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Despite Massive COVID Wave, High-Frequency Indicators Show China’s Traffic Congestion Rebounds

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Despite Massive COVID Wave, High-Frequency Indicators Show China’s Traffic Congestion Rebounds

China abruptly reversed the zero-Covid regime that isolated the world’s second-largest economy for nearly three years. High-frequency data shows highway congestion is rising, which could indicate a surge in crude demand in 2023. 

BloombergNEF published a note that found China’s road congestion index rebounded from the previous week. The index includes highway congestion from 15 major cities, which jumped by 58.2% versus a week earlier. And what this means is that mobility is increasing across China despite the resurgence of Covid-19 infections. 

China’s exit from zero-Covid (more on what the reopening means for the economy and markets) could indicate crude consumption for the country might begin to tick up in the first quarter of 2023 and accelerate in the back half of the year if the reopening process is smooth. 

Since 2020, strict lockdowns and quarantines have impeded mobility by road inside China. For the first ten months of this year, passengers traveling by road were down 82% versus the same period in 2019. As restrictions ease, travel demand will increase and eventually rebound as urban and long-distance highway travel resumes. This would boost oil consumption. 

“China’s total consumption is set to rise by 1.0 million b/d or more by the end of 2023 as travel restrictions unwind and manufacturing recovers,” Reuters noted. As we explained last month, China has already increased oil imports for reopening. 

The problem with China reopening is there might not be enough spare crude production capacity to satisfy demand by the second half of 2023. Crude supply remains constrained by OPEC+ output limits, sanctions on Russia, and a lack of US crude production, so if there’s no global recession next year, the likelihood of renewed upward pressure on crude could take hold.

… and maybe former Russian President Dmitry Medvedev’s bullish outlook for $150 Brent is something to note. 

Tyler Durden
Thu, 12/29/2022 – 22:40

Lying Liar George Santos Under Investigation For All Those Lies

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Lying Liar George Santos Under Investigation For All Those Lies

Authored by Mimi Nguyen Ly via The Epoch Times (emphasis ours),

Republican Congressman-elect George Santos (R-N.Y.) is being investigated by prosecutors after he said he had embellished his professional biography during his campaign to represent the state’s 3rd Congressional District.

U.S. Rep.-elect George Santos (R-N.Y.) speaks at the Republican Jewish Coalition annual leadership meeting in Las Vegas, Nev., on Nov. 19, 2022. (Scott Olson/Getty Images)

Nassau County District Attorney Anne T. Donnelly, a Republican who took office at the start of 2022, said in a statement on Dec. 29: “The numerous fabrications and inconsistencies associated with Congressman-Elect Santos are nothing short of stunning.

The residents of Nassau County and other parts of the third district must have an honest and accountable representative in Congress. No one is above the law and if a crime was committed in this county, we will prosecute it.”

Representatives for Santos did not immediately respond to a request for comment.

On Dec. 26, in an interview with the New York Post and New York-based radio station WABC, Santos said he had fabricated parts of his education and work experience, in what he called “resume embellishments.”

Santos had falsely claimed on his biography posted on the National Republican Congressional Committee that he had obtained “degrees in finance and economics” at Baruch College and New York University, and had worked for Citigroup and Goldman Sachs.

The revelations came about after a report from The New York Times on Dec. 19 called into question what Santos had claimed about his heritage, education, and work history.

The rep.-elect said he still plans to assume office in January. He is scheduled to be sworn in on Jan. 3, when the U.S. House of Representatives reconvenes.

I want to make sure that if I disappointed anyone by resume embellishments, I’m sorry,” he told WABC on Dec. 26. “And I will deliver to you on everything I campaigned on because it’s still the same guy, still the same message, still the same priorities.”

Santos faced other allegations such as that he had falsely said he was Jewish. Santos on Dec. 26 told the New York Post he had “never claimed to be Jewish.”

Previously, he referred to himself as “a proud American Jew,” reported The Associated Press, and described himself as a “non-observant Jew,” reported the Jewish Insider. He separately had said on Twitter that he is a “conservative Roman Catholic.”

In remarks to the Jewish Insider in early November, Santos said: “Whether my mother’s Jewish background beliefs, which are mine, or my father’s Roman Catholic beliefs, which are also mine, are represented or not, I want to represent everyone else that practices every other religion to make sure everybody feels like they have a partner in me.”

Read more here…

 

Tyler Durden
Thu, 12/29/2022 – 22:20

Laid Off Tech Workers Are Having No Trouble Finding New Jobs

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Laid Off Tech Workers Are Having No Trouble Finding New Jobs

It was just hours ago that we wrote about how restaurant staffing was returning to pre-pandemic levels and, in what we’re sure is totally not a coincidence, it also appears that laid off tech workers are having no trouble finding new jobs. 

According to a new report from the Wall Street Journal, the job market apparently hasn’t softened enough just yet: tech workers are finding jobs “shortly after beginning their search” despite the tightening job market.

The 10.3 million job openings across the economy still “far exceeds” the number of unemployed Americans, the report noted.

Ergo, 79% of workers who were laid off or terminated found new work within three months, the report says. About 40% of workers found new jobs less than a month after being terminated or laid off from the tech jobs, according to data from ZipRecruiter.

Julia Pollak, chief economist at ZipRecruiter, told the Journal: “Despite the widespread layoffs, hiring freezes, and cost-cutting taking place in tech, many tech workers are finding reemployment remarkably quickly. They’re still the most sought-after workers with the most in-demand skills.” 

The report noted that a smaller share of workers in tech are spending long periods of time searching for new opportunities:

About 5% of laid off tech workers who found jobs from April to October had spent more than six months hunting for work, down from 26% of those hired between August 2021 and February 2022, ZipRecruiter said.

One 23 year old former videographer, who was fired and then able to land a new job within two months, told WSJ: ““When I was applying, to be honest, I didn’t feel very confident because there was such an influx of competition with a lot of people also being laid off.”

But he was able to land a social media manager job at a software startup under 3 months from being laid off. “I was surprised at how quickly I was able to secure an offer for a job,” he said of the new opportunity. 

Ryan Sutton, district president at Robert Half, a global recruitment firm added: “We’ve definitely seen a slowdown in hiring, but the reason why is that the job creation level was beyond record highs because of the slingshot effect of the pandemic. From August 2020 to May 2022, it wasn’t red-hot. It was lava-hot.”

He said the “usual” occurrence of laid off tech workers contacting his company for placement hasn’t happened. “We have not seen it yet—we haven’t seen more candidates coming to market. Our recruiters are having to hunt and hustle just as much as they had to in the last couple of years,” he concluded.  

And it appears the bounce back for laid off workers isn’t just limited to tech. Workers in other industries, such as transportation and delivery, were also able to find new jobs easily, the Journal concluded. You can read their full report here

Tyler Durden
Thu, 12/29/2022 – 21:20

China’s COVID Chaos A “Horrible Indictment” Of US Leadership For Emulating CCP Lockdowns: Former White House Adviser

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China’s COVID Chaos A “Horrible Indictment” Of US Leadership For Emulating CCP Lockdowns: Former White House Adviser

Authored by Eva Fu via The Epoch Times,

If the world can learn one thing from the COVID chaos in China, it is that “locking down does not work,” said healthcare policy adviser Dr. Scott Atlas.

“We don’t even know really the extent of the harms to their population that they inflicted by locking down but we know anecdotally that there were massive harms to people—they couldn’t get food, they couldn’t get their own medications, people were imposing a completely uncivilized, almost animalistic way,” Atlas, a previous White House special coronavirus adviser and contributor to The Epoch Times, said in an interview.

For almost three years, China’s ruling regime has imposed a severe zero-COVID strategy, using strict lockdowns, centralized quarantines, mass testing, and omnipresent surveillance to contain the virus’s spread, leading to many residents being deprived of basic living needs, and some even dying from a lack of care.

“This is a massive human rights violation,” Atlas said.

“All of their policies imposed on their public,” he said, referring to China’s communist party (CCP), “is an example of one of the most extraordinary violations of human rights that we have seen in modern history.”

‘Flies in the Face of Common Sense’

The policy reversal that came without a transition plan accompanied an exponential surge of cases that was quickly overwhelming the country’s health system.

World Health Organization emergencies director Mike Ryan noted during a global health briefing on Dec. 14 that this wave of COVID-19 now seen in China is not due to the lifting of COVID restrictions, as it started long before any easing of the zero-COVID policy.

“I think that it’s very important to recognize that,” he said, adding,

“The disease was spreading intensively because I believe the control measures in themselves were not stopping the disease, and I believe that the Chinese authorities have decided strategically that that for them is not the best option anymore.”

Contrasting the few death cases the authorities have reported—11 since the easing of COVID curbs earlier this month—was mounting anecdotal evidence suggesting that the virus is fast spreading in Chinese cities and fatalities are rising. Hospitals and funeral homes have been filling up, with backlogs of bodies awaiting cremation.

The Chinese numbers, Atlas said, are “absurd” to think of.

“This just completely flies in the face of common sense,” he said.

“No one should believe the counting method that is reported by China,” he added, noting that to “save face and justify their reckless harmful lockdowns,” the regime would “necessarily have to say they had fewer deaths.”

COVID-19 patients on gurneys at Tianjin First Center Hospital in Tianjin, China, on Dec. 28, 2022. (Noel Celis/AFP via Getty Images)

“I don’t know how anyone would think that they have transparency on how they’re counting.”

The lack of data from China has been so concerning that it has driven the United States to impose a new travel curb mandating COVID tests for travelers from China.

Lockdown Success ‘Fantasy’

That the regime has been “lying about the numbers” from the beginning, Atlas said, poses a troubling question.

In January 2020, after suppressing whistleblower doctors and journalists trying to sound warning about the emerging virus, China became the world’s first country to shut down cities in response to COVID-19 spiraling out of control. As the virus spread, the lockdown method that Beijing insisted was effective was then quickly copied by other countries around the world, such as the United States.

Atlas, an early lockdown critic, has previously enumerated the toll that such policies inflict on the public, from learning loss and mental health damage to a rise in substance abuse.

“There was this false belief that somehow China had ‘beaten the virus.’ This was a completely absurd lie—a fantasy.”

Health workers wait for people to scan a health code to test for the COVID-19 coronavirus in the Jing’an district in Shanghai, China, on Dec. 22, 2022. (Hector Retamal/AFP via Getty Images)

It was a lie that Atlas believes policymakers “blind to science” bought without question.

“It’s one thing that it’s a society like China [that] imposes the draconian policies on its on its public, because that’s what totalitarian societies do,” he said. “But it’s another thing—it’s extraordinary that governments of supposedly ‘free societies’ would attempt to impose these sorts of policies on the public—and even more sad is the acquiescence of people to such policies.”

“It’s a horrible indictment of American leadership to emulate a totalitarian society like China.”

Separate from the fact that locking down can’t get rid of a virus, Atlas sees two things that the world hasn’t grasped about the CCP’s “inhumane policies”: “the true failure of their policies and the massive harms on their own people.”

“The worst thing for China, or any totalitarian society, is to have people start realizing that the government policies are failures,” he said. “Because the only reason that the totalitarian societies exist is they have power.”

Tyler Durden
Thu, 12/29/2022 – 21:00

National Guard Going Door-To-Door In Buffalo, Official Says

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National Guard Going Door-To-Door In Buffalo, Official Says

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

Police and National Guard members are going door-to-door Wednesday to check on some Buffalo residents following a major winter storm that left dozens of people dead in recent days, officials said Wednesday.

A National Guard truck drives past a police cruiser on a snowy street in Buffalo, N.Y., on Dec. 27, 2022. (Joseph Cooke/The Buffalo News via AP)

Erie County Executive Mark C. Poloncarz confirmed the development on Wednesday morning in a news conference. National Guard members and police will be deployed to neighborhoods that lost power during the storm.

Poloncarz also warned more dead could be found during the door-to-door checks. “We are fearful that there are people who are not doing well, or who may have perished,” he said.

“If your neighborhood lost power, you’re going to see a member of the National Guard starting now for the next 48 hours, who is going to knock on your door, ‘Is everybody OK? Was there any issues? Is anyone sick,’” Poloncarz added.

Officials said more than 30 people so far have been reported to have died because of the blizzard that raged Friday and Saturday in western New York, an area prone to powerful winter storms. The historic Blizzard of 1977 killed as many as 29.

A driving ban remained in effect for Buffalo, Poloncarz said Wednesday. The National Guard and state police are enforcing the measure, he said.

“The National Guard is NOT ticketing, they are assisting with traffic issues and people violating the driving ban in the City of Buffalo while crews are still working to clear roads,” he wrote on Twitter Wednesday, adding that the ban on driving will likely remain for the rest of Wednesday.

Cars and buildings during a blizzard in Buffalo, N.Y., on Dec. 26, 2022. (Mostofa Ahsan/via Reuters)

The county executive added that “no EMS call will go unanswered” and that “911 has been up and running and EMS crews are focused on life-saving missions. There may be delays, but they are out responding to calls.”

At least one death in Erie County was connected to an EMS delay, he told CNN on Tuesday. “Our emergency responders could not get to the person because of the snow,” Poloncarz added. “They were blocked, and by the time they got there it was too late.”

Only a trace of snow might fall on Buffalo and Western New York off the Great Lakes on Wednesday as temperatures will hit 40 degrees Fahrenheit, said Josh Weiss, a meteorologist with the National Weather Service’s Weather Prediction Center in College Park, Maryland.

“Most of the snow has ended, fortunately. They need a break,” Weiss said. “In Buffalo, there’s no forecast below zero into next week,” he said. “By the weekend it’ll be in the 50s.”

Weiss said that a warming trend has also begun for the eastern third of the United States and will extend past the new Year with temperatures remaining largely above freezing. Melting snow presents a risk of flooding and about 1/4 inch to 1/2 inch of rain is expected in Western New York on Friday and Saturday.

“We’re expecting a rapid melt, and regional flooding on creeks. Creeks will top out,” Poloncarz said Wednesday.

Other Details

Giant snow-blowing machines were deployed to help clear several major highways clogged with towering drifts.

Vehicles make their way along a snow-covered street in Buffalo, N.Y., on Dec. 26, 2022. (Joed Viera/AFP via Getty Images)

Hundreds of electric company linemen were out restoring power, and Poloncarz posted on Twitter that some 4,500 customers remained without electricity on Tuesday, as crews cleared downed trees with chain saws.

For residents essentially trapped in their homes for two days, the easing of the storm brought a realization of how much snow fell during white-out conditions that had limited their view.

New York Gov. Kathy Hochul called it an “epic, once-in-a-lifetime” weather disaster, the worst blizzard to hit the Buffalo area in 45 years.

Tyler Durden
Thu, 12/29/2022 – 20:40

Judge Keeps Oregon’s Strict Gun Control Measure On Ice

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Judge Keeps Oregon’s Strict Gun Control Measure On Ice

Authored by Scottie Barnes via The Epoch Times (emphasis ours),

An Oregon gun-control measure that many predict will wind up in the U.S. Supreme Court remains in limbo.

Guns are on display at a shop in Roseburg, Ore., on Oct. 2, 2015. (Cengiz Yar Jr./AFP via Getty Images)

In a Dec 23 hearing, Circuit Court Judge Robert Raschio said he would rule by Jan. 3 whether to lift a temporary restraining order (TRO) on the Oregon Ballot Measure 114 requirement that a background check be completed before a firearm can be sold or transferred.

Earlier this month, Raschio issued a TRO on the measure’s permit-to-purchase provision and its ban on magazines that carry 10 or more rounds. Those TROs are still in place.

Passed in November with just 50.7 percent of the vote, Ballot Measure 114 was initially scheduled to take effect Dec. 8 but, starting on Dec. 6, faced a flurry of lawsuits.

A driver pulled a handgun after Antifa members smashed his truck lights in Salem, Ore., on March 28, 2021. Second Amendment activists say that if fully implemented, Oregon Ballot Measure 114 would adversely impact a citizen’s right of self defense. (Nathan Howard/Getty Images)

In a Harney County suit filed on Dec. 6 by Gun Owners of America (GOA), the Gun Owners Federation, Cliff Asmussen, and Joseph Arnold, Raschio issued a TRO just three hours after Federal Court Judge Karin J. Immergut had denied such relief to plaintiffs in one of four related cases.

In his ruling, Raschio said the law violated the Oregon state constitution’s right to bear arms and that Oregonians would be “unable to lawfully purchase a firearm or bear a magazine capable of holding more than 10 rounds of ammunition in the State of Oregon.”

The Oregon Department of Justice immediately filed a petition asking the Oregon Supreme Court to vacate the lower court’s decision.

“We strongly disagree with the decision of the Harney County Circuit Court,” Oregon Attorney General Ellen Rosenblum wrote to the court. “Our mandamus petition to the Oregon Supreme Court gives our highest state court the opportunity to weigh in now and reverse the Harney County judge’s ruling.”

The state Supreme Court refused to intervene.

State Unprepared to Issue Permits

On Dec. 13, Raschio heard arguments on the permit-to-purchase provision, which the state acknowledged was not ready to go. The state had declared that it needed until approximately Feb. 8 to implement that system.

Lifting the order before the permitting system is ready would cause “irreparable harm to the constitutional right to bear arms,” he said. The judge continued the TRO for this provision. When the state notifies him in writing that it is prepared to roll out the new permitting program, he will schedule a hearing.

The court then considered the ban on magazines that hold 10 rounds or more. The state argued that such firearms were not in “common use” when the Second Amendment was ratified. So, they are not protected.

The state’s expert, Brian DeLay, associate professor of history at the University of California at Berkeley, testified that high-capacity firearms were an “experimental technology” and not commercially available when the Oregon Constitution was ratified.

Experts for the plaintiffs testified that high-capacity firearms have existed since the 16th century.

Lewis and Clark Carried High Capacity Firearm

Isaac Botkin, the technical and education director at manufacturing company T-Rex Arms for more than a decade, described a long history of firearms capable of holding more than 10 rounds, the most famous being one carried by the Lewis and Clark Expedition. It was in 1804-06 that Capt. Meriwether Lewis and Lt. William Clark led the expedition to explore the Louisiana Purchase and the Pacific Northwest.

“Meriwether Lewis carried a firearm that had the capability of 20 or 22 rounds that was quite effective,” he said.

The state’s attorney argued that Botkin shouldn’t be allowed to make any “historical conclusions” on the history of guns, claiming that he is not an expert. The judge disagreed and allowed Botkin to continue.

Plaintiff’s Attorney Tony Aiello Jr. argued that magazines that hold more than 10 rounds are standard for guns manufactured today. He said those guns are “essentially the same firearm, just modified by design and function,” as some of the nation’s earliest guns.

Raschio asked whether magazine restrictions would “reasonably promote public safety by restraining a constitutional right to bear arms” as claimed in the ballot measure. Aiello argued that it would not, claiming that the ban would deny law-abiding Oregonians the ability to defend themselves while criminals continue to ignore the law.

Background Check Provision Scrutinized

Convinced that the ban would violate Oregonians’ rights under the state constitution, Raschio also extended the TRO on the magazine restriction.

“Based upon the preliminary evidence, the result of BM 114 would be a near absolute prohibition on handguns and many other firearms with their magazines,” Raschio wrote.

The Dec. 23 hearing focused primarily on the measure’s requirement that a background check is completed before a firearm can be sold or transferred.

Oregon special Attorney General Harry B. Wilson argued that the completed background-check requirement would save lives, is constitutional, and wasn’t explicitly challenged by the plaintiffs.

A licensed firearms dealer can legally deliver a purchased gun after three business days if the required federal background check is not complete—what gun control advocates call the “Charleston Loophole.” Measure 114 would end that by giving the state more time to complete background checks.

Measure Offers No Guarantee of Expediency

“Although a significant percentage of background checks are completed automatically within minutes, many require additional time,” Wilson wrote to the court. “As a result, in some instances, individuals with felony criminal histories can obtain a firearm because the transferer can deliver the firearm after three days and before the background check is complete.”

Read more here…

Tyler Durden
Thu, 12/29/2022 – 20:20

Watch: New Batch Of Stealth Fighters Delivered To Russian Aerospace Forces

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Watch: New Batch Of Stealth Fighters Delivered To Russian Aerospace Forces

Russia’s state-controlled United Aircraft Corporation (UAC) announced a new batch of Sukhoi Su-57 fifth-generation fighters had been delivered to the Russian Aerospace Forces, according to EurAsian Times

“A new batch of fifth-generation Su-57 fighter jets has been delivered under a major contract with the Russian Ministry of Defense. This aircraft is the future of Russian military aviation, embodies advanced technologies and design solutions. It has super maneuverability, is barely noticeable, can destroy air and ground targets, detect the enemy from long distances and operate in network-centric warfare,” Sergey Chemezov, CEO of Rostec, the Russian state-owned technology company, said in a statement. 

UAC didn’t elaborate on how many Su-57 were delivered in the latest batch. Still, some on Twitter who posted images of the jets speculated at least four. 

In May, two Su-57s were delivered to Russian Aerospace Forces. It’s believed 6 to 15 Su-57s are already operational. Over the next five years, Russia plans for 76 Su-57 fighters. 

Russia’s first stealth-capable fighter plane will eventually replace fourth-generation MiG-29 and Su-27 aircraft though production is very slow. Perhaps the tweet explains why… 

For all the times Moscow touts its new weapon systems, these fifth-generation fighters have been widely absent from Ukrainian airspace since the invasion. 

Tyler Durden
Thu, 12/29/2022 – 20:00

Of Economic Crises & Pandemics: Facebook As Fact, Government As Truth, Big Pharma As God

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Of Economic Crises & Pandemics: Facebook As Fact, Government As Truth, Big Pharma As God

Authored by Colin Todhunter via Off-Guardian.org,

If events since March 2020 have shown us anything, it is that fear is a powerful weapon for securing hegemony. Any government can manipulate fear about certain things while conveniently ignoring real dangers that a population faces.

Author and researcher Robert J Burrowes says:

…if we were seriously concerned about our world, the gravest and longest-standing health crisis on the planet is the one that starves to death 100,000 people each day. No panic about that, of course.”

No panic because the controlling interests of the global food system have long profited from a ‘stuffed and starved’ strategy that ensures people unnecessarily go hungry when corporate profit rather than need dictates policies.

US social commentator Walter Lippmann once said that ‘responsible men’ make decisions and must be protected from the ‘bewildered herd’ – the public. He added that the public should be subdued, obedient and distracted from what is really happening. Screaming patriotic slogans and fearing for their lives, they should be admiring with awe leaders who save them from destruction.

During COVID, Prime Minister of New Zealand Jacinda Ardern urged citizens to trust the government and its agencies for all information and stated:

Otherwise, dismiss anything else. We will continue to be your single source of truth.”

In the US, Fauci presented himself as ‘the science’. In New Zealand, Ardern was ‘the truth’. It was similar in countries across the world – different figures but the same approach.

Like other political leaders, Ardern clamped down on civil liberties with the full force of state violence on hand to ensure compliance with ‘the truth’. Those who questioned the COVID narrative – including world-renowned scientists – were smeared, shut down and censored.

It was an internationally orchestrated campaign involving governments, the big tech companies, media and the WHO, among others.

The EU Times reported on 17 December 2022 that the US Centers for Disease Control worked with social media to censor facts and information about COVID that ran afoul of official narratives.

The organisation America First Legal noted in a press release that the fourth set of documents it released – obtained from litigation against the Centers for Disease Control and Prevention (CDC) – revealed:

…further concrete evidence of collusion between the CDC and social media companies to censor free speech and silence the public square under the government’s label of ‘misinformation’.”

Twitter ran a ‘Partner Support Portal’ for government employees and other ‘stakeholders’ to submit posts that it would remove or flag as ‘misinformation’ on its platform.

The US government was actively working to ‘socially inoculate’ the public against anything that threatened its narrative. Big tech corporations monitored and manipulated users for the purposes of censoring unapproved information and pushing government propaganda. Facebook sent written materials to the CDC in which it talked of censoring more than sixteen million ‘pieces of content’ containing opinions or information the government wanted suppressed.

AFL noted that the CDC was “collaborating with UNICEF, the WHO and IFCN member and leading civil society organisation Mafindo” to mitigate ‘disinformation’. Mafindo is a Facebook third-party fact-checking partner based in Indonesia and funded by Google.

AFL states:

What is clear is that the United States government, big tech platforms, and international organizations were fully entangled in an intricate campaign to violate the First Amendment, to silence the American people, and to censor dissenting views.”

The CDC’s mask guidance policies for school children were also shown to be driven by politics rather than science.

Across all the major Western nations, there was a clamp down on dissent and a massive censorship campaign to justify a policy framework of social and economic lockdowns, masking, distancing and state intrusion into almost every aspect of private life.

The findings of AFL indicate how centres of power can and do act in unison when they need to. The fact that it involved a worldwide campaign shows something huge was at stake.

The official narrative was about protecting populations from a deadly virus. And any dissent that did seep into the edges of mainstream discourse (like Tucker Carlson on Fox News or a few presenters on Talk Radio in the UK, for instance) tended to focus on politicians going too far on lockdowns and restrictions and being caught up in their egotistical lust for power and control.

Such a superficial explanation avoided a deep, critical analysis of the situation. Indeed, any focus on big finance’s – Wall Street and the City of London – role in this was conspicuous by its absence.

In March 2022, BlackRock’s Rob Kapito warned that a ‘very entitled’ generation of people would soon have to face shortages for the first time in their lives as some goods grow scarce because of rising inflation. BlackRock is the world’s most powerful investment fund.

Kapito talked about the situation in Ukraine and COVID being responsible for the current economic crisis, conveniently ignoring the inflationary impact of the trillions pumped into imploding financial markets in 2019 and 2020 (dwarfing the crisis of 2008).

The war in Ukraine as well as COVID are being used to explain the roots of the current economic crisis. But COVID policies were a symptom not a cause of the crisis – they were used to manage what by late 2019 was regarded as an impending economic meltdown. Draconian COVID policies had little to do with a public health emergency.

That much is made clear in the article A Self-Fulfilling Prophecy: Systemic Collapse and Pandemic Simulation by Professor Fabio Vighi.

On 15 August 2019, BlackRock issued a white paper instructing the US Federal Reserve to inject liquidity directly into the financial system to prevent “a dramatic downturn”. The message was unequivocal:

An unprecedented response is needed when monetary policy is exhausted and fiscal policy alone is not enough. That response will likely involve ‘going direct’.”

It also stated the need to find ways to get central bank money directly in the hands of public and private sector spenders while avoiding hyperinflation.

Six days earlier, the Bank of International Settlements (BIS) had in a working paper called for “unconventional monetary policy measures” to “insulate the real economy from further deterioration in financial conditions”.

Vighi’s shows why the hegemonic class reacted so severely to a public health issue that impacted a minority of the population. This response only makes sense when viewed within the context of economics.

Come late 2019 and especially 2020, pumping trillions into the financial system followed by lockdowns (to prevent hyperinflation) were used as the “unconventional monetary policies” that the BIS had called for on 9 August 2019.

Did you really think the authorities cared so much about something that mainly affected the over-80s and those with severe comorbidities that they would lock down the entire global economy?

Did they really care so much about ordinary people, especially unproductive labour – the working class old and working class infirm – when through the years of imposed austerity, we saw the working classes being treated with utter contempt?

And did those who imposed restrictions and lockdowns really believe there was a ‘deadly’ virus on the loose?

Think of booze parties at Downing Street, Neil Ferguson’s breaking of lockdown rules to carry on an extra-marital affair, Matt Hancock breaking his own COVID rules with his lover, maskless world leaders gathering in London while their servants wore masks, various US political leaders ignoring their own rules and the public theatre of Fauci et al masking up for TV cameras then maskless as soon as they were off camera.

While such people tyrannised populations with fear and lockdowns, it is clear they themselves were unworried about ‘the virus’.

After embarking on a massive anti-Russia media propaganda campaign earlier this year to garner public support for Ukraine, the centres of power in the West are now sending billions of dollars of the public’s money into the coffers of the likes of weapons manufacturers Raytheon and Boeing.

Such corporations are more than happy to profit from sacrificing the lives of ordinary Ukrainians in the geopolitical quest to weaken and balkanise Russia so that US interests can gain a dominant, strategic foothold on the Eurasian landmass.

And while billions of dollars are being spent to achieve this, a wholly unnecessary ‘cost of living’ crisis (resulting from reckless economic neoliberalism which has finally imploded) is being imposed on working people in the Western countries – regarded as mere collateral damage when it comes to economic policies, war and corporate profit. The result is misery and poverty and the demonisation of some of the (now striking) workers who were lauded as ‘heroes’ during COVID.

But – of course – the powers that have so much demonstrable contempt for the lives of ordinary people at home and abroad will close down the entire global economy to protect their health!

Those who believe this are testament to the power of propaganda.

COVID-related policies were wholly disproportionate to any risk posed to public health, especially when considering the way ‘COVID death’ definitions and data were often massaged and how PCR tests were misused to scare populations into submission.

And the big winner has been Big Pharma, an industry with a track record of dirty tricks, false advertising and death and injury resulting from its products. If, say, Pfizer were an individual, given its corporate crimes, it would be serving a lengthy prison sentence with the proverbial key being thrown away.

But corporations with lengthy corporate rap sheets across many sectors are promoted to the public as being trustworthy and dependable. When governments partner (conspire) with such enterprises, they are conspiring with criminal recidivist companies. And when people purchase stock in them, the same applies.

Given the reference to the global food system at the beginning of this article, of particular interest are the crimes of Dupont and Bayer (see the Powerbase website), and Monsanto and Cargill (see the Corporate Research Project (CRP) website).

And, of course, Pfizer and its disturbing corporate rap sheet also appears on the CRP site.

These immensely wealthy corporations spend millions each year funding various groups and lobbying governments and international bodies. Little wonder that they wield tremendous influence and, in one way or another, become ‘trusted partners’ of governments, the WHO, the WTO and the like.

In Pfizer’s case, trusted so much as being granted ‘emergency use authorisation’ to have its ‘vaccines’ brought to market and then forced on the public via the coercive policies of governments.

Returning to Lippmann, since early 2020 so many people have feared for their lives and have admired with awe leaders who supposedly saved them from destruction. Even now as reports on vaccine injuries, vaccine inefficacy and increased mortality rates since the jab rollouts are largely taboo within the mainstream media, the public are being kept on message as the WHO and Big Pharma work towards a global treaty that will strip all their rights come the next economic meltdown or ‘pandemic’.

This article was written over the Yuletide period, an increasingly secular celebration stripped of religious connotation. These days, ‘in Big Pharma we trust’ might be more apt along with blind faith in a Zuckerberg-esque fantasy metaverse where Facebook is fact, government is truth and Big Pharma is God.

Because (heaven help us) that we should be left to think for ourselves!

Tyler Durden
Thu, 12/29/2022 – 18:20

Andurand Sees Oil Demand Soaring As Much As 4MM b/d In 2023

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Andurand Sees Oil Demand Soaring As Much As 4MM b/d In 2023

When sitting down to make forecasts about 2023, perhaps the biggest wildcard is what happens to the price of commodities in general, and oil in particular, after China fully reopens following its current “post covid-zero” hiccup which may lead to even more chaos but which will promptly reverse in a few weeks time.

Here, estimates vary, but few are as optimistic as iconic oil hedge fund trader Pierre Andurand, who said that global oil demand could soar as much as 4% at some point next year if the world fully emerges from Covid restrictions.

In a series of overnight tweets, Andurand said that consumption has been lagging long-term trends and, boosted by a switch to oil from gas, may increase by 3 million to 4 million barrels a day in 2023. As a reminder, Andurand’s main commodities fund has crushed the competition this year, rising about 50% in 2022.  Andurand is among several fund managers who made huge profits betting that supply-chain disruptions and Russia’s invasion of Ukraine would lead to jumps in oil and other commodities.

Andurand (who in March incorrectly predicted that oil would hit $200 by year-end as Biden’s drain sends the SPR to record lows) caveated that the oil demand surge will be limited by the increasing popularity of electric vehicles, which are displacing about 600,000 barrels a day of fuel use, but net demand will still be more than enough to offset this drop.

Having been bearish on oil for much of 2021 and 2022 despite its relentless march higher, Wall Street banks now widely expect that crude prices, trading near $82 a barrel in London, will advance next year as sanctions squeeze Russian supplies.

That said, the bullish mood isn’t unanimous and as Bloomberg notes, veteran analyst and PIRA founder Gary Ross at Black Gold Investors tweeted on Wednesday that oil market balances are “weak” and will deteriorate further in early 2023 as US storms curb refinery operations.

Tyler Durden
Thu, 12/29/2022 – 18:00

West Point Begins Removal, Alteration Of Confederate Memorials On Campus

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West Point Begins Removal, Alteration Of Confederate Memorials On Campus

Authored by Samantha Flom via The Epoch Times (emphasis ours),

The U.S. Military Academy at West Point has commenced the removal and modification of 13 Confederate memorials and symbols on its campus at the direction of the Department of Defense.

Cadets walk across ‘The Plain’ before the Oath of Allegiance ceremony during Reception Day at the United States Military Academy at West Point, New York on June 27, 2016. (Drew Angerer/Getty Images)

The modifications—recommended by the congressionally mandated Naming Commission and subsequently approved by the Defense Department in October—were to begin over the school’s holiday break, which started on Dec. 18.

“Academy leaders and key stakeholders developed a comprehensive plan to ensure that historical artifacts will be professionally and respectfully handled during the execution phase,” the school said in a Dec. 19 statement. “Memorabilia removed during this process will be relocated to appropriate sites, including museums or other suitable venues.

According to a letter (pdf) signed by Lt. Gen. Steve Gilland, superintendent of the U.S. Military Academy, items to be placed in storage includes a portrait of Confederate Gen. Robert E. Lee that hung in the academy’s library, Jefferson Hall; a stone bust of Lee from Reconciliation Plaza; and a bronze triptych from the main entrance of Bartlett Hall.

Meanwhile, the portrait and the stone bust of Union Gen. Ulysses Grant that have traditionally accompanied those of Lee will be moved to Grant Hall.

By Spring 2023, the school also intends to replace a quote from Lee displayed at Honor Plaza and begin refacing select stone markers at Reconciliation Plaza with modified language and images.

Several streets, buildings, and areas around the West Point campus are also slated to be renamed, including Lee Road, Beauregard Place, Hardee Place, Lee Barracks, Lee Housing Area, and Lee Child Development Center.

We will conduct these actions with dignity and respect,” Gilland wrote in the letter. “In the case of those items that were class gifts (specifically, Honor Plaza and Reconciliation Plaza), we will continue to work closely with those classes throughout this process. Any costs associated with the Commission’s recommendations will be resourced within the Department of Defense.”

The History

The U.S. Military Academy at West Point, New York, was founded in 1802 under President Thomas Jefferson.

The school churned out hundreds of graduates who fought for both the Union and Confederate armies, including Grant, in the class of 1843 and Lee in 1829.

Lee, who became commander of the Confederate Army toward the end of the Civil War, graduated second in his class at West Point and later served as the school’s superintendent from 1852 to 1855.

Calls for Revisions

Established under the National Defense Authorization Act of Fiscal Year 2021, the Naming Commission was created to assign, modify, or remove names, symbols, displays, monuments, and paraphernalia within the Department of Defense that commemorate the Confederacy or those who voluntarily fought for the Confederate Army.

On Aug. 29, the eight-member commission submitted Part II of its final report to Congress (pdf), which addressed assets of the U.S. Military Academy and U.S. Naval Academy.

“Throughout the [West Point] grounds, plaques adorn almost every building and entrance, honoring the names and lives of West Point graduates who demonstrated exceptional devotion to the defense of the United States and the advancement of its ideals,” the commissioners wrote in their report. “Commemorating the Confederacy alongside those graduates honors men who fought against the United States of America, and whose cause sought to destroy the nation as we know it.”

In defending their recommendations relating to assets named after Lee, the commissioners noted that the general turned down the opportunity to serve as the top field commander for the Union Army, opting instead to join the Confederates.

“The consequences of his decisions were wide-ranging and destructive,” they added. “Lee’s armies were responsible for the deaths of more United States Soldiers than practically any other enemy in our nation’s history.”

As for the triptych, the commissioners called for the removal of the names of several Confederate soldiers. Additionally, acknowledging that the triptych’s depiction of a hooded Ku Klux Klansman did not fall under their purview, the commissioners also encouraged the secretary of defense to “address DoD assets that highlight the KKK in Defense Memorialization processes and create a standard disposition requirement for such assets.”

“The Commissioners do not make these recommendations with any intention of erasing history,” the commissioners noted. “The facts of the past remain and the Commissioners are confident the history of the Civil War will continue to be taught at all service academies with all the quality and complex detail our national past deserves. Rather, they make these recommendations to affirm West Point’s long tradition of educating future generations of America’s military leaders to represent the best of our national ideals.”

Reactions

West Point’s announcement has been met with mixed reactions from those who have served in the nation’s armed forces, with some supporting the changes and others decrying them.

Read more here…

Tyler Durden
Thu, 12/29/2022 – 17:40