The US Central Command (CENTCOM) released a statement late Sunday night detailing how two US Navy destroyers intercepted missiles and drones targeting three US merchant vessels in the Gulf of Aden near the Bab al-Mandab Strait, one of the world’s most critical maritime chokepoints.

According to CENTCOM, two Arleigh Burke-class guided-missile destroyers, USS Stockdale (DDG 106) and USS O’Kane (DDG 77), successfully neutralized ran-backed Houthi-launched missiles and kamikaze drones. These included three anti-ship ballistic missiles (ASBMs), three one-way attack uncrewed aerial systems (OWA UAS), and one anti-ship cruise missile (ASCM), aimed at a flotilla of three US-owned, operated, and flagged merchant vessels transiting the Gulf of Aden over the weekend.

“The destroyers were escorting three U.S.-owned, operated, flagged merchant vessels, and the reckless attacks resulted in no injuries and no damage to any vessels, civilian or US Naval,” CENTCOM said. 

On Sunday morning, the British military’s United Kingdom Maritime Trade Operations Center (UKMTO), which monitors Middle Eastern waterways, reported an “attack” on a vessel approximately 80 nautical miles south of Aden, Yemen.

There is no word if the vessel attack UKMTO reported on Sunday morning was related to the missile and drone attack on US merchants and warships.  

However, X accounts focused on open-source intelligence showed several fixed-wing US or allied military assets operating in the skies near the incident area. 

OVERLORD02 #USNavy MQ4C TRITON #UAV active Gulf of Aden, returned to UAE 1237zhttps://t.co/sx9LUbeiif pic.twitter.com/sp35y9TQ0P

— nde (@5472_nde) December 1, 2024

P8 🇺🇲#AE6844
Over the Gulf of Aden @Borrowed7Time @HusseinSalmanQ @SR_Planespotter @N214WN pic.twitter.com/CzxsPU5tWq

— 1776Girl (@sipjack1776) December 1, 2024

The Washington Institute’s Noam Raydan reported in October that Houthi rebels launched 80 attacks on commercial ships in the critical maritime chokepoint in the southern Red Sea, sinking two ships and killing four sailors. This has since sparked a global supply chain crisis, pressuring container rates higher. 

In recent days, the Syrian proxy war, which never truly ended, flared up again, as the world is on fire under a weak Biden-Harris regime. 

Russian President Vladimir Putin on Monday spoke by phone with his Iranian counterpart Masoud Pezeshkian in talks that focused on the crisis in Syria, at a moment that Turkey-backed jihadists have threatened the central Syrian city of Hama after their shock capture of Aleppo.

“Attention was focused on the escalating situation in the Syrian Arab Republic. The major aggression of terrorist groups and gangs is views as aimed at undermining the sovereignty, political, social and economic stability of the Syrian state,” a Kremlin statement said.

Both Russia and Iran pledged “unconditional support” for Damascus according to Russian state media, but there was also mention of the need to engage Turkey within the framework of the Astana agreement.

“We of course continue to support Bashar al-Assad and we continue contacts at the appropriate levels, we are analyzing the situation,” Kremlin spokesman Dmitry Peskov told a press briefing. 

President Pezeshkian on the same day held phone talks with Syrian President Bashar Assad, who just within the last days had visited Moscow, at the moment Aleppo was being attacked.

The attack out of Idlib began on November 27 and within a few short days the major northern Syrian city, and long-time industrial hub of the country, came under the control of Al Qaeda splinter group Hayat Tahrir Al-Sham (HTS) and allied factions. 

An Al Jazeera corresponding reporting from the Syrian-Turkish border has said the HTS advance has slowed after its initial momentum against the Syrian Army.

“Syrian and Russian jets have intensified air attacks in Idlib city and positions in Aleppo as the government of President Bashar al-Assad tries to slow the advance of opposition fighters,” the report says.

“The raids on Monday followed big gains by the opposition over the past few days that has greatly shifted the front line in Syria’s long-running war.” According to more:

“The advances by the Syrian opposition continue on the battlefront, but not as fast as before. The acceleration is down as the diplomatic efforts to discuss the crisis have risen within the last two days,” Koseoglu said.

However, opposition fighters are still on the outskirts of Hama, south of Aleppo. Elsewhere, they have seized most of the city of Tel Rifaat, where Kurdish-led Syrian Democratic Forces (SDF) are calling for a humanitarian corridor to allow Kurds to safely evacuate.

⚡️Syrian warplanes bombed Al Nusra headquarters and operations rooms in Idlib a short while ago. pic.twitter.com/aN26J57oQl

— War Monitor (@WarMonitors) December 2, 2024

In areas of northern Aleppo, Kurds reportedly been engaging the Sunni insurgents in firefights. Dozens of Iran-backed Iraqi militia units have been coming from across the border into eastern Syria, ready to support Syrian national forces.

The HTS terrorists and their political backers say they want nothing less than political transition in Syria, or essentially regime change. This has long been the goal of the anti-Assad drive for well over a decade, also generally supported by NATO intelligence services and the Gulf states.

By Benjamin Picton, Senior Macro Strategist at Rabobank

Pardon?

US stocks rose in shortened trading on Friday, with both the Dow and the S&P500 closing at fresh record highs. Consequently, November marked the best month of the year for the S&P500 as the index finished 5.73% higher, beating February’s 5.17% rise into the silver medal position.

European stocks also rose with the CAC40 up 0.78% and the German DAX up 1.03%. Confidence in Europe was buoyed slightly by a commitment from Marine Le Pen that she wouldn’t bring down Michel Barnier’s government before the weekend over deep disagreements on Barnier’s budget. Despite the stay of execution, the two sides appear to have irreconcilable views over social spending, and its hard to see a situation where Le Pen’s National Rally allows Barnier’s more neoliberal administration to survive into the new year.

Yields on 10-year OATs fell by ~5bps on Friday and French bonds underperformed German Bunds as November CPI data showed a quicker pace of disinflation in France. Nevertheless, the political instability has taken a toll on French borrowing costs as illustrated by outperformance of Greek 10-year bonds on the day and the parity between Greek and French yields (!). Bloomberg reports that some French corporates are now experiencing lower borrowing costs than the national government.

Meanwhile, over in Germany the far-right AfD published a draft policy platform outlining plans to campaign on policies to leave the EU, the Paris Climate Accord and the Euro if the party is successful in forming government at the early election expected in February. The draft policy platform also includes proposals to roll back economic sanctions on Russia and recommission the Nord Stream natural gas pipelines, but still needs to be voted on by AfD members in mid-January. The draft platform marks a break from the manifesto published ahead of EU parliament elections in June, which did not include a firm commitment to take Germany out of the EU.

USDJPY sank below the key 150 level on Friday as Tokyo CPI came in hotter than expected on both the headline and ex-fresh food measure. Even the ex-fresh food and energy measure was up 1-tick on the October reading, prompting a slight lift in futures implied probability of a rate hike at the BOJ’s policy meeting on December 19th. The OIS strip currently has a hike of 16.5bps priced in for the December meeting.

On the geopolitics front the swift dismantling of Hezbollah by Israel, and Russia’s preoccupation with its war on Ukraine appears to have come at great cost for Syria’s Bashar al-Assad. Rebel forces recaptured the country’s second largest city of Aleppo as regime troops were left somewhat stranded by Russian, Iranian and Hezbollah allies and were consequently overwhelmed by the Turkish-backed rebels.

In a situation similar to Yemen, civil war has been raging in Syria for 13 years without attracting a great deal of mainstream interest in Western media. In the case of Yemen, that all changed once the civil war impacted upon freight transits through the Suez Canal, while in Syria the ongoing competition for spheres of influence by Great Powers (Russia, USA, China, Saudi Arabia, Turkey, Iran, Israel etc) provides a useful microcosm of the new global paradigm, but only if one cares to look.

Speaking of new paradigms, Australia’s governing Labor Party struck a deal with the left-wing Greens last week to push through proposed reforms of the RBA. The reforms will create a dual board structure at the central bank, splitting responsibility for monetary policy decisions off from the operational and governance oversight of the bank. Australia’s centre-right opposition parties dealt themselves out of negotiations with the government over the reforms due to fears that the government would use the restructure to “sack (fire) and stack” the monetary policy board with political appointments who might be inclined to cut interest rates ahead of the Federal election due by May next year.

The Greens have been vocal critics of the RBA’s tightening of monetary policy and had previously said that they would only support the government’s RBA reforms if the Treasurer invoked never-before-used powers that allow him to override monetary policy decisions. Treasurer Jim Chalmers had planned to abolish that power and another provision that grants the RBA power to direct bank lending activities. Both of those powers might be useful in a world of increased geopolitical competition where free trade is taking a back seat to state aims and industrial policy is becoming de rigeur again.

Finally, the Wall Street Journal is reporting that President Joe Biden has pardoned his son, Hunter Biden, for federal gun and tax charges despite earlier vows not to intervene. President Biden said that it was clear that Hunter had been “treated differently” by the Justice Department. While this news itself is not immediately market sensitive, Biden’s suggestion that Justice Department prosecutions have not been blind to political considerations in the case of Hunter Biden perhaps risks legitimising President Trump’s claims of unfair prosecution directed against him, and further erosion of confidence in the USA’s institutions of government.

That could certainly have long-term implications for borrowing costs, transmission of monetary policy and a host of other variables.

US airlines are trading slightly higher in the early cash session after new Transportation Security Administration (TSA) checkpoint data revealed that Sunday marked the “busiest day ever” at airports nationwide.

Traffic from Reagan National Airport is backed way up onto Rt. 1 as we are in one of the busiest periods of the busiest air travel day for Thanksgiving. I took my own reporter advice & dropped someone off at Crystal City Metro- riding one stop was his only way to make his flight. pic.twitter.com/fRwuXFVabq

— Tom Roussey (@tomroussey7news) December 1, 2024

TSA checkpoint data indicated that officers screened 3,087,393 passengers across airports, a 33% jump from the same day one year ago. 

This morning I’m at @Reagan_Airport for the last busy day of traveling as Thanksgiving weekend comes to an end. So far, no canceled or delayed flights, but the TSA line is getting steadily longer, so give yourself plenty of time to get to your gate! @wusa9 pic.twitter.com/LhA8j7YJjR

— Brianna Hamblin (@BriReports) December 2, 2024

This marks a new daily record.

More details from TSA were shared on X.

BREAKING NEWS: Yesterday, December 1st was the busiest day ever for TSA – our officers screened 3.087M individuals at airports nationwide. If you’re still traveling home from the Thanksgiving holiday, please arrive at the airport early. Contact @AskTSA with any travel questions. pic.twitter.com/lhzGYb2Gw6

— TSA (@TSA) December 2, 2024

In markets, the S&P 500 Passenger Airlines Index edged slightly higher on the news. While the index has not recovered to pre-pandemic levels, it has risen 57% year-to-date.

AAA projected that nearly 80 million Americans would travel more than 50 miles, either by road or air, ahead of last week’s Thanksgiving holiday.

Beyond soaring air travel demand, consumers also flocked to movie theaters in record numbers.

Is America truly back after the post-Covid funk?

Authored by Andrew Korybko via Substack,

Putin doesn’t hate the dollar and actually wants Russia to once again be able to use it with its partners for reasons of convenience, but it was the US that forced his country to de-dollarize and pioneer alternative financial instruments out of necessity.

Trump threatened over the weekend to impose 100% tariffs on those BRICS members that either help create a new BRICS currency or back any replacements to the dollar. This was in response to reports over the past year of Russia’s BRICS chairmanship about this group’s alleged plans. Influential members of the Alt-Media Community fueled this speculation with their wishful thinking claims, but the last BRICS Summit didn’t achieve anything of tangible significance, which was explained here.

Neither BRICS’ most passionate enthusiasts nor its most zealous critics alike can admit that no new currency is on the horizon and none of its members’ currencies will replace the dollar. While it’s true that they’re using national currencies more frequently, this was only due to the need to work around the US’ unilateral sanctions on Russia that were imposed after its special operation. Russia is still an energy and agricultural superpower so its partners couldn’t comply with them without hurting their interests too.

Putin also declared during early September’s Eastern Economic Forum that “we are not conducting a policy of de-dollarisation. We did not renounce settlements in dollars; they denied us such settlements, and we were simply forced to look for other options; this is it…Why are they acting this way? They probably expected everything to crumble here. This is why they made it impossible for us to use the US dollar.” He then added the following a month later during a meeting with BRICS journalists:

“[The US] ruined relations with Russia, constantly impose sanctions and this, eventually, negatively affects the US and the US dollar. The whole world started contemplating whether US dollars should be used since the United States, for political reasons, restricts the use of the US dollar as a universal international payment unit. Everyone started considering this, and the volume of US dollar use is slowly, in small increments dropping both in settlements and currency reserves.”

Putin elaborated even more on this subject at a press conference after that summit:

“I believe this is a terrible mistake by the US financial authorities, because the strength of the US today is built on the dollar. And yet, they are cutting off the very foundation of their own power. It seemed to me that the dollar is like a sacred cow, something that should never be disturbed. But no, they have taken it into their own hands and essentially cut off its horns, stopped taking care of it, and instead are exploiting it recklessly…We are not engaged in a battle, our proposals are not set against the dollar.”

As can be seen, Putin doesn’t hate the dollar and actually wants Russia to once again be able to use it with its partners for reasons of convenience, but it was the US that forced his country to de-dollarize and pioneer alternative financial instruments out of necessity. This is a far cry from how he’s misportrayed by friends and foes alike, each in pursuit of diametrically opposed ideological agendas, the false impression of which was responsible for Trump’s threats against BRICS after he fell for their claims.

The reality is that while de-dollarization trends exist and have sped up since the US’ unprecedented sanctions against Russia nearly three years ago, they’re nowhere near challenging the dollar’s dominance, and a lot of what’s already been achieved can realistically be reversed or decelerated. All that Trump has to do is lift these selfsame sanctions, though he’s unlikely to do so unilaterally, let alone all at once. He’ll want to receive something from Russia first, but Russia might not be able to provide it.

Therein lies the dilemma that Trump’s found himself in. Incipient de-dollarization trends pose a latent threat to one of the pillars upon which the US’ unipolar hegemony is maintained. It won’t materialize anytime soon, but downplaying or ignoring it could prove disastrous in the long term. At the same time, while the solution of lifting the sanctions is simple enough, it’s politically unfeasible in the current context given domestic and international pressures.

From Trump’s perspective, while the dollar would greatly benefit from this, his personal reputation and his country’s international one could be greatly harmed by the perception of them conceding to Putin’s demand for lifting the sanctions without anything in return. Likewise, the concessions that Trump might demand of him for this could be politically unfeasible for Putin, who isn’t going to pull his troops out of the entirety of the territory that Ukraine claims as its own. A compromise must therefore be reached.

One possibility is that the US lets American investor Stephen P. Lynch purchase the bankrupt Nord Stream project if it soon goes to auction in a Swiss bankruptcy proceeding, the scenario of which was recently analyzed here, which could set into motion the lifting of some US sanctions on Russia. If the US no longer threatens secondary sanctions against those that use the dollar to purchase Russian energy and returns Russia to SWIFT, then China and India would likely revert back to the status quo ante bellum.

They’re the ones that are driving global de-dollarization trends via their massive import of discounted Russian oil, which has been paid for with national currencies that are transferred outside of SWIFT, so incentivizing them to return to “business as usual” would advance American interests. Other sanctions would remain in place and only be lifted in phases per compliance with whatever ceasefire, armistice, or peace deal is ultimately agreed upon, while Russia probably will never see its seized assets again.

It’ll therefore be impossible to ever restore all the trust around the world that was lost in the dollar, thus meaning that the strategic imperative driving de-dollarization trends will remain, but Trump can still decelerate these trends through the proposed means if he has the political will. Gradually lifting some of the sanctions, first on Germany’s Russian energy imports via what might be the US-owned Nord Stream project and then on everyone’s import of Russian energy (using dollars and SWIFT), would go a long way.

If he does nothing, however, then he’ll have to face the growing challenge posed by de-dollarization trends. No BRICS currency is about to be unveiled nor will any members’ currency replace the dollar anytime soon, but the increased use of national currencies and non-SWIFT platforms for conducting trade between countries of the Global Majority will eventually create problems for the dollar. It’s therefore better for the US to rein in this trend, which it can do by lifting the main sanctions on Russia.

Absolute chaos has broken out on the left following Joe Biden’s blanket pardon of his son Hunter – which spans the period right before Hunter joined the board of Ukrainian energy giant Burisma (for $1M/year), through yesterday evening.

It was also revealed that months of denying this would happen were pure lies, as the pardon had been in the works for months.

In short, it couldn’t be any more obvious that Hunter was simply the Biden family bag-man. As X user @therealZNO notes:

In 2013-2014, the United States orchestrated a violent coup that toppled Ukraine’s democratically elected government, which led to the ousting of President Yanukovych.

Events that followed:

> April 16, 2014: VP Biden meets with Devon Archer at the White House.
> April 21, 2014: VP Biden visits Ukraine and becomes U.S. policy face.
> April 22, 2014: Archer joins Burisma’s board.
> April 28, 2014: British officials seized $23M from Burisma’s owner.
> May 12, 2014: Hunter Biden joins Burisma’s board, and both were paid millions.

In 2019, an investigation revealed that the Obama administration knew Hunter Biden’s position on Burisma’s board was problematic and interfered with U.S. policy in Ukraine.

The investigation also uncovered approved transactions involving the Obama administration which allowed a Chinese government-owned company and an investment firm with Chinese ties to acquire Henniges, a U.S. military technology firm—Bohai Harvest RST (BHR)—linked to Hunter Biden and Chris Heinz.

This is barely the tip of the iceberg.

It’s absolutely staggering the millions in taxpayer dollars sent to Ukraine because of the Biden family’s personal money laundering loyalty over his crackhead son.

— Stephen L. Miller (@redsteeze) December 2, 2024

And while the right is saying ‘I told you so, assholes…’, the left, and never-Trump ‘conservatives’ alike, are having an internal meltdown over Hunter’s pardon. Many are opining that this sets a devastating precedent in that Trump can essentially pardon anyone he wants. Others are defending the pardon – suggesting that the incoming Trump administration would go after Hunter (You mean, for the obvious family corruption?).

Smart person texts me: “Joe Biden has just removed the issue of pardons from the political arena for the next four years and Trump probably once again can’t believe his own dumb fucking luck at this point”

Sadly, I think he’s right.

— Charlie Sykes (@SykesCharlie) December 2, 2024

Former Obama AG Eric Holder defended the pardon, suggesting that Hunter didn’t really do anything all that bad (and Mike Cernovich with a killer response).

Hunter Biden is a lawyer. He used his advanced education to create shell corps to evade reporting requirements to the IRS. That’s a sentencing enhancement. Official reports show he’d do 5-10 years. I have the receipts. https://t.co/FZbvibgpMd

— Cernovich (@Cernovich) December 2, 2024

The Never-Trump conservatives over at The Bulwark defended the pardon (while their CEO said the opposite on X).

Clown. https://t.co/BFwUhwe8eW pic.twitter.com/sbOxiZhUmc

— Carlos (@txiokatu) December 2, 2024

These people are unbelievable!

Put aside the president, the politics and the pardon, this is simply put -a father who deeply loves, cares for, and is forgiving of his son. https://t.co/2qRRtAu29V

— Aaron David Miller (@aarondmiller2) December 2, 2024

The bottom line is that Democrats have lied through the last four years with impunity (as tends to happen).

“It’s transitory inflation.”
“Afghanistan was a success.”
“The border is secure.”
“Robert Hur lied. Biden is fine.”
“Those videos are cheapfakes.”
“Biden had jetlag.”
“Biden had a cold.”
“Biden isn’t going to be replaced.”
“Biden isn’t going to pardon Hunter.” pic.twitter.com/NOrytmi6aa

— Tony Kinnett (@TheTonus) December 2, 2024

Or as X user @BucMon21 puts it, the Biden family is “Corrupt to the core.” (and that doesn’t even cover Beau Biden keeping a DuPont heir out of prison for raping his own toddler).

Corrupt to the core:https://t.co/4bBBjw4aVa pic.twitter.com/ldC4AS4yF6

— F* Your Short Memory 🏴 Anti-Cult of Absurdity (@BucMon21) June 29, 2023

And of course, The View is defending Hunter:

JUST IN: Whoopi Goldberg says what Hunter Biden did is okay because he was addicted to drugs, unlike Trump who is not a drug addict.

Remarkable.

Goldberg said people need to stop accusing Biden of lying when he said he would not be pardoning his son.

“It’s a precedent for all… pic.twitter.com/M58A1HsKLF

— Collin Rugg (@CollinRugg) December 2, 2024

At least the Breakfast Club came correct:

Charlamagne on Joe Biden pardoning Hunter: “I just want Democrats to stop acting like they are on this moral high ground politically when they have shown us they’re not. You know, whether it’s skipping the primary process when Biden stepped down and things like Biden pardoning… pic.twitter.com/zdOY2sTKUl

— Jason Cohen 🇺🇸 (@JasonJournoDC) December 2, 2024

Extreme Virtue (signaling)

During the 2024 election the Democrats ran their campaign on two narrative pillars – First, the idea that progressives are the guardians of “democracy” in the face of some conservative conspiracy to undermine the will of the people.  Second, that they are the party with respect for the rule of law while conservatives are lawless barbarians.  Both narratives were utter nonsense and the opposite is generally true, but this kind of rhetorical spin is not really meant to convince the people that oppose Democrats. Rather, it’s meant to convince their devout electoral base and keep those lemmings in line with the message.

The claim that Democrats are the anointed purveyors of democracy has been thoroughly debunked after Donald Trump won the presidency with the electoral college and the popular vote.  In light of this fact, leftist commentators and the media have decided that the loss was not due to their own failings, but the fault of “stupid voters” that just don’t understand how important the progressive ideology is. Truly, these are the kinds of people that respect the democratic process…

The second claim, that Democrats are models of civic duty with a deep regard for the rule of law, was largely based on a Trump vs Biden legal woes comparison.  The political left argued that Joe’s handling of his son Hunter Biden’s federal charges and degenerate lifestyle was fair and just because he had not abused his position as president to get his family out of trouble.  This was specifically mentioned in reference to Trump’s intention to pardon J6 prisoners.  

Biden, they said, would never exploit the presidency to protect convicted criminals for personal gain, even if one of those criminals was his own son.  He’s just too honorable.

🔥HOLY SMOKES: @ScottJenningsKY takes a blowtorch to DNC shill who says Biden ‘wasn’t lying’ when he said he wouldn’t pardon Hunter.

This is four minutes of straight FIRE:

“It’s all a lie. It is all a grift. Every American except the most partisan, brain-rotted people are going… pic.twitter.com/WbR2kgNomn

— Western Lensman (@WesternLensman) December 2, 2024

Leap ahead a few months and suddenly all those same Dems are silent, or, they are defending the blanket pardon Biden just pushed forward for Hunter.  As a reminder, let’s take a look back at the self righteous Democrat finger wagging and self delusion that led up to this embarrassing moment:

The perfect montage of the media praising Joe for saying he would never pardon Hunter 😂🤣😂🤣pic.twitter.com/exw4C5cfpY

— Spitfire (@DogRightGirl) December 2, 2024

Set aside the fact that the Biden Administration actively weaponized the legal apparatus to take down a political opponent using fabricated charges – The reality that Joe Biden gave his son a pardon that reaches all the way back to 2014 indicates a personal knowledge of Hunter’s criminal dealings over the course of a decade.  Likely, this knowledge comes from Joe Biden’s involvement in those same dealings.  At the very least he used his position within government to trade for benefits and used his son as a proxy.  

If the media admits this, the last 6 years of ignoring the laptop, Russian collusion, and “10% for the big guy” that they ignored, or in Philip Bump’s case pretended to not understand, all comes crashing down.

— Stephen L. Miller (@redsteeze) December 2, 2024

It’s very hard now for Democrats to pretend like they’re the party of legal integrity.  When it comes down to progressive leaders or their family actually facing consequences for their actions, the law goes straight out the window.     

And of course, Jim Biden’s pardon is coming next:

Joe Biden’s brother Jim was entangled in the same scams that Hunter just got pardoned for. Watch for Jim’s pardon to be announcd on Jan 19, 2025 (the reason Hunter got his pardon early is that they needed to preempt Hunter’s sentencing later this month). pic.twitter.com/Yqfl9tuSBO

— Hans Mahncke (@HansMahncke) December 2, 2024

When the will of the public starts to work against the designs of the progressive establishment, they lie and they cheat, and they believe they are justified in this behavior because to cheat is a “lesser evil” compared to the rise of right wing movements.  Conservatives, in their minds, are the ultimate evil.

This is how we get fabricated scandals like Russiagate and the Steele Dossier; an accusation driven circus designed to prove Russian interference led to the surprise win by Donald Trump in the 2016 elections. 

It’s perhaps not surprising that the same cabal would use similar tactics in other key elections around the world as a means to thwart any voting majority that goes against them.  This seems to be the case in Romania where Calin Georgescu recently scored a surprise win in the first round of the presidential elections.  

The 62-year-old, referred to as an ‘obscure far-right populist’ by the establishment media, shook the country’s political landscape by clinching the most votes and advancing to the second round to face off against reformist Elena Lasconi of the progressive Save Romania Union party.  He also beat the incumbent Prime Minister Marcel Ciolacu of the Social Democratic Party, leaving the ruling party for the first time in Romania’s 35-year post-communist history without a candidate in the runoff, set for Dec. 8. 

However, according to a report by Expert Forum, a Bucharest-based think tank, Georgescu’s TikTok account before last week’s vote saw an explosion of engagement, which it said appeared “sudden and artificial, similar to his polling results”.  Expert Forum is a leftist organization which works in collaboration with the European Commission, Council of Europe, World Bank and United Nations Development Programme, along with a multitude of NGOs.

Romanian officials have seized on the Expert Forum report, arguing that Georgescu “benefited from massive exposure due to preferential treatment” granted by TikTok.  They say Russian interference is behind Georgescu’s win.  In other words, they want the public to believe that an artificial TikTok following devised by the Kremlin somehow translated into a massive shift in votes against the political left in Romania. 

Georgescu is a NATO critic and has defended Vladimir Putin as “a man that loves his country”, though he holds that he is not pro-Russia.  A primary message of his campaign has been a push for peace in Ukraine and keeping Romania out of the war.

His positions include supporting Romanian farmers, reducing import dependence, and ramping up local energy and food production. He also wants to establish a “sovereign” distribution model based on participatory democracy in which “Truth, Freedom and Sovereignty are the axes of values” in Romania’s development.

Romania’s constitutional court will decide on Monday whether to annul the now controversial first round of the presidential election, held on Nov. 24. If it does, the court will almost certainly whip up public fears that the country’s widely distrusted establishment parties are trying to manipulate the electoral contest in their favor.

The decision could plunge Romania into one of its most intense crises since the fall of Communism

The prevailing narrative implicit in the interference accusations is that voters are stupid and easily influenced by social media trends that foreign governments can control.  Just as Democrats in the US wanted the public to believe that online “Russian disinformation” tricked voters into supporting Donald Trump, Romanian elites want to inject doubt into the Georgescu win. 

It’s not that the people are fed up with the corruption of the progressive status quo – Rather, the establishment argues that the populace doesn’t make their own decisions and they need protection from themselves.   

Authored by Paul Joseph Watson via Modernity.news,

People responded to Ferrari bragging about its commitment to ‘diversity and inclusivity’ by pointing out that the luxury car manufacturer forces customers to pass a ‘social status’ background check just to be able to buy a Ferrari.

Awkward.

In the wake of the Jaguar farce, when the heritage brand launched a new commercial featuring androgynous models, thereby alienating their core customer base, Ferrari appears to have said, “Hold my beer!”

It started with a post on X in which Ferrari boasted of its, “Commitment to equality, equity, and inclusion by endorsing the new Diversity and Inclusion Charter alongside @F1 and the @fia.”

We proudly reaffirm our commitment to equality, equity, and inclusion by endorsing the new Diversity and Inclusion Charter alongside @F1 and the @fia.
Through encouraging education, breaking biases, and ensuring transparency, we’re creating a more inclusive industry. #Ferrari

— Ferrari (@Ferrari) November 26, 2024

“Through encouraging education, breaking biases, and ensuring transparency, we’re creating a more inclusive industry,” the brand smugly asserted, before getting ratioed into oblivion.

However, that “inclusivity” doesn’t appear to extend to its own potential customers.

As Nick Sortor points out, Ferrari conducts exhaustive background checks on anyone who wants to buy one of their higher end vehicles to “ensure they fit the mold of the brand and its desired image.”

Ferrari has now gone woke, and is preaching “inclusivity.”

And nothing says “inclusivity” like requiring background checks and “social status checks” for ENTIRE FAMILIES before they’re allowed to purchase your cars.

Spare us from your hypocrisy and virtue signaling, @Ferrari. pic.twitter.com/zgYHyPz5LU

— Nick Sortor (@nicksortor) November 27, 2024

“Family background, social status and additional affiliations,” are also scrutinized before Ferrari will even consider taking your cash.

That doesn’t sound very inclusive!

“Nothing says “inclusivity” like requiring background checks and “social status checks” for ENTIRE FAMILIES before they’re allowed to purchase your cars,” commented Sortor.

As we previously highlighted, Jaguar’s stock price plummeted after their woke rebrand.

Expect Ferrari, in the absence of some seriously rapid back-pedaling, to face the same fate.

*  *  *

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Super Micro Computer said an external review of its business found no evidence of wrongdoing and that the company will appoint new top financial leadership.

The company is looking for a new chief financial officer, chief compliance officer and general counsel, it said in a statement Monday.

On November 5, 2024, the Company announced that the Special Committee’s investigation preliminarily found that the Audit Committee had acted independently and that there was no evidence of fraud or misconduct on the part of management or the Board of Directors.

The Special Committee’s final findings support those initial findings, and the Company is now disclosing the details of the Review, along with measures recommended by the Special Committee.

The Special Committee’s investigation was intended to assess whether the information brought to the Audit Committee’s attention by EY, and certain other matters identified during the Review, raised substantial concerns about (i) the integrity of the Company’s senior management and Audit Committee, (ii) the commitment of the Company’s senior management and Audit Committee to ensuring that the Company’s financial statements are materially accurate, (iii) the Audit Committee’s independence and ability to provide proper oversight over matters relating to financial reporting, and (iv) the tone at the top of the Company with regard to rehiring certain former employees and financial reporting.

The Special Committee’s key findings are summarized as follows:

• Management and Audit Committee integrity: The evidence reviewed by the Special Committee did not raise any substantial concerns about the integrity of Supermicro’s senior management or Audit Committee, or their commitment to ensuring that the Company’s financial statements are materially accurate.

• Audit Committee independence: As to the matters investigated by the Special Committee, the Audit Committee demonstrated appropriate independence and generally provided proper oversight over matters relating to financial reporting. The Special Committee also had no reservations about the independence of the Audit Committee and each of its members.

• Appropriate tone at the top: With respect to the rehiring of former employees, the tone at the top of the Company was appropriate and fully consistent with a commitment to proper financial reporting and legal compliance.

And due to the lack of problems found, the board says no restatement of reported financials is expected.

As announced on November 18, 2024, in its compliance plan to Nasdaq, the Company believes it will be able to complete its Annual Report on Form 10-K for the year ended June 30, 2024, and its Quarterly Report on 10-Q for the fiscal quarter ended September 30, 2024 and become current with its periodic reports within the discretionary period available to the Nasdaq staff to grant.

As previously disclosed, the Company does not anticipate any restatements of its quarterly reports for the fiscal year 2024 ended June 30, 2024, or for prior fiscal years.

Specifically, with reference to Revenue recognition and sales practices

• Based on a thorough review of 52 sales transactions from April 1, 2023 to June 30, 2024, including two sales transactions specifically designated by EY, the Special Committee did not disagree with any of the Company’s revenue recognition conclusions for any quarter during this period.

• The Special Committee reviewed underlying sales transaction information (including sales orders, purchase orders, shipping documents, payment information, and the Company’s revenue recognition determinations), discussed transactions with accounting personnel, and conducted email reviews as appropriate. The sample was focused on sales that included large dollar amounts, involvement of rehires, discussions with now former auditors, customers with high sales concentrations at quarter ends, and/or changes in delivery dates.

• The Review also examined merchandise returns and warranty practices to assess if there was any pattern or practice of shipping non-working or incomplete products near quarter ends.

• Based on its investigation, the Special Committee did not disagree with the Company’s revenue recognition conclusions. Additionally, the Special Committee did not find evidence of a pattern or practice of the Company shipping incomplete products at or near quarter ends to recognize revenue.

• The evidence reviewed by the Special Committee did not give rise to any substantial concerns about the integrity of Supermicro’s senior management or Audit Committee, or their commitment to ensuring that the Company’s financial statements are materially accurate.

• The Audit Committee demonstrated appropriate independence and generally provided proper oversight over matters relating to financial reporting.

For now the market is happy about this…

Do we really trust the ‘independent’ investigation after an external auditor abandoned ship?

Among its findings, the independent Special Committee determined that the resignation of the Company’s former registered public accounting firm, Ernst & Young LLP (“EY”) and the conclusions EY stated in its resignation letter were not supported by the facts examined in the Review, the Special Committee’s interim findings reported to EY on October 2, 2024, or the Special Committee’s final findings.

Did EY just make it up?

That’s quite a dive from $122 to $17…

And, having found no evidence of misconduct, why did the company fire CFO David Weigand, and seek a chief compliance officer, chief accounting officer, and general counsel?

Back in April, when Intel stock was in freefall and yet still about 50% higher than where it is today, we said that it was time for the company’s well-meaning if absolutely clueless CEO, Pat Gelsinger, to resign.

Pat Gelsinger, it’s time pic.twitter.com/I421ZwSV9c

— zerohedge (@zerohedge) April 25, 2024

A few months later we followed up with an appeal that was pretty clear:

*INTEL SUSPENDING DIVIDEND STARTING 4Q 2024
*INTEL ANNOUNCES $10B COST REDUCTION PLAN

Someone. Fire. Gelsinger.

— zerohedge (@zerohedge) August 1, 2024

If only he had listened to us then, the once-iconic chipmaker would have been in a far better place today, and the outcome would still be the same because early on Monday Intel reported that Pat Gelsinger fired himself, when he and retired from the company and stepped down from its board of directors just as the company is in the middle of trying to execute on a turnaround plan.

Intel CFO David Zinsner and Intel Products CEO Michelle Johnston Holthaus are serving as interim co-CEOs while the board searches for Gelsinger’s replacement, the company said in a statement. Frank Yeary, independent chair of the board of Intel, will serve as interim executive chair.

Gelsinger’s departure is hitting at a tumultuous time for the US chipmaker. Once the industry leader in computer processors, the company is now working to preserve cash to fund a turnaround plan — one Gelsinger called the “most audacious rebuilding plan” in corporate history. The company has fallen out of investor favor amid a shift in the semiconductor industry toward artificial intelligence hardware. Companies are spending on computers built around accelerator chips for AI, an area where Intel’s offerings have barely made a dent.

“We know that we have much more work to do at the company and are committed to restoring investor confidence,” Yeary said.

“As a board, we know first and foremost that we must put our product group at the center of all we do. Our customers demand this from us, and we will deliver for them.”

It would have delivered for them long ago by firing Gelsinger, as the spike in the stock this morning makes abundantly clear.

And now just find a willing buyer since the stock is trading at a 50% discount just to the SOTP liquidation value of the foundries.