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FTX Founder Sam Bankman-Fried Lists Bahamas Penthouse For $40 Million

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FTX Founder Sam Bankman-Fried Lists Bahamas Penthouse For $40 Million

FTX founder Sam Bankman-Fried has listed his Bahamas penthouse for sale at $39,500,000 following the collapse of his net worth when his crypto exchange imploded.

The 12,000 square-ft, five bedroom residence is located in the luxury Albany resort was listed last week, according to Semafor, however the realtor declined to name the owner. That said, people close to current and former FTX employees who have been at the residence confirmed that it was SBF’s pad.

After growing to become one of the world’s largest crypto exchanges, FTX filed for bankruptcy on Friday, while Bankman-Fried, resigned as CEO. He has been reportedly looking to liquidate other holdings in recent days, with the Financial Times reporting that he was looking to offload his large stake in brokerage Robinhood, worth around $472 million, for a 20% discount.

Tyler Durden
Tue, 11/15/2022 – 03:49

Some Sanctions Will Stay On Russia Even After War In Ukraine: Yellen

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Some Sanctions Will Stay On Russia Even After War In Ukraine: Yellen

Authored by Dave DeCamp via AntiWar.com,

Treasury Secretary Janet Yellen said Sunday that she believes some sanctions will remain on Russia even if Moscow reaches a peace deal with Kyiv, demonstrating that the US wants to keep pressure on Russia’s economy for the long term.

In the wake of Russia announcing it was withdrawing from Kherson, there has been more talk about opening up negotiations to end the fighting in Ukraine. Yellen said that while some sanctions “adjustment” was possible, the US would want to maintain pressure on Russia.

AFP via Getty Images

“I suppose in the context of some peace agreement, adjustment of sanctions is possible and could be appropriate,” Yellen said in Indonesia, where she is attending the G20 summit. “We would probably feel, given what’s happened, that probably some sanctions should stay in place.”

The US-led sanctions campaign against Russia has largely backfired on the West, with Europe facing soaring energy prices while Moscow’s oil profits exceeded to levels higher than before the war. In an effort to curb Russia’s profits, Yellen has led a G7 push to implement a price cap on Russian oil, which is supposed to take effect in December.

The price cap could hurt the West even more as it requires the cooperation of Russia and its customers, and if Moscow retaliates by cutting production, global oil prices could skyrocket.

Yellen apparently recognized some of the issues with the plan and conceded on Friday that India could continue to purchase Russian oil at whatever price it wants.

Russia has vowed to retaliate and said it wouldn’t sell oil to any countries trying to impose price caps. Yellen said Sunday that she doesn’t know what the Russians will do. “It’s hard to know what Russia’s response is going to be. I don’t think that they can really afford to shut a lot of oil in. They need the revenue,” she said.

Tyler Durden
Tue, 11/15/2022 – 03:00

Pfizer And Moderna To Investigate Their Own Vaccines For Myocarditis Risks

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Pfizer And Moderna To Investigate Their Own Vaccines For Myocarditis Risks

Why is Big Pharma investigating their own covid vaccines for myocarditis side effects if the vaccines were already supposedly tested and proven safe and effective?

Both Pfizer and Moderna have announced that they will be undertaking studies to determine the longer term risks of Myocarditis (an inflammatory condition of the heart which can lead to death) for people who have been injected with the mRNA based covid vaccines.  The decision comes after the release of multiple medical studies which show a correlation and causation between the vaccines and an exponential increase in heart problems, specifically among men 40 years old and younger.  Only a year ago the link between covid vaccinations and myocarditis was widely denied. 

Studies also show that myocarditis risk increases with the number of boosters a person has taken.

Before the year 2020, the average vaccine was tested and re-tested by pharmaceutical companies and the FDA for 10 to 15 years before it could be released to the public.  This was done not only because testing is a complex process with a lot of red tape involved, but also because it is the only way to discover any long term side-effects that might be associated with a particular immunization product.  If you read any medical journal or scientific outline on vaccine development published before 2020, they all agree that long term testing is necessary for public safety.

Suddenly, after 2020 and the advent of public activism against the covid mandates, a host of medical “professionals” and bureaucrats began arguing that the mRNA vaccines do not need the same lengthy testing time frame because government funding allowed for everything to be accomplished much faster.  This is a lie.  

What really happened?  Governments fast tracked approval using national emergency measures allowing Big Pharma to skip necessary tests and trials.  Example:  Pfizer representatives recently admitted under oath that they never tested the covid vaccine to see if it actually prevented transmission of the virus.  They simply claimed that it did without verification.  And governments began trying to enforce vaccines requirements on the populace based on the false claim that vaccination stops the spread.  

Mainstream media “fact checkers” insist that the covid vaccines were “initially effective” in preventing transmission of the original strains of the virus.  There is no concrete evidence to confirm this.  In fact, covid cases of the original variants began to plunge in the US and in other countries before the vaccines were widely distributed.  This is a fact, and the incredible drop in cases was likely due to an increase in natural immunity within the population.  

Some government and Big Pharma funded scientists also argue that mRNA technology as a whole has been tested for many years.  This is a dishonest misdirection.  The technology and concept might have been tested in various experiments for years, but the specific covid vaccines were not, and this matters.  Any scientist that says this claim is a foundation for safety confirmation for the vaccines should be ashamed of themselves.  

Studies which take natural immunity and asymptomatic reactions into account when studying vaccine efficacy are highly limited.  There is no way to know if a person survived covid or avoided infection because they were vaccinated, or because they already had the virus, experienced minor symptoms or no symptoms, and developed natural immunity.  Government paid virologists and scientists don’t seem to care about testing the distinction.  What we do know from various studies is that natural immunity is far superior in every way to mRNA vaccination.

The dangers of releasing a pharmaceutical cocktail for mass consumption or even forced mass consumption without long term study cannot be overstated.  The bottom line?  Given the current information, no one knows for sure what will happen in terms of vaccine effects over a long timeline (several years).  Pharma companies don’t know and governments don’t know (if we take their production claims for the vaccines as accurate).

In all likelihood, Pfizer and Moderna are trying to get out ahead of burgeoning side effects with their own studies as a means to spin or mitigate bad press in the future.  The chances of these studies providing honest data driven assessments are low.  

It’s been less than two years since widespread distribution of the covid vaccines and we are already seeing signs of negative health issues through myocarditis and blood clotting disorders.  One has to wonder what further terrible developments will unfold for vaccinated people in another two years. 

Tyler Durden
Tue, 11/15/2022 – 02:00

Ukraine Seeks ‘Israel-Like’ Arms Industry To Produce NATO-Caliber Weapons

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Ukraine Seeks ‘Israel-Like’ Arms Industry To Produce NATO-Caliber Weapons

Authored by Kyle Anzalone via The Libertarian Institute,

Kiev is planning a buildup of its weapons industry to produce more sophisticated arms, with Ukrainian Defense Minister Oleksii Reznikov saying government takeovers of several companies will help Kiev to create an “army of drones” and other NATO-caliber weapons. The defense chief noted that growing military ties between Kiev and the West makes Ukraine a de facto NATO partner.

In an interview on Thursday, Reznikov told reporters Kiev was seeking to replicate Tel Aviv’s defense industry. “We are trying to be like Israel – more independent during the next years,” he said.

Ukrainian troops fire a mortar at an undisclosed location in Ukraine. Source: General Staff of the Armed Forces of Ukraine

The defense head argued that Israel’s advanced defense industry helps it maintain its sovereignty, adding “I think the best answer [can be seen] in Israel … developing their national industry for their armed forces. It made them independent.”

Ukraine has received tens of billions in security assistance from the US and its global partners. “We understood that [by] using Soviet weapon systems … we are not independent. And it is better to have new systems with new ammunition of a NATO standard,” Reznikov went on.

On Friday, Reuters reported additional details of Kiev’s plans for its weapons industry. Reznikov said Ukraine was already in the process of making an “army of drones” and was looking at manufacturing NATO-caliber artillery. The official also said Ukraine needs to develop drone jamming capabilities, as well as unmanned vehicles for the air, land and sea.

Kiev’s plans to upgrade its defense sector could face several challenges given the complications of wartime. In recent months, the Kremlin has proven its ability to bypass Ukraine’s air defenses and has severely damaged the country’s electric grid. Additionally, Kiev has already passed a 2023 budget with a $38 billion deficit.

It’s unclear how the Kremlin would respond if Ukraine were to produce NATO standard weapons. While Moscow repeatedly voiced concerns that Kiev could someday host NATO weapons before it invaded Ukraine last winter, Reznikov insisted his country’s ties with the North Atlantic bloc would continue regardless.

“It doesn’t matter when we become a member of the NATO alliance de jure. We have become a NATO partner de facto right now,” Reznikov said. “That’s why we need to develop our military industry together.”

Tyler Durden
Mon, 11/14/2022 – 23:30

Doug Mastriano Concedes Pennsylvania Governor’s Race To Democrat Josh Shapiro

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Doug Mastriano Concedes Pennsylvania Governor’s Race To Democrat Josh Shapiro

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

Pennsylvania Republican nominee for governor, Doug Mastriano on the campaign trail in 2022. (Courtesy Mastriano Campaign)

The Republican candidate for governor of Pennsylvania, Doug Mastriano, has conceded the race to his Democratic opponent Josh Shapiro. on Sunday, while calling for election results to be counted faster.

In a statement posted to Twitter, Mastriano, who former President Donald Trump endorsed, said the results of the midterm elections had not gone the way Republicans had hoped and “fought so hard for.”

“In all, we received votes from almost 2.2 million Pennsylvanians, and I thank every one of you, from the bottom of my heart,” he said.

Shapiro was projected as the winner in the race for governor late on election night by NBC News. The Associated Press also called the race in favor of Shapiro on election night, when Shapiro had 54.42 percent of the vote, or 2,571,668 votes, and Mastriano 43.74 percent. As of Sunday, Shapiro has 56.3 percent of the vote compared to Mastriano’s 41.9 percent.

“We gave this race everything we have,” Mastriano said. “Difficult to accept as the results are, there is no right course but to concede, which I do, and I look to the challenges ahead. Josh Shapiro will be our next governor, and I ask everyone to give him the opportunity to lead and pray that he leads well.”

Mastriano’s statement comes nearly five days after NBC’s initial projection.

He retired as a Colonel in November 2017 following 30 years of active-duty service and was elected to serve as a Pennsylvania senator by District 33 two years later in 2019.

Democratic gubernatorial nominee Josh Shapiro gives a victory speech to supporters at the Greater Philadelphia Expo Center in Oaks, Pa., on Nov. 8, 2022. (Mark Makela/Getty Images)

Campaign Promises

Mastriano’s campaign had focused largely on election integrity, protecting the Second Amendment rights of Americans, and securing the border amid a mass immigration crisis that has led to an increase of fentanyl being snuck across the southern border.

The rise in fentanyl transportation across the border is now claiming the lives of Pennsylvanians each and every day, according to Mastriano’s campaign website.

As a state senator, Mastriano introduced Tyler’s Law, which targets drug dealers who push fentanyl resulting in a fatal overdose, resulting in a mandatory minimum 25-year sentence upon conviction.

Mastriano also supported a complete ban on abortions and was vocal in his opposition to vaccine mandates and draconian COVID restrictions.

In contrast, Shapiro, the state’s two-term elected attorney general, had vowed to protect Pennsylvanians’ access to abortions, including protecting the state’s existing 24-week law. He has also focused his campaign on tackling the fentanyl crisis and overhauling the state’s criminal justice system.

As attorney general, Shapiro had spoken out against Trump’s claims of fraud in the 2020 presidential election.

In a statement on Sunday, the Democrat thanked Pennsylvanians for giving him “the honor of a lifetime to give me the chance to serve you as Pennsylvania’s next Governor.”

“While my name was on the ballot, it was always your rights on the line,” Shapiro wrote. “I believe this Governor’s race was a test for each of us to decide what kind of Commonwealth and what kind of country that we want to live in. It was a test of whether or not we valued our rights and freedoms, and whether we believed in opportunity for all Pennsylvanians.”

“I humbly write to you as your Governor-elect knowing that you met this moment,” he said.

Tyler Durden
Mon, 11/14/2022 – 23:00

Senator Cotton Vs. Progressive Foreign Policy

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Senator Cotton Vs. Progressive Foreign Policy

Authored by Peter Berkowitz via RealClear Wire,

Responsible foreign policy in a free and democratic nation-state is a matter of balance. Interest and principle; the logic of geopolitics and the sway of tradition, faith, and political ideology; force of arms and diplomatic finesse; national interest and alliances; spheres of influence and the laws binding all nations; necessity and justice – these and more must be constantly combined and reconciled to meet the demands of the moment and long-term strategic objectives. The Biden administration has thrown this combining and reconciling out of whack.

Despite President Trump’s bluster and bravado, his administration transmitted to the Biden administration a variety of foreign-policy accomplishments. Foremost among them was reorientation of U.S. diplomacy around the threat posed by the Chinese Communist Party to American freedom and prosperity and to the nation’s interest in preserving a free and open international order.

In addition, the Trump administration revived the Quad – Japan, India, and Australia, along with the United States – to advance shared interests in the Indo-Pacific. It withdrew from the Iran deal, which omitted reliable mechanisms for monitoring Tehran’s nuclear programs and put the terrorism-exporting Islamic republic on a clear timetable to join the nuclear club. It brokered the Abraham Accords, inaugurating a new era of comity between Israel and Arab nations. It persuaded several NATO partners to meet – or come closer to fulfilling – their agreed-upon obligations to fund the alliance. It fostered U.S. self-reliance by encouraging development of domestic oil and natural gas. And it reasserted control over America’s southern border, substantially reducing the influx of illegal immigrants.

Biden and his team laudably followed the Trump administration in breaking with decades of engagement with China by recognizing that the CCP acts as a strategic competitor determined to reshape the world order to suit the party’s authoritarian convictions. But Biden’s diplomacy has left America in a weaker position than the one his White House inherited.

The Biden administration opened the southern border, producing record numbers of non-citizens illegally entering the country and permitting the importation of deadly drugs. It restricted production of domestic oil and natural gas, which enriched oil-and-gas-rich Russia and increased European dependence on Vladimir Putin; then, when U.S. gasoline prices predictably skyrocketed, the Biden administration went hat in hand to Venezuela and Saudi Arabia (despite during the 2020 campaign Biden scorning the Kingdom as a “pariah”) pleading for them to pump more oil. It entreated Iran to conclude a second nuclear deal which, like the first, would lack adequate monitoring procedures and provide Tehran tens of billions of dollars in relief while allowing the ayatollahs to continue to develop ballistic missiles and foment terror and sectarian strife throughout the region. It strained to pronounce the words “Abraham Accords” let alone celebrate the historic agreements. And the Biden administration’s calamitously ill-conceived withdrawal from Afghanistan cast doubt in friends’ minds about America’s competence and trustworthiness and emboldened adversaries to surmise that the United States need not be feared.

To the United States’ detriment, Biden administration foreign policy reflects the spirit and duplicates the consequences of Obama administration foreign policy. To take one example, in August 2013, in the Syrian civil war, President Bashar al-Assad attacked adversaries with the chemical agent sarin. Instead of enforcing his openly declared red line – and decades after the Soviet Union’s expulsions from the region – Obama invited Moscow back into the Levant to preside over removal of Assad’s chemical weapons. Six months later, on February 20, 2014, Putin invaded Ukraine. Similarly, on February 24, 2022 – almost exactly eight years later and six months after President Biden’s August 2021 Afghanistan debacle – Putin again invaded Ukraine. By misjudging foes and leaving friends high and dry, the Obama and Biden administrations dishonored the nation, encouraged aggression, and eroded world order.

The continuities between the two Democratic administrations are not a matter of bad luck, overpowering events, or impersonal and irresistible forces, argues Sen. Tom Cotton. In “Only the Strong: Reversing the Left’s Plot to Sabotage American Power,” Cotton (an old friend whom I’ve known since his undergraduate days at Harvard) contends that the method to the messes made by Presidents Obama and Biden stems from their progressive convictions and dispositions. With characteristic forthrightness, shrewdness, and tenacity, he sets forth a devastating indictment of the progressive mindset in foreign affairs. He also provides a blistering critique of the deleterious policy choices and ham-handed execution of military operations and diplomacy to which, for more than half a century, progressivism has disposed Democratic presidents. His goal is “to reclaim the tradition of American strength.”

Cotton knows full well that over the last half century conservatives, too, have made costly foreign-policy errors. But his analysis, informed by serious study of American political ideas and institutions, reveals a crucial difference: Whereas conservatives go wrong when they depart from their principles, which derive from the American founding, progressives do damage by acting on their principles, which repudiate the Founders’ wisdom.

Cotton contrasts the Founders’ sobriety to progressives’ utopianism. The Founders “built America on eternal principles and timeless truths” rooted in a realistic assessment of human nature. They knew that human beings were unequal in many respects and prone to selfishness and shortsightedness but also inclined to cooperate to achieve common goods and, when put to the test, capable of self-sacrifice and nobility. The Founders embraced the Declaration of Independence’s self-evident truths: Human beings are equally endowed with natural and unalienable rights; government’s chief purpose is to secure these rights; and just power derives from the consent of the governed and is limited by what is necessary and proper to secure citizens’ rights.

Progressivism arose in the late 19th century and early 20th century in opposition to the Founders’ ideas about human nature and government. Progressives tended to deny that human nature served as a moral guide and political standard. Instead, they supposed that science and enlightenment could steadily perfect human beings, and they placed their faith in a theory of history as ineluctably impelling humanity towards peace, prosperity, and happiness. Owing to the elites’ moral improvement and intellectual refinement coupled with the people’s persisting backwardness, progressives argued, government must be expanded beyond the Constitution’s obsolete limits to enable officials to instruct and improve ordinary voters.

Opinions about human nature and government shape accounts of America’s dealings with other nations. The Founders, Cotton stresses, fashioned a “hard-nosed” foreign policy that made a priority in a dangerous world of ensuring the American people’s safety, freedom, and prosperity. The flux of circumstance, the Founders readily acknowledged, compelled prudent statesmen to adjust policies to achieve America’s abiding national interests. President Reagan’s diplomacy, culminating in the U.S.-led victory in the Cold War, epitomizes, for Cotton, a foreign policy that secures American freedom and prosperity through a blend of principle, competence, and courage.

In line with the belief that history drives humanity’s unification and perfection, progressive foreign policy tended to put the international community first. Progressives appealed to a transnational corps of supposedly disinterested technocrats, diplomats, and judges to overcome great-power politics and make war obsolete by crafting rules, regulations, and agreements that knit together all peoples and nations in a global society under unified government.

In practice, argues Cotton, the progressive sensibility issues in dithering and inconstancy, overestimation of America’s persuasive powers, underestimation of adversaries’ ruthlessness, and aversion to use of American military force. The senator chronicles the high price paid by the nation – and military men and women in particular – for progressive heedlessness and irresoluteness. His “brutally frank” examination covers President Kennedy and the Bay of Pigs; President Johnson and the Vietnam War; President Carter and the Iran hostage crisis; President Clinton and Somalia; President Obama and Libya, Iraq, and Afghanistan as well as Syria and Iran; and President Biden and Afghanistan and Iran.

To secure anew the American people’s freedom and prosperity, Cotton argues, we must recover the Founders’ wisdom, rebuild the military, strengthen the southern border, achieve energy independence, distinguish friends – including non-democratic ones – from foes, maintain our global network of partners, and gear up to prevail in the strategic competition launched by China.

“Only the strong,” Cotton concludes, “can defend a city on a hill.” This stirring image does not mean that the patriotic warrior’s grit, discipline, and courage alone secure justice.

Fidelity to America’s founding principles and the finest in its constitutional traditions obliges America also to educate its young people in, rather than against, constitutional democracy. Such fidelity fosters the political cohesiveness that enables partisans of many stripes to recognize one another as fellow citizens. And it disposes a responsible U.S. foreign policy to champion human rights while respecting the harsh realities of world affairs and the diversity of other peoples and nations.

Striking the right balance is the fullest and truest expression of national strength.

Tyler Durden
Mon, 11/14/2022 – 22:00

Ugly Chinese Data Dump Misses Across The Board, Pushing Futures Higher On Stimmy Hopes

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Ugly Chinese Data Dump Misses Across The Board, Pushing Futures Higher On Stimmy Hopes

Instead of delaying the largely meaningless GDP print, maybe Xi should have instructed his henchmen to push back on the latest retail sales/industrial production data dump which was once again confirmed that China’s economy is a walking, tocking timebomb.

In short, everything missed:

  • October Retail sales -0.5% Y/Y, missing exp. +0.7%
  • October Industrial Output +5.0% Y/Y, missing exp. +5.3%
  • Jan-Oct Fixed Investment 5.8%, missing exp. 5.9%
  • Jan-Oct. residential property sales -28.2% y/y vs -28.6% in Jan.-Sept.
  • Oct jobless rate 5.5% vs 5.5% in Sept.

And visually:

Some more details: retail sales missed by 1.1 standard deviations, and industrial production by 0.6 standard deviations; fixed asset investment which reflects government efforts to stimulate the economy was the closest to consensus. Property investment missed by 0.9 standard deviations, and remains in deep contraction for the year. Unemployment met consensus for 5.5%.

While stocks initially slid on the news, futures traded up to session highs as the across the board miss – similar to last week’s US CPI – was seen as encouraging for equities and negative for yuan on the expectation that these numbers could spark further easing. Also, recall that the latest Chinese CPI and PPI data showed that China is now in outright deflation, meaning the bar for further easing is getting lower by the day, especially since the post congress environment seems focused on economic revival.

To be sure, as Bloomberg notes, policy, especially monetary, still has a lot to do — note that the total social financing data last week registered a 2.5 standard deviation miss versus consensus, the biggest shortfall since April.

One final quick note: Beijing was quick to blame the dismal economic data on the latest round of covid outbreaks and resulting lockdowns, which is precisely why Xi continues to use Covid Zero as a “justification” for every economic miss, and why as long as China’s economy continues to stagnate – mostly due to the ongoing collapse in housing and property markets – the covid zero scapegoat will remain to divert attention from the real source of economic devastation – the bursting of the housing bubble.

And yet, with China’s massive population becoming increasingly angry at the relentless lockdowns, the latest property “rescue package” which just passed this weekend, was right in time to allow China to miraculously exit its “national covid nightmare” some time in Q1 2023.

Tyler Durden
Mon, 11/14/2022 – 21:31

Biden’s Climate Change Policies Work More In China’s Interest: Ex-NSA Officer

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Biden’s Climate Change Policies Work More In China’s Interest: Ex-NSA Officer

Authored by Venus Upadhayaya and Tiffany Meier via The Epoch Times,

Hundreds of climate protesters walk from Times Square to New York Governor Kathy Hochul’s office to demand more action against climate change in New York City on Nov. 13, 2021. (Spencer Platt/Getty Images)

The Biden administration’s focus on climate change can be geopolitically hazardous as green policies can shift power into the hands of China, which has monopolized the supply chain of rare minerals required in the production of renewable energy technology, said Steve Yates, former deputy national security adviser at the White House from 2001–05, in an interview with The Epoch Times’ sister media NTD Television on Nov. 10.

I don’t think they found a sustainable path toward the goal they see. Certainly, it has shifted a lot of power towards China. And China has not proven willing to work with them on this either,” said Yates who’s also a senior fellow at the China Policy Initiative Chair of America First Policy Initiative.

China is the largest investor in renewable energy in the world, domestically and abroad. Five of the world’s six largest solar-module manufacturing companies and the world’s largest wind turbine manufacturer are also owned by China, according to a 2017 report from World Resources Institute. China’s Tainqi Lithium is one of the largest manufacturers of lithium-ion batteries, an important component of electric vehicle batteries.

U.S. policy on climate change hasn’t reduced China’s stakes in the renewable energy market and its near monopoly over the supply chain of rare earth minerals considered indispensable for renewable energy technology production. The latter has been considered a foreign policy challenge for the United States because of its own dependence on China’s rare earth supply chain.

Yates said the Biden administration should not make policies that support China’s interest in the renewable energy market and should urgently work to catch up by first using the resources it is endowed within the country.

The U.S. Senate, which remains intensely divided on climate change policies, approved its first international climate change treaty in three decades on Sept. 21 when it approved a 2016 agreement to phase down refrigerant chemicals that are among the worst pollutants.

By doing so, the United States joined other 136 nations and the European Union in approving the Kigali Amendment to the Montreal Protocol that promises to cut down on refrigerant chemicals by 80 percent in the next three decades.

The legislation is aimed at jumpstarting U.S. solar manufacturing, however, Cullen S. Hendrix, a senior fellow with the Peterson Institute for International Economics said in an analysis that the agreement doesn’t secure U.S. solar supply chains from China, which control 70–80 percent of the global production.

[The bill] would help close the gap in solar module production but would leave the United States dependent on China for critical links in the supply chain. This dependence needs to be addressed. The current situation is a significant source of US strategic vulnerability,” said Hendrix.

The Celukan Bawang 2 power plant in Singaraja on Indonesia’s resort island of Bali on Oct. 29, 2020. (Sonny Tumbelaka/AFP via Getty Images)

Economic Destruction

Yates called the administration’s focus on climate change a “problematic proposition” and said it can destroy the American economy even before the climate delivers disasters, because the green policies can increase fuel prices and likely become the cause of massive inflation.

“And that’s hard on households,” said Yates. “So hopefully, they will sober up and come back to work with Americans and more broadly in this hemisphere, to do things ourselves without having to rely on them [China].”

The situation requires that the Biden administration think and act differently, he said.

“Part of it means focusing with renewed vigor on our own hemisphere, there’s a lot that we could be doing with countries like Brazil or other parts of our hemisphere. And other parts of the world,” he said adding that rather than depending on China’s “carnivorous market,” the United States should also support countries in Asia and Africa to work with the other free world nations to undo China’s monopoly.

Ironically, the promises China made on climate change go far beyond the tenure of any Chinese leader as well as beyond the commitment bindings by other nations, according to Yates.

“And so while the United States and Europe might set these bold goals of having a net zero impact by 2030, or 2035, China’s is like 2060. And beyond! So even when they’re making a promise, it’s so far off, that it can’t really be taken seriously,” he said adding that all this while China has continued to be a leading polluter globally.

Read more here…

Tyler Durden
Mon, 11/14/2022 – 21:00

US Health System Cash Reserves Plummet

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US Health System Cash Reserves Plummet

By Laura Dyrda of Becker Hospital Review

Cash reserves, an important indicator of financial stability, are dropping for hospitals and health systems across the U.S.

Both large and small health systems are affected by rising labor and supply costs while reimbursement remains low. St. Louis-based Ascension reported days cash on hand dropped from 336 at the end of the 2021 fiscal year to 259 as of June 30, 2022, the end of the fiscal year. The system also reported accounts receivable increased three days from 47.3 in 2021 to 50.3 in 2022 because commercial payers were slow, especially in large dollar claims.

Trinity Health, based in Livonia, Mich., also reported days cash on hand dropped to 211 in fiscal year 2022, ending June 30, compared to 254 days at the end of 2021. Trinity attributed the 43-day decrease in cash on hand to “investment losses and the recoupment of the majority of the Medicare cash advances.”

Chicago-based CommonSpirit Health reported days cash on hand decreased by 69 days in the last year. The 140-hospital health system reported 245 days cash on hand at the 2021 fiscal year’s end June 30, and 176 days for 2022.

Lehigh Valley Health Network in Allentown, Pa., said unfavorable trends in the capital market led to investment losses and a drop in days cash on hand from 216 to 150 days in the 2022 fiscal year ending June 30. The health system also had a scheduled repayment of $191.1 million in advance Medicare dollars as well as $25 million in deferred payroll tax payments.

Philadelphia-based Thomas Jefferson University reported cash on hand for clinical operations dropped by 10.9 days in just the last quarter due to nonoperating investment losses and repaying government advances, which equaled about five days cash on hand. The health system reported 158.5 days cash on hand as of Sept. 30.

While the large health systems’ days cash on hand are dropping, they still have deep reserves. Smaller hospitals and health systems are in a more dire situation. Doylestown (Pa.) Hospital reported as of Sept. 30 the system had 81 days cash on hand, and Moody’s downgraded the hospital in June after the days cash on hand dropped below 100.

Kaweah Health in Visalia, Calif., saw reserves plummet since the pandemic began from 130 to 84 days cash on hand. Gary Herbst, CEO of Kaweah Health, blamed lost elective procedures, high labor costs, inflation and more for the system’s financial issues.

“The COVID-19 pandemic, and its aftermath, have brought District hospitals to the brink of financial collapse,” Mr. Herbst wrote in an open letter to Gov. Gavin Newsom published in the Visalia Times Delta. He asked Mr. Newsom to provide additional funding for public district hospitals. “Without your help, it will soon be virtually impossible for Medi-Cal patients to receive anything but emergency medical care in the State of California.”

Tyler Durden
Mon, 11/14/2022 – 20:35

When Protecting Criminals’ Rights Comes At The Expense Of Victims

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When Protecting Criminals’ Rights Comes At The Expense Of Victims

Authored by Nikki Goeser & John R. Lott Jr. via RealClear Wire,

It took four years and nine months before Nicolas Cruz was finally sentenced for the murder of seventeen people in the horrific Parkland massacre.

So much of the legal system focuses on fairness to the criminal; but the damage to the victims and their families as they wait for trial is tremendous. Those who have to testify or give victim impact statements must continually think about what they will say at trial. There is also uncertainty about the verdict and whether the murderer will be punished.

In the Parkland case, the victims were denied the closure of Cruz receiving the death penalty. 

We have seen the consequences of trial delays firsthand. Nikki Goeser, the co-author here, helplessly witnessed her husband, Ben, murdered in front of her by her stalker on April 2, 2009. The murderer had long been obsessed with her. Nor was there any doubt about who the murderer was. Hank Wise shot her husband to death in front of 50 witnesses and was filmed on a restaurants security video. Incredibly, Nikki is still dealing with the legal fallout from that case. The murderer has continued stalking her, and a new trial, originally scheduled for the third attempt on Nov. 8, now wont occur until January 2023.

There was no doubt that he had carefully planned the murder in advance.

The night before the murder, he had posted on social media: 

Predator vs. Prey. I know who you are, run. Where will you work where I cant find you? At home, at dinner, in your sleep, every f***ing waking moment. This is going to be very painful. Youve pissed me off now. You are about to see my bad side. What kind of life do you have now?! You are forever un-forgiven.

In the stalkers truck in the restaurant parking lot the night of Bens murder, police found two more guns (a shotgun and rifle), ammo, a baseball bat, binoculars, gloves, rope, and a knife.

This was a clear-cut case. But the trial was delayed several times and didnt happen until three years later, on April 9, 2012. Nikki knew she would have to testify. As each trial date approached, she had to prepare herself and relive the horrifying events.

Victims worry about whether they will do a good job. What will the defense attorney do to them? Nikki couldnt put it behind her. We know the nightmares that she had to live through. Nightmares that she has continued to live with to this day.

Unfortunately, the murderer didnt get the punishment he deserved. He didnt get the death penalty or even a life sentence. The death penalty is available in Tennessee, but the district attorney in Davidson County opposed using it. Despite all the evidence of premeditation and planning, the liberal judge reduced the sentence to second degree murder. 

The murderer is still obsessed with Nikki, and she fears his release. He had her lawyers address and had been sending her letters before his 2012 trial. Nikki begged the prosecutors and others to stop him, but they didnt help, so she told her lawyer to stop telling her about the letters. Then, in October 2019, when she researched her book “Stalked and Defenseless,” she reached out to her lawyer and discovered that the murderer had sent many more love letters from prison – including Valentine Day and Christmas Cards.

She also discovered that the Tennessee Department of Corrections (TDOC) had awarded the murderer three and a half years of early release/good behavior credits even while he continued stalking her from prison.

When Nikki approached TDOC about revoking those credits, we were both told they would do nothing because they didnt want to upset the prisoner rights groups. 

We tried a two-pronged strategy. We paid lawyers over $12,000 to help convince prosecutors and police to bring stalking charges. We also spent over $14,000 publicizing her book with the hope that the publicity would help generate prosecutors interest and get TDOC to do the right thing. 

Hiring lawyers got us nowhere. Being on national news shows also didnt do the trick. Few people have the contacts or resources we have, but it seemed hopeless despite all our efforts. Finally, a federal prosecutor got involved when a local television news show in Nashville (WSMV-TV) carried Nikkis story in July 2020, shortly before the statute of limitations was to expire.

But it has been over three years since she learned of this stalking. A trial scheduled for Nov. 8 is delayed for a fourth time until some still-to-bedetermined date in January. Again, these delays take an emotional toll. Nikki must again mentally prepare herself for testifying, reliving her fears and dealing with nightmares in stressful anticipation of trial, only to have the trial delayed again.

Part of the delay has been due to the murderer claiming insanity. His lawyer claims he is too obsessed with her to be responsible for his actions. His defense during the murder trial was that he had delusional disorder and erotomania, the delusional belief that their target of obsession loves them and that there is a relationship. The murderer has also made threatening comments about what will happen if Nikki finds another person in her life. Understandably, Nikki is extremely fearful about his future release, knowing what he has already proven he is capable of.

It has been thirteen years since Nikkis stalker murdered her husband. Yet, she still lives with that horror. Trial delays may occasionally help to ensure a fair trial for the criminal, but they always put victims and their families through hell over and over again. With so many people becoming victims of crime these days, we need to realize that the damage to victims often lasts many years after the crime.

Tyler Durden
Mon, 11/14/2022 – 20:10