Before social justice was the ruling religion/scam of the far left, The Church of Global Warming held sway in their hearts. They still mutter the catechisms, and lots of Democratic Party bigwigs still have their fingers in the green scam pie, but the world as a whole, freed from their bondage to Big Green thanks to shifting political sands, is jumping off the “carbon neutral” bandwagon while the jumping is good.
In Texas, scrutiny from Attorney General Ken Paxton has caused several big banks to pull out of NetZero pacts.
Attorney General Ken Paxton has revealed that three major United States-based banks have withdrawn from the United Nations-led Net-Zero Banking Alliance.
Launched in April 2021, the group comprises banks “committed to aligning their lending, investment and capital markets activities with net-zero greenhouse gas emissions by 2050,” according to the alliance’s website.
The group’s first commitment statement provides more details, pledging to “transition all operational and attributable GHG emissions from our lending and investment portfolios to align with pathways to net-zero by mid-century, or sooner.”
In October 2023, Paxton opened a review of the statuses of Bank of America, JPMorgan, Morgan Stanley, Wells Fargo, and other financial institutions pursuant to Senate Bill 13, first passed by the Texas Legislature in 2021.
The law prohibits governmental entities from entering into contracts with companies that boycott oil and gas companies. The financial institutions’ membership in the NZBA raised questions about their compliance with this law.
His review specifically focused on companies required to provide letters detailing their compliance with SB 13. Those already known to be a part of NZBA—like Bank of America, JPMorgan, Morgan Stanley, and Wells Fargo—are listed in the letter.
Other financial institutions listed are Barclays, DNT Asset Trust, Fidelity Investments, RBC Capital Markets, the Royal Bank of Canada, State Street, and TD Bank.
“Any company submitting a standing letter to us in the future must inform us if it or any affiliate is a Net Zero Alliance Member. To the extent we learn that a company with a current standing letter, or its affiliate, is a Net Zero Alliance Member, the company will be treated similarly to the companies identified on the attached list,” explained Paxton’s letter on the review process.
Wells Fargo announced it was leaving the alliance on December 20, followed shortly thereafter by Bank of America on December 31. Morgan Stanley left NZBA on January 2, and JPMorgan exited on January 7.
“More and more financial institutions are taking a major step in the right direction by leaving the radical and anti-energy Net-Zero Banking Alliance. The NZBA seeks to undermine our vital oil and gas industries, and membership could potentially prevent banks from being able to enter into contracts with Texas governmental entities,” explained Paxton. “I am glad that Bank of America, Morgan Stanley, and JPMorgan have terminated their NZBA membership.”
In addition to the four banks pursued by Paxton, financial giant Citigroup left the alliance on December 31. Goldman Sachs left on December 10, kicking off the mass exodus.
It turns out that the vast majority of Americans are far more interested in such frivolous objectives as “feeding my family” and “paying rent” than paying $120 trillion to theoretically drop the temperature of the globe by 1.5°C three-quarters of a century hence. Banks, now free of having to curry favor with radical “environmental justice” warriors in Biden’s ghost administration, are following suit and backing away from pie-in-the-sky decarbonization goals.
Congratulations on making it to the end of a difficult but exhilarating 2024, and I hope you had a Merry Christmas! Christmas week is always slow, so this will be a smaller LinkSwarm than usual, and thank goodness for that. More Biden misdeeds, lots of Russian stuff blows up, two horrible gay pedophiles go to prison forever, and Democratic judges going out of their way to punish the victims. Let’s dig in!
President Joe Biden is transferring more student loan debt onto American taxpayers with only weeks left until he departs the Oval Office.
The Biden administration announced Friday that it is giving $4.28 billion of student debt relief to almost 55,000 more public service workers including teachers, nurses, and law enforcement officials.
“From Day One of my Administration, I promised to make sure that higher education is a ticket to the middle class, not a barrier to opportunity,” Biden said in a statement.
“Because of our actions, millions of people across the country now have the breathing room to start businesses, save for retirement, and pursue life plans they had to put on hold because of the burden of student loan debt.”
The Department of Education is forgiving the debt through the Public Service Loan Forgiveness program, a policy that permits the forgiveness of remaining student loans for public employees who have made 120 monthly payments.
Federal bureacurats are simply more equal than mere citizens…
Remember how Biden commuted and pardoned some of the worst people in the world earlier this month? Well, he found worse ones still.
President Joe Biden on Monday commuted the sentences of 37 of the 40 men on federal death row, reclassifying their sentences to prevent President-elect Donald Trump from allowing their executions when he returns to office in January.
The 37 men were all convicted of murder. Their sentences will be reclassified from execution to life in prison without the possibility of parole, according to the White House.
The men whose sentences are being reclassified include Shannon Agofsky, who murdered a bank president, dumped his body in a lake, and then killed another man in prison; Brandon Basham and Chadrick Fulks, who escaped from prison and killed two women while on a 17-day crime spree; Ricky Allen Fackrell, a white supremacist who killed a prison inmate; and Daryl Lawrence, who killed a police officer during a bank robbery.
“Make no mistake: I condemn these murderers, grieve for the victims of their despicable acts, and ache for all the families who have suffered unimaginable and irreparable loss,” Biden said in statement. “But guided by my conscience and my experience, . . . I am more convinced than ever that we must stop the use of the death penalty at the federal level.”
Biden only left three men on federal death row: Robert Bowers, the gunman who shot and killed eleven worshipers at the Pittsburgh Tree of Life synagogue in 2018; Dylann Roof, a white supremacist who killed nine people at a black church during a Bible study in 2015; and Dzhokhar Tsarnaev, the 2013 Boston Marathon bomber.
Biden’s so opposed to the death penalty he only refused to commute sentences for those criminals the public would pay attention to…
Do blue state Democratic officials think they can defy the federal government on deporting illegal aliens? A hard rain is gonna fall.
Hoover Institution senior fellow Victor Davis Hanson said Thursday that incoming border czar Tom Homan is starting with Democratic Chicago to deport illegal immigrants in order to set a precedent for other cities threatening to block his efforts.
Since President-elect Donald Trump’s nomination of Homan as border czar, the former Immigration and Customs Enforcement (ICE) acting director has warned Democratic mayors to step aside as some have threatened to refuse cooperation with ICE on mass deportations.
Snip.
Hanson argued that Homan’s focus on Democratic Chicago Mayor Brandon Johnson will set a precedent, emphasizing that the incoming border czar is listening to Democratic constituents concerned about illegal immigration in their city.
Snip.
I know the most obnoxious, the most crazy, the most nullification advocate in one of the second or third largest cities is Chicago, that crazy Mayor Johnson,’” Hanson continued. “‘So we’re going to tell him first, you try to stop the federal government and you think you’re South Carolina 1832 or you think you’re firing on Fort Sumner. You’re going to regret it because you were breaking federal law and we have a lot more federal laws that you would want us to follow in your interest than you do federal laws to break.’”
“That’s going to be interesting because what Homan is basically doing is talking over the mayor’s head to the black constituencies of Chicago and saying, don’t worry, your mayor doesn’t, he’s going to break the law, but I’m going to follow it and I’ll put him in jail for your benefit so that you don’t have to worry about Venezuelans and Colombians shooting you or taking over your social services,” Hanson added.
U.S. President-elect Donald Trump plans to continue military support for Ukraine, the Financial Times reported on Dec. 20, citing undisclosed sources.
Three officials familiar with discussions revealed that Trump intends to keep supplying US military equipment to Ukraine after his inauguration.
Trump’s foreign policy team also informed European officials that he plans to push NATO allies to raise their defense spending to 5% of their GDP. NATO member states currently follow a goal of allocating 2% of their GDP to defense spending.
A Georgia couple was sentenced to 100 years in prison without parole after adopting two boys and sexually abusing them.
William and Zachary Zulock will each spend the rest of their lives behind bars, after pleading guilty to aggravated sodomy, aggravated child molestation, incest, and sexual exploitation of children. Each were sentenced on Dec. 19.
Sanders said he first encountered some of these services while investigating Kremlin-funded disinformation efforts in Ukraine, as they are all useful in assembling large-scale, anonymous social media campaigns.
According to Sanders, all 122 of the services he tested are processing transactions through a company called Cryptomus, which says it is a cryptocurrency payments platform based in Vancouver, British Columbia. Cryptomus’ website says its parent firm — Xeltox Enterprises Ltd. (formerly certa-pay[.]com) — is registered as a money service business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Sanders said the payment data he gathered also shows that at least 56 cryptocurrency exchanges are currently using Cryptomus to process transactions, including financial entities with names like casher[.]su, grumbot[.]com, flymoney[.]biz, obama[.]ru and swop[.]is.
These platforms are built for Russian speakers, and they each advertise the ability to anonymously swap one form of cryptocurrency for another. They also allow the exchange of cryptocurrency for cash in accounts at some of Russia’s largest banks — nearly all of which are currently sanctioned by the United States and other western nations.
An analysis of their technology infrastructure shows that all of these exchanges use Russian email providers, and most are directly hosted in Russia or by Russia-backed ISPs with infrastructure in Europe (e.g. Selectel, Netwarm UK, Beget, Timeweb and DDoS-Guard). The analysis also showed nearly all 56 exchanges used services from Cloudflare, a global content delivery network based in San Francisco.
“Purportedly, the purpose of these platforms is for companies to accept cryptocurrency payments in exchange for goods or services,” Sanders told KrebsOnSecurity. “Unfortunately, it is next to impossible to find any goods for sale with websites using Cryptomus, and the services appear to fall into one or two different categories: Facilitating transactions with sanctioned Russian banks, and platforms providing the infrastructure and means for cyber attacks.”
“Wells Fargo Exits Net-Zero Banking Alliance After Texas Probe Into Anti-Energy Policies Attorney General Paxton has ended a review of the bank and allowed state governmental entities to do business with Wells Fargo again.”
Another day, another fake hate crime hoax. “A Tennessee college revealed that racist messages found written on campus were fabricated by a student in an apparent attempt to make Donald Trump supporters look bad. Rhodes College confirmed to Fox News Digital that a student had admitted to leaving the messages strewn about campus that were found over Thanksgiving break and were being investigated as a hate crime. Instead, it turned out to be yet another race hoax.”
Georgia woman arrested for evicting squatter from her house. And then the judge scolded her for her “privilege.” Sounds like a whole lot of people need federal equal protection lawsuits filed against them. (Hat tip: Stephen Green at Instapundit.)
The Biden Administration isn’t yet done, and still more of it’s dirty dealings are coming to light. Remember Operation Choke Point, the semi-secret program to “debank” disfavored businesses like guns and weed under the Obama administration? Well say hello to Operation Choke Point 2.0, where the disfavored people being unbanked are the Obama/Biden Machine’s political opponents.
Investor Marc Andreessen made headlines last week when he told Joe Rogan that dozens of tech founders had been quietly “debanked” under the Biden administration.
Elon Musk commented on a shorter clip and asked: “Did you know that 30 tech founders were secretly debanked?”
Andreessen called the orchestrated effort “Operation Choke Point 2.0,” in reference to an Obama-era initiative targeting the gun industry which triggered anti-boycott laws in some red states.
“Debanking is when you, as either a person or your company, are literally kicked out of the banking system,” he explained. “Under current banking regulations, after all the reforms of the last 20 years, there’s now a category called a ‘politically exposed person,’ PEP. And if you are a PEP, [banks] are required by financial regulators to kick them off, to kick them out of your bank. You’re not allowed to have them.”
“Basically, it’s a privatized sanctions regime that lets bureaucrats do to American citizens the same thing that we do to Iran, just kick you out of the financial system,” he said. “So this has been happening to all the crypto entrepreneurs in the last four years.”
“So when Trump says the deep state, the way we would describe it is administrative power,” Andreessen said. “It’s political power being administered, not through legislation. There’s no defined law that covers this, it’s not through regulation. There’s nothing you can do — you can’t go sue a regulator to fix this. It’s not through any kind of court judgment. It’s just raw power. It’s just raw administrative power. It’s the government or politicians just deciding that things are going to be a certain way, and then they just apply pressure until they get it.”
Sounds deeply illegal, unconstitutional, and un-American, doesn’t it?
Here’s the video:
One person Andreessen mentions as being debanked is David Horowitz of FrontPage and the Freedom Center.
“You literally can’t get a bank account. You can’t get a Visa terminal. You can’t process transactions. You can’t do payroll. You can’t do direct deposit. You can’t get insurance.”
“Choke Point 2.0 is primarily against their political enemies and then to their disfavored tech startups, and it’s hit the tech world hard. We’ve had like 30 founders debanked in the last four years.” But lunatic tech/crypto founders like Sam Bankman-Fried get left alone despite breaking the rules because they donate to Democrats.
“This is one of the reasons why we ended up supporting Trump. It’s like we just can’t live in this world. We can’t live in a world where somebody starts a company that’s a completely legal thing, and then they literally get sanctioned.”
Here’s more of that interview with Andreessen, in which he says that the censorship regime against the enemies of the left/deep state was “widely understood.”
MA: “There’s nothing that happened at Twitter in the Twitter files that wasn’t happening to the all the other companies.”
MA: “It’s a consistent pattern. If you got the YouTube files, they would look exactly the same.”
MA: “The Biden White House was directly exerting censorship pressure on American companies to censor American citizens, which I think is just flatly illegal. I think it’s actually subject to criminal charges.” That would be willful denial of rights under the color of law.
MA: “There were also members of Congress doing the same thing, which is also illegal.”
MA: “Then there was a lot of funding of outside third party groups that were that were bringing a lot of pressure down on censorship.”
MA: “There’s a unit at Stanford, you know, right next door. The internet censorship unit that was funded by the US government [that] exerted tremendous pressure on the companies to censor, and it was very effective.”
JR: “One of the things that I found really kind of shocking was when they revealed how much money the Democrats had spent on the election, and how much money was spent on activist groups. It’s like more than $100 million, right?”
MA: “There’s extensive Government funding of politically oriented NGOs. NGO is one of those great terms, right? Non-governmental organization, all right. Like what what the hell is that?”
JR: “What is that? Tell me. I don’t know.”
MA: “It’s sort of a charity. But most of the time it’s a political entity. It’s an entity with a political agenda, but then it’s funded by the government. In a very large percentage of cases, including the the NGOs in the censorship complex. Like the government grants, National Science Foundation grants, like direct State Department grants, right? Then its okay. Now you’ve got an NGO funded by the government. Well, that’s not an NGO, right? That’s a GO.”
MA: “You’ve got government officials using government money to fund what what look like private organizations that aren’t.”
MA: “What happens is the government outsources to these NGOs the things that it’s not legally allowed to do.”
JR: “Like what?”
MA: “Like censorship. Like violation of First Amendment rights. What they always say is the First Amendment only applies to the government. The First Amendment says the government cannot cannot censor American citizens. And so what they do is, if you want to censor American citizens, if you’re [what] you do is you fund an outside organization and then you have them do it.”
JR: “That’s like hiring a hitman. Like it’s not okay to murder someone, but you can hire someone to murder someone and you’re clean.”
MA: “When the government does that, [that’s] a very powerful message. Like it’s a message from a mob boss. ‘Don’t you want to do me a favor?’ ‘Yes, Mr. Gambino, I do right. I’d like my corner store not to catch on fire tonight.'”
Also this tidbit: “In her book, Melania Trump, the former first lady, claimed her bank account and that of her son Barron were shut down in the wake of the Jan 6 riots. ‘This decision appeared to be rooted in political discrimination,’ she wrote.” Ya think?
If Democrats didn’t hesitate to go after a First Lady and her son, they certainly wouldn’t hesitate to come after me or you…
Margaret Thatcher said “The problem with socialism is that you eventually run out of other people’s money,” but Cuba appears to have gone them one better: Bad policies means that they’re now running out of their own money.
‘There is no money in the banks’: Cubans stand in line since dawn to cash their paychecks.
“There is no money in the banks to pay people, everyone is upset and they haven’t even given us an explanation,” said Leydis Tabares, a Cuban who resides in Camagüey, to Martí Noticias this Friday.
The problem is nationwide, said Cubans consulted from different provinces by our editorial team. The lack of cash in ATMs has caused state workers to be unable to withdraw the salary deposited onto their magnetic cards.
“In Sancti Spíritus, queues start forming since dawn because by nine or ten in the morning there is no cash left. Some employees have had to wait up to 45 days to be able to withdraw,” reported independent journalist Adriano Castañeda.
According to the journalist, the process of banking and the limitation of cash withdrawals is the cause of this crisis. “That system is a disaster,” he opined.
“A general reform is needed in Cuba, of all kinds, social, political, and economic,” commented independent journalist Guillermo del Sol. According to him, many owners of private businesses in the country have stopped depositing cash due to the same restrictions imposed by the regime.
“The money that Micro, Small, and Medium-sized Enterprises (MSMEs) deposited in the bank they couldn’t retrieve, so they stopped depositing money in banks. And since they are the ones carrying the weight of what little works within Cuba, the banks ran out of money. That’s what’s happening right now,” he explained.
So even in communist Cuba, small and medium size business are what keeps the economy running, and the commies are destroying them by withholding their access to their own money. That’s some mighty fine management, Lou.
In Guantánamo, the shortage of money for worker payment affects all sectors and is creating another type of business in the streets.
“Some charge for making the long queues in the early mornings for employees. There are also people who have cash and charge a 10% fee to deliver the amount of money they have on the card,” commented independent journalist Anderlay Guerra Blanco.
“When there’s an ATM with money, the queues are endless,” said opposition member José Rolando Cásares, who resides in Pinar del Río.
Independent journalist Vladimir Turró explained that in the capital, there are even people who line up pointlessly because at dawn, the bank doesn’t supply cash to the ATM.
“We’re talking about people who gather at banks, some even go to sleep at the ATMs, trying to get some cash, and so they spend days trying to withdraw money,” he said.
When Cuba in early August announced it was taking a major step towards electronic banking and a “cashless” society, the offices of fledgling small businesses across the communist-run country were left scrambling to figure out how to respond.
Most alarming to many budding entrepreneurs was a new 5,000 peso ($20) daily cap on cash withdrawals for businesses, one of several measures the government said were aimed at forcing Cubans to do their transactions electronically, via transfer, online payment and bank cards.
So commies limit bank access to a business’s own cash, and they’re shocked that businesses stop depositing it in banks.
Cubans are preparing for a new wave of inflation after the government last week rolled out details of an austerity plan that economists say will touch nearly every facet of the communist-run island’s already flailing economy.
I guess the austerity plan means the usually tactic of just printing more money is off the table.
The measures – which include price and tax increases and cuts in subsidies – will slow a soaring budget deficit forecast to exceed 18% of gross domestic product and set the stage for growth, according to Prime Minister Manuel Marrero.
Authorities have already announced gas at the pump will jump nearly five-fold on Feb. 1. But some economists say less visible government price increases such as on wholesale fuel and moving freight, as well as sales and import taxes, are sure to ignite substantial hikes on most products and services at the retail level.
“In economics, such prices are not increased in one area without affecting others,” Cuban economist Omar Everleny said in an interview in Havana. “And in general they are passed on to consumers. I think they will increase 400% to 500%.”
Reuters spoke with several Cubans in Havana who said prices were already rising following the announcements and in anticipation of the price hikes – and were set to soar further in the coming weeks.
Snip.
Inflation was 30% last year, cooling slightly from 38% in 2022, according to the government. Many economists say those rates fall short of reality as the government does not adequately monitor a booming informal market pegged to an informal exchange rate much higher than the official one.
In Holidays in Hell, P. J. O’Rourke talks about exchanging $480 for a gymbag full of cordobas in Sandinista Nicaragua. “You probably have to take economics over and over again two or three times at Moscow U before you can make cash worth this little.”
Government officials have announced wholesale fuel prices will double next month, freight transportation will jump between 40% and 60% in March and for the private sector import duties will increase five-fold. Private companies will also be charged a new 10% sales tax on wholesale transactions.
So prices are soaring, but people can’t get their own money out of the bank to make ends meet. So Cuba’s communist government has accomplished the rare feat of a liquidity crunch and soaring inflation at the same time.
A full scale ground war may or may not be developing in Gaza, the Biden recession claims bank branches, California declares itself a “child molesters across from schools” friendly zone, and lots of criminals making very poor decisions. It’s the Friday LinkSwarm!
There was also a screening today for reporters of footage of the atrocities carried out by the organization so many college lefties are cheering for.
I joined about 20 other journalists in a 14th-floor Manhattan conference room to watch the horrific video, which includes footage and images from a range of sources — such as cameras that Hamas attackers wore, dash cams, traffic cameras, and the phones of terrorists, their victims, and first responders — providing evidence of the crimes that Hamas carried out in Israel this month. The footage shows gagged and bound civilians burnt to an unidentifiable crisp; the casual and summary execution of people, including children, cowering under desks in the dark as they hide from terrorists wearing headlamps; the grisly decapitation of a Thai worker already bleeding from the stomach by a terrorist using a garden hoe; and other horrors.
In Gaza, by contrast, there are no visible military facilities, while Hamas fighters can shed their fashionable black outfits and dress like civilians. This will not, however, frustrate the Israeli offensive, which still has fixed, immovable targets. These are the deep tunnels — too deep for aerial bombing — that Hamas has been excavating and lining in concrete for more than 10 years, using construction equipment and vast quantities of cement donated by different governments and international organisations “to house refugees”. As a result, Gaza’s refugee “camps” do not contain a single tent. Instead, they are home to a forest of high-rise apartments, which is undoubtedly a good thing, except for the fact that both machines and cement were also diverted for tunnelling on the largest scale.
These tunnels house relatively sophisticated rocket-assembly lines, motor-assembly works, sheet metal and explosives’ stores, and warhead-fabrication workshops. More tunnels house Hamas command posts and its ordnance stores of small arms, mortars and rockets. Even deeper tunnels house its leaders’ lodgings and headquarters. Finally, there are the exfiltration tunnels, though there is no sign that they were used in the October 7 attacks, perhaps because their exits had been detected and blocked long before.
When Israel’s forces enter Gaza, they will engage any enemies who resist them, but they will not go looking for them. Their task is to escort combat engineers to their job sites — the camouflaged places from which tunnels can be accessed. How do they know where these entry points are? While Israel’s aerostats with cameras, satellite photography and the pictures generated by radar returns cannot reveal tunnels, they have been used to monitor where cement-mixer trucks have stopped over the years. They cannot pinpoint tunnel entrances by doing so, but they can at least identify places worth exploring with low-frequency, earth-penetrating radars or simple probes.
The obvious danger here is that, even before the escorting troops and combat engineers descend underground to fight off Hamas’s guards and place their demolition charges, they will keep losing casualties to snipers and mortar bombs on their way to the sites.
To minimise the danger, however, the Israeli army can rely on the most heavily protected armoured vehicle ever developed: the Namer infantry combat vehicle. As well as having significantly more armour than any other combat vehicle anywhere in the world, it uses an active defence weapon to intercept incoming anti-tank missiles and rockets, and also has machine guns to fight off infantry attackers. In urban combat, tank crews firing machine guns from the top of their turrets are desperately vulnerable, but the Namer’s crew remains “buttoned up” inside the vehicle, relying on TV screens to see the outside world and operate their weapons remotely. In 2014, the last time Israeli troops fought in Gaza, most were riding thinly armoured M.113s, which were easily penetrated by RPG anti-tank rockets, with some 60 soldiers killed and hundreds wounded. Not this time.
After they reach the suspected tunnel sites, the Namers will line up to form a perimeter — an improvised fortress — to protect the combat engineers as they go about their task. It is very likely that there will still be skirmishing before, during and after each de-tunnelling operation, with Hamas mortar teams in action, as well as snipers hidden in ruins. Fortunately, the Israelis will have their 70-ton Namers, as well as their post-2014 street-fighting training, to protect them.
And they will need that protection, as dismantling Hamas’s tunnel network will take time: the one certainty in all this is that the planting of demolition charges cannot be done quickly without suffering many fatalities. This means there will be at least two weeks of war in the Gaza strip — and even this optimistically assumes that the entire tunnel system in the evacuated northern part can be cleared in a week, allowing the Israelis to do the same in the southern sector, after evacuating the southerners and sending home the northerners. The Government’s vow to persist until the destruction of Hamas will be tested every day.
During the first week of October alone, U.S. banks closed a whopping 54 local branches…
Major US banks are continuing to close branches across the US, leaving an increasing number of Americans without access to basic financial services.
Bank of America axed 21 branches in the first week of October, according to a bulletin published by the Office of the Comptroller of the Currency (OCC) on Friday.
Wells Fargo shuttered 15, while US Bank and Chase reported closing nine and three respectively.
In total, some 54 locations had either closed or were scheduled to close between October 1 and October 7.
That is just one week!
Of course bank branches have been closing at a frightening pace for quite some time now.
Last year, U.S. banks shut down about 2,000 more branches than they opened.
I do wonder how many of those closed-branches are in crime-happy Soros-backed-DA zones…
Scenes from the decline of law and order in California: “Dude is a sex offender with a loophole that allows him to be near a school and he can set up the ‘free fentanyl’ sign because he doesn’t actually have the drugs on him.” Social Justice Warriors seem to love pedophiles almost as much as radical Muslim terrorists…
“NewsGuard, a company which claims to rate media outlets’ level of ‘trustworthiness’ and therefore has a meaningful influence over ad revenue, has been sued along with the Biden administration by Consortium News, which also named the Pentagon’s Cyber Command for “contracting with NewsGuard to identify, report and abridge the speech of American media organizations that dissent from U.S. official positions on foreign policy.”
Sometimes you start working on a story, only to find out there are too many unknowns to fairly approach it from a blogging angle, or because you run the risk of looking like a complete jackass. Such is the case with this story of APD Chief Data Officer Jonathan Kringen being charged with domestic violence. Kringen is married to Anne Kringen, who seems to have been brought into APD to wage social justice against it in the wake of the “rimagining Austin police” lunacy. “I think it’s fundamentally important to involve the community voice into policing in all spheres, including the academy, and I’ll work to foster a culture of inclusivity that reflects the needs of a city as diverse and exciting as Austin.” “Provide insight into institutionalized racism and explores the underlying causes of inequality as well as tools to address these causes.” No one should be the victim of domestic abuse, but it appears that neither Kringen should be employed by APD.
Trump’s gag order is so extreme that even the ACLU agrees his free speech rights are being infringed.
The truth about Postcolonialism: “We started with Frantz Fanon calling for violent revolution, and ended with Gayatari Spivak trying to use postmodern philosophy to attack western ideas of knowledge…Decolonization for Fanon was replacing all the colonizers with colonized people, using violence (or threats of violence) in order to free colonized people from the shackles of western influence…Decolonization is the systematic destruction of any and all western influence anywhere and everywhere by any means necessary.”
“On Thursday, 32-year-old veteran NYPD Officer Grace Rose Baez was arrested along with 42-year-old Casar Martinez and charged with conspiracy to distribute narcotics and the distribution of narcotics after they allegedly tried to sell large quantities of drugs to a federal informant between Oct. 9 and 29.” Even NYPD frowns on such shenanigans as setting up your own fentanyl distribution network while on duty…
And they say retail workers aren’t ambitious these days: “California Home Depot Employee Arrested For Allegedly Embezzling $1.2 Million.” “She was basically just manipulating the books on how much she was depositing” and would walk away with spare cash. I know theft in California is bad, but I’m pretty sure Home Depot has all those sales computerized, and is going to catch on when you keep coming up short…
Robber: “Stop! Hammertime!” Gun store owner: “Nope!” BLAM!
Now that Ken Paxton has been acquitted of all charges, Paxton can talk about the forces that conspired to push his bogus impeachment, which he does in this interview with Texas Scorecard’s M.Q. Sullivan.
MQS: “We had a secret investigation take place in the Texas House, with unsworn witnesses offering uh what John Smithy described as triple hearsay as evidence [and] no public hearings.”
MQS: “It’s been said that the Republicans were told this is a loyalty vote to the speaker of the House [Dade Phelan], and if it’s taking out Ken Paxton is what it takes to show loyalty, you have to do it.”
KP: “Democrats have figured out they can block vote. There’s 65 of them. Right now they block vote. They go to the Republicans and they say ‘We’ll get you elected as as speaker if you do what we say. We want to negotiate this deal.’ And so then that speaker who’s really controlled by the Democrats only needs 10 Republicans votes and then the Democrats effectively control [the House].”
KP: “I don’t think it’s any accident that the Biden Administration’s Department of Justice had two lawyers involved with the House investigating committee.”
KP: “I think the Biden Administration was tired of being sued. We’d sued him 48 times in two and a half years, and have been relatively successful with those cases, and I think that was a directive to the Democrats.”
KP: “[Phelan] was directed by the Democrats.” House Republicans need to be as united as Democrats.
KP: “They never had any evidence, and they obviously didn’t when they got to the Senate floor. But I think the message was ‘Do what we tell you to do or else.'”
MQS: “It seemed apparent to a lot of observers that the old Bush machine was ratcheted up against you. Johnny Sutton, Karl Rove, folks like that, who had not had much to say about Texas politics, their fingerprints were all over this from from very early on.” Sutton held several roles at the state and national level under George W. Bush, and was eventually appointed U.S. Attorney for the Western District of Texas.
KP: “This whole Coincidence of George P., after, what, 10 years of not having his license, on October 1st he asked the State Bar to get his license back. That just so happened to be that later that day that the these employees of mine told me that they’d turn me into the FBI. So somehow on that same day, before I knew about it, George P. is applying for his license.”
KP: “I think that that was the first sign that the Bush people were involved in this. And I think you can see from Johnny Sutton representing every one of these employees, that he was he’s doing this for free for the last three years, without ever sending a bill or even having a fee arrangement, that doesn’t make any sense either.”
KP: “Karl Rove wrote the editorial and he was directed, and I think given, that editorial by Texans for Lawsuit Reform. So you have all of these Bush connections that sought to get rid of me.”
MQS: TLR “is a group that has been kind of the de facto business lobby for more than two decades.”
KR: “They have definitely changed. They become a lobby group. They’re beholden to large, either corporate interests or individual interests, that don’t necessarily reflect the views of the Republican party.”
Sullivan suggests Paxtons problems may have started when he started targeting big tech and big pharma.
KP: “There’s a reason that we we’re looking at Big Tech, because they control the marketplace and they’re trying to control speech and control entire market activity on on advertising. There are issues related to them being deceptive in how they advertise, and also in what they tell consumers about what they’re doing with their information.”
KP: “Big Pharma obviously involved in this vaccine mandate, and potentially getting away with not actually testing their their vaccine, and telling us it does one thing when it does another.”
Paxton also brings up the role of banking as an industry that may not have been happy with him.
In another interview with Tucker Carlson, Paxton said he considers Texas Senator John Cornyn “a puppet of the Bush family” and will consider running against him in 2026.
A Soros-backed DA is stepping down, a Harvard prof lying about playing footsie with commies sentenced, and another Democratic fundraiser convicted of fraud. It’s the Friday LinkSwarm!
Good news, everyone! Soros-backed St. Louis Democrat DA Kim Gardner has resigned.
On Thursday, a progressive prosecutor who was notoriously funded by far-left billionaire George Soros announced her resignation, after months of bipartisan pressure to do so.
Fox News reports that Kim Gardner, the Circuit Attorney for St. Louis, announced that her resignation will be effective June 1st. Gardner was one of the first prosecutors in the country to be bankrolled by Soros, who has since expanded his efforts to other major cities across the country. She was first elected in 2016 and re-elected in 2020, largely due to Soros’ financial backing. Prior to her resignation announcement, she had declared her intention to run for a third term in 2024.
After years of criticism for being soft on crime and siding with criminals over victims, Gardner faced a whole new wave of criticism from both parties over an incident in February: Teenage volleyball player Janae Edmonson, who was visiting St. Louis from Tennessee for a tournament, was hit by an out-of-control car while crossing the road; although Edmonson survived, she had to have both of her legs amputated.
The driver of the car was Daniel Riley, a man who was out on bond while awaiting trial for an armed robbery case. It was later revealed that Riley had violated the terms of bond dozens of times, but was never arrested. When the blame turned to Gardner for failing to keep him off the streets, she falsely claimed that her office had attempted to have Riley jailed once again, only to be denied by a judge; there are no records of her office filing any such motion or otherwise seeking the revocation of Riley’s bond.
Following the Edmonson incident, Missouri Attorney General Andrew Bailey (R-Mo.) filed a petition quo warranto, the process by which the state attorney general can fire a prosecutor who has been determined to be neglectful of her duties. Bailey claimed that as many as 12,000 criminal cases have been dismissed due to Gardner’s failures, with another 9,000 having been thrown out right before they were set to go to trial, due to Garnder’s office refusing to provide evidence and speedy trials for defendants.
After Gardner’s announcement, Bailey released a statement demanding that she vacate her office immediately, rather than wait for another month.
Wagner Group chief Yevgeny Prigozhin said he will pull his mercenaries out of the meat grinder that is the Ukrainian city of Bakhmut on May 10, one day after Russia’s Victory Day Celebrations, which Russian president Vladimir Putin is expected to use to shore up support for the Russian invasion.
The Wagner Group, a well-known mercenary unit known to be one of Russia’s most competent fighting divisions, is leading the charge on Bakhmut, a city that that has gained outsized symbolic importance.
“I am withdrawing the Wagner PMC units from Bakhmut, because in the absence of ammunition they are doomed to senseless death,” Prigozhin said in full military fatigues and carrying an automatic weapon. The video he released showed him surrounded by masked Wagner fighters. Prigozhin also released a statement to the same effect.
His forces had no choice but to withdraw to rear bases to “lick the wounds,” said Prigozhin, as translated by the Washington Post. If Wagner goes through with the withdrawal, it would be viewed as catastrophic in terms of morale. The Russian invasion has ground to a standstill after large-scale Russian and Ukrainian offensives last year. Kyiv, which has been amassing ammunitions including tanks and fighter jets, is expected to launch a fresh counterattack in the very near future.
Prigozhin also launched a remarkable video tirade overnight on Telegram in which he displayed bodies of dozens of Wagner soldiers killed in Bakhmut. He angrily laid into the Russian Defense minister Sergei Shoigu and Valery Gerasimov, chief of the general staff of the Russian armed forces, for supplying Wagner with only 30 percent of the ammunition that’s needed.
The statement released today claimed that number was even lower, standing at 10 percent.
One caveat is that we’ve heard complaints from Prigozhin about his ammo supply before.
Russian soldiers dig trenches in horse graveyard in occupied Ukraine. Now they have anthrax.
“Biden CIA chief met with Epstein several times after financier convicted of child sex crime. Central Intelligence Agency Director William Burns had three meetings with Jeffrey Epstein in 2014, when the top spy official was deputy secretary of state and after Epstein was convicted of child sex exploitation.” (Hat tip: Stephen Green at Instapundit.)
“Harvard chemistry professor sentenced for lying about ties to CCP…Former Harvard University Chemistry Department Chair Charles M. Lieber was sentenced Wednesday to time served and over $80,000 in fines for committing fraud and for failing to disclose his connections to the Chinese Communist Party.” (Hat tip: Instapundit.)
New Jersey Democratic campaign strategist James Devine was charged with election fraud for allegedly submitting more than 1,900 fake petitions to help secure a 2021 Democratic gubernatorial primary ballot spot for candidate Lisa McCormick, New Jersey Attorney General Matthew Platkin announced Tuesday.
Devine was McCormick’s campaign manager and sent the fake voter certifications to the New Jersey Secretary of State’s Division of Elections via email in April 2021, but the New Jersey Democratic State Committee challenged his attempt days later, arguing that all the forms featured same the style of signature and at least one of the named voters was deceased, Platkin said.
A judge subsequently took McCormick off the primary ballot, and Devine is now charged with third-degree offenses concerning nomination certificates or petitions, tampering with public records or information and fourth-degree falsifying or tampering with records.
LoRA updates are very cheap to produce (~$100) for the most popular model sizes. This means that almost anyone with an idea can generate one and distribute it. Training times under a day are the norm. At that pace, it doesn’t take long before the cumulative effect of all of these fine-tunings overcomes starting off at a size disadvantage. Indeed, in terms of engineer-hours, the pace of improvement from these models vastly outstrips what we can do with our largest variants, and the best are already largely indistinguishable from ChatGPT. Focusing on maintaining some of the largest models on the planet actually puts us at a disadvantage.
How severe? How about $105 billion drop in loans in just two weeks.
“This credit crunch greatly increases the chances that America is going to have a deflationary recession or depression at some point in 2023. And, in fact, we could already be in it.” Ya think?
“We’re going to see the unemployment rate start to spike in America in the second half of 2023, In fact, we’re already seeing a big increase in unemployment claims data from the Federal Reserve shows that continued unemployment claims has surged since September.”
“We’re seeing a big surge in mortgage defaults right now across America, particularly on what’s called FHA mortgages. FHA mortgages are these first-time home buyer loans that the US government sponsors and allows people to only put three to five percent down. Well, these loans now have a 12% default rate in the most recent month of February 2023.”
Debt-to-income ration is now higher than it was at the pre-subprime meltdown peak in 2008.
“The Biden Administration has been very aggressive in wanting to expand mortgage access to low-income borrowers who can’t afford these mortgages. And they do this under the guise of expanding the benefits of home ownership to everyone, but really what they’re doing is they’re saddling at-risk economic households with a lot of debt near the peak of a housing bubble.”
“When banks tighten the belt and businesses can no longer get loans, businesses have to shut down, or what businesses have to do is, they have to start liquidating their holdings and taking whatever cash they have and use it to pay expenses. This is actually a concern of mine.”
“This bank credit crunch which is occurring right now could cause even more bank runs in the future” as people pull money out of the bank to cover expenses.
Quantitative tightening is back on.
“Mortgage application demand is on par with what we saw basically in the worst of the last housing crash in 2008, 2009, 2010, and so, no, there is no recovery.”
“The regular home buyer is still out of the housing market and is not returning.”
“The money supply in America is contracting…every other time in history it contracted, which was four times, we had a depression, a panic and a banking crisis.”
Cheerful enough. But if you’re a car dealer, things are even worse:
Banks are cutting off backing loans and providing credit to dealerships.
Not just used car dealers, but even national brand, nameplate dealerships.
This all started back in 2020, when banks started lending way too much money on cars that simply aren’t worth it, to consumers that simply couldn’t afford these payments, and shouldn’t have got the car in the first place…Let’s fast forward to 2023. We’re seeing record high repossession rates, and we’re seeing record high portfolio sell-offs, where people are just liquidating their paper because they don’t want to take on the risk of all these really bad auto loans, because they owe too much money. People are not making payments and they see the value of cars going down.
The fewer banks dealers can pit each other against for loan terms, the higher the interest rate consumers have to pay.
Dealers (not the banks) are also the ones who get screwed if a customer misses their first through third car payment.
Texas car dealer: “He was floored because he sells a lot of trucks between $45- and $65,000 trucks. Four of his banks told him that they’re no longer lending over twenty five thousand dollars.” (Previously.)
“I promise you this: it’s only gonna get worse.”
But wait! It gets worse!
“Capital One is going to start pulling their floor plans from dealers.”
“Floor plans” are the lines of credit dealers use to purchase cars to populate their lots, even the big nameplate dealers.
“Dealers are overexposed right now. They have paid way too much for their inventory and now they are having a hard time selling it.”
“It is so much harder now than it has been in the last two years to get people approved for loans to be able to sell these vehicles.”
“[Banks] do not want to get stuck holding the bag on these cars.”
“Dealers have been stupid. They have overpaid and they have too much inventory right now.”
“Some of these dealers, if they’re having cars 60, 90 days and maybe they’re getting a little bit behind on their payments [the] floor plan company will actually go to these dealers lots and they will take these cars that have been sitting too long, they’ll take them to the auction.”
“If they didn’t have the cash, the liquidity, to begin with, then they have to start liquidating cars, and they have to liquidate them fast to be able to pay their flooring lines…if they lose these flooring lines, they might as well not be in business, they don’t have the cash to be able to buy more inventory to be able to sell it to make more money.”
Banks pulling their floor lines could potentially crash the whole car market.
Things are going to get worse for car dealers before it gets better, and six months from now might be a great time to buy a car, assuming you’re not too busy shooting starving looters trying to steal your canned goods…
More on the collapse of Silicon Valley Bank, Syria gets spicy again, woke companies like Disney are having massive layoffs, and Sig Saur gets into the Killbot business. It’s the Friday LinkSwarm!
Courtesy of Bloomberg’s reporting, it appears that not only were insiders dumping their shares faster than syphilitic hooker, there were loading up on loans from the bank at a scale that makes a mockery of any regulatory oversight…
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Yes, that’s real.
Loans to officers, directors and principal shareholders, and their related interests, more than tripled from the third quarter last year to $219 million in the final three months of 2022 – a record dollar amount of loans going back over 20 years.
Many questions come to mind – what were the terms, who were the recipients, what was the collateral?
But, sadly, we will likely never know.
However, we do note that the banking execs may be facing a serious shortfall (like their bank): if the loans were collateralized by SVB shares for example, those shares are now worthless, leaving the loan-heavy C-suite left to come up with the cash to repay the loans (and no, these loans don’t disappear with the bank’s liquidation).
Between that and the insider share dumping, people need to go to jail.
After the implosion of the FTX crypto exchange run by Sam Bankman Fried, questions of due diligence and competency immediately arose, suggesting that perhaps the company mishandled assets “accidentally” and that Fried was naive and “in over his head.” Numerous central bank officials and globalist organizations jumped into the debate almost immediately, arguing that FTX was a perfect example of why centralized regulation of crypto and digital currencies was necessary. They claimed that without oversight by banking elites, disaster was inevitable.
Of course, what they did not mention was that FTX and Sam Fried already had extensive connections with globalist groups including the World Economic Forum. In fact, the very basis of Fried’s business model was the WEF’s “Stakeholder Capitalism” theory, which he often referred to as “Effective Altruism.”
Stakeholder Capitalism is essentially the opposite of free markets – It is a socialist/globalist framework which uses corporations as a kind of economic enforcement tool. Corporations are already highly socialistic in their operations, and their existence is completely dependent on their special relationship with government. Corporations are created through government charter, enjoy special protections under “corporate personhood” laws and avoid direct consequences for criminal activities through limited liability.
Many corporations are not even allowed to fail because governments backstop their operations. That’s socialism, not free markets. However, “stakeholder capitalism” expands on this dynamic a hundred-fold.
Where free markets assert that businesses must make profit their primary objective for the overall economy to function, the WEF asserts that companies including banking institutions have a social obligation that goes beyond making money. To the typical leftist this probably sounds like a Utopian vision filled with promise, but to anyone that actually understands economics it sounds like a recipe for the collapse of civilization.
The WEF paints stakeholder capitalism an effort to reign in the power of the corporate system in favor of social causes. In reality, it’s a way to give corporations ultimate power over everything, including ultimate influence over public behavior.
We have seen extensive evidence of this through widespread corporate ESG investment programs implemented in the past several years. It is no coincidence that the invasion of woke ideology into the mainstream happened at the exact same time that ESG-based lending accelerated.
The institutions lending to various companies were able to set social rules for access to credit, and these rules required businesses to adopt far-left politics in their marketing and policies as a result. Stakeholder capitalism is about homogenizing all business into a single ideological entity – Instead of competing with each other for market share through innovation, companies have been abandoning merit based competition and are colluding to saturate the mainstream with social justice cultism, climate change propaganda and globalist rhetoric.
By making corporate elites “responsible” for society, we give them the power to engineer society.
However, the WEF’s model of false altruism is turning out to be a disaster for corporate survival. I have to wonder now if this was the intent all along – To create a kind of ESG fueled woke financial bubble that was always intended to come crashing down, leaving the western world in ruins.
Snip.
Looking into SVB’s operational history, the company was a woke nightmare.
Take a gander at their 66 page ESG report compiled in 2021 to get a sense of how far to the extreme political left the bank was. SVB is the pinnacle example of why “Get Woke, Go Broke” is more than a mantra, it’s a rule.
Digging even deeper we then find that SVB’s leadership was highly involved in the WEF and their Stakeholder Capitalism Metrics (SCM), along with corporate governance. SVB was not only implementing every single policy the WEF outlines in its agenda, they were reporting back to the WEF on their progress.
SVB’s capital exposure was heavily tied up in securities, but also venture capital for woke tech startups, climate change related projects and leftist activist groups which qualified for ESG loans; everything from BLM to Buzzfeed. In other words, they were investing aggressively into money-pit projects that devoured cash and gave nothing back. The real question is, how many US banks are involved in ESG and WEF operations at the same level as SVB? Dozens? Hundreds?
“U.S. Carries Out Airstrikes in Syria after Iranian Drone Kills U.S. Contractor, Wounds Five Service Members.” As I’ve mentioned before the withdrawal of most U.S. troops from Iraq and Syria doesn’t mean all. And the same goes for Africa.
“56% of liberal white women age 18-29 have been diagnosed with a mental health condition.” Well, you already said “liberal”…
Louisiana state Rep. Francis Thompson switched from the Democratic to the Republican Party, given Republicans a super-majority in both houses and thus the ability to override any veto by Democratic Governor John Bel Edwards. ““The push the past several years by Democratic leadership on both the national and state level to support certain issues does not align with those values and principles that are a part of my Christian life,” said Thompson.
World Athletics, the governing body for international track and field competition, has banned men from international competition. “I’ll take ‘Headlines no one in the 20th century would understand’ for $600, Alex.”
“Dallas Bar Cancels All-ages Drag Event.” Funny how the threat of having your TABC license yanked concentrates the mind…
Get Woke, Go Broke Part 1: After a string of expensive bombs and streaming losses, Disney to lay off 7,000 employees.
Get Woke, Go Broke 1.5: “Woke Marvel Producer Victoria Alonso Gone From MCU.” She was one of the central figures pushing Disney to adopt a pro-groomer position in Florida. The ostensible reason for her firing was breach of contract for producing a non-Marvel movie, but a lot of industry insiders think her outspoken wokeness was a key reason for her getting the axe.
Get Woke, Go Broke Part 2: “Twitch Streaming Service To Sack 36% Of Employees.”
SIG Sauer announced late last week it has acquired General Robotics, one of the world’s premier manufacturers of lightweight remote weapon stations and tactical robotics for manned and unmanned platforms as well as anti-drone applications. The companies have been working in concert for some time, a fact made obvious at January’s SHOT Show when they debuted a Polaris ATV equipped with a General Robotics PitBull remote weapons station that aimed and fired the vehicle-mounted SIG MG 338 belt-fed machine gun remotely.
“This acquisition will greatly enhance SIG Sauer’s growing portfolio of advanced weapon systems,” said Ron Cohen, president and CEO of SIG Sauer. The team at General Robotics is leading the way in the development of intuitive, lightweight remote weapon stations with their battle-proven solution.”
I meant to mention something about the Credit Suisse situation in Friday’s LinkSwarm but ran out of time. I’m not an expert on European banking in general or Swiss banking in specific. (As opposed to being a squinty, one-eyed, myopic man in the land of the blind sort of expert on American banking, which is not very.) But it’s a big story, so I suppose I should post something about Credit Suisse.
So here’s something.
First, as of this writing, it appears that fellow Swiss bank UBS is about to take over Credit Suisse, probably with the financial backing of the Swiss National Bank (SNB)
Late on Thursday, just hours after the SNB had launched the first (of many) bailout attempts of Swiss banking giant Credit Suisse, Bloomberg blasted the following headline:
*UBS, CREDIT SUISSE SAID TO OPPOSE IDEA OF A FORCED COMBINATION
This lack of enthusiasm by UBS to acquire its struggling rival of course forced the Swiss National Bank to front CS a CHF50 billion credit line to hold it over for the next four days amid a furious bank run, one which we said would be woefully insufficient to restore confidence in the collapsing lender, and which we probably used up in just a few hours.
Then, late on Friday, both banks “unexpectedly” changed their minds and we got the following 180 degree U-Turn report from the FT:
*UBS IN TALKS TO ACQUIRE ALL OR PART OF CREDIT SUISSE: FT
So a deal is inevitable after all… but as always, there is a footnote one which we predicted yesterday when we said that a deal would only happen if the acquiring bank – in this case UBS – got a full central bank backstop.
That now appears to be the case with Bloomberg, Reuters and the WSJ all reporting that UBS is asking the Swiss government for a backstop to cover future risks if it were to buy Credit Suisse Group AG, after the Swiss National Bank and regulator Finma have told international counterparts that they regard a deal with UBS as the only option to arrest a collapse in confidence in Credit Suisse. The FT reported that deposit outflows from the bank topped CHF10bn ($10.8bn) a day late last week as fears for its health mounted.
Here’s Patrick Boyle on how Credit Suisse brought itself low:
One big take-away: It wasn’t bad investments per se that wrecked confidence in the bank, it was involvement in a series of scandals, as they have “a strong, liquid balance sheet.” “Credit Suisse has instead been plagued by repeated scandals. From spying on a former employee, a criminal conviction for allowing drug dealers to launder money, a massive leak of client data to the media, Archegos, Greensill, Mozambique ‘tuna bonds,’ the list is too long.”
UK courts are at the heart of a spate of litigation arising out of the Mozambique “Tuna bond” or “hidden debt” scandal. The scandal involved $2 billion of bank loans and bond issues from Swiss bank Credit Suisse and Russian bank VTB. The bank loans were taken out in secret by Mozambican state-owned companies, without the legally required approval of the Mozambique Parliament and backed with hidden government guarantees.
The loans were intended to finance contracts between the state companies and a Lebanese-UAE based ship builder, Privinvest, between 2013-2016 for three maritime projects. These projects were intended to boost maritime security and develop the country’s fishing industry. However, a 2017 audit by Kroll found that $500 million of loans could not be accounted for and that Privinvest may have over-inflated prices by $713 million. The audit also found that $200 million of the loans were spent on bank fees and commissions.
So it turns out that Mozambique’s political and business elites are at least as corrupt as our own political and business elites.
Good to know.
Ironically, according to Boyle, the reason European banks may be in better shape than our own is because they had to deal with the fallout of the Euro crisis. “This is not because European banks are very good — it is precisely because they have historically been quite bad.”
Practically every banking regulation in existence commemorates a time when things went badly wrong, and Europe spent a decade toughening up banking regulation because it went through a rolling multiyear euro crisis. The European regulators have a detailed set of standards for testing interest rate risk, with the idea that they will be applied to every significant bank in Europe. Unrealized losses are not ignored under this regime and the global Basel standards on stable funding are applied across the entire banking sector. This is quite different to the regulations applied to community banks in the United States who lobbied the government for regulatory exemptions over the years.
“The economist Matthew Klein argued in a blog post that banks today can be seen as speculative investment funds grafted on top of critical infrastructure, and that this structure is designed to extract subsidies from the rest of society by threatening civilians with crises if the banks’ bets are ever allowed to fail.”
Was Credit Suisse infected with the radical transexual social justice warrior madness as the rest of our elites? Of course they were:
Fear not! The banks that are failing are not woke! OK, they’re woke, but they’re not broke! OK, they’re broke, but they are not without allies who realize that they must support this house of cards freak show. OK, the contagion will take the little people down, but so what? https://t.co/D76Y8svHTL
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