a global segregation system being implemented, and people threatening to decapitate me for refusing to get “vaccinated,” I published a piece called The Road to Totalitarianism. We are still on that road. Both the Normals and we Deviants. We’ve been on that road for quite some time, longer than most of us probably realize. The weather has improved, slightly. The scenery out the window has changed. The destination has not. I haven’t seen any exits. Let me know if you do, will you?

Tyler Durden
Wed, 11/16/2022 – 20:20

Second GOP Mega-Donor Talks Greasy About Trump

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Second GOP Mega-Donor Talks Greasy About Trump

While Donald Trump has a ‘massive war chest’ built through donations from smaller donors around the country, and wide support from allies in congress such as Marjorie Taylor Green (R-GA) and Andy Biggs (R-AZ), a second GOP billionaire donor has come out against the former president, who formally announced a 2024 run on Tuesday night.

Blackstone CEO Stephen Schwarzman

After Citadel founder Ken Griffin on Monday labeled Trump a “three-time loser,” who he hoped wouldn’t run in 2024, Blackstone CEO Stephen Schwarzman announced he would not back the former president’s latest run, despite Trump naming him chair of the now-defunct Strategic and Policy Forum.

America does better when its leaders are rooted in today and tomorrow, not today and yesterday,” Schwarzman said in a statement. “It is time for the Republican Party to turn to a new generation of leaders and I intend to support one of them in the presidential primaries.”

It is unclear how much the rejection of big GOP donors hurts Trump, however. Trump was successful in 2016 without major party backers and appeals to his base with a populist message. 

Griffin never gave to Trump. And Schwarzman didn’t support him until he was already president, giving $344,400 in Dec. 2017 to a committee that supported Trump’s campaign and the Republican National Committee. In all, Schwarzman gave $3.7 million to committees that supported Trump. –Bloomberg

Of note, Griffin never gave to Trump – and Schwarzman was a latecomer in his support, waiting till Trump was already president to give $344,400 in Dec. 2017 to a committee that supported Trump and the RNC (ultimately giving $3.7 million to committees that supported the former president).

According to the report, Trump’s rejection by two conservative billionaires ‘could give cover to elected officials who are still deciding who to back.’

Tyler Durden
Wed, 11/16/2022 – 20:00

After FTX Implosion, It’s Time To End Bitcoin’s Dysfunctional Relationship With Crypto

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After FTX Implosion, It’s Time To End Bitcoin’s Dysfunctional Relationship With Crypto

Authored by Tim Niemeyer, via BitcoinMagazine.com,

“Bitcoiners are trapped in a dysfunctional relationship with crypto and we want out!”

Michael Saylor

Amidst the carnage of the FTX drama, a moment of clarity illuminated the Twittersphere. Michael Saylor’s words were the signal in the noise resulting from the dysfunctional trainwreck unaffectionately known as “crypto”. Before we can truly appreciate his insights, we should first meditate on what makes this relationship dysfunctional or, in the context of couples therapy, a toxic relationship.

While many in the cryptocurrency industry were happily going about their life viewing their relationship with money (trust, commitment, support, etc.) in a positive light, they were ignoring the warning signs that their relationship was anything but healthy. Sure, all good relationships have their ups and downs. Disagreements happen, but overall you share common goals and trust the other to have your best interests at heart. There’s a certain level of expectation that your partner will support you, communicate openly and honestly, and refrain from controlling behaviors. Life this way is freeing and you’re generally able to flourish.

But what if one side doesn’t have your best interests at heart? What if they are dishonest? What if there becomes a pattern of disrespect? What if they ignore your needs? Sure, you can hope for change, but you still feel drained, stressed, anxious, or depressed. Eventually, you want out. Your need for a positive, healthy relationship overwhelms the comfort of the known, current relationship. The first step is admitting there’s a problem. Acknowledging signs of a toxic relationship are necessary.

SIGNS OF A TOXIC RELATIONSHIP

Photo by Girl with red hat on Unsplash

In regards to our relationship with money, support may be displayed in many ways. One way we support each other is through the ability to trust that our counterpart has our best interests at heart. The overwhelming problem with the cryptocurrency sphere (defined here as everything other than Bitcoin) is that it’s still largely based on an expectation of trust. Whether it’s FTX, Celsius, LUNA or the countless other scams and Ponzis that are sewn into the fabric of the cryptocurrency industry, it’s clear that having centralized entities controlling your value requires you trust the fallible seamstresses and their incentives. It’s like the trust fall; an exercise in which one person lets him- or herself fall without trying to stop it, relying on their friend(s) to catch them. How many times do you allow yourself to fall to the ground before you lose trust?

These recent fallouts in crypto continue to illuminate the inherent dishonesty in its DNA. Investors are deceived into a false sense of security in the relationship; it’s a form of dishonest communication based on non-transparency and the over-leveraged nature of exchanges. Allowing humans to control money allows controlling behaviors to be coded into the system, which leads to growing resentment in the relationship … The relationship is further strained when the toxic side puts their needs ahead of your own. The needs of some CEOs often incentivize them into leveraging the customers’ trust to benefit their gain. This display of negative financial behaviors is becoming all too common in the cryptocurrency industry (again, non-Bitcoin-only entities). At some point, as my father would say, we need to separate the wheat from the chaff.

STEPS TO FIX A TOXIC RELATIONSHIP

Photo by Luca Bravo on Unsplash

The first step is to accept responsibility. Not that you caused the situation per se, but that you acknowledge the situation you’re in and begin advocating for yourself. This can be done by investing in yourself. In the context of this article, that investment is education in Bitcoin as well as understanding the unintended consequences of adopting a “digital fiat” mindset present throughout the altcoin and centralized exchange industries. Once we shift from blaming to understanding, we allow ourselves to begin healing. The pain resulting from the recent developments will linger for a while, but it is our responsibility to not dwell on the past but move forward with compassion. The next step in the journey to healing is allowing yourself to be vulnerable again. This can be attained by sharing your self-love with others; calmly and clearly explaining the benefits of Bitcoin, self-custody and proof of reserves to friends and family.

People recovering from a toxic relationship can benefit from finding support. It is the opinion of the author that Bitcoiners should be that support structure. It’s ironic that many Bitcoiners are known as the toxic ones when they are the ones trying to illuminate the toxicity inherent in the ecosystem. That being said, an “I told you so,” doesn’t assist in the healing process. This is the moment where we must rise above and lead with compassion. We should hold space in our heart and allow others the time to heal and change.

There will be many who do not recover from a toxic relationship of this magnitude. While we can continue to educate from a place of humility, we must remember that, “You can lead a horse to water, but you can’t make it drink.” Everyone will ultimately heal in their own way at their own pace. Some may never learn. We’ve probably all had a friend who’s jumped from one toxic relationship to another. As much as you may want to help, they need to first choose to help themselves. Even more, some people will continue to “Tinder around” with unhealthy cryptocurrency relationships. That’s their prerogative. If a friend of ours wants to be part of the hookup culture, that’s on them. They have to deal with the consequences of STDs and the like.

Regardless of the actions of certain exchanges or crypto in general, we must continue to espouse the benefits of Bitcoin in a positive light. Tell them how truth is born from trustlessness. Demonstrate how actual decentralization leads to pure democracy. Illuminate how immutability and permissionless systems allow for a free-flowing, cooperative society. Michael Saylor acutely recognized the toxicity we are allowing to proliferate through the perceived connection to crypto. We must choose to move forward towards a bitcoin standard for ourselves, our friends and family, and, ultimately, for society to flourish.

[ZH: Tl:dr:… ]

Tyler Durden
Wed, 11/16/2022 – 19:40

Fauci’s Pandemic Leadership Needs To Be Investigated: Dr. Scott Atlas

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Fauci’s Pandemic Leadership Needs To Be Investigated: Dr. Scott Atlas

Authored by Eva Fu via The Epoch Times,

Former White House COVID-19 adviser Dr. Scott Atlas sees multiple reasons for an investigation into Dr. Anthony Fauci, the outgoing director of the National Institute of Allergy and Infectious Diseases (NIAID).

Such a probe has been discussed as Republicans inch closer to a House majority that would grant them subpoena powers. Some Republican lawmakers have accused Fauci of playing a role in misleading the public about the origins of COVID-19 and supporting pandemic mandates they describe as draconian.

While Atlas, a vocal critic of the NIAID head, is “very skeptical” that an investigation like this could get away from politics or the perception of it being political, he thinks it’s warranted. Fauci’s changing stance on certain COVID-19 policies needs to be put under the spotlight, Atlas recently said on EpochTV’s “Newsmakers.”

“The real, clear public airing of exactly what happened needs to be done,” said Atlas, a senior fellow in health care policy at the Hoover Institution and contributor to The Epoch Times.

“I personally am very skeptical that a political investigation, no matter who does it, is going to be done without politics, or if it’s going to be perceived as nonpolitical. I don’t trust people in government at all. They don’t deserve to be trusted, to be objective.

What was the motivation to flip flop multiple times with policy?

His question was referring to Fauci’s changing stance on pandemic school closures that drew criticism in late 2020.

Scott Atlas (L), a senior fellow at the Hoover Institution, and White House press secretary Kayleigh McEnany arrive ahead of President Donald Trump for a press conference at the White House in Washington on Aug. 12, 2020. (Andrew Harnik/AP Photo, File)

He further questioned if there had been any “cover-up” of funding from the National Institutes of Health (NIH) in Fauci’s division, citing the awards to the Wuhan Institute of Virology through the New York nonprofit EcoHealth Alliance as an example.

EcoHealth Alliance, which continues to receive millions of dollars in grants from the NIH, was subjected to scrutiny by multiple federal agencies over its partnership with the Wuhan lab. The Office of Investigations of the Department of Health and Human Services in late 2020 briefly opened a probe over alleged “major fraud against the United States.” The probe was closed in January 2021, according to internal documents, which had the reasons for the closure redacted. The allegation states that “the COVID-19 virus was generated in … China with the assistance of an NIH Grant.”

Beginning in 2014, EcoHealth was the recipient of a $3.7 million grant to study bat coronaviruses in China. That grant was renewed through 2019 but suspended in 2020 because of compliance concerns. In August, the NIH ended the funding from the grant for the Wuhan facility after the lab at least twice rejected NIH’s request for lab notebooks and original files from the research.

“We cannot have illegal research being funded outside the country by American science” avoiding or circumventing the rules, Atlas said.

“These leadership positions come with massive responsibility. It’s not a game to be in charge of things. You’re not supposed to use it to circumvent rules. You’re not supposed to set up power, friends in the media to cover for you. No, you need to at least answer the questions in front of the American people.”

By the same token, Atlas also called for the Chinese regime to answer for its coverup of the initial outbreak, as well as its role in possibly causing the pandemic.

Besides a delayed admission of the outbreak’s severity to the world during the pandemic’s early days—behavior that Atlas called “unacceptable”—Beijing had “blocked real investigations” and “destroyed evidence of what happened,” he said.

“Of course they need to be held accountable,” he said.

“It needs to be done, though, by a government and multiple governments that actually have the credibility and ethical focus to do that, and I think that that remains to be seen.”

Rep. James Comer (R-Ky.), the ranking Republican member of the House Oversight Committee, has vowed to summon Fauci in a planned probe of the origins of COVID-19 should the Republicans win the House.

Why did Dr. Fauci lie for so long about American tax dollars through EcoHealth Alliance going to fund gain-of-function research? Why did he lie about gain-of-function research being done in the Wuhan lab? Why were we even in the Wuhan lab? There are so many questions that the Americans deserve answers to,” Comer recently told the “Capitol Report” program of NTD News, a sister media of The Epoch Times.

“The American people deserve answers and anyone that was involved in any type of cover-up should be held accountable.”

Representatives for NIAID didn’t respond to a query from The Epoch Times by press time.

Tyler Durden
Wed, 11/16/2022 – 18:20

Housing Affordability Worsens As Homeownership Out Of Reach For Anyone Making Under $100k

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Housing Affordability Worsens As Homeownership Out Of Reach For Anyone Making Under $100k

The US housing affordability crisis continues to worsen as mortgage rates skyrocket to two-decade highs while the cost of an average home is still at bubbly levels. Financing costs are through the roof, and anyone earning less than $100,000 has been priced out of homeownership. 

A new report via real estate brokerage firm Redfin Corp. found that in October, the average buyer needed to earn $107,281 to afford the monthly mortgage payment of a median-priced home, up a whopping 46% from a year ago of $73,668. 

Considering there have been a record 19 consecutive months of negative real wage growth, most of which have been under President Biden’s tenure, many prospective homebuyers have likely given up and are now renting (or back in their parent’s basement). 

“Affordability challenges are a major reason why home sales have slowed so dramatically over the last few months,” Redfin said in the report.

What’s made the affordability crisis worse is the Federal Reserve’s most aggressive interest rate hiking in decades to quell inflation has sent the 30-year fixed mortgage above 7% within the last several quarters. 

This has caused a ‘payment shock’ as elevated rates, high home prices, and faltering wage growth have priced out millions of Americans. 

According to the National Association of Realtors, today’s souring homebuying environment has been described as the ‘worst in decades’. 

None of this should surprise readers since we first stated in March that soaring interest rates would significantly challenge housing affordability

Today, we see the “Death Of The American Dream And Home Ownership.” And what’s the result: you’ll rent and own nothing… Well, that’s a very similar statement from the World Economic Forum: by 2030, “you’ll own nothing, and you’ll (still) be happy. 

More importantly, all of this suggests home prices could be on the cusp of a major downturn

We suspect 2023 will be a tumultuous year for the housing market until the Fed pivots.

… And we almost forgot that a Bloomberg OP-ED earlier this year said anyone earning less than $300k should eat lentils. 

Ty
Wed, 11/16/2022 – 18:00

Ron Paul: A Tale Of Two Midterms

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Ron Paul: A Tale Of Two Midterms

Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

Those searching for an explanation of why there was no “red wave” giving Republicans huge gains in Congress in this year’s midterm election should compare this year’s election with the midterm election of 2010. In 2010, Republicans gained a net 63 House seats. While Republicans then did not gain control of the US Senate, they did gain six Senate seats.

These Republican victories in 2010 were propelled by the Tea Party and the liberty movement. These movements became prominent during the waning days of the Bush administration. The liberty movement was advanced by grassroots supporters of my 2008 presidential campaign. The liberty movement’s focus was, and is, on restoring constitutional government in all areas, ending our interventionist foreign policy, and changing our monetary policy by auditing and ending the Federal Reserve and legalizing alternative currencies. Early on, the Tea Party largely focused on opposition to the 2008 bank bailouts.

There was overlap between the liberty movement and the Tea Party as many members of both groups fought for auditing and ending the Fed, ending bailouts, and preventing Congress from passing Obamacare.

Many Republican candidates in 2010 appealed to Tea Party voters by not just promising to repeal Obamacare. They also promised to work to restore limited, constitutional, fiscally responsible government in all areas. In contrast, in 2022 the average Republican candidate offered little in the way of a substantive agenda. In fact, few Republicans called for reversing President Biden’s massive spending increases, much less for restoring the federal government to its constitutional limitations. Despite the controversy over new critical race theory and transgender related policies in government schools, there has not been a renewed push to shut down the Department of Education.

Many Republican candidates in the 2022 midterm election also failed to make an issue out of their Democratic opponents’ support for mask and vaccine mandates and other instances of covid tyranny. Those who did oppose the covid tyranny, such as Florida Governor Ron DeSantis and my son Kentucky Senator Rand Paul, won landslide victories.

The Tea Party’s success in forcing the Republican Party to focus on a more pro-liberty, limited government agenda was short lived. Soon after the 2010 election, the Republican establishment returned to its big spending ways. Spending and debt continued to rise under President Trump and a Republican Congress. Republicans even failed to deliver on their signature promise: repealing Obamacare.

The 2010 midterm election showed that people will respond to candidates offering serious pro-liberty ideas and policies. However, the Tea Party’s rise and fall also shows the danger facing ideological movements that become too close with one political party. These movements will start pulling their punches when one of “our team” begins casting bad votes. The argument goes that we must support big government Republicans or we get REALLY big government Democrats.

Fortunately, the liberty movement has remained committed to principles. As the failure of the welfare-warfare state to deliver peace and property — and the failure of the Federal Reserve to fulfill its mandate of ensuring stable prices and low unemployment — become clear, more Americans will join the liberty movement. Support for the liberty movement will accelerate when the inevitable economic meltdown occurs. This meltdown will be precipitated by a collapse in the dollar’s value and the rejection of the dollar’s world reserve currency status. It will bring the end of the welfare-warfare state and the fiat money system. Hopefully, the liberty movement will ensure the welfare-warfare state and fiat money system are replaced by a return to limited constitutional government, individual liberty, and peace.

Tyler Durden
Wed, 11/16/2022 – 17:40

Watch: China’s Xi Loudly Excoriates Justin Trudeau In Crowded Room

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Watch: China’s Xi Loudly Excoriates Justin Trudeau In Crowded Room

A very rare, or we should say unprecedented, moment was caught on a hot mic at the G20 summit in Bali, Indonesia on Wednesday which involved Chinese President Xi Jinping openly berating Canadian Prime Minister Justin Trudeau.

In the encounter, President Xi is seen angrily confronting Trudeau for leaking the details of a conversation that happened between them at the summit, which the Chinese leader assumed was private. It was an absolutely humiliating scene for the Canadian PM, especially as it was caught on film – a clip of which is now going viral. 

The episode also caught the attention of Bloomberg, The Guardian, and other international outlets. The two conversed via a translator standing close to them. 

“That is not appropriate, and we didn’t do it that way,” Xi said in Mandarin, at first with a half-smile. 

“If there is sincerity, we can communicate well with mutual respect, otherwise the outcome will not be easy to tell,” he added, charging Trudeau with misleadingly conveying the contents of a prior dialogue to the media. “Everything we discussed was leaked to the paper(s), that’s not appropriate.”

The tense exchange continued, with Trudeau hesitantly trying to calm the Chinese leader, who is rarely if ever seen venting or losing his temper in public (Chinese state media seeks to carefully present his image to the public). Trudeau cut in: “In Canada we believe in free and open and frank dialogue and that is what we will continue to have, we will continue to look to work constructively together but there will be things we disagree on.”

Via Reuters

By then a visibly frustrated Xi cuts him off, firing back, “That’s great, the conditions first” – and then quickly shakes Trudeau’s hand and briskly walks off. 

The day prior, on Tuesday, the two leaders held a 10-minute informal meeting, the contents of which did not result in a press readout issued from either government. Meanwhile, Reuters speculates on the likely source of Xi’s exasperation

His displeasure was likely a reference to media reports that Trudeau brought up “serious concerns” about alleged espionage and Chinese “interference” in Canadian elections when meeting with Xi on Tuesday, his first talks with the Chinese leader in more than three years.

One commentator underscored his impression that at the end of the exchange of pointed words Trudeau walked off “like a scolded puppy.”

Tyler Durden
Wed, 11/16/2022 – 17:20

The Age Of Easy Money Is Over

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The Age Of Easy Money Is Over

Authored by Jeffrey Tucker via The Epoch Times,

What began in 2008 and continued for the better part of 14 years appears finally to be coming to an end. The era of cheap money and credit is over.

It’s hard to wrap one’s brain around the implications. It will affect all of business life and personal finances. It will dramatically change financial decisions and also affect the culture. It’s going to amount to a return to good-sense, value investing, and companies that have to actually make a profit the old-fashioned way.

I’m not just talking about layoffs in Big Tech. But those are very real. Amazon is laying off 10,000 workers in management layers—which everyone in corporate America knows are the the most useless people in any business. They got puffed up beyond reasonable size completely due to seemingly infinite resources and forever rising stock valuations based on nothing but inflated reputations.

Such cutbacks are occurring in every major company that reached gargantuan size. Twitter was just the beginning because soon after Facebook (sorry, Meta) announced the same, while many other companies that lived off ad revenue on the internet are experiencing the profitability squeeze as we headed into a solid recession (it will become obvious in months that we are already there).

It also affects real estate, the residential markets of which are already freezing up. And commercial real estate in big cities is similarly affected, particularly offices that are still only half-full. Lacking a buyers’ market, prices will have to come down relative to where they are today, though they are likely to remain inflated over valuations from 2019 due to persistent inflation that is only very gradually calming down.

The huge issue today concerns the rate of return on the safest place to park and move money, namely U.S. debt. For nearly a decade and a half now, short-term interest rates have been negative. This is without precedent. It amounts to the loosest-possible monetary policy. By incentivizing capital to chase anything but safety, and discouraging savings in all forms, finance received a huge boost. But so did everything else, including crypto.

Looking back, it seems obvious that the craze for extreme risk, the who-cares attitude about the pace of business expansion, the magic-beans environment of digital tech, the claims that society has somehow managed to commoditize attention without committing resources, not to mention out-of-control government spending—all of this was propped up by zero-interest rate policies adopted after the last housing market crash.

The innovation perhaps seemed costless at the time. Ben Bernanke came up with the idea. Drive rates to zero to spare the financial system and macroeconomic environment but suppress the normal inflation that would follow through an accounting trick. The Fed would pay a higher than market rate to banks to keep their assets at the Fed, which would lock them away to keep them from creating inflationary pressure. For this great innovation, he was heralded as a genius.

What was the downside? For a while, it seemed like there was none. Savings did not fully collapse beyond their previous level simply because inflation was in check. And yet keeping money in Treasuries was no place for return. So money and capital went on a wild hunt for the whole of the 2010s, times when anything seemed possible both in finance and government. Rates were zero, homes were affordable, and credit was plentiful for everything and everyone.

Every kid could go to any college and rack up six figures of debt learning quasi-Marxist social theory, and porting that over to the workplace where high-flying fancy firms would employ them at high salaries to be clever on Slack and otherwise push woke philosophy. It was in this period that academia was flush with money and no longer had to worry about customers, so it began the great purge of conservative thinkers or anyone who disputed any aspect of the new religion.

So too it went in the corporate world, which came to dismiss old-fashioned concerns like serving customers and stockholders and instead pushed philanthropy and alignment with social and climate justice. It was this environment of infinite plenty that encouraged this simply because the possibilities seemed limitless and there seemed to be no cost at all.

It was precisely during this period of paper-fueled illusion that ESG and DEI were adopted by the best and brightest as central concerns in corporate life, and the experts at the World Economic Forum were on hand to pronounce that balancing the books is not nearly as important as signaling all the right virtues. Media backed up the craze at every step.

All of this was made possible by Bernanke’s scheme. To appreciate how radical it was, we can adjust the federal funds rate by inflation and look back to the end of World War II and see. Rates very rarely went into negative territory except in the 1970s owing to high inflation. But once that problem was fixed, rates rewarded savers and kept economic rationality at the forefront from the 1980s to 1990s. These times were denounced as cowboy capitalism but the truth is that savings were high and value investing was popular. The prosperity of those years was on a firmer footing than anything that followed.

After 2008, all bets were off. We plunged ever further into the abyss of negative rates. The Fed itself ballooned up a balance sheet as never before—effectively stuffing underperforming assets in every closet and filling up the basement too.

Fed funds 1954–2022 adjusted for inflation. (Data: Federal Reserve Economic Data [FRED], St. Louis Fed; Chart: Jeffrey A. Tucker)

It was unsustainable, obviously, and the Fed planned an escape which began in 2019. It did not last thanks to the pandemic response, which called on the Fed to do the unthinkable. It went crazier than before. This time the destination of the new money was different. Instead of cold storage, the new money flooded the streets as hot money to spend right away.

The Bernanke chicken finally came home to roost, 14 years later and following massive damage to economic structures, financial markets, time horizons, and the culture at large. Everything awful had enjoyed a vast financial subsidy: bogus corporate ideological binging, fake credentialing, fashionable socialistic philosophizing, and bad science. Bernanke’s seemingly costless policy created a world unhinged from reality.

After all these years, we now see the cost in intolerable levels of inflation. The Fed needs to put an end to it by driving up real rates above zero. That is going to require far more than what it has done so far. And to really repair the damage will require many years of restoration of balance sheets, a reshuffling of the workforce from fake to real jobs, and a return of sanity in financial markets and corporate culture.

Will Jerome Powell do it? It’s very likely. He doesn’t want his legacy to be the central banker who devastated the dollar’s value. He wants to be remembered as a Paul Volcker who made the hard choices even as the whole world was screaming at him. Wall Street today keeps hoping for some respite from the war on inflation but they are hoping against hope. Powell still has a very long way to go.

Thus does the new era of tight money begin. I can’t think of a better poetic ending to the age of excess than the disgrace of the silly man Sam Bankman-Fried and his merry band of hucksters and druggies who bamboozled the whole of the ruling class into believing that they had some kind of Midas touch to mint money to fund all the causes the hard left sees as holy. FTX died a quick and fabulous death, and with it the dreams of a fully woke pool of infinite funding.

The transition from fantasy to reality is going to be extremely painful, not just financially but psychologically for a whole generation that imagined they could live a life untethered from all norms and rules of the past. The truth is that the dollar-based world has been living a 14-year lie. That truth is going to be a hard pill to swallow, harder to digest than Adderall, more difficult to play than League of Legends, but much more in keeping with a sustainable prosperity in the long run.

Tyler Durden
Wed, 11/16/2022 – 17:00