“Every few months to couple of years, a new conventional wisdom takes hold that the United States is in its final years, if not final months, and some big political thing is going to happen that is going to dethrone the US dollar as the global currency, and all American power will unwind with that. There is no part of that logic chain that has ever been correct.”
Some takeaways:
U.S power is not a result of its position as the global currency, it’s the other way around. The global currency has to be able to impose, by force if necessary, some sort of taxpax on the trading system to allow trade to happen in the first place. And right now the U.S Navy is more powerful than that of all other navies combined by about a factor of seven. And if you consider that the world’s second and third most powerful expeditionary navies are the Japanese fleet and the British fleet, and you throw them in as American for this Force projection factor, you’re now talking in excess of 12 to 1.
“Honestly, there’s there’s never been any math there and there’s no danger to the U.S. position from a strategic point of view.”
“BRICs is a group of four large developing economies: Brazil, Russia, India and China. It’s a grouping that was put together by some finance guy back in the 2000s, and all he meant by it was ‘Hey, look, these are four big countries with big bond markets we might want to consider trading these as a group.’ That’s all he ever thought about it.”
“The leaders of the BRICs countries do get together from time to time. [No]
meaningful policy has ever come out of it, because these countries don’t really trade. I mean they all trade with China, of course, but they don’t trade with one another, so there’s a reason to caucus with Beijing, but the rest of it is just kind of fluff. Always has been.”
“When I see stories about other countries such as South Africa, or Argentina, or now Saudi Arabia starting to join, I’m like ‘Oh, this is really boring.’ Because these countries really have nothing in common.”
“The conspiratorial logic goes: If they stop using the U.S. dollar, then the US is doomed. Well they’d have to start using something else, and none of them, none of them, want to use each other’s currencies, because that would give that country a leg up.”
“The Russians have always said that the ruble should be the global currency, which makes everyone, everyone laugh, because nobody wants rubles, especially Russians.”
Same for the Yuan and the Rand.
“If you want to have a Global Currency it has to be huge. It has to be able enough to lubricate the global exchange mechanisms, which at last check was in the tens of trillions. And that doesn’t mean that your currency has to be in the tens of trillions, that means you have to be able to lubricate the exchange of tens of trillions, your currency needs to be even bigger.”
Which gets us to probably the single biggest constraint on being a global currency: you have to not care what happens to the value of your currency in any given day, because if there’s a trade surge and demand of your currency goes up, then all of a sudden supply of your currency is plummeted, and you’re dealing with very real economic distortions at home. So your currency has to be so huge that you don’t care that global exchange in it is moving around every day. And that means you also need to be able to run a persistent trade deficit, because you have to be able to provide currency for everyone who wants to trade everywhere at any time, and you cannot sign off on each individual transaction.
“That makes the list down to one already.”
“Europeans couldn’t do it, because they have to run a trade surplus because their demographics are so aged they will never be net importers again.”
“It can’t be the Chinese. The Chinese are the most manipulated currency in human history. They print two to five times as much currency every month as the U.S Fed did at the height of our monetization programs in 2007 to 2008, and then again during Covid. It’s everything that everyone says is wrong with the US dollar is actually wrong with the Yuan by a factor of 10.”
“Every time the Chinese start to loosen up their capital controls in an attempt to have a bigger role for their currency internationally, a half a trillion to a trillion dollars of private savings floods out of the country in a matter of months, and they have to slam that window shut again.”
Even in times of war, countries tend to use the dominate global currency for international trade, even if issued by their current enemy.
“The Russians are under financial constraints right now, sanctions put on them by the Americans the Europeans and others, and so they tried to pull a lot of their petroleum earnings, which comes in in euros and dollars, and they tried to push it into Chinese yuan as kind of like a stick it to the West. Well, a few months later they tried to then pull it out, and the Chinese went like ‘Well, no, we really don’t want these Yuan back.’ And so the Russians just lost tens of billions of dollars.”
In a post-globalist economy, American dollars provide a handy hedge against regional hegemons.
“There’s no shortage of people who don’t like Americans, who have no sense of math or history, who are always going to trot this up every few months, and it means as little today as it did then.”
The national mood is gloomy, and it’s taking a heavy political toll on President Biden, as voters increasingly question whether he is up to the job of leading the nation, or for that matter finishing his sentences.
According to the polls, the two biggest concerns of the public, by far, are the pandemic and the economy. Consequently Congress is focused, laserlike, on: the Senate filibuster rule. This is a legislative tactic that is evil when the other side uses it but good when your side uses it. At the moment the Democrats want to change the rule, so of course the Republicans, led by Sen. Mitch “I am smiling, damn it” McConnell, are opposed to changing it, which means Washington is consumed by a bitter, vicious, nasty, name-calling battle pitting the Democrats against Sens. Joe Manchin and Kyrsten Sinema, who are also Democrats.
In the end, as is so often the case with these burning issues that consume the nation’s capital, nothing happens, which is the whole point of the constitutional system of checks and balances put into place by the Founding Fathers, all of whom — and this is a testament to their wisdom and foresight — are dead.
Meanwhile the national debt, for the first time ever, creeps over $30 trillion, which is more than the entire U.S. economy is worth. Fortunately this is nothing to worry about. Forget we even brought it up.
February
There is trouble in, of all places, Canada. The news up there is that the capital city, Ottawa (from the Algonquin word “adawe,” meaning “Washington”) is besieged by a massive protest convoy of trucks, clogging the streets, honking horns, blocking traffic and making it impossible for anybody to get anywhere. Granted, this is the situation pretty much every day in, for example, New York City, but apparently in Canada it is a big deal. As tensions mount, Prime Minister Justin Trudeau, in a controversial move, invokes emergency powers enabling the government to freeze the protesters’ access to beaver pelts.
Ha-ha! We are poking some good-natured fun at Canada, which is actually a modern nation and an important trading partner that we depend on to supply us with many vital things. Celine Dion is only one example. In all seriousness, the Canadian trucker strike is a significant event that raises some important issues, which everyone immediately stops caring about because of the situation in Ukraine.
Ukraine is a nation that, through poor planning, is located right next to Russia. This is unfortunate because Russian President Vladimir Putin, a man who relaxes by putting kittens into a food processor, has long wanted to establish closer ties with Ukraine, in the same sense that a grizzly bear wants to establish closer ties with a salmon.
On Feb. 24 the Russian army invades Ukraine. Everyone assumes the Russians will easily prevail, but the Ukrainians put up a surprisingly strong resistance (we are using the term “resistance” in the sense of “physically fighting back,” as opposed to “tweeting defiant hashtags”). Most of the world rallies around the underdog Ukrainians and their charismatic president, Volodymyr Zelensky, a former comedian and actor who is basically the opposite of Vladimir Putin. (Although to be fair, if Putin did comedy, he would kill.)
March
In economic news, inflation continues to worsen despite intensive efforts by the Biden administration to explain that it is caused by Vladimir Putin, corporate greed, covid, supply-chain issues, global climate change, the filibuster rule, the murder hornets and various other factors totally unrelated to any policies of the Biden administration.
April
Elon Musk says he wants to buy Twitter for $44 billion, which works out to one dollar for every apocalyptic tweet emitted about the sale by alarmed verified Twitter users who are deeply concerned about the precedent of allowing billionaires to buy major media platforms, which have traditionally been small mom-and-pop operations like The Washington Post and Facebook. Another verified concern is that Musk favors “free speech,” which we are putting in quotation marks because although it sounds good — Free speech! — if everyone is allowed to have it willy-nilly, the public could be exposed to misinformation that has not been verified by the verifiers, as opposed to the current situation, in which everything on Twitter is 100 percent accurate.
Meanwhile, for a few exciting hours, a trending topic on political Twitter, which we swear we are not making up, is “testicle tanning.” Don’t even ask.
May
Meanwhile parents scramble desperately to find baby formula amid a shortage that has left U.S. store shelves bare, although there are plentiful supplies abroad. In an emergency effort reminiscent of the legendary Berlin Airlift, the U.S. government provides temporary relief by using an Air Force transport plane to fly 35 tons of American babies to Germany. The operation is deemed a success, although, as an official noted, “afterward we had to burn the plane.”
The war in Ukraine continues but receives less and less coverage in the United States as Americans turn their attention to the historic Johnny Depp vs. Amber Heard defamation trial. At issue is Heard’s 2018 Washington Post op-ed alleging that Depp, once the embodiment of cool in the role of dashing pirate Captain Jack Sparrow, has developed a case of face bloat and currently looks, quote, “like the owner of a struggling water-bed store.”
June
Johnny Depp wins his historic defamation lawsuit, with the jury ordering Amber Heard to repay the 783 billion person-hours the American public wasted watching the trial. The verdict unleashes a wave of thoughtful media think pieces the likes of which the nation has not seen since Will Smith slapped Chris Rock.
In economic news, Americans grow increasingly alarmed as the price of a gallon of gasoline and the value of the average 401(k) plan rapidly converge from opposite directions. For its part, the White House is growing increasingly irritated by the way people keep whining about soaring inflation and the collapsing stock market and the possibility of a recession while ignoring all the positive economic accomplishments that the Biden administration has achieved despite the efforts of Vladimir Putin, who — WHY DO PEOPLE KEEP FORGETTING THIS — is the cause of everything bad.
July
In financial news, Elon Musk announces that he no longer wants to purchase Twitter and will instead use the $44 billion to buy two Springsteen tickets.
Snip.
As the month comes to a close, the economy dominates the news with the Commerce Department reporting that the U.S. gross domestic product shrank for the second consecutive quarter. Traditionally this has meant that we are in a recession, but President Biden reassures the nation that it actually is not a recession, for reasons clearly stated on the teleprompter.
September
As Russian forces suffer mounting losses in Ukraine, an increasingly desperate Vladimir Putin, in what observers say is a clear violation of international law, annexes Connecticut.
In a legal development that causes widespread swooning on MSNBC, New York Attorney General Letitia James files a lawsuit accusing Donald Trump of falsifying business records, issuing false financial statements and failure to pay $327 million worth of parking tickets. Just for fun, Trump declares that he’s guilty, while the Democrats call the lawsuit a politically motivated witch hunt. Everyone enjoys a hearty laugh before order is restored.
On a sadder note, the world mourns the death of Queen Elizabeth II, the beloved monarch who reigned over the United Kingdom during its transition from the center of a vast global empire to a popular tourist destination roughly the size of a pickleball court. She is succeeded by her 143-year-old son, King Charles the Uncomfortable, who will be officially crowned next year in a traditional British ceremony-gasm featuring numerous horses.
In response to yet another viral TikTok “challenge” video, the Food and Drug Administration issues an urgent bulletin stating that people who eat chicken that has been marinated in NyQuil “probably deserve to die.”
October
The national debt creeps up by yet another trillion and now exceeds $31 trillion, but again this is nothing to worry about because it has absolutely no economic consequences. We don’t know why we even bother keeping track.
Speaking of money: Elon Musk announces that he has decided to buy Twitter after all, because the only Springsteen tickets he could get for $44 billion were “way the hell up in the balcony.”
Snip.
Abroad, Liz Truss resigns as prime minister of the United Kingdom after a turbulent term lasting a little under 14 minutes. She is replaced by Rishi Sunak, whose name can be rearranged to spell “Is A Hunk, Sir.” In China, President Xi Jinping wins an unprecedented third term when delegates to the Communist Party congress unanimously elect, after careful consideration, not to die.
November
As the historic midterm elections approach, with the fate of democracy hanging in the balance, verified blue check mark media personalities on Twitter focus with a ferocious intensity on the single most critical issue facing the nation, if not the world: the status of verified blue check mark media personalities on Twitter.
The problem is that Elon Musk intends to charge people $8 a month for a blue check mark, which would mean any nonelite rando could get one, which would be a blatant violation of the U.S. Constitution’s Twitter Verification Clause. Some verified users go so far as to declare, on Twitter, that they are seriously considering leaving Twitter, although it is not immediately clear what they would do with the extra 14 hours per day.
Since Russia has opted to commit war crimes by repeatedly bombing civilian infrastructure with the goal of inflicting mass civilian causalities, the western world has responded by opting to give Ukraine even more advanced military kit.
The U.S., as usual, is leading the way, supplying a Patriot Missile Defense battery and JDAMs.
SENIOR MILITARY OFFICIAL: All right, well, thanks very much for joining us. Today’s background briefers will include (inaudible) and me, (inaudible). For attribution, please refer to (inaudible) as “a senior defense official” and to me as “a senior military official.”
And with that, I will turn it over to our senior defense official for some opening remarks, and then we’ll be happy to take your questions.
SENIOR DEFENSE OFFICIAL: Good afternoon, everyone. I’d like to start by just recognizing where we are in this war. We’re in over 300 days after Russia launched this war to try to stamp out Ukraine’s existence as a free nation. And at this moment, we are welcoming President Zelenskyy to Washington, D.C., a sign of Ukraine’s determination, its spirit, its resolve, and an opportunity for us to be able to reinforce our support for Ukraine during President Zelenskyy’s visit.
So you will hear more from the White House later this afternoon about President Zelenskyy’s visit. In the meantime, what I wanted to do is give you some important details about our new security assistance commitments that President Biden announced today, totaling $1.85 billion.
Now, these — these commitments come in two parts, and we’re announcing both of these together. First, we have a presidential drawdown package that’s valued at $1 billion. This is the 28th such drawdown of equipment from DOD inventories for Ukraine since August of 2021. And then the second is an additional $850 million in commitments under the Ukraine Security Assistance Initiative.
So first, let me talk about the presidential drawdown package, and this package includes for the first time a Patriot air defense battery and munitions. This is another signal of our long-term commitment to Ukraine’s security. As you know, Patriot is one of the world’s most advanced air defense systems, and it will give Ukraine a critical long-range capability to defend its airspace. It is capable of intercepting cruise missiles, ballistic missiles and aircraft.
It’s important to put the Patriot battery in context. For air defense, there is no “silver bullet.” Our goal is to help Ukraine strengthen a layered, integrated approach to air defense. That will include Ukraine’s own legacy capabilities, as well as NATO-standard systems. Patriot will complement a range of medium- and short-range air defense capabilities that we’ve provided and that allies have provided in prior donation packages, and for us, that includes NASAMS and Avenger systems. Patriot does require training, and we expect it will take several months to ensure Ukrainian forces have the training they need to employ it successfully.
Now, in addition to Patriot, this drawdown package includes several other highlights. First, it includes an additional 500 precision-guided 155-millimeter artillery rounds, and it includes several different mortar systems and rounds for those systems. Second, it includes precision aerial munitions, and then third, it includes additional MRAP vehicles and Humvees, and I think important to note, this is 38 MRAP vehicles, but we’ve provided 440 to date, and it’s 120 Humvees, but this comes on top of 1,200 Humvees that we’ve provided to date.
Now for the second part of today’s announcement, the $850 million under USAI, I just want to remind that this is an authority under which we procure capabilities from industry, rather than drawing them down from U.S. stocks. So USAI capabilities typically take longer to deliver. Now under USA — AI, we are committing to provide a range of different non — what we call nonstandard ammunitions. This is what we formerly called Soviet-type ammunition. It includes 152-millimeter artillery rounds, 122-millimeter artillery rounds, and these will be able to help the Ukrainians bring more of its legacy systems, its legacy howitzers back into the fight in greater numbers. We also plan to — to provide 122-millimeter Grad rockets, and this is to support Ukraine’s Grad rocket artillery capability, as well as tank ammunition to help Ukraine sustain operations with its existing tanks. Another capability we’re providing via USAI are satellite communication terminals and services. This will add resilience to Ukraine’s communications infrastructure. And then as always, we have funding from (sic) training, for maintenance and for sustainment in support of the equipment we and our partners have provided.
Here’s a more detailed breakdown in convenient Tweet form:
Big capabilities in this PDA: -One Patriot battery and munitions; -HIMARS ammo -500 precision-guided 155mm artillery rounds; -10 120mm mortar systems and 10,000 120mm mortar rounds; -10 82mm mortar systems; -10 60mm mortar systems; -37 Cougar MRAPs -120 HMMWVs (1/2)
In USAI package: -45,000 152mm artillery rounds; -20,000 122mm artillery rounds; -50,000 122mm GRAD rockets; -100,000 rounds of 125mm tank ammunition; -SATCOM terminals and services; -Funding for training, maintenance, and sustainment.
Ukraine’s military fortunes also depend on European countries, such as Germany, that let their defense industry atrophy in peacetime and are struggling to catch up as they focus on securing energy supplies.
Ukraine’s battle against the Russian invasion is consuming ammunition at rates unseen since World War II. Kyiv’s forces have been firing around 6,000 artillery shells a day and are now running out of antiaircraft missiles amid a relentless aerial onslaught by Russia, according to experts and intelligence officials. At the height of the fighting in eastern Ukraine’s Donbas area, Russia was using more ammunition in two days than the entire stock of the British military, according to the Royal United Services Institute, a British think tank.
No country in NATO other than the U.S. has either a sufficient stock of weapons to fight a major artillery war or the industrial capacity to create such reserves, said Nico Lange, a former top official at the German Defense Ministry. This means that NATO wouldn’t be able to defend its territory against major adversaries if it were to be attacked now, he said.
“Governments have been slashing contracts for decades, so companies shed production lines and employees,” said Mr. Lange, a senior fellow with the Munich Security Conference, a global security forum.
The current shortage of shells and missiles is largely due to a shift in the military doctrines of NATO allies in recent decades: Instead of planning for World War II-style ground battles, they focused on targeted, asymmetric warfare against unsophisticated opponents, said Morten Brandtzæg, chief executive of Nammo AS, one of the world’s largest arms manufacturers.
“We need orders of magnitude more industrial capacity,” said Mr. Brandtzæg, whose company is co-owned by the governments of Norway and Finland.
Ukraine uses up to 40,000 artillery shells of the NATO caliber 155mm each month, while the entire annual production of such projectiles in Europe is around 300,000, according to Michal Strnad, owner of Czechoslovak Group AS, a Czech company that produces around 30% of Europe’s output of such munitions.
“European production capacity is grossly inadequate,” Mr. Strnad said. Even if the war were to stop overnight, Europe would need up to 15 years to resupply its stocks at current production rates, he said.
As always, there are rumors that Russia has had to buy artillery shells from north Korea and, as always, these rumors should be treated with several grains of salt. Russia used up huge amounts of its smart munitions early, but early predictions that Russia would quickly run out its own dumb artillery shells have thus far proven to be premature.
The Patriot system may prove to be more symbolic than really useful, if only because Russias has already used up sop much of its medium range missile stocks. JDAMs, on the other hand, could prove to be very effective at targeting Russian military assets.
In any case, it’s now clear that a war Russia thought would be “three days to take Kiev” will now drag on as a war of attrition for a year or more, and a goodly portion of the western world has signed up to supply Ukraine with munitions for as long as it takes.
Two big EU scandals seem to be breaking (one the European media is all over like a winter junket to a fact-finding mission in Greece, the other they’re ignoring the way American media try to ignore any Biden family scandal), and I’m trying to figure out what to make of it all.
One problem with such stories is that I have to refresh my memory on the labyrinth structure of EU power designed to shield the Eurocratic elite from the wrath of mere voters. This is necessary to avoid obvious goofs like mistaking the European Council with the completely different Council of the European Union. The popularly elected European Parliament is the angler-worm appendage the EU wants you to pay attention to rather than the deep state maw of the European Commission.
So: The scandal everyone is paying attention to is Qatargate, where a rich, middling despotic gulf petrostate has evidently been hosing down the faces of eager Euro-types with bundles of unmarked bills to improve their image while hosting the quadrennial outbreak of EuroFlopBall.
In an ongoing political scandal, politicians, political staffers, lobbyists, civil servants and their families are alleged to have been involved in corruption, money laundering and organised crime involving the states of Morocco and of Qatar in exchange for influence at the European Parliament.
Morocco is a red herring herring here, amounting to basically one bribe to one guy.
Qatar denies the allegations. Law enforcement authorities in Belgium, Italy and Greece seized €1.5 million in cash, confiscated computers and mobile phones, and charged four individuals with the alleged offences.
In July 2022, the Central Office for the Repression of Corruption, a unit of the Belgian Federal Police, opened an investigation into an alleged criminal organisation. The investigation was led by the investigating magistrate Michel Claise.
Acting on the investigation, on 9 December 2022, Belgian police executed 20 raids at 19 different addresses across Brussels in connection with the conspiracy and made eight arrests across Belgium and Italy. The homes and offices of the suspects were searched, including offices within the premises of the European Parliament buildings in Brussels. In line with the Belgian Constitution, the President of the European Parliament, Roberta Metsola, was required to return from her home in Malta to be present for the search at the home of Eva Kaili, who has diplomatic immunity as an MEP and a Vice-President of the European Parliament.
One advantage to this particular scandal is that Eva Kaili is pretty easy on the eyes.
Following the raids at Kaili’s home, her father was later arrested as he tried to flee the Sofitel hotel at Place Jourdan in Brussels after being tipped off about the raids. Investigators found a suitcase with “several hundred thousand euros” on his person as he attempted to flee.
Suitcases full of cash! Your sign of a quality scandal!
Included in the raids were locations linked to Antonio Panzeri, an Italian former MEP. Upon searching his home, police found a large quantity of cash in his “well stocked safe”.
Let’s be fair to Mr. Panzeri: The money in his safe could be from an entirely different bribe.
At the same time investigators raided the offices of the international NGO Fight Impunity, an organisation set up to promote the fight against impunity for serious violations of human rights and crimes against humanity, of which Panzeri is the president.
After the conclusion of the Brussels raids, police had arrested Eva Kaili; Antonio Panzeri; Francesco Giorgi, Kaili’s husband and an advisor of the Italian MEP Andrea Cozzolino; Alexandros Kailis, Kaili’s father and former Greek politician; Luca Visentini, general secretary of the International Trade Union Confederation (ITUC); Niccolò Figa-Talamanca, Secretary-General of the NGO No Peace Without Justice; and an unnamed assistant of the Italian MEP Alessandra Moretti. Alexandros Kailis was released from custody and Visentini was conditionally released. €600,000 in cash was reportedly found at Panzeri’s home with additional cash being found at Kaili’s father’s home, his hotel room and the home shared by Kaili and Giorgi. In total, the combined amount of cash found in the raids totalled €1.5million. Following Kaili’s arrest she was detained at the Prison de Saint-Gilles [fr] until her transfer after five days to a prison in Haren, Brussels.
Wait, an NGO with “peace” and “justice” in its title is just a conduit for graft and bribes? What are the odds?
No one answers the door or the phone at the offices of the two campaign groups linked to a cash-for-favors corruption scandal at the European Union’s parliament, allegedly involving Qatar. No light is visible inside.
No Peace Without Justice (NPWJ), a pro-human rights and democracy organization, and Fight Impunity, which seeks to bring rights abusers to book, share the same address, on prime real estate in the governmental quarter of the Belgian capital.
The heads of the two organizations are among four people charged since Dec. 9 with corruption, participation in a criminal group and money laundering. Prosecutors suspect certain European lawmakers and aides “were paid large sums of money or offered substantial gifts to influence parliament’s decisions.” The groups themselves do not seem to be under suspicion.
Qatar rejects allegations that it’s involved. The Gulf country that’s hosting the soccer World Cup has gone to considerable trouble to boost its public image and defend itself against extensive criticism in the West over its human rights record.
The lawyer for Fight Impunity President Pier Antonio Panzeri is not talking. He declined to comment about his client’s role in an affair that has shaken the European Parliament and halted the assembly’s work on Qatar-related files.
Yeah, Pier Antonio Panzeri and the aforementioned Antonio Panzeri are the same guy. “Pier Antonio Panzeri (born 6 June 1955) is an Italian politician who served as Member of the European Parliament for the North-West with the Democrats of the Left, the [Italian] Democratic Party and Article One, as part of the Socialist Group, from 2004 until 2019.” A Democratic Party socialist taking bribes from foreign despots? Shocked face, what are the odds, etc.
As the Qatargate scandal widens, questions are being asked as to whether its reverberations will reach the Commission, the EU’s executive branch. Recent revelations suggest the EU’s Chief Diplomat Josep Borrell could be implicated.
Since erupting last weekend with police raids on MEPs’ homes and offices in the European parliament, the Qatargate scandal has done nothing but mushroom. What began as a criminal probe into current and former MEPs and parliamentary assistants implicated in a bribery ring aimed at burnishing the public image of the current World Cup host has widened significantly — not only in terms of the number of people involved but also the number of organizations and third countries, which now also include Morocco.
As the scandal grows, both the Parliament and the European Commission are locked in a frantic damage control mission. European Parliament president Roberta Metsola on Thursday (15 December) pledged to unveil a “wide-ranging reform package” in January, which will include measures to bolster whistleblower protections, a ban on all unofficial parliamentary friendship groups (groups of MEPs discussing relations with non-EU countries) and a review of enforcement of code of conduct rules for MEPs.
“Look! We’re doing something! Now please stop paying attention so we can get back to our normal anti-Democratic rent-seeking governance!”
Commission President Ursula Von der Leyen, herself no stranger to corruption allegations, both in her native Germany and in Brussels, said the following in a Monday morning press conference:
The allegations against the VP of Parliament [Eva Kaili] are of the most concern, very serious. It’s a question of confidence of our people in our institutions, it needs highest standards. I proposed the creation of an independent ethnics body that covers all EU institutions (in March). For us it is very critical to have not only strong rules, but the same rules covering all the EU institutions, and not to allow for any exemptions.
Von der Leyen added that the Commission is looking at its own transparency register for all logged meetings between staff and Qatari officials. That is not as comforting as it may sound given the flagrant disregard for transparency and accountability her Commission has shown in its acquisition of billions of COVID-19 vaccines.
The European Public Prosecutor’s Office has opened an investigation into the EU’s coronavirus vaccine purchases, an announcement that will refocus attention on European Commission President Ursula von der Leyen’s role in the matter.
The EPPO is an independent EU body responsible for investigating and prosecuting financial crimes, including fraud, money laundering and corruption. In its announcement on Friday, the EPPO didn’t specify who was being investigated, or which of the EU’s vaccine contracts were under scrutiny.
However, two other watchdog agencies have previously drawn attention to one particular deal involving high-level contacts between Pfizer’s leadership and von der Leyen.
“This exceptional confirmation comes after the extremely high public interest. No further details will be made public at this stage,” said the EPPO in its short announcement.
In April 2021, the New York Times first reported on text messages exchanged between von der Leyen and Pfizer CEO Albert Bourla in the run-up to the EU’s biggest vaccine procurement contract — for up to 1.8 billion doses of BioNTech/Pfizer vaccine. The deal would be worth up to €35 billion if fully exercised, according to leaked vaccine prices.
Obviously the idea that there was anything wrong with any Flu Maanchu vaccines is something the media will go to great lengths not to cover.
It would be nice to think that both scandals together would cause the EU to seriously address its transparency and democracy deficits, but we all know there’s no chance of that happening…
You may remember from all of nine days ago how lefty Peruvian President Pedro Castillo was removed from power after attempting his own autogolpe. Did that solve the political crisis?
Castillo, elected in 2021, was ousted by parliament last week after he tried to dissolve the legislature and stage a coup. This led to the ascension of his vice president, Dina Boluarte, also a Marxist, as president.
Alarmingly, she has come out against even using rubber bullets to stop the mobs torching buildings and disrupting Peru from Lima to Machu Picchu. According to the New York Times, Boluarte has called on the minister of interior to identify the policemen “who have used these weapons that are harming our sisters and brothers.”
These “brothers and sisters,” members of “indigenous” groups, unions, and other leftist activists, are instigated from outside through social media accounts based in the U.S., Argentina, Bolivia, and Mexico and include pro-China, pro-Russia, and pro-Iran activists. Some were also involved with our own Black Lives Matter summer of violence.
Joseph Humire of the Center for a Secure Free Society, one of the best analysts in the U.S. following this sort of online activity, gave me a rundown of those pushing on social media the disinformation narrative that Castillo was ousted because of racism against his Indian roots. They include former Bolivian President Evo Morales, Cristina Kirchner, the recently indicted vice president of Argentina, and Gustavo Petro and Andres Manuel Lopez Obrador, the Marxist presidents of Colombia and Mexico, respectively.
Similarly, Douglas Farah, who also conducts investigations on illicit networks, has found that the vast majority of the millions of tweets about the riots that broke out in Chile came from Venezuela and its allies, Cuba and Nicaragua, while most anti-riot tweets were Chilean. This shouldn’t come as a surprise: Venezuela’s regime has vowed that it will use its oil money to sow this type of chaos throughout the Americas.
Humire alerted me to influencers such as the pro-Russia activist Daniel Estulin, who actually brags in a video from Mexico that he is helping instigate the riots in Peru. Humire also reminded me that Andahuaylas, rocked by violent protests this week, is within the same region (Apurimac) where Iran has developed an indigenous network.
I would take the Iran charge with a grain of salt, since the Andes are not a region where disgruntled Shia provide an opportunity for Iran to create networks of followers. Plus I think the mullahs have other things on their mind right now.
The basic ingredients for stable prosperity are capitalism, democracy and the rule of law. Because all those limit Marxist Will to Power, leftwing rulers (in South America and elsewhere) seem to constantly be at war with all three.
Democrats being soft on criminals, pedophiles and common sense highlights this week’s LinkSwarm.
Man, there sure seems to be a lot of funny number counting going on in Philadelphia.
Regular readers are well aware that back in July, Zero Hedge first (long before it became a running theme among so-called “macro experts”) pointed out that a gaping 1+ million job differential had opened up between the closely-watched and market-impacting, if easily gamed and manipulated, Establishment Survey and the far more accurate if volatile, Household Survey – the two core components of the monthly non-farm payrolls report.
We first described this divergence in early July, when looking at the June payrolls data, we found that the gap between the Housing and Establishment Surveys had blown out to 1.5 million starting in March when “something snapped.” We described this in “Something Snaps In The US Labor Market: Full, Part-Time Workers Plunge As Multiple Jobholders Soar.”
Since then the difference only got worse, and culminated earlier this month when the gap between the Establishment and Household surveys for the November dataset nearly doubled to a whopping 2.7 million jobs, a bifurcation which we described in “Something Is Rigged: Unexplained, Record 2.7 Million Jobs Gap Emerges In Broken Payrolls Report.”
Snip.
We bring all this up again because late on Dec 13, the Philadelphia Fed published something shocking: as part of the regional Fed’s quarterly reassessment of payrolls in the form of an “early benchmark revision of state payroll employment”, the Philly Fed confirmed what we have been saying since July, namely that US payrolls are overstated by at least 1.1 million, and likely much more!
And the correction came after the midterms! What are the odds?
The Royal Bahamas Police Force took the failed financial tech entrepreneur into custody after the U.S. filed criminal charges against him, according to a press statement. FTX, which Bankman-Fried founded, imploded in November, costing investors millions of dollars in losses. The fallen businessman has been accused of misusing customer funds deposited with FTX to artificially prop up another one of his enterprises: a crypto hedge fund, Alameda Research, which he operated simultaneously while seemingly evading financial ethics scrutiny.
Speaking of abusing children: “Former CNN Producer Pleads Guilty In Pedo Scandal. Former CNN producer John Griffin, who worked ‘shoulder to shoulder’ with Chris Cuomo, pleaded guilty on Monday in federal court to using interstate commerce to entice and coerce a 9-year-old girl to engage in sexual activity as his Vermont ski house. This is a different CNN pedophile than Jake Tapper’s former producer, Rick Saleeby, who resigned after it emerged that he solicited sexually explicit photos of an underage girl.”
The mother of an 11-year-old rape victim is suing a George-Soros backed prosecutor in Virginia who let the boy’s rapist walk free, alleging the prosecutor’s actions violated the minor’s civil rights and made him fear for his physical safety.
Amber Reel in November filed the federal lawsuit on behalf of her son after Fairfax County commonwealth’s attorney Steve Descano (D.) let the rapist walk. Court filings show Descano was months late in sharing necessary evidence before a September trial, dooming the case and forcing his office to enter into a lesser plea deal with the rapist the same month. Ronnie Reel, who was released on time served, had faced life in prison for forcibly sodomizing the minor. Reel is the victim’s uncle.
This is the second high-profile case in the last month where the Soros prosecutor freed a dangerous offender. In December, Descano struck a plea deal that would clear the record of a man who fired his gun into a crowded Virginia bar. Soros donated more than half a million dollars to Descano’s 2019 campaign.
A grand jury had already indicted Reel in February for sodomy and aggravated sexual battery, and the case was set for trial in September. But Descano’s office didn’t share evidence with the public defender before trial, bungling Reel’s prosecution with its “woefully, woefully missed” deadlines. The case’s presiding judge said Descano’s office did a “disservice to the victim” and was “very concerning to the court.”
Because he dodged a felony sex crime conviction, Reel won’t have to register as a sex offender and won’t be barred from holding jobs in schools or other places that would put him near children. The victim and his mother in their suit say Descano’s “deliberate indifference represents egregious conduct that is shocking to the conscience.”
Speaking of pedophile friendly Democrats: “During the hearing before the House Oversight and Reform Committee, California [Democratic] Rep. Katie Porter asserted that the phrase “groomer” is a “lie” used to maliciously discriminate against LGBTQ+ people and make them appear to be a “threat.” “You know, this allegation of ‘groomer’ and ‘pedophile,’ it is alleging that a person is criminal somehow and engaged in criminal acts merely because of their gender identity, their sexual orientation, their gender identity.” Yes, if your “gender identity” is “I like to have sex with children,” then yes, you’re a pedophile, and if you tell elementary school children what sort of sex you have, then yes, you’re a groomer.
Former state Sen. Kirk Watson (D-Austin) will be the next mayor of Austin about two decades after he left that same office in the early aughts.
He defeated state Rep. Celia Israel (D-Austin) by a slim margin after finishing second in the general election. He’ll serve as mayor for the next two years before having to seek re-election in 2024 due to redistricting.
Watson lost Travis County, the city’s largest portion, by 17 votes while winning Williamson county by 881 and Hays County by 22. During the general and runoff races, he outspent Israel by a wide margin.
The two candidates sparred over housing and homeless policy during the general election and the runoff. About one-third of the voting population turned out to vote in the runoff versus the November 8 general.
Watson will take over for Mayor Steve Adler after his self-described “disruptive” tenure marked by a lingering homelessness problem, public fallout and a declining relationship with the police department, and a cumbersome and increasingly costly light rail transit project.
The United States has always had kind of a friends and family plan that it sells military gear to, but it has always reserved the very top top top stuff for itself and the Brits. Well, in this calendar year we have already seen the first two exceptions to that policy being made. The United States is sending air-launch cruise missiles and nuclear-powered submarines to the Australians. And now we’re giving Tomahawks to the Japanese, giving both of these countries the ability to independently destroy China’s economic links to the wider world without any additional help from the United States. And this sudden proliferation of countries that can now bring China to their knees independently, this is arguably the biggest strategic development of the Year, even more so than the Ukraine war, because it takes what has become the world’s second largest economy and puts it completely at the mercy of the domestic politics of a third party, and now a fourth party.
Oberlin College finally pays their judgment to Gibson’s Bakery. “The $25 million verdict plus interest and attorney’s fees resulted in an almost $32 million judgment, with interest running at about $4000 per day since June 2019. In all, over $36 million was owed.” Cudos to William A. Jacobson at Legal Insurrection for his thorough, ongoing coverage of this story from beginning to end.
F-35B fighter crashes in the Metroplex. Fortunately the pilot safely ejected, and it appears that the airplane (which was undergoing testing for Lockheed) looks recoverable. To my untrained eye it looks like a stuck throttle.
Greetings, and welcome to another Friday LinkSwarm! I still haven’t had time to wrangle all those Twitter revelations into a coherent article, so that will have to wait for another post.
How different it feels this time around. Broadcasters are lustily cheering anti-lockdown protesters in China. Members of Congress offer unqualified support. President Joe Biden, although more guarded, is sympathetic.
No Western politician, as far as I can see, is insulting the protesters. They are not dismissed as selfish or sociopathic, nor as dupes of conspiracy theories. Sen. James Lankford (R-OK) captured the mood: “To the people of China — we hear you and we stand with you as you fight for your freedom.”
Broadcasters and columnists who spent 2020 calling anti-lockdowners kooks and criminals are now uncomplicatedly applauding their Chinese counterparts. They see ordinary people standing up against an authoritarian government the anti-COVID policies of which were crushing liberty.
So, what changed? Perhaps pundits tell themselves that the disease is less virulent now, or that vaccination has altered the balance of risk, or that, in some other way, Beijing’s crackdown is less proportionate than those of 2020. But none of these explanations stacks up.
Yes, the coronavirus became less lethal. All viruses that spread through human contact eventually become less lethal because they have an evolved tendency to want to keep their hosts up and active and therefore more infectious. For this to happen, they require a critical mass. Enough people need to be incapacitated or killed by the original version to give milder strains an advantage. And, yes, the vaccines helped, too.
But the trade-offs are essentially the same in China today as they were three years ago — coronavirus deaths versus other deaths. The current unrest was sparked by a fire in Xinjiang, which was allowed to become needlessly deadly because the authorities were following COVID protocols. In other words, they were elevating COVID above other forms of harm.
Most countries did the same in 2020 with, as we now see, disastrous results. The lockdowns did not just cause an economic meltdown from which we will take years to recover. They also failed on their own terms. They killed more people than they saved.
Guess which developed country had the lowest excess mortality between 2020 and 2022. Go on, have a guess. That’s right. Sweden, which refused to close shops or schools or to impose a mask mandate, saw cumulative excess deaths rise by 6.8%, the lowest figure in the OECD. By way of comparison, the equivalent figures were 18% in Australia, 24.5% in the U.K., and 54.1% in the U.S.
“Loudoun County Fires Superintendent over Handling of Sexual-Assault Cases. The Loudoun County school board fired Superintendent Scott Ziegler in a closed-door meeting Tuesday night after a special grand jury released a report blaming the district for failing to escalate cases of student sexual assault in 2021.” The black-pilled who proclaim that electing Republicans is useless aren’t considering the Glenn Youngkins of the world.
he Washington Post announced in October that it was welcoming a new communications chief. The paper’s official announcement lauded Kathy Baird, a veteran of Nike and the public relations giant Ogilvy, as a “key strategic partner” positioned to “realize our ambitious vision for the publication.”
It also noted her membership in the “Rosebud Sioux Tribe” and service on the board of IllumiNative, which it described as “a nonprofit working for accurate and authentic portrayal of Native people.”
That’s one way to put it. IllumiNative is a self-described “racial justice organization” funded by a dark money behemoth that encourages elementary school students to fight for Democratic Party initiatives like universal health care. Its purpose is similar to various far-left activist groups, focusing on “breaking through systems of white supremacy” and “grassroots organizing,” according to IllumiNative’s website.
Argentina’s Vice President (and former President, and former First Lady) and leftwing Paronist Cristina Fernandez de Kirchner is sentenced to six years of corrupt fraud.
Paralympian: “Hey, can I get a wheelchair ramp?” Veterans Affairs Canada: “Are you sure you wouldn’t like assisted suicide instead?” (Hat tip: Dwight.)
“Suspended Smith County Constable [Curtis Harris] Found Guilty of Theft, Official Oppression. Since his indictment, the 34-year-old Democrat has been jailed for violating the conditions of his bond and removed from office by a judge.” Smith County is in northeast Texas, and the biggest city is Tyler. Not to be confused with Deaf Smith County, which is completely different…
Great Pyrenees watchdog fights off 11 coyotes, killing eight. Good boy! I didn’t realize there were coyotes in Georgia, but evidently they’ve been extending their range from the southwest.
Howdy! Hope everybody had a great Thanksgiving! I spent six days up in the Dallas/Fort Worth Metroplex, visiting relatives and buying some 180 books, some for myself and some to deal. Enjoy a Friday LinkSwarm!
We keep hearing that it’s impossible rig government unemployment statistics, but something funny is going on.
A superficial take of today’s jobs report would note that both jobs and earnings “blew past expectations, flying in the face of Fed rate hikes”, and while that is accurate at the headline level, it couldn’t be further from the truth if one actually digs a little deeper in today’s jobs numbers.
Recall that back in August, September, and October we showed that a stark divergence had opened between the Household and Establishment surveys that comprise the monthly jobs report, and since March the former has been stagnant while the latter has been rising every single month. In addition to that, full-time jobs were plunging while part-time jobs were surging and the number of multiple-jobholders soared.
Fast forward to today when the inconsistencies not only continue to grow, but have become downright grotesque.
Consider the following: the closely followed Establishment survey came in above expectations at 263K, above the 200K expected – a record 7th consecutive beat vs expectations – and down modestly from last month’s upward revised 284K…
… numbers which confirm that at a time when virtually every major tech company is announcing mass layoffs…
… the BLS has a single, laser-focused political agenda – not to spoil the political climate at a time when Democrats just lost control of the House as somehow both construction (+20K) and manufacturing (+14K) added jobs according to the BLS, when even ADP now reports that these two sectors combined shed more than 100,000 workers in November.
Alas, there is only so much the Department of Labor can hide under the rug because when looking at the abovementioned gap between the Household and Establishment surveys which we have been pounding the table on since the summer, it just blew out by a whopping 401K as a result of the 263K increase in the number of nonfarm payrolls (tracked by the Household survey) offset by a perplexing plunge in the number of people actually employed which tumbled by 138K (tracked by Household survey). Furthermore, as shown in the next chart, since March the number of employed workers has declined on 4 of the past 8 months, while the much more gamed nonfarm payrolls (goalseeked by the Establishment survey) have been up every single month.
What is even more perplexing, is that despite the continued rise in nonfarm payrolls, the Household survey continues to telegraph growing weakness, and as of Nov 30, the gap that opened in March has since grown to a whopping 2.7 million “workers” which may or may not exist anywhere besides the spreadsheet model of some BLS (or is that BLM) political activist.”
A non-profit bankrolled by some of the nation’s largest corporations and left-wing billionaire George Soros is conducting a racial census of House and Senate staff as part of its effort to establish a “Bipartisan Diversity and Inclusion Office,” according to internal emails obtained by the Washington Free Beacon.
Senate and House staff received emails from a researcher at the Joint Center for Political and Economic Studies starting in July asking them to confirm their “racial and ethnic identity” as part of an alleged data collection effort. In at least two cases, senior congressional staffers who declined to provide their races were told by the researcher that the organization’s current data indicated they “may identify as white” and asked the staffers to update if the information was incorrect.
Information collected by the group will be used in its annual report that lobbies for “structural changes on Capitol Hill that would allow for more people of color to be hired in senior positions,” a previous report from the group states. That report is made possible in part by millions of dollars in donations to the Joint Center for Political and Economic Studies from Apple, Google, Meta, Pfizer, the Soros-backed Open Society Foundation, among dozens of other large corporations and nonprofits.
The Joint Center for Political and Economic Studies’ survey is part of a broader trend by left-wing organizations to pressure workplaces and governments to increase affirmative action policies. Often couched in promoting “diversity, equity, and inclusion,” those policies have received criticism for coming at the expense of competence and offering advantages based on race instead of merit.
Rush was charged with a second-degree felony, aggravated assault with a deadly weapon family violence. An emergency protection order was issued against him, and he was soon back on the streets after making a $40,000 bond, KVUE reported.
“For $4,000, you can get out, go home, watch Netflix after trying to murder your ex-girlfriend — are you kidding me?” one of the customers said.
So in addition to aggravated assault with a deadly weapon and possible attempted murder, our super-genius lawyer also violated section 46.03 of the Texas penal code by carrying a gun into a bar. And he bonded out. For all that Democrats blather about “gun violence,” they don’t seem top treat gun felonies with any seriousness when they actually occur. Thanks, Soros-backed DA Jose Garza!
But it turns out that Rush didn’t just go go home to watch Netflix, as he was found dead on Thursday.
In one meeting, Deon Jackson went from South Carolina’s Berkeley County school superintendent to unemployed.
His firing came at the hand of a newly-elected school board, which appears to have declared a judgment day for woke practices in its district.
In its first meeting after the Nov. 8 election, the board fired superintendent Jackson and school counsel Tiffany Richardson. Then it hired Anthony Dixon as superintendent and retained Brandon Gaskins as counsel. And before the day was over, the board banned teaching critical race theory and created a board to review library books for pornographic content.
Moms for Liberty, an activist group that supports parental rights in education, endorsed six of the board’s nine members. Many Moms for Liberty candidates won school board elections this November.
Speaking of disinformation, CNN carries out more mass layoffs, including Chris Cillizza. Let’s have a moment of silences for his careerOK that’s enough.
Legal Insurrection conducts a 2024 presidential preference poll. Not surprisingly, DeSantis comes in first and Trump second. Nikki Haley third over Ted Cruz is a mild surprise. Greg Abbott ranked dead last, tied with Liz Chaney, is a much bigger one.
Ordinary Chinese have gotten so fed up with the endless Flu Manchu lockdowns that they’ve started mass protests in multiple cities, even going so far as to demand the CCP and Xi Jinping step down.
Some commenters have even suggested that a revolution is the offing. I’ve seen too many hopeful shoots of Democracy crushed in not only China, but also Iran, Russia, Venezuela, etc. to have much optimism on this front. It would be nice to be proved wrong.
So how are Chinese communist authorities fighting the movement? Would you believe with pornbots?
As Chinese citizens take to the streets to protest the county’s “Zero Covid” policies and President Xi Jinping’s lockdowns, searches for names of cities and hashtags regarding the protests on Twitter have been filled with sexually explicit posts and ads for escorts to reportedly block out news of the massive protests.
Searches for the names of major Chinese cities have resulted in a massive spike in content for porn, escorts, and gambling, “drowning out legitimate search results,” wrote Twitter user Air-Moving Device. The account shared a chart showing a massive spike in the number of accounts posting such content on November 28. “Data analysis in this thread suggests that there has been a significantuptick in these spam tweets.”
For example, searching for the Chinese characters for Shanghai (上海) brings up the following on Twitter:
The Pennsylvania House of Representatives voted on Wednesday to impeach controversial Philadelphia District Attorney Larry Krasner (D-PA).
Five lawmakers, including three Republicans and two Democrats with constituencies in Philadelphia, formed a committee to investigate Krasner earlier this year. Members of the lower chamber voted by a margin of 107 to 85 in favor of impeaching Krasner, enabling the Pennsylvania Senate to remove the official with a two-thirds majority.
“Texas Democrats Blame Lackluster Midterm on 2021 Election Reform, Redistricting, and Poor Border Messaging.” Note that the word “policies” appears nowhere in the article…
The partisan index for Texas counties. Republican counties tended to get slightly more Republican while Democratic counties got slightly less Democratic.
A study conducted by criminologist Michael Smith of the University of Texas at San Antonio shows that 56 percent of individuals charged with violent crimes or weapons law violations in Dallas are released on bail or their own recognizance. That figure includes about 75 percent of offenders charged with weapons law violations, about two-thirds of those arrested for aggravated assault, and 34 percent of those arrested for murder.
Smith examined 464 arrests from 2021 and followed the cases through May 15 of this year. The dataset included all (109) arrests for murder, 25 percent (73) of arrests for robbery, 25 percent (154) of arrests for aggravated assault involving a family member, 10 percent (67) of arrests for aggravated assault not involving a family member, and 10 percent (61) of arrests for weapons law violations.
Almost a quarter of those released were arrested again within the course of the study. The average length of time between release and the second arrest was 148 days.
Disney shares are down 40 per cent this year, and last week’s quarterly report makes for grim reading. Disney’s expenses and operating losses are skyrocketing. Even the hugely popular Disney+, which continues to gain in subscribers, made an operating loss of $1.47 billion – more than double its loss last year. An internal memo last week announced job cuts and a hiring freeze.
Perhaps it is no coincidence that Disney’s troubles arrive in a year when the company has been distracted by politics. Indeed, it seems to have gone into overdrive to promote woke causes, both on screen and off.
Most infamously, in March, Disney waded into a bruising political battle with Florida governor Ron DeSantis, over his Parental Rights in Education Act. The law, now enacted, bans ‘classroom instruction’ on issues of ‘sexual orientation or gender identity’ for Florida schoolkids under the age of 10. Although the law has the overwhelming support of parents, from across the political spectrum, it sparked fury in media circles. Critics were quick to dub it the ‘Don’t Say Gay’ law, arguing that it ‘marginalises LGBTQ+ people’.
Disney was only too happy to join in the chorus of denunciation. The act ‘should never have passed’, said Disney in a statement. ‘Our goal as a company is for this law to be repealed by the legislature or struck down in the courts.’ Disney also pledged to donate $5million to organisations opposed to the law. But DeSantis hit back. He revoked a special tax status that Disney’s Florida theme parks had enjoyed since 1967.
Disney’s growing reputation for championing woke causes is costing it more than just its tax exemptions. It is now clearly damaging its relationship with audiences. As recently as March 2021, Disney’s public-approval rating was 77 per cent. But a September poll finds approval for Disney has now fallen to only 51 per cent among all Americans. And it has fallen into negative territory among Republicans. As pollster Chris Wilson notes: ‘It is highly unusual for a family entertainment company to find itself outside the good graces of so many Americans.’
