School District Takes Next Step In Ditching Seattle Gifted Program

Authored by Jason Rantz via mynorthwest.com (emphasis ours),

Privileged progressives, donning their white knight armor, are in the next phase of a plan to end Seattle Public Schools’ gifted students program — known locally as its Highly Capable Cohort (HCC). They complained the HCC was too white.

(Photo courtesy of KIRO 7)

HCC separates academically gifted students from others via different classrooms or entirely different schools. But in 2020, white Seattle school board directors voted to terminate the HCC over the objections of parents. HCC will be completely phased out by the 2027-28 school year. 

Outraged more by the success of white and Asian students than by the untapped potential of black and Hispanic pupils, progressives would rather drag achievers down than elevate everyone. These self-proclaimed saviors boast on social media about tackling inequities, oblivious to the harm they inflict. Indeed, the program to replace the HCC, and be implemented in every classroom, ensures that gifted students will be unchallenged, struggling students will escape the attention they deserve and teachers will be overwhelmed. In other words, everyone will be equitably harmed.

More from Jason Rantz: Seattle English students told it’s ‘white supremacy’ to love reading, writing

Why did Seattle Public Schools gifted program end?

Critics argued the students in HCC did not reflect the diversity of the community. The move was prompted by Black Lives Matter activism.

In 2018, three years after Seattle Public Schools (SPS) hired an “equity specialist” to address so-called racial inequities, the students HCC served 13% multiracial, 11.8% Asian, 3.7% Hispanic and 1.6% black. (By 2023, it was 20% multiracial, 16% Asian, 8.2% Hispanic and 3.4% black.) Critics argue that because the HCC didn’t match the district’s diversity, the program was irredeemably racist and needed to be dismantled.

But parents, including those who are black, Asian and Hispanic, argued against closing them down. They argued that SPS should work harder to identify minority students who are eligible for HCC, rather then kill the program entirely.

One father pleaded that the Seattle School Board “consider the disservice you would be doing to the minorities that are already in the HCC program.” He argued that the gifted program “does more for Black children, particularly Black boys, than it does for their peers.”

But the extremist Seattle School Board was unmoved.

Then-director Chandra Hampson accused black parents supporting the HCC as being “tokenized” by white Seattle parents. 

What is replacing the gifted highly capable cohort program?

The “whole-classroom model” is replacing HCC and be implemented in each classroom starting in the 2024-25 school year. It’s unworkable.

Read the rest here...

Tyler Durden Fri, 04/12/2024 - 20:20

The Freedom That Once Was The Internet

Authored by Jeffrey A. Tucker via The Epoch Times (emphasis ours),

It’s time to declare as regards the internet of old: Requiescat in Pace.

In this photo illustration an internet page is displayed on a computer screen in London, England, on April 13, 2006. (Scott Barbour/Getty Images)

It’s dead. We might as well face it.

Nearly every large application and website in existence, meaning most of what people use on what we call the internet, constituting an estimated 95 percent of the main portals of information, is now compromised by some power somewhere, making them no longer part of the free world and no longer part of the army of truth.

If that shocks you, you haven’t used Google or Facebook recently. They are both heavily rigged not to get you the information you want but rather to push out to you information that someone somewhere wants you to have. And the situation is getting worse, not better. This is despite impending court challenges that are hoping for a restoration of free speech. If there were a serious threat that this would happen, wouldn’t we see the censored venues improve and not worsen?

The situation is heartbreaking and gives rise to melancholic reflections on the promise and betrayal.

My fear is that hardly anyone remembers a time when the internet held out the highest hope in modern history for the emancipation of humanity from the control of the powerful. I had a model in my own head of a mass migration out of the controlled and regulated physical world and into a digital realm that was so large, so potentially infinite in scope, containing so many nodes and so many content providers, that states would be hopeless in the face of it.

Yes, I was the paradigmatic case of the techno-utopian who got bitten by the bug of progress in about 1996. I was sitting there at my desk, newly aware of these things called websites, and managing one myself. I put up a few old issues of a newsletter. A few days later, I needed to look at that newsletter. I saw it sitting across the room. At that moment, I suddenly realized that it would actually be easier just to look at it online.

Now, you might laugh when you hear that story. But keep in mind that at that point in history, most people had no idea of the extent of the power of this tool. I did not. I knew that I could post things and they would appear on a screen. But it wasn’t until that moment that it suddenly dawned on me. By posting anything online, I could liberate any bit of information from the physical world, in which only I could have access so long as I was sitting there, and give that same piece of information to millions and billions of people, possibly forever.

I did a deep intake of air in a state of shock and amazement. I immediately knew what my task was. I was determined to get every valuable piece of content in my possession and scan and post in every possible format. I was surrounded by out-of-print items of every sort. I got to work, piece by piece, putting it all up there for the world. I knew it would likely take me the rest of my career to do this but it was joyful work, work that would free the world. I would do my part.

It was two years later when a friend wrote me: “I have the name of a new search engine you absolutely have to try.”

“What’s wrong with AltaVista?” I asked.

“Nothing but this one is far better. It’s called Google.”

Sure enough, it was better. We all adopted Google as a friend. And it was for a very long time. It only improved day by day, and eventually solve the problem of email spam that was the biggest threat to software functioning at the time.

In those days, those of us playing with all these new tools felt like insiders and revolutionaries. We learned to code. We ate and slept HTML, and later learned to separate content and presentation with style sheets. We learned to manage servers and then build online databases to economize on processes to avoid tangles. We played with image formats and sizes. We learned about maximizing speed and search engine access. Every day, we learned a new trick and deployed it.

Goodness, those were heady times. We wore thumb drives from strings around our necks and were constantly plugged in, as builders of the new world.

We felt like we were part of a community, a global one, with the same ideals. Information naturally wanted to be free, we theorized and we believed, and it was up to us to make that happen. Nothing could stop us, not even governments. With unbreakable encryption not even backdoors to servers could do the trick. I ended up writing two full books on the thesis that the more we digitize everything, the freer we would become.

Truth is that everything around us seemed to confirm this view. Social media came along as did video services and free video calling plus every form of instant message to connect us instantly with anyone on the planet. When translation tools became available, even language barriers were breaking down.

My scanning and publishing projects had gone on hyperdrive. I put in several thousand books plus old journals plus diaries plus newsletters and magazines. And I cooperated with teams around the world to make them into digital books and then print books and searchable databases. The universe of information we were creating scaled and scaled and there seemed to be no limit to the abundance of connectivity and information that would pass through these magical tubes that were connecting the planet from one end to the other, regardless of nation states.

Was it always an illusion? Probably. The point is that the internet at its height was built by people (like me) who believed in it and worked toward achieving the ideal.

The ideal became gradually compromised over time. Copyright claims wrecked the idea of putting all knowledge online, as the Google Books program quickly discovered. Patent claims stopped the development of new tools, and did their part to consolidate the industry. Gradually what led to institutional power on the internet was not use or innovation but war chests of claims of “intellectual property.”

Such claims were inherently at war with what the internet wanted to be. I joined a band of brothers and sisters who were going to get rid of such old-fashioned rules and replace them with new ones, including file sharing apps and open declarations of Creative Commons licensing. Indeed, we had everything solved, a perfect way forward.

We forget one thing: the long historical trajectory of powerful states and their powerful corporate allies to work together to consolidate control and exploit the rest of humanity. As it turned out, there was no technical solution to that problem, no code, no app, no legal trick, no innovation, and not even a mass movement. The cartels got busy to regain control.

I’m going to date this new period of consolidation from about 2012 onward. It’s hard to say exactly when it all took shape but it was at some point during the Obama years. The antitrust lawsuit against Microsoft was the warning shot: play ball with the state or we will break you up. That threat is still with us.

Looking back, it’s clear that some people in government and corporate boardrooms simply declared: this new freedom that people think they have cannot work for stabilizing our power. We have to bring it to an end. The new world will operate more like the old.

The victory of Brexit in the UK and the election of Donald Trump in 2016 terrified elites the world over, and these seemed to be backed by growing populist movements far and wide. It was at this point that powerful interests simply decided that internet freedom had not worked for their interests. They decided to declare it to be over.

There were three steps in this process.

First, consolidate the industries, so that we only have to deal with a few rather than many: Google, Microsoft, Facebook, and a few others. Have them buy up any and all innovative competitors and either rope them into their operations or shut them down completely.

Second, erect high regulations in the industry to make sure that these main players are permanent and not challenged anymore by punks in a garage somewhere.

Third, embed regime-sympathetic managers and investors at these institutions and gradually turn them from serving the public to serving the regime.

The lockdown games of 2020 and following were their chance to deploy their new machine of censorship and control to see just how well they worked to propagandize the population. As it turns out, they worked pretty well. And that leaves only one last step: criminalize all speech that contradicts that which is approved.

That is happening in Brazil. The United States is next. China is the model of control.

Fortunately and for now, the work of many of us from the past survives in various forms but for how long? It is clear where we are headed. The power elite want the internet to work exactly like media of old: three channels saying all the same thing forever.

Will they get away with it? So far it is working. Of the internet dreams of old, we can say: The dream was betrayed at multiple levels and in ways is worthy of great novels.

To gain full control of the internet as a means of managing the public mind, however, is going to take far more than consolidation and surreptitious infiltration. To complete the task will require a level of population coercion on a scale we’ve never seen in history. Possible? Doubtful.

As for the dream of achieving freedom itself, we will always say: “Per aspera ad astra.”

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

Tyler Durden Fri, 04/12/2024 - 19:40

Biden Punishes Drillers With 15-Fold Increase In Permitting Costs, Plans To Block Arctic Oil Extraction

One week after the Biden administration slapped new regulations on key power grid components, the Washington Post reports that US oil and gas companies will face a 15-fold increase in costs to drill on federal land, under a new rule released on Friday.

Workers operate a drilling rig while plugging an abandoned oil well north of Shelby, Mont. (Adrián Sanchez-Gonzalez for The Washington Post) (Adrian Sanchez-Gonzalez/For The Washington Post)

Under it, the Interior Department's Bureau of Land Management will require drillers to pay $150,000 per lease on federal lands, up from $10,000 - the first comprehensive update to the federal oil and gas leasing program in over three decades.

Fossil fuel companies will also be required to pay higher royalties to the government on oil and gas extracted from federal lands - jumping from 12.5% of revenue to 16.67%.

That's not all...

The rule comes as the Biden administration readies a sweeping plan to limit future oil drilling across roughly 13 million acres of Alaska's North Slope, which the US set aside a century ago as an emergency supply.

That initiative, set to be finalized in the coming days per Bloomberg, comes as both oil executives and Alaska lawmakers have sounded the alarm over the plan - saying that it could thwart oil and gas development throughout the reserve, even on existing leases.

The Interior Department said in a preamble the regulation wouldn’t affect existing leases. But the proposed rule text doesn’t offer similar, explicit assurance. Instead, it proposes to give the government broad authority to limit or bar access to existing leases, “regardless of any existing authorization.” Oil leasing and infrastructure development would be presumed not to be permitted unless specific information clearly demonstrates the work can be done with “no or minimal adverse effects” on the habitat.

"This would be bad for America’s energy security," Sen. Lisa Murkowski (R-AK) said on X, adding "It would openly defy federal law while ignoring rising energy prices and growing global volatility. "

"It would yet again sanction Alaska instead of nations like Russia, Iran, and Venezuela," she added.

This would be bad for America’s energy security. It would disrespect Alaska Natives on the North Slope, who were ignored in a sham public process. It would openly defy federal law while ignoring rising energy prices and growing global volatility. It would yet again sanction…

— Sen. Lisa Murkowski (@lisamurkowski) April 12, 2024

The Biden administration has argued that the changes are necessary to protect 'sensitive landscapes' that provide habitat for polar bears, migratory birds and caribou.

"We must do everything within our control to meet the highest standards of care to protect this fragile ecosystem," said Interior Secretary Deb Haaland said in announcing the measure last year, Bloomberg continues.

How very inflationary...

Tyler Durden Fri, 04/12/2024 - 19:20

"I Cannot Afford To Live": Americans Get Emotional As The US Economy Goes Off The Rails

Authored by Michael Snyder via The Economic Collapse blog,

As we approach what is likely to be the most chaotic presidential election in U.S. history, troubling signs are starting to erupt for the U.S. economy.  In fact, CNN is actually admitting that “the long-predicted storm clouds in the economy may actually be forming”.  I can’t remember the last time that I saw a CNN article with a headline like that.  But at this point, it is becoming extremely difficult for the mainstream media to avoid the truth.  Inflation is getting worse at the same time that many key sectors of our economy are slowing down.  If you thought that the last couple of years were rough for the economy, just wait until you see what is coming next.  Tremendous turmoil is on the horizon, and the American people are becoming increasingly emotional about our rapidly growing economic problems.

On Wednesday, we learned that prices jumped even more than expected during the month of March…

Inflation jumped in March as prices for consumer staples such as gasoline edged higher and those for housing remained stubbornly high, suggesting inflation may be a bit stickier than it seemed just a few months ago, economists said.

The consumer price index, a key inflation gauge, rose 3.5% in March from a year ago, the U.S. Labor Department reported Wednesday. That’s up from 3.2% in February.

Lots of pundits on television are telling us that this is really bad news for Joe Biden.

But if prices were only rising at a 3.5 percent annual rate, that would be outstanding news.

In fact, if prices were only rising at a 3.5 percent annual rate I would not be concerned about inflation at all.

Of course by now everyone realizes that the way inflation is calculated has been changed repeatedly over the years and so the numbers that the government gives us are essentially meaningless at this point.

In order to get a realistic idea of how much prices are rising, we need to look at specific categories.

For example, Fox Business is reporting that the cost of energy “is up 36.9% from where it was in Jan. 2021″…

Tuesday’s inflation numbers punctuate what has been a dreadful three years for energy consumers. The overall cost of energy in March is up 36.9% from where it was in Jan. 2021, according to the Department of Labor’s Bureau of Labor Statistics.

Of course energy prices are going to go a lot higher than they are right now.

Just wait until Iran and Israel start lobbing missiles at one another.

Housing has become insanely expensive as well.

In fact, the average monthly mortgage payment on a newly purchased home has approximately doubled since Joe Biden entered the White House.

So how in the world can they possibly tell us with a straight face that inflation is in the low single digits if that is the case?

Home insurance rates are going into the stratosphere as well.

One 71-year-old retiree in South Dakota says that his home insurance payment went up by 110 percent in just one year…

Ken Brown is worried he is going to be forced out of his house if his home insurance premium continues to go up.

The 71-year-old retiree who lives near Rapid City, South Dakota, has seen his annual cover with American Family skyrocket almost 110 percent in the last year – from $1,665 to $3,490.

Ken is on a fixed retirement income, while his wife Valeria, 68, is still working to help cover the insurance bill – and a whole host of other rising costs.

Let’s be honest with ourselves.

The truth is that we are in the midst of the worst inflation crisis that any of us have ever seen.

Don’t let them gaslight you.

The price of food is also going nuts.  At one location in California, a 40 piece order of Chicken McNuggets and two orders of large fries will now set you back more than 25 dollars…

A viral social media video about a $25 McDonald’s “deal” recently sparked an online debate about California’s minimum-wage increase.

A TikTok user who posts videos under the username @shannon_montipaya shared the video on March 27. She was in the drive-thru of a Southern California McDonald’s location when she saw a sign for a 40-piece Chicken McNugget meal deal, which also included two large orders of fries.

The price of the meal bundle was $25.39 — including sales tax, it would come to roughly $27. In the video, the social media user lamented that the meal didn’t even include a drink.

“OK, so it’s $25.39 for 40-piece nuggets and two large fries,” she said. “You couldn’t even throw in the Sprite?

With everything that is going on, I can certainly understand why Americans are getting so emotional about inflation.

Recently, one TikTok user racked up 5 million views when he posted a rant in which he boldly declared that “I cannot afford to live”…

Last week, a TikTok user posted an angry rant about the cost of living that’s since been viewed 5 million times on the platform, with tens of thousands of comments and shares.

“I make over three times the federal minimum wage and I cannot afford to live,” he shouts into the camera. “It is embarrassing to come out and say that it is a struggle to survive right now but I know so many people are struggling.”

Later, he concludes: “The American Dream is dead.”

Many of you can identify with that.

I have heard from so many readers that are deeply struggling in this economy.

Unfortunately, there are signs that things are about to get even worse.

For example, small business optimism in the United States has dropped to the lowest level in 11 years…

The failure of Bidenomics has crushed confidence among US small businesses to the lowest level in more than a decade, as the future path of inflation remains a significant concern. Readers must remember small businesses are vital to the economy, contributing 44% of the country’s economic activity and creating two-thirds of net new jobs.

The National Federation of Independent Business (NFIB) reported Tuesday that its small-business optimism index declined .9 points to 88.5, the lowest level since the second half of 2012 – or about when the US economy climbed out of the worst financial crisis ever.

And I was deeply saddened to learn that 99 Cents Only is moving toward liquidating all of their stores…

99 Cents Only shops will begin shuttering its hundreds of locations on Friday as the company moves toward total liquidation.

“99 Cents Only Stores, together with its financial and legal advisors, engaged in an extensive analysis of all available and credible alternatives to identify a solution that would allow the business to continue,” the company said in a press release.

“Following months of actively pursuing these alternatives, the company ultimately determined that an orderly wind-down was necessary and the best way to maximize the value of 99 Cents Only Stores’ assets.”

Prior to the announcement, 99 Cents Only was operating 371 stores in the United States.

Of course we also recently learned that Dollar Tree and Family Dollar will be closing about 1000 stores.

All over America, stores that were once thriving will soon be boarded up.

This is what the future of our economy looks like, and many Americans are preparing for rougher times by purchasing large quantities of gold…

Gold has turned into money for Costco, where yellow metal sales begun last year have turned into a cash cow for the big-box retailer.

In fact, sales are so brisk that analysts at Wells Fargo expect revenue “may now be running at” $100 million to $200 million a month, a rapid acceleration since bullion hit the warehouse club late in the summer of 2023.

Just like me, so many of you can feel what is coming.

A tipping point has arrived, and the outlook for the months ahead is very bleak.

The U.S. economy is going off the rails, and the worse things get the more frustrated the American people are going to become.

*  *  *

Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

Tyler Durden Fri, 04/12/2024 - 19:00

Gun Control Activist David Hogg "Gets Wrecked" By Chinese Immigrant Who Escaped Communism

Earlier this week, elite liberal-leaning Ivy school Dartmouth College hosted a debate about gun control between radical leftist David Hogg and Libertarian vice presidential candidate Jeremy "Spike" Cohen. Late in the discussion, a Chinese immigrant who escaped the brutal hell of communism told Hogg in front of everyone in the auditorium about what happens when tyrannical governments ban guns. Hog was caught entirely off guard and left speechless, as he had no script with progressive talking points to combat what was said. 

"Hi, my name is Lily Tang Williams," the woman said in the video posted on X. 

"Welcome to my 'Live Free or Die' state. Actually, I am a Chinese immigrant who survived communism, and under Mao, you know, 40 million people were starving to death after he sold communism to them and 20 million people died… murdered during his Cultural Revolution. So, my question to you, David, is can you guarantee me, a gun owner tonight, our government in the US, in DC, will never become a tyrannical government? Can you guarantee that to me?" she asked... 

Hogg replied, "There is no way I can guarantee that any government will not be tyrannical." 

Williams then said, "Well, then, the debate on gun control is over because I will never give up my guns." 

Listen here. 

David Hogg torched by a Chinese immigrant warning against gun control.

This is what happens when liberals do an open mic. They get wrecked. They can’t defend their positions. pic.twitter.com/aeUGq0ff0c

— Charlie Kirk (@charliekirk11) April 11, 2024

She told the unseasoned youngster, who is supported by radical leftist elites who want to ban guns nationwide, to do a little bit of homework and visit communist China. And not to forget about the millions of people who died during Mao’s Cultural Revolution and Communist dictatorship. 

Williams, who is also running for the Republican nomination to challenge Democratic Rep. Annie Kuster of New Hampshire, reposted this image from Spike on X. 

Legend. https://t.co/03CmwtgmH6 pic.twitter.com/y6ngLaRi6r

— Spike Cohen (@RealSpikeCohen) April 11, 2024

Williams, who has lived through real communism, has warned Americans before about the dangers of the radical left's agenda of pushing socialism. 

I am Lily Tang Williams. I was born in China to illiterate working-class parents, suffered under Mao’s Cultural Revolution and Communist dictatorship. I wanted freedom. America was my promised land.

I was 23 when I fled tyranny. Arriving with $100 in my pocket and knowing very… pic.twitter.com/cIoTlMOMxx

— Lily Tang Williams (@Lily4Liberty) June 1, 2023

"That's why I'm here to warn you: The Mao's Cultural Revolution, in a similar style, is happening today on American soil," Williams said on a panel held at The Heritage Foundation in December 2021. 

Thanks for sharing. I am running for US House in NH02. Hope all the patriots will help me to win and donate here: https://t.co/GyGOfPMqqv

— Lily Tang Williams (@Lily4Liberty) April 11, 2024

If it's not apparent yet, progressives have a weird obsession with recruiting and supporting children to push their dirty work, such as Greta on climate change and Hogg on banning guns. 

Meanwhile, Hogg's activist group, Leaders We Deserve, has lately been under fire by conservative media outlets for barely spending money on actual candidates while racking up bills on travel and other expenses.  

The problem with gun control activists is that they have very little to say that's sensible when off-script.

Tyler Durden Fri, 04/12/2024 - 18:40

Denver Cuts Taxpayer Services, Diverts $90 Million To Support Illegal Immigrants

Authored by Jana J. Pruet via The Epoch Times (emphasis ours),

Denver Mayor Mike Johnston announced a major shift Wednesday in the city’s response to the illegal immigrant crisis, extending support to six months but with only about 1,000 spaces.

Illegal immigrants rest at a makeshift shelter, in Denver on Jan. 6, 2023. Denver Mayor Mike Johnston announced a major shift on April 10, 2024, in the city's response to the migrant crisis, extending support to six months but with only 1,000 spaces. (Thomas Peipert/AP Photo)

The city’s nearly $90 million budget plan identifies how it will fund immigrant housing and aid for the remainder of 2024. The mayor’s pivot comes after the city failed to get federal aid. Denver has served more than 40,000 immigrants since late 2022, according to a press release.

“After more than a year of facing this crisis together, Denver finally has a sustainable plan for treating our newcomers with dignity while avoiding the worst cuts to city services,” Mr. Johnston said in a statement. “So many times, we were told that we couldn’t be compassionate while still being fiscally responsible. Today is proof that our hardest challenges are still solvable and that together, we are the ones who will solve them.”

Denver and other Democratic-led cities had asked the Biden administration for aid to assist with the influx of migrants into their communities. 

President Joe Biden asked Congress for $1.4 billion in funding for the effort as part of his budget. Congress refused and instead cut the Federal Emergency Management Agency’s Shelter and Services Program from $800 million to $650 million.

“Whether we'd like the federal government to do it or not, that was no longer a choice for us,” Mr. Johnston said.

City officials claim the new approach will allow for surges of immigrants while focusing on helping them become independent. The move is a departure from the city’s previous strategy of weeks- to months-long shelter stays.

The illegal immigrant will be housed in apartments for up to six months. They will also receive job and skill training, opportunities for skills certifications, unpaid job experience, food assistance, and help with filing asylum applications.

The “Denver Asylum Seeker Program” will act as a buffer and offer intensive preparation while immigrants wait six months for their work permits after applying for asylum.

“In Denver, we believe that the way to solve these problems is not by turning our back on our American values, but by turning to our American values,” Mr. Johnston said.

Earlier this year,  Mr. Johnston asked all city departments to find creative ways to cut costs by 10 to 15 percent, according to KDVR-TV. That was when Denver was housing 5,000 illegal immigrants a day at a projected cost of $180 million.

The number of illegal immigrants has since decreased, allowing for a reduced total package of $45.9 million in budget cuts.

The new plan, which includes an earlier plan for $44 million, brings the program’s budget to a total of $89.9 million for the full year. The city has already spent $25 million of the budget during the first quarter.

Breakdown of Budget Spending Plan

• Program administration: $3 million
• Housing: $51.7
• Supportive services, including case management and workforce training: $9.7 million
• Transportation: $6 million
• One-time capital costs: $9.5 million
• Contingency: $10 million

The funds are coming from $9.5 million in capital fund cuts, $8.2 million in services and supplies cuts, $6.7 million in general fund reallocation, and $1.5 million in technology projects.

The largest reduction comes from not filling approximately 160 job vacancies at $19.9 million.

Services and supplies cuts include reducing marketing funds, official functions, conference travel, and “moving administrative pieces,” KDVR reported.

The city also said it hopes to have some funds remaining at the end of the year to roll over to 2025.

City Shelters

Denver is currently housing about 800 immigrants in its shelters. This group would be first in line for the new program, and the city expects to reach the 1,000 program cap in the coming days.

The new program was made possible in part by people offering up their apartments, rental assistance that doesn’t require U.S. citizenships, and through partnerships with nonprofits that provide debit cards for food to cook at home.

“We are going to share this playbook with all cities around the country. We think we have now cracked the code on how to help people,” Mr. Johnston said.

The city said it would continue to run a congregate shelter, with stays capped at one to three days—shorter than previous shelter allowances, which ranged from two to six weeks.

Tyler Durden Fri, 04/12/2024 - 18:20

Brazil Reinstating Visa Requirements, Including Submitting Bank Statements, For U.S. Travelers

Brazil is reinstating its visa requirement for US tourists, previously lifted in 2019. Although e-visas were briefly available, the system was abolished. The processing time for visas averages five working days, but officials advise applying two months in advance.

Starting April 10, 2025, travelers from the US, Canada, and Australia must obtain a visa to visit Brazil, a requirement that includes submitting financial proofs like bank statements or pay stubs, the NY Post wrote this week.

Those earning under $2,000 will need a sponsor to visit, the report says, per the Brazilian government.

The e-visa application process can be completed online, eliminating the need for in-person consulate visits, the Post writes. According to the US Consulate in Brazil, the visa costs $80.90, is valid for 10 years, and permits stays of up to 90 days annually.

As part of the process, Americans must submit a letter detailing their trip's purpose and duration, accommodation information, proof of US citizenship, and return tickets.

The visa process is more complex for Brazilians entering the US, the report notes. Brazilians must attend an in-person appointment and demonstrate financial stability and the visa fee is $185.

TravelPulse reports that from January to September 2023, nearly 483,000 Americans visited Brazil, making them the second-largest group after Argentinians. Meanwhile, the European Union has postponed its pre-travel program for Americans until 2025 due to various delays.

As part of that program, the European Travel Information and Authorisation System will soon be mandatory for visa-exempt travelers from 60 countries, including the US, UK, and Canada, to enter 30 European nations like Spain and France.

Similar to Brazil, applicants will need to provide passport details, personal information, and trip plans, and pay an $8 fee. ETIAS visas, valid for three years or until the passport expires, allow multiple short-term visits, generally up to 90 days within a 180-day period.

The only question we have is whether or not this will finally cut down on lines at customs...

Tyler Durden Fri, 04/12/2024 - 18:00

Gulf Allies Warn US Not To Launch Strikes On Iran From Their Territory

America's Gulf allies say they don't want to get caught in the crossfire of any potential US/Israel and Iran shooting war. The United States has made it clear that it is ready to assist Israel in any potential response to Iranian attack. Tehran is poised to imminently retaliate for the April 1st Israeli airstrikes on its embassy in Damascus.

The Arab Gulf countries are worried that the US could launch attacks on Iran from their territories or airspace. Middle East Eye (MEE) reports, "Gulf monarchies are urging the US not to use American military bases on their territories to strike in response to any potential Iranian attack on Israel," according to security sources.

Al-Udeid Base, Qatar

"The US's Gulf allies are working overtime to shut down avenues that could link them to a US reprisal against Tehran or its proxies from bases inside their kingdoms, according to a senior US official who spoke with MEE on condition of anonymity," the report continues. 

This is to include warplanes, as the US Air Forces utilizes various airbases in the region. US allies said to have expressed serious concern include Saudi Arabia, the UAE, Oman and Kuwait.

Naturally, these countries are worried that Iran could strike back directly on their territories in response to any potential US strikes.

MEE writes that these have "raised questions about the intricate details of basing agreements that permit tens of thousands of US troops to be stationed across the oil-rich peninsula." Further, "They are also moving to prevent US warplanes from flying over their airspace in the event the US conducts a retaliatory strike on Iran."

Rumors have persisted throughout Friday that some countries have even warned that US troops could be banned from their territories should the US carry out aggression against Iran from out of the Gulf region, but such specific threats of shuttering bases have not been confirmed.

Amid reports that the US is now bolstering its its forces and readiness across the region, the below is the latest from President Biden:

US President Joe Biden said on Friday his message to Iran, which has threatened to take military action against Israel, is "don't."

Speaking to reporters, Biden also said: "We are devoted to the defense of Israel. We will support Israel. We will help defend Israel and Iran will not succeed."

Biden and his top officials have of late repeatedly vowed an "ironclad" commitment to ensuring Israel's defense. However, there's reportedly some fierce division among his National Security Council over what precisely this might look like.

U.S. Defense Officials have stated that the U.S. Navy is in the process of Rushing at least 2 Arleigh Burke-Class Guided-Missile Destroyers as well as several other Ships into Positions off the Coast of Israel and in the Northern Red Sea, in order to provide Protection to U.S.… pic.twitter.com/LRx8GXyvGl

— OSINTdefender (@sentdefender) April 12, 2024

Iran has already said that if the US intervenes directly on Israel's behalf, American bases in the region will be struck. In the opening months of the Israel-Gaza war, US bases in Western Iraq and Eastern Syria were repeatedly hit by drone, rocket and mortar fire, but such attacks have calmed of late.

Middle East Eye has reviewed the major Gulf bases where US troops are housed as follows:

Saudi Arabia’s Prince Sultan Airbase is home to the US’s 378th Air Expeditionary Wing which operates F-16 and F-35 jet fighters. The US operates MQ-9 Reaper drones and jet fighters out of the UAE’s Al Dhafra Air Base. Kuwait’s Ali al-Salem Air Base is home to the 386th Air Expeditionary Wing.

Qatar’s Al Udeid Air Base hosts the regional headquarters for US Central Command. It has also hosted some Israeli military officials, MEE has previously reported, but it's not clear if those officials are still in the country.

The island kingdom of Bahrain is home to around 9,000 US troops who belong to the headquarters of the US Naval Forces Central Command and the US Fifth Fleet. Oman also allows the US military overflights and port calls. 

Source: Axios research; Map: Kavya Beheraj/Axios

US officials are still predicting a major Israeli attack on Israel to come anywhere between 24 and 48 hours. Israel's home command is at the same time urging the public "not to panic", also as hospitals are placed on high alert.

Tyler Durden Fri, 04/12/2024 - 17:20

Swing-State Poll Shows Black Voters Abandoning Biden In Huge Numbers

Authored by Mike Shedlock via MishTalk.com,

Blacks constitute only 14 percent of the voting age population, but the swings toward Trump are so huge they could decide the election.

WSJ Swing State Poll, anecdotes in blue by Mish

According to a Wall Street Journal Swing State Poll, blacks, especially black males are abandoning Biden in huge numbers.

While most Black men said they intend to support Biden, some 30% of them in the poll said they were either definitely or probably going to vote for the former Republican president. There isn’t comparable WSJ swing-state polling from 2020, but Trump received votes from 12% of Black men nationwide that year, as recorded by AP VoteCast, a large poll of the electorate.

That’s an 18 percentage point swing, minimum, for black males, if the national results and the swing state voting is similar.

By confirmed, I mean those who said they intended to vote for Trump.

The gap is even larger if we factor in undecided voters. Biden is down by a massive 30 percentage points vs 2020. I suspect most in that group will end up voting for Biden, but a fair number will vote for RFK, not vote at all, or vote for Trump.

While Black women are less likely than Black men to support Trump, some are exploring other options, including third parties and potentially staying home.

In a sign that Biden hasn’t yet won commitments from many of these voters, some 42% of Black women in the survey fell into a group that the Journal pollsters say are up for grabs in the election, or still persuadable in their vote choice. These voters say they have not yet decided on a candidate, might vote for an independent or third-party option or are likely—but not certain—to back one of the major-party candidates.

While Latino women and Black men in the survey also signaled in large numbers that they remain persuadable in their vote choice, the share of Black women is noteworthy, given that they are among the most loyal Democratic groups in the electorate.

Among women, Trump has picked up five percentage points while Biden is potentially down 16 percentage points.

Powerful Message

A representative for the Trump campaign said: “Our coalition message to Black and Hispanic communities this election is simple: If you want strong borders, safe neighborhoods, rising wages, quality jobs, school choice and the return of the strongest economy in over 60 years, then vote for Donald J. Trump.”

Remove the words Black and Hispanic and it’s a strong message to everyone.

Black Eligible Voter Population

Turnout by Race

Image from brennancenter.org

Election Math

In the last election, voting turnout from Blacks was 63 percent. That would be 0.63 * 34.4 million or 21.67 million total votes.

In the last election about 9 percent of them nationally voted for Trump (12 percent men and 6 percent women averaged to 9 percent), thus 91 percent for Biden. That’s roughly 19.72 million votes for Biden and 1.95 million for Trump, a net of +17.77 million to Biden.

Now we are looking at about 20 percent going to Trump.

That’s 17.34 million votes to Biden and 4.33 million to Trump for a net of 13.01 million votes to Biden.

Net-to-net, my current projection is a net loss of 4.76 million blacks vs 2020 for Biden.

This was an interesting mental exercise, but it is already reflected in the swing state polls (or should be if the poll is properly weighted) so don’t double count!

What Will Decide the Election?

New Geography claims EVs will decide the election. That’s a reason, but it’s well down my list. What about yours?

On April 7, I asked If Biden Loses the Election, What Will Be the Top Reason?

No poll to date has gotten to the specific point that is most likely to cost Biden the election.

It’s the economy, but specifically housing [rent and housing affordability].

The CPI Rose Sharply in March

The CPI rose 0.4 percent in March. Rent is up another 0.4 percent in March with gasoline up 1.7 percent. Together, the pair was about half of the total rise.

CPI data from the BLS, chart by Mish

On April 10, I noted The CPI Rose Sharply in March Led by Shelter and Gasoline

Rent of primary residence, the cost that best equates to the rent people pay, jumped another 0.4 percent in March.  Rent of primary residence has gone up at least 0.4 percent for 31 consecutive months! 

Q: Who is most impacted by sharply rising rent?
A: Blacks and younger voters

Here’s the deal according to the National Association of Realtors.

While the U.S. homeownership rate increased to 65.5% in 2021, the rate among Black Americans lags significantly (44%), has only increased 0.4% in the last 10 years and is nearly 29 percentage points less than White Americans (72.7%), representing the largest Black-White homeownership rate gap in a decade.

If the Fed Cuts Rates Before the Election, Does Biden or Trump Benefit More?

I also discuss home ownership in my Q&A If the Fed Cuts Rates Before the Election, Does Biden or Trump Benefit More?

Meanwhile, please note that on that hot CPI report 30-year mortgage rates shot up to 7.37 percent.

Are You Better Off Now Than Four Years Ago?

Finally, please consider my question Fact Check: Are You Better Off Now Than Four Years Ago?

Renters, especially blacks and young voters with few assets are likely to say no.

This fully explains all of the polls. Yet Biden and all the economists still cannot figure out why so many people are miserable.

My base case is Trump will win the election as huge percentages of Blacks and young voters drop support for Biden.

Tyler Durden Fri, 04/12/2024 - 17:00

US Domestic Deposits Tumble $60BN As Small Bank Loan Volumes Shrank Most Since SVB

Money-market funds saw a small outflow last week (surprisingly small given how close to Tax-Day we are), leaving them still near record highs over $6 Trillion (and the trend of increased deposits at banks has been accelerating)...

Source: Bloomberg

Interestingly, amid all the talk of tapering QT, The Fed balance sheet was basically unchanged last week (-$1.4BN)...

Source: Bloomberg

...as The Fed's (now expired) bank bailout facility saw another (the fourth) weekly decline (-$4BN), erasing much of the 'arb-driven flows' (blue shaded region) but leaving most of the 'oh-shit-we-have-hole-the-size-of-France-in-our-balance-sheet' flows still there ($126BN!!)....

Source: Bloomberg

Meanwhile, at those banks, total seasonally-adjusted deposits fell by $63.8BN last week - after rising for five straight weeks. That was the biggest drop since October.

Source: Bloomberg

Now before you start on "well, this is tax-driven", we remind you these are 'seasonally-adjusted' data - so unless Tax Day changed suddenly, this is a notable decline (also remember this data is lagged by a week)...

Source: Bloomberg

On a non-seasonally-adjusted basis, deposits rose by a modest $16BN to their highest level since before the SVB crisis...

Source: Bloomberg

Excluding foreign deposits, Domestic deposits fell $70BN SA last week - the biggest weekly drop since October (Large banks -$67BN, Small banks -$3BN) while on an NSA basis, domestic deposits rose $12BN (Large banks -$6.8BN, Small banks +$18.8BN)...

Source: Bloomberg

Loan volumes shrank significantly last week with Small Banks seeing volumes tumble $12BN - the most since the SVB crisis. Large banks also saw loan volumes shrink, by $2.8BN...

Source: Bloomberg

Bank reserves picked up last week - after diving the prior week - but still remain hugely divergent from US equity market cap...

Source: Bloomberg

Again we ask, which happens first? Banks start piling reserves back in or stocks collapse?

Tyler Durden Fri, 04/12/2024 - 16:40

The Beauty Parlor's Full Of Sailors And The Circus Is In Town

Authored by James Howard Kunstler via Kunstler.com,

“They have tried to solve a wide range of insoluble problems, from the weather to poverty to viruses, and now they will attempt to solve us.”

- Eugyppius

This is that part of the movie where the hero — you — tumbles off the cliff on Kong Island in a lightning storm with a canyon full of tarantulas down below where you’ll soon be landing. I know, not a pretty picture.

The cliff is our country’s financial quandary; the lightning is us getting sucked directly into war; and the tarantula pit below is the emerging peril of Covid vaccine injury and death coming on hard, like your landing.

Gold and silver are vaulting up suddenly like nobody’s business (literally). This may be fun to see if you are sitting on a pile, even a small pile of the stuff. But to everybody else it’s a signal that something is messed up in the complex engine of the economy. You know, of course, that our money is debt. So, debt is the fuel that drives that engine. Debt is a promise to pay back money with interest to take advantage of the time-value of money. The time-value of money means it’s better to have the money now (to keep the engine running) than to wait until your work produces money (if it even can).

The trouble is, debt loses its credibility if there is no plausible way of paying it back, or even just to keep paying the interest. That’s exactly what is happening now. Everybody can see that the US government can’t pay the interest on its debt, which is Treasury bonds, notes, and bills (from long duration to short). That debt is running at well over $1-trillion a year. That’s a thousand billion, which is a thousand million, altogether a million million. See, it’s impossible to grok how more than a trillion dollars gets produced in an economy based on selling fried chicken nuggets and streamed movies to people with no jobs.

When the Treasury holds an auction on a new issue of bonds (needed to pay off the interest on old bonds) and nobody shows up to buy because they doubt its ability to pay interest on the new paper, our country’s debt becomes worthless. As a last resort, the Federal Reserve swoops in and buys that worthless paper by creating “money” on its computer. That “money” goes out into the economy. The Fed pretends to get paid interest. It’s all fakery, a swindle. It’s like putting water in the gas tank of your engine. You know that the engine is going to throw a rod. When it does, it’ll be such a shock that the vehicle it’s running in is liable to hit a bridge abutment or something else hard.

That’s what tumbling off the cliff is like.

The dopes running US foreign policy are so foolishly obsessed with taunting Russia (“poking the bear”), that they can’t give up their sponsorship of the war in Ukraine, which Ukraine is losing because they never had the mojo for the fight. That should have been obvious, but for some reason our “best-and-brightest” overlooked that. No amount of free weaponry and ammo can make up for the fact that Ukraine has run out of young men to pointlessly get shredded by Russian artillery. Russia is unwilling to get rolled by NATO and the US in a part of the world Russia has controlled for centuries. Yet, “Joe Biden” keeps hinting about sending America’s tranny army there, and even gearing up the military draft for the nose-ring and blue hair generation. Good luck with that.

Nor does “JB” exercise any control over what Israel does over in the Bible Lands. Bibi gonna do what Bibi gonna do. Israel can’t be persuaded that the current war is not a struggle for its existence. As Scott Adams points out, Israel has decided to pawn off its Holocaust cred in order to treat its enemies as harshly as possible, so as not to get wiped off the map. Israel has treated the Palestinians very harshly. (The October 7 Hamas raid was pretty darn harsh, too.) In any case, world opinion went all rancid on Israel. That hasn’t stopped them. Now Israel faces its ultimate foe, Persia, a.k.a. Iran, these days. Persia has a big army and a lot of weapons, and all sorts of wing-men in the neighborhood. . . as a practical matter, most of Islam right now. This week, Persia made noises about an imminent attack on Israel. Didn’t happen so far.

Let’s get real on Islam. Its core principle is to exterminate the humans on this planet who are not of Islam. Islam has been pissed-off at Western Civ since the Crusades, its animus renewed in 1683, when Islam’s advance into Europe was halted at the gates of Vienna, and then again in modern times when Islam got pushed around because Western Civ wanted its oil. Islam is overrunning Europe again and penetrating the USA through our southern border. Islam means business. It wants to wreck us, kill us, and take our stuff. And it dearly, sorely, wants to deep-six Israel, which Islam contemptuously refer to as “the Zionist entity,” as if it were some crypto-insectile space alien.

America (and Europe, too) wants to play this both ways: to grudgingly help Israel survive while at the same time pretending not to notice Islam’s true aims. Looks like Israel has decided to go for broke on this one whether we ride to rescue or not. Israel may have to go “Mad Dog” in its neighborhood. They may lose this thing anyway. The rest of the world will affect to hate them for it no matter how it ends. Meanwhile, all over Europe the Islamic birth-rate way outpaces the Euro peoples’ birth rate. And how many angry, determined “sleepers” has Islam snuck into the USA the past several years across “Joe Biden’s” open border. It’s a bit disturbing to contemplate. Also, never under-estimate the damage that can be wreaked with small arms against “a pitiful, helpless, giant,” as Dick Nixon once described our country in an earlier time of distress. There’s your lightning storm.

At the bottom of the cliff is the vaxxed-up population of the world waiting for their spike protein infested bodies and dysregulated immune systems to enter fatal break down. Many already have injured organs, hearts, brains, blood, ovaries, etc. Many others will get in trouble when a more efficient Covid-19 mutation goes lethal on them. The public health authorities are desperately trying to conceal the damage. Some organized groups of people are clamoring for the data on vaccine injury and death from places like the CDC, only to discover that the public health agencies not only won’t disclose it but probably avoided even collecting it over fear of what it would show. Horror creeps on little tarantula feet.

This is how the movie is going as of April. Spring is hardly fledged. Portent looms at every compass point. You’re in a tight spot. (We all are.) In modern times — and I mean going back to the first twinges of the Enlightenment — faith in the people running things has never been lower. It’s still an election year, har har! It makes you wonder if this movie is actually a comedy.

*  *  *

Support his blog by visiting Jim’s Patreon Page or Substack

Tyler Durden Fri, 04/12/2024 - 16:20

Gold & The Dollar Surged This Week, Stocks & Crypto Purged As Reflation & WW3-Risk Wreck Rate-Cut Hopes

Inflation fears/promises/threats were realized this week with CPI and PPI hot (yes PPI) and UMich infl exp rising too. Inflation data has been surprising to the upside all year and growth data not so much...

Source: Bloomberg

...and that rising inflation expectation wrecked the hopes and dreams of the doves this week, smashing expectations for The Fed to less than two total cuts in 2024 now priced in...

Source: Bloomberg

And even the armada of Fed Speakers launched today spoke as one...

• *FED'S COLLINS: NOW SEE FED CUTTING LATER THAN PREVIOUSLY THOUGHT

• *FED'S GOOLSBEE: IF PCE REINFLATES, 'WE WILL STABILIZE THE PRICES'

• *FED'S SCHMID: REASON TO THINK RATES WILL STAY HIGHER FOR LONGER

• *FED'S BOSTIC: `I AM NOT IN A HURRY' TO CUT INTEREST RATES

• *FED'S DALY: NO URGENCY TO CUT INTEREST RATES

Even with today's sudden slam-down, gold was impressive this week - interestingly rallying along with the USDollar on the week. Stocks were spanked but had a wild ride and today saw Bitcoin & Black Gold monkey-hammered (for no good reason)...

Source: Bloomberg

Stocks really did have a wild ride this week, plunging on CPI (wrecking the narrative), then rallying on a PPI print that was anything but dovish (as the algos took hold), only to get monkey-hammered today as ammo ran out and WW3 risks re0ignioted amid 'imminent' threats between Iran and Israel over attacks. By the end, all the US majors were back at the lows of the week, led by Small Caps and The Dow...

The S&P 500 suffered its worst weekly loss since October (second week lower in a row) and closed at one-month lows, while the median stock closed at two-month lows...

Source: Bloomberg

Energy stocks - which were the only sector green on the week as of last night's close - were unceremoniously dumped today as all S&P sectors ended red with Financials the biggest losers (not a great day for JPM today)...

Source: Bloomberg

Notably, Goldman's trading desk highlights the fact that The Magnificent 7 collectively have been net bought by hedge funds for a second straight week on the Prime book (following 6 straight weeks of net selling), suggesting a renewed focus on quality and balance sheet strength into the Q1 earnings season...

Source: Bloomberg

The group now makes up 19.6% of total US single stock Net exposure on the Prime book, up sharply from the YTD low of 16.9% in early March and approaching the record level of ~20% seen last summer...

Source: Goldman Sachs

Treasuries were bid today (yields down and stocks down) with yields down around 7-9bps across the board. On the week though, yields were higher, led by the short-end/belly of the curve. Obviously the big move was around CPI on Wednesday...

Source: Bloomberg

The dollar roared higher this week (its biggest weekly gain since Sept 2022) to its highest since Nov 2023...

Source: Bloomberg

Crypto was clubbed like a baby seal today, with Bitcoin erasing the week's gains and then some...

Source: Bloomberg

...and once again, the selling pressure was initiated from the perp futs markets....

Ethereum was even worse with ETH/BTC plunging back below recent support (which is also January support) to its lowest since April 2021...

Source: Bloomberg

Some one was definitely not happy about the message that gold was sending this week and Benoit Gilson stomped on spot prices this afternoon after the precious metal soared to new record highs...

Source: Bloomberg

Silver outperformed Gold for the second week in a row, back to its strongest relative to gold since November...

Source: Bloomberg

...surging relative to gold early on today, before the big reversal...

Source: Bloomberg

Crude prices also had a wild ride this week amid "WW3-on / WW3-off" headlines...

Source: Bloomberg

Finally, after the quarter-end surge in RRP usage, the liquidity withdrawals continue, falling to new cycle lows today, barely above $400BN...

Source: Bloomberg

Is it any wonder The Fed is rapidly looking to taper QT?

Tyler Durden Fri, 04/12/2024 - 16:00

"Support Your Local Antifa": Alabama Man Arrested In Alleged Political Bombing

Authored by Jonathan Turley,

Kyle Benjamin Douglas Calvert, 26, has become the latest Antifa member arrested for alleged political violence.

Calvert is accused in the explosion of an IED device outside of Alabama Attorney General Steve Marshall’s office in downtown Montgomery at around 3:42 a.m. on February 24.

For years, Democratic politicians and the media have downplayed the violence of Antifa, even questioning its very existence. These photos may help them come to grips with the reality of Antifa.

The Department of Justice (DOJ) announced that Calvert has been charged with the malicious use of an explosive and possession of an unregistered destructive device.

If convicted, Calvert faces a mandatory minimum of five years and a maximum of 20 years in prison, according to the DOJ.

Before the explosion, Calvert put up stickers, including those promoting Antifa, including stickers reading “Support your local antifa.”

Calvert, who reportedly identifies as transgender and nonbinary, expressed his “belief that violence should be directed against the government, and he has described his inability to control his own violent, aggressive impulses,” according to the DOJ. It supplied pictures of the nails and other evidence used in the construction of the bomb.

Despite the denial of its existence by figures like Rep. Jerry Nadler (D., N.Y.), I have long written and spoken about the threat of Antifa to free speech on our campuses and in our communities. This includes testimony before Congress on Antifa’s central role in the anti-free speech movement nationally.

As I have written, it has long been the “Keyser Söze” of the anti-free speech movement, a loosely aligned group that employs measures to avoid easy detection or association.  Yet, FBI Director Chris Wray has repeatedly pushed back on the denials of Antifa’s work or violence. In one hearing, Wray stated “And we have quite a number — and “Antifa is a real thing. It’s not a fiction.”

Some Democrats have played a dangerous game in supporting or excusing the work of Antifa. Former Democratic National Committee deputy chair Keith Ellison, now the Minnesota attorney general, once said Antifa would “strike fear in the heart” of Trump. This was after Antifa had been involved in numerous acts of violence and its website was banned in Germany. His own son, Minneapolis City Council member Jeremiah Ellison, declared his allegiance to Antifa in the heat of the protests this summer. During a prior hearing, Democratic senators refused to clearly denounce Antifa and falsely suggested that the far right was the primary cause of recent violence. Likewise, Joe Biden has dismissed objections to Antifa as just “an idea.”

It is at its base a movement at war with free speech, defining the right itself as a tool of oppression. That purpose is evident in what is called the “bible” of the Antifa movement: Rutgers Professor Mark Bray’s Antifa: The Anti-Fascist Handbook.

Bray emphasizes the struggle of the movement against free speech: “At the heart of the anti-fascist outlook is a rejection of the classical liberal phrase that says, ‘I disapprove of what you say but I will defend to the death your right to say it.’”

Bray admits that “most Americans in Antifa have been anarchists or antiauthoritarian communists…  From that standpoint, ‘free speech’ as such is merely a bourgeois fantasy unworthy of consideration.”

It is an illusion designed to promote what Antifa is resisting “white supremacy, hetero-patriarchy, ultra-nationalism, authoritarianism, and genocide.” Thus, all of these opposing figures are deemed fascistic and thus unworthy of being heard.

Bray quotes one Antifa member as summing up their approach to free speech as a “nonargument . . . you have the right to speak but you also have the right to be shut up.”

Hopefully, if found guilty, Calvert will actually face punishment. We previously discussed the case involving another Antifa member who was convicted after taking an ax to the door of Sen. John Hoeven’s office in Fargo. He was given no jail time, and the FBI even returned his ax. He later mocked the government by posting on social media “Look what the FBI were kind enough to give back to me!”

This case will no doubt be different . . . there is no bomb to give back to Calvert.

Tyler Durden Fri, 04/12/2024 - 15:40

Boeing Doom-Loop Of Endless Crises Sends Shares Tumbling To Longest Losing-Streak In Five Years

Boeing shares tumbled to a 1.5-year low in New York on Friday afternoon after another scandal rocked the planemaker this week. The troubled planemaker has been trapped in an endless doom loop of scandals.

From door plugs ripping off Boeing jets to tires falling off, runway excursions, engine fires, hydraulic leaks, and pilot seat malfunctions, confidence in the planemaker has collapsed.

Just this week, The New York Times released a shocking report of a Boeing engineer turned whistleblower who revealed that sections of the 787 Dreamliner fuselage were improperly fastened together, posing structural integrity risks. 

Next Wednesday, Senator Richard Blumenthal, a Democrat of Connecticut and the chairman of the Senate Homeland Security and Governmental Affairs Committee's investigations subcommittee, will hold a hearing featuring the whistleblower to address concerns about the 787 Dreamliner. 

The Boeing crisis recently led CEO Dave Calhoun to announce he will be stepping down later this year. 

A crisis in confidence has spread to Boeing shares, down 61% since the peak of $440 in early 2019, around the time the first Boeing 737 Max crashed. In total, two Max jets crashed (March 2019 and December 2020), killing 346 people. The cause, as readers may recall, was a faulty flight stabilizing device called the "Maneuvering Characteristics Augmentation System." 

Since early Covid, shares have been bouncing between $95 and $269. Since the door plug ripped off the Alaskan Airlines 737 Max in early January, shares have slid from $264 to $170, or about a 35% drop in 3.5 months. 

Bloomberg notes Boeing is the "second-worst performer on the S&P 500 Index" and is set to close down for the tenth consecutive session, putting it on track for its longest losing streak since November 2018. 

The recent announcement that it delivered the lowest number of jets in the first quarter since mid-2021 added more gloom to the planemaker's outlook. The 787 Dreamliner debacle could complicate things even more while Airbus deliveries soar and have recently been crowned the world's aviation industry king. 

"Boeing's first-quarter delivery announcement confirmed what the market has come to accept over the past two to three months, which is that the pace of activity at its Commercial Airplanes segment is slow," JPMorgan analyst Seth Seifman told clients in a note on Thursday. 

Seifman said, "The path forward on production is not very clear, and while demand should allow for significant growth over time, investors should keep nearer-term expectations in check." He also lowered the price target on the company but said his buy-equivalent rating would remain. 

According to Bloomberg data, the average price target set by Wall Street analysts on Boeing dropped from about $275 in early January to about $234 this week. Also, the percentage of "buy" recommendations with analysts has declined. 

Goldman has a buy recommendation with a 12-month $257 price target. 

At what point is Boeing a buy again? 

Tyler Durden Fri, 04/12/2024 - 15:20

Washington Elementary School Permits Pride Club, Denies Prayer Group

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

A Washington state school is accused of violating two elementary students’ First Amendment religious freedom protections by denying their request to form an interfaith prayer club on campus.

Coach Joe Kennedy praying on a football field. (Courtesy of First Liberty Institute)

Creekside Elementary School in Sammamish, Washington rejected the application in February by two 11-year-old students to start an interfaith prayer group to “serve their community,” explained Kayla Toney, associate counsel at First Liberty Institute, in an April 9 letter to the Issaquah School District.

The school rejected the request even though it permits more than a dozen other non-religious clubs to meet on campus, Ms. Toney claims.

Notably, the school allows a pride club said to “provide a ‘safe space’ for educating students on LGBTQIA+ history and people,” according to the school’s website.

It also allows a green team, focused on making the school “more sustainable,” a marimba club, chess club, and student council, among other secular groups.

The letter alleges that the school’s principal, Amy Allison, informed one of the students that she could not have an interfaith prayer club but could “fill out an application to pay to use the school after school.”

Ms. Toney’s letter addressed this issue.

“As the Supreme Court has repeatedly held, religious clubs must be afforded the same recognition, access, and rights as other non curricular clubs.”

In a March 8 meeting, Ms. Allison said that the “process of establishing clubs has ended, no new clubs are being added at this time,” according to a statement by the student and her mother that Ms. Toney cited in her letter.

“Principal Allison made this statement despite permitting a Pride Club to begin meeting the same month,” Ms. Toney claims.

“Thus [you and] Creekside [are] treating non-religious clubs more favorably than a religious club by singling out a religious club and providing it inferior access to school resources than what it provides to other non curricular groups, the District shows a hostility to religion that violates the Free Exercise Clause [of the First Amendment].

First Liberty Institute, a nonprofit law firm “dedicated to defending religious liberty,” demanded that students be allowed to start an interfaith prayer club at school.

“Denying the formation of a religious student club while allowing other clubs violates the Constitution,” Ms. Toney wrote.

“School officials at Creekside Elementary are engaged in religious discrimination against an eleven-year-old girl who simply wants to pray, feel support from other religious friends, and do community service,” her letter continued.

Ms. Toney said this seems at odds with the school district’s diversity, equity, and inclusion mission to “create welcoming and inclusive learning environments, where students, staff, and parents know that they matter and that they belong.”

The Kennedy Case

The school is just a short distance from Bremerton High School, where coach Joe Kennedy was fired for leading his high school football team in prayer after each home game.

“In Coach Kennedy’s case, the Supreme Court held that students and staff can pray at school” and to prohibit them violates the First Amendment,” the First Liberty letter stated.

Coach Kennedy won his suit for unjust firing, confirming that he had a right to pray on the field, in a 6-3 Supreme Court decision in 2022.

“The Court’s holding in Kennedy v. Bremerton School District made clear that the First Amendment protects the right of students and employees to express their faith in public schools,” Ms. Toney wrote. The court went on to add that “the First Amendment ‘doubly protects religious speech.’”

“These First Amendment protections extend to elementary school students expressing their sincere religious beliefs through voluntary clubs. Yet the Issaquah School District flouted its First Amendment obligations when Creekside refused to allow a student-led interfaith prayer club. Its unlawful action violates both the Free Exercise Clause and the Free Speech Clause,” Ms. Toney argued.

Based on Supreme Court precedent in the neighboring school district, Issaquah School District must allow the prayer club immediately, she continued.

Ms. Toney demanded that the school permit the request to start a prayer club and allow it to begin meeting no later than April 29.

If not, First Liberty is likely to take the matter to court, where Ms. Toney said she expects it will win as it did in Mr. Kennedy’s case.

When the Bremerton School District refused to settle the Kennedy matter outside of court, it had to pay First Liberty $1.7 million in legal fees.

The Epoch Times reached out to Creekside Elementary School and the Issaquah School District for comment but did not receive a reply by publication time.

Tyler Durden Fri, 04/12/2024 - 15:00

The Case For Oil Gains Into A Weekend Wins Again Amid $100 Brent Call Frenzy

A few weeks ago, Bloomberg commodity expert Alex Longley,wrote - correctly - that given the geopolitical risk in the world, there’s hardly any reason for traders to brace for oil declines on a Friday. Fast forward to today, when that statement is even more true now than it was then.

And as Longley follows up this morning, given markets globally are now bracing for what reports say is an expected imminent attack by Iran on Israel, there’s always going to be a fresh geopolitical bid. But more importantly, "it’s difficult to see anyone going short heading into two days when the market is closed." Well, maybe not difficult, but extremely stupid, naive and foolish.

For crude that’s even more pertinent given things have been on the front foot in recent weeks. Most traders are talking up stronger demand numbers and OPEC+ for now appear to be succeeding in keeping the market tight. Even those I talk to who believe any major escalation in the conflict can be contained — and with it wider oil-market impact — aren’t keen to bet against prices yet.

Longley concludes by summarizing that if you "throw a wider reflation trade and massive geopolitical risk, and you’ll find that Fridays are particularly predisposed to big moves, just like we’re seeing right now."

Meanwhile, traders are doing just that: according to the latest Goldman rerack of oil market derivatives, total open interest across the main oil futures contracts climbed to 6.415 million lots, the highest since Feb 2022, with holdings in ICE Brent and Nymex gasoline powering higher. Brent call options continued to be traded in large volumes, outpacing puts for an 11th day, with activity dominated by strikes at $100 and above.

Needless to say, aside from a few misguided shorts, most are expecting a powerful breakout from here with Brent’s second-month 25-delta put skew had the biggest bullish bias since October.

Here are the most active Brent options on Thursday:

Brent call volumes remained elevated at 218k lots with Friday call volumes outpacing puts for 12th session; longest run since January.

Tyler Durden Fri, 04/12/2024 - 14:40

Starlink Reportedly Instructed To Shutdown In Zimbabwe By Government

Authored by L.S.M Kabweza via TechZim.co.zw,

Techzim can reveal that the government of Zimbabwe has instructed Starlink to shut down services in the country. Users of the service received an email from the satellite internet service provider today, advising them it had been directed to disable services.

Said the email:

You are currently using Starlink in an unauthorised territory, As a result. Starlink has been directed by the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) to disable your service.

We will continue to work with POTRAZ to obtain the necessary regulatory approvals to turn on Starlink services in Zimbabwe as soon as possible. We encourage you to contact POTRAZ at the.regulator@potraz.gov.zw or +263 242 333032 to communicate your support for Starlink to obtain the necessary regulatory approvals in Zimbabwe.

As described In your Terms of Service, Starlink does not guarantee when or where its Mobile or Mobile Priority Services Plans will be available. Use of such services Is dependent on many factors, including obtaining or maintaining the necessary regulatory approvals which are subject to change.

You may pause service and billing by following the Instructions here or continue service and use your Starlink service in an area we currently serve (see map here), If you opt to pause service, you can reach out to support and we will issue a service credit for any remainder of the current billing period.

Techzim can confirm several users in Zimbabwe have received the email. One user of the service user we spoke to said their terminal is still working but they think it’s just a matter of time before it’s disabled.

Effectively what’s supposed to happen next is that the terminals will stop working. This would mean even Starlink customers that are just visiting the country and have brought with their terminal, will not be able to use it. Or maybe allowed to just a few days per visit. We’re not sure.

The notice suggests Starlink is aware these devices were bought, registered, activated for the purpose of use in Zimbabwe, as it does not mention the need to return the terminal to the country of origin.

Why Starlink is such a big deal in Zimbabwe

To use Starlink, Zimbabweans would mostly buy the kits from unofficial importers of the kits who bring them in from from countries where the service is sold legally (like Mozambique, Zambia, Eswatini etc..). The prices would range from about $600 to $1500 depending on the seller. Installing the kit is generally easy and to operate it in Zimbabwe, they set their account to a roaming service.

The price of unlimited internet from Starlink with the roaming is about US $38, which customers would pay to the company directly. Ultimately, the service is popular in Zimbabwe because the price of an unlimited internet package by the country’s internet providers is at least US $140.

That and the fact that Starlink can work literally anywhere in the country – even the remotest pockets of the country where people there’s no infrastructure for other types of connectivity.

A source Techzim has spoken to, who has been involved in selling internet services in Zimbabwe, estimates there are about 5,000 Starlink terminals in Zimbabwe.

Why it is Illegal to use

In 2023, POTRAZ issued a statement warning Zimbabweans that using Starlink was illegal. Zimbabweans were ofcourse incentivised to ignore this, and the black market for terminals continued to thrive.

Coming under pressure from the market to explain why a more useful service was illegal to use, POTRAZ said they had no issues licensing Starlink as long as the company complied with the country’s laws – read fees, taxes, and ability for government to snoop on the traffic or disable the service at wish if the politics demanded it. Licensed operators in the country pay these costs (part of why the internet is so expensive in Zimbabwe) and allow government to intercept the internet when it wishes.

POTRAZ repeated that while Starlink had expressed interest to regularise operations in Zimbabwe, the company had not been licensed. At least 2 customers of the company were arrested this year for using the service.

Why would Starlink comply with a POTRAZ demand?

One question that people may have is if POTRAZ can technically switch Starlink off. They cannot, and in fact, that’s why they don’t want the service operating.

So if POTRAZ cannot technically switch if off, why would Starlink agree to do it? First, we don’t know if Starlink is agreeing and will go through with the disconnections. However, generally, except in very extreme situations a company would want to comply with the instructions of a government where they wish to operate in the future.

If Starlink is interested in selling to the 4 million Zimbabwean households market that may want a connection in the future, it’s in their interest to work with government and not antagonise it.

Shutdowns in Africa

Earlier this year, Starlink reportedly deactivated what was estimated to be between 300 and 400 devices in South Africa. The deactivated accounts were deemed to be “improperly” operating as they were being provided by an unofficial third party, Startsat.

There we also reports last month suggesting that users, possibly in DRC, experienced the Shut down that Starlink has issued in Zimbabwe.

It is possible that other governments observing this, will learn it’s something they too can do, and more shutdown orders may be coming.

Tyler Durden Fri, 04/12/2024 - 14:20

18 Wheeler Truck 'Intentionally' Plows Into Texas Department Of Safety Building

The Texas Department of Public Safety reports on X that a large tractor-trailer crashed into one of its buildings in the city of Brenham, located in east-central Texas in Washington County. 

"A commercial motor vehicle ran into the Brenham DPS Office, and there are reports of multiple serious injuries," DPS of Southeast Texas Region posted on X.

#Breaking - A commercial motor vehicle ran into the Brenham DPS Office, and there are reports of multiple serious injuries.

PIO is headed to the scene.

Please stay clear of the area as investigators and medical personnel respond to the area.

Updates will be provided here.

— TxDPS - Southeast Texas Region (@TxDPSSoutheast) April 12, 2024

Local media outlet 12NewsNow said, "Washington County Sheriff's Office believes this may have been intentional." 

The Washington County Sheriff tells me authorities believe this was an intentional, criminal act. @KHOU https://t.co/qk7Kmyu7qi

— Jeremy Rogalski (@JRogalskiKHOU) April 12, 2024

"We believe this was a criminal act," Washington County Sheriff Otto Hanak said.

UPDATE: Authorities believe the crash may have been intentional.

"We believe this was a criminal act," Washington County Sheriff Otto Hanak said. https://t.co/SPfcbLKuKc

— WFAA (@wfaa) April 12, 2024

At this time, it's unclear how many people were hurt, but preliminary reports say at least 16. 

BREAKING: Driver of stolen truck intentionally rams Department of Public Safety office in Brenham, Texas, injuring at least 16 people pic.twitter.com/uoXMBf1JcU

— BNO News (@BNONews) April 12, 2024

For those who may not know, the DPS is a department within the Texas state government that oversees law enforcement across the state. 

One X user asks... 

Was this #Terrorism ? Intentional ? See #photo #pic #image of 18 wheeler crashing into #DPS office in #Brenham #Washington county #Texas #TX causing many serious injuries -->> https://t.co/emwwds64Cf

— JohnRobert Mauney (@Indexma) April 12, 2024

*Developing... 

Tyler Durden Fri, 04/12/2024 - 14:00

Fauci Adviser Secretly Messaged Zoologist Who Funneled Money to Chinese Lab: Emails

Authored by Zachary Stieber via The Epoch Times,

A top adviser to Dr. Anthony Fauci secretly messaged a zoologist who funneled money from Dr. Fauci’s agency to a laboratory in the Chinese city where the first COVID-19 cases appeared, according to newly disclosed emails.

Peter Daszak speaks to media upon arriving at the Wuhan Institute of Virology in China's central Hubei province, on Feb. 3, 2021. (Hector Retamal/AFP via Getty Images)

Dr. David Morens, the adviser, sent at least four messages to Peter Daszak, the zoologist, the emails show. Images of the email headers were obtained and released by the U.S. House of Representatives Select Subcommittee on the Coronavirus Pandemic.

Dr. Morens, who was messaging from his personal email, wrote to Mr. Daszak, the president of EcoHealth Alliance, and others on April 26, 2020; July 13, 2020; and Feb. 20, 2022. At least three of the messages were about a grant from the U.S. National Institute of Allergy and Infectious Diseases (NIAID) to EcoHealth to study bat coronaviruses. Money from that grant was funneled by EcoHealth to the Wuhan Institute of Virology.

“Please read and acknowledge receipt -- Actions needed regarding 2R01AI110964-06,” the subject line of one message stated.

In another, Dr. Morens was responding after Mr. Daszak told him an NIAID grant officer said “he’s unable to talk with me anymore about our suspended [grant].”

The grant was suspended on April 24, 2020, by former President Donald Trump’s administration after the COVID-19 pandemic started. President Joe Biden’s administration restored funding in 2023, although it suspended and later banned the Wuhan lab from receiving money.

An inspector general determined in a 2023 report that EcoHealth and the National Institutes of Health (NIH) failed to properly monitor research being done in Wuhan. EcoHealth also failed to obtain documents the NIH requested following the emergence of COVID-19, which EcoHealth blamed on a lack of cooperation from Chinese officials. The NIH is the NIAID’s parent agency.

Dr. Morens in a previously released email said that he “retained very few emails or documents” on the origins of COVID-19 “and continue to request that correspondence on sensitive issues be sent to me at my gmail address.”

He said in another email that “I try to always communicate on gmail because my NIH email is FOIA’d constantly“ and that ”I will delete anything I don’t want to see in the New York Times.”

The newly acquired emails, sourced from a whistleblower, show “further attempts by Dr. Morens to subvert public transparency,” Rep. Brad Wenstrup (R-Ohio), chairman of the subcommittee, said on April 1

He was writing to Dr. Gerald Keusch, director of the National Emerging Infectious Diseases Laboratory Institute at Boston University.

Dr. Keusch was part of the emails between Dr. Morens and Mr. Daszak.

Dr. Wenstrup asked Dr. Keusch to provide all communications between Dr. Keusch and Dr. Morens about the origins of COVID-19, EcoHealth, or the Wuhan lab, in addition to communications between Dr. Keusch and government agencies on the same topics.

Dr. Keusch, Dr. Morens, and EcoHealth did not respond to requests for comment.

Some experts and government agencies believe that COVID-19 originated at the Wuhan lab, which was conducting risky experiments on coronaviruses. Some others favor the natural origin theory. No animal intermediary has been identified as of yet.

Dr. Morens answered questions from the House subcommittee in January. According to a readout of the interview, Dr. Morens said Mr. Daszak is a close friend. He said that he “stood with 100% certainty behind the zoonotic origin of COVID-19, ”even though he acknowledged not exploring any evidence supporting the lab theory. Dr. Morens also denied deleting material on the origins of COVID-19 or making attempts to skirt the Freedom of Information Act.

“The select subcommittee has serious questions about the legitimacy of these claims,” the panel said at the time. “Chairman Wenstrup plans to receive access to Dr. Morens’s personal email account.”

Tyler Durden Fri, 04/12/2024 - 13:20

China Exports Collapse, Prompting Yuan Devaluation Fears

China’s export growth tumbled in March compared to last year, sparking questions about a possible yuan devaluation at a time when China's biggest mercantilist competitor in Asia - Japan - has intentionally cratered its currency. 

Chinese Exports declined by 7.5% from a year earlier in March to $279.7 billion, far was than the median estimate of a 1.9% drop and was in sharp contrast to the 7.1% growth in combined figures for January and February. It was dragged down due to a higher base in the same period last year, when China reported robust growth of 14.8% at $315.6 billion. Imports also slumped, sliding -1.9% yoy in March, and far below the Bloomberg consensus of a +1.0% increase.

In sequential terms, exports increased by +1.2% in March (vs. +3.5% in January-February), while imports decreased by 1.4% in March (vs. +0.8% in January-February).

With exports collapsing, China's trade balance also slumped, dropping to just $58.6BN in March, far worse than the Bloomberg consensus of $69.1BN, and down from January-February average balance at US$62.6bn. Today's release of trade data only covers major trading partners and products. The detailed breakdown of trade by country and by product will be released on April 20.

Some more highlights:

• By major destination, export value fell sequentially across major trading partners except for ASEAN. The high bases last March drove year-over-year export growth deeply negative. Among major DM countries, exports to the US dropped by 15.9% yoy in March (vs. +2.6% yoy in January-February), and exports to the European Union declined by 14.9% yoy in March (vs. -2.3% yoy in January-February). Among major EM economies, exports to ASEAN fell by 6.3% yoy in March (vs. +0.1% yoy in January-February).

• By major category and in sequential terms, exports of automobiles rose notably in March while exports of fertilizer and cellphones declined. On a year-over-year basis, export growth of tech-related products remained strong. Export of chips increased by 11.5% yoy in March (vs. +21.4% yoy in January-February) with +7.0% sequential growth (mom non-annualized sa). Export growth of housing-related products moderated notably in March: for example, exports of furniture dropped by 12.3% yoy in March (vs. +28.7% yoy in January-February).

• Among major categories and in sequential terms, imports of natural gas and refined petrol rose in March while imports of machine tools and iron ore declined. For major commodities and on a year-over-year basis, import growth of metal ores remained solid in March while import growth of energy-related goods moderated. Specifically, import value of crude oil declined by 3.5% yoy in March (vs. +3.6% yoy in January-February) with import volume down 6.2% yoy (vs. +5.0% yoy in January-February). Import value of iron ore rose 7.5% yoy in March (vs. 33.0% yoy in January-February) with import volume up 0.5% yoy (vs. 7.9% yoy in January-February). On tech-related products, import growth of chips moderated significantly in March (+2.0% yoy in March vs. +14.4% yoy in January-February).

Last year, China experienced its first decline in export growth in seven years, with shipments dropping by 4.6% due to weak external demand. It created additional challenges amid Beijing’s efforts to revive the post-pandemic economy, as it was also grappling with an exodus of foreign investment, waning market confidence and potential trade barriers.

Meanwhile, as Bloomberg notes, the dismal trade numbers will only add to the worries over the world’s second-biggest economy, which bodes poorly for a yuan that’s been in retreat this year, which incidentally is just what Beijing wants since China desperately needs a weak currency to make its exports cheaper, which however is proving very difficult with the yen not only sliding to a record low against the yuan, but dropping below a key support level.

Dollar-yuan is being driven by the contrasting outlooks for central bank policy, along with the direction of USD/JPY.

Bloomberg's conclusion here is that until there is official support for the yen - which seems unlikely even as the Japanese currency crater to a new record low every single day -  or a shift back to expectations for early Fed interest rate cuts, "there isn’t much Chinese authorities can do about an outperforming US dollar. Especially as the PBOC is seen easing monetary policy again this year." We disagree, especially because the PBOC is seen easing monetary policy: China can - and at this rate will have no choice but to - devalue the currency, and while so far it has been doing everything in its power to telegraph that it will defend the yuan and avoid a repeat of the record capital outflows from 2015, one day Beijing will shock everyone when it announced that the Yuan has lost 10% of its value overnight, and which point the surge in crypto and gold will truly shine.

The bottom line is that Beijing continues to be trapped: either keep the currency artificially "stable" and suffer continued trade loss to competitor Japan which is crushing its currency, or devalue the yuan and regain the mercantilist throne, however at the expense of massive capital outflows.

Tyler Durden Fri, 04/12/2024 - 13:00