tag:blogger.com,1999:blog-60272891591171245312024-03-18T23:09:10.696-04:00Elite Forex Blog - Market analysis & intelligence, see more at globalintelhub.comElite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comBlogger2885125tag:blogger.com,1999:blog-6027289159117124531.post-63751544464681814852021-03-31T14:58:00.000-04:002021-03-31T14:58:05.382-04:00Exclusive: Alex Jones Confronts Skull and Bones On 322<div class="ifw-player" data-video-id="605e755d0d286e647ddd249d"></div><script src="https://infowarsmedia.com/js/player.js" async></script>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-76789072226498600932021-03-30T22:50:00.002-04:002021-03-30T22:50:13.046-04:00Health Care Workers Bragging About Forged Vax Cards As Fake "Passports" Hit The Street<p><a href="https://www.zerohedge.com/covid-19/health-care-workers-bragging-about-forged-vax-cards-fake-passports-hit-street"> From Zero Hedge</a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">It was inevitable.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Healthcare workers across the country are taking to social media to brag about <strong style="box-sizing: border-box;">stealing COVID-19 vaccination cards from their jobs</strong> in order to falsify their vaccination status - allowing them to falsify their vaccine status.</p><figure class="caption caption-img" role="group" style="box-sizing: border-box; margin: 0px; width: 500px;"><img alt="" data-entity-type="file" data-entity-uuid="49c227eb-f5b6-454e-8142-dad78dd0454b" data-responsive-image-style="inline_images" height="333" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/1775x1183_q95.jpg?itok=JiCT7GCY" style="box-sizing: border-box; display: block; max-width: 100%;" typeof="foaf:Image" width="500" /><figcaption style="border: 1px solid rgb(216, 216, 216); box-sizing: border-box; color: #595959; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 14px; line-height: 17px; padding: 3px 10px;"><em style="box-sizing: border-box;"><strong style="box-sizing: border-box;">Photo By:</strong> EJ Hersom, DOD</em></figcaption></figure><div class="Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-video" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">"<strong style="box-sizing: border-box;">I work at a pharmacy and grabbed blank ones for me and my hubby</strong>," said one TikTok user, who was identified by other users as a pharmacy tech in Illinois - and promptly reported to state healthcare authorities, according to the <a href="https://www.thedailybeast.com/health-care-workers-are-bragging-on-tiktok-about-forging-vax-cards" style="box-sizing: border-box; color: #1470b2;"><em style="box-sizing: border-box;">Daily Beast</em></a>.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">"Can I pay you to ship a couple to me," another TikTok user identified as a Texas nurse wrote under the original video bragging about the theft - and was also promptly reported to Texas healthcare authorities.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">"I got a template if u want it," posted one TikTok user under a viral video about faking vaccination cards.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Becca Walker, one of the two users sounding the alarm, posted: "<strong style="box-sizing: border-box;">I’m pretty sure you’re not supposed to steal from your job. And I’m pretty sure you’re not supposed to steal blank vaccination papers for COVID-19 to falsify information and claim that you and your husband were vaccinated when in actuality you were not.</strong>"</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">"<strong style="box-sizing: border-box;">Stop hating on me! I don’t care what any of you think. I did what is best for my husband and I,</strong>" posted the Illinois pharmacy tech right before she wiped her TikTok account history - only to try and cover her tracks by posting a fake TikTok claiming to be a 16-year-old British girl doing a social media experiment for her filmmaker father.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Walker, along with user Savannah Sparks, have since posted <strong style="box-sizing: border-box;">several more TikTok videos calling out healthcare workers for allegedly forging or attempting to forge vaccine cards</strong>. They claim dozens of tips have been sent to them by other users on the platform, but which they haven't been able to verify.</p><div class="Advert_desktop__1J5vD Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-desktop" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><blockquote style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">If it seems surprising that vaccine resistance would exist among medical professionals, even those with a strong background in science, Schaffer said it simply highlights <strong style="box-sizing: border-box;">how many Americans are still resistant to vaccination</strong>, more than three months after the first jabs went into the arms of frontline health-care workers. In February, a survey conducted by experts from Northwestern, Northeastern, Rutgers and Harvard universities found that<strong style="box-sizing: border-box;"> <a class="LinkWrapper LinkWrapper--external" href="https://news.northwestern.edu/stories/2021/02/national-survey-shows-13-of-healthcare-workers-are-vaccinated/" style="box-sizing: border-box; color: #1470b2;">21 percent</a> of health-care workers surveyed did not want to be vaccinated.</strong> Hesitancy, which indicates skepticism towards the vaccine but not an outright unwillingness to be vaccinated, was 37 percent. -</em><a href="https://www.thedailybeast.com/health-care-workers-are-bragging-on-tiktok-about-forging-vax-cards" style="box-sizing: border-box; color: #1470b2;"><em style="box-sizing: border-box;">Daily Beast</em></a></p></blockquote><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Meanwhile, <strong style="box-sizing: border-box;">fake "vaccine passports" are already being sold on the street</strong>. Via <a href="https://summit.news/2021/03/30/report-fake-vaccine-passports-are-already-being-sold-on-the-street/" style="box-sizing: border-box; color: #1470b2;"><em style="box-sizing: border-box;">Summit News</em></a>:</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">* * *</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Fake ‘vaccine passports’ are already being sold by criminals on the streets, according to TV personality Andrew Gruel, who said he saw it happen.</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Earlier this week it was revealed that the Biden administration has been working with tech companies and non-profits to create a vaccine passport that “will play a role in multiple aspects of life.”</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">According to a CNN report, the vaccine passports, which could be ready in weeks, will be a condition of the United States returning to “normalcy” before the end of the year.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">However, it appears as though street scammers have already beaten the government to the chase.</p><div class="twitter-tweet twitter-tweet-rendered" style="box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; margin-bottom: 10px; margin-top: 10px; max-width: 550px; width: 500px;"><iframe allowfullscreen="true" allowtransparency="true" class="" data-tweet-id="1376904403005763586" frameborder="0" id="twitter-widget-0" scrolling="no" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&frame=false&hideCard=false&hideThread=false&id=1376904403005763586&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fcovid-19%2Fhealth-care-workers-bragging-about-forged-vax-cards-fake-passports-hit-street&siteScreenName=zerohedge&theme=light&widgetsVersion=e1ffbdb%3A1614796141937&width=550px" style="box-sizing: border-box; display: block; flex-grow: 1; height: 242px; max-width: 100%; position: static; visibility: visible; width: 500px;" title="Twitter Tweet"></iframe></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">“Had to work late last night,” tweeted TV host Andrew Gruel. “Walked through a back alley to get to my car. There were 2 shady guys selling fake vaccine passports out of the back of a Cadillac. A market is born.”</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The ridiculous takeaway from the introduction of vaccine passports is that Americans may be forced to show ID to watch a baseball game while voting can still take place with no ID requirements whatsoever.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">As we <a href="https://summit.news/2021/03/29/uk-now-considering-digital-face-scanning-to-enter-pubs/" style="box-sizing: border-box; color: #1470b2;">highlighted yesterday</a>, the vaccine passport isn’t just a proof of vaccination system, it’s a digital ID card that will likely be linked to the facial recognition camera network.</p><p><a data-image-external-href="" data-image-href="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/1775x1183_q95.jpg?itok=JiCT7GCY" data-link-option="0" href="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/1775x1183_q95.jpg?itok=JiCT7GCY" style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; text-decoration-line: none;"><picture style="box-sizing: border-box;"></picture></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">This will then grease the skids for the full implementation of a Communist Chinese-style social credit score system where dissidents are denied basic rights and services and have to live in a de facto state of permanent lockdown.</p>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-23855068555771392072021-03-29T20:08:00.003-04:002021-03-29T20:08:58.148-04:00Lockdowns Worsen The Health Crisis<p> <a href="https://www.aier.org/article/lockdowns-worsen-the-health-crisis/" style="box-sizing: border-box; color: #1470b2; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><em style="box-sizing: border-box;">Authored by Kiley Holliday and Jenin Younes via the American Institute for Economic Research,</em></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">One of the most infuriating aspects of a year replete with illogical, short-sighted public health mandates has been the utter failure of those within the public health profession to adequately address the role that poor diet and lack of exercise have played in exacerbating the coronavirus crisis. <strong style="box-sizing: border-box;"> In fact, many of the decrees ostensibly issued in the name of public health have had the effect only of aggravating the underlying problem.</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/scale-800x508.jpg?itok=bjwjQgnk" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/scale-800x508.jpg?itok=bjwjQgnk" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="ff1f6148-102e-4b28-9b13-05c992fd7dea" data-responsive-image-style="inline_images" height="318" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/scale-800x508.jpg?itok=bjwjQgnk" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><div class="Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-video" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">A <a href="https://www.cnn.com/2021/03/04/health/obesity-covid-death-rate-intl/index.html" style="box-sizing: border-box; color: #1470b2;">recent global study</a> <a href="https://www.nytimes.com/2021/03/08/health/coronavirus-obesity-weight.html" style="box-sizing: border-box; color: #1470b2;">found that</a> obesity is a “<a href="https://www.reuters.com/article/us-health-coronavirus-obesity/obesity-a-driving-factor-in-covid-19-deaths-global-report-finds-idUSKBN2AW1X0" style="box-sizing: border-box; color: #1470b2;">driving factor in COVID-19 deaths</a>,” and that Covid-19 death rates are an astonishing ten times higher in countries where most adults are overweight.</strong> Although advanced age is the strongest indicator of a severe outcome from a coronavirus infection, “being overweight comes a close second,” the report determined. The CEO of the World Obesity Federation went so far as to blame the “failure to address the root causes of obesity over many decades . . . for hundreds of thousands of preventable deaths.” While the study makes evident the degree to which poor underlying health is a driving force in coronavirus deaths, we have <a href="https://www.medicalnewstoday.com/articles/latest-evidence-on-obesity-and-covid-19" style="box-sizing: border-box; color: #1470b2;">known</a> <a href="https://www.cidrap.umn.edu/news-perspective/2020/04/new-york-obesity-appears-raise-covid-19-risk" style="box-sizing: border-box; color: #1470b2;">almost since the beginning</a> <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7346803/" style="box-sizing: border-box; color: #1470b2;">that being overweight</a> or obese significantly increases the risk of a severe outcome.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Given this information, the Anthony Faucis and Eric Feigl-Dings of the world should focus on alerting people to the dangers of being overweight and obese, and expending significant efforts to encourage exercise and healthy diet. </strong>Instead, they have spent the past twelve months urging people to “stay home, save lives” and to wear two masks, if not three or four, a measure not shown to have <a href="https://www.aier.org/article/the-question-of-masks/" style="box-sizing: border-box; color: #1470b2;">mitigated coronavirus deaths</a> at all.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">In a similar vein, governors around the country have ordered gyms closed, along with countless other businesses.</strong> In New York, gyms have been open since this past summer, but patrons must wear a mask at all times, even while exercising. Due to the <a href="https://www.umms.org/coronavirus/what-to-know/masks/exercise-mask" style="box-sizing: border-box; color: #1470b2;">extreme discomfort</a> of exercising while masked, I (Jenin) quit my gym months ago for the first time in two decades and began relying solely on outdoor forms of exercise to stay in shape. I doubt I am the only one to have done so for similar reasons.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Thus, equally counterproductive are <a href="https://www.mass.gov/news/mask-up-ma" style="box-sizing: border-box; color: #1470b2;">outdoor mask mandates</a> in states like Massachusetts, which have the pernicious effect of discouraging outdoor as well as indoor exercise. </strong> All this, despite the fact that the World Health Organization (WHO) <a href="https://www.who.int/publications/i/item/advice-on-the-use-of-masks-in-the-community-during-home-care-and-in-healthcare-settings-in-the-context-of-the-novel-coronavirus-(2019-ncov)-outbreak/" style="box-sizing: border-box; color: #1470b2;">advised against</a> wearing a mask while exercising, pointing to research demonstrating that wearing them even during mild to moderate physical activity can “lead to significant negative cardiovascular and pulmonary effects in both healthy people and those with underlying respiratory diseases.” (Of course, these findings contradicted the religion of face-coverings that has overtaken our society, so were automatically discounted, not on the merits but because they did not <a href="https://www.businessinsider.com/who-dont-wear-masks-during-vigorous-intensity-physical-activity-2020-12" style="box-sizing: border-box; color: #1470b2;">fit within</a> the dominant narrative). </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Likewise, especially at the beginning of the crisis,<strong style="box-sizing: border-box;"> governors around the nation closed <a href="https://calmatters.org/children-and-youth/2020/12/california-backtracks-playground-ban/" style="box-sizing: border-box; color: #1470b2;">playgrounds</a>, <a href="https://www.nationalparkstraveler.org/2020/04/coronavirus-and-national-parks-whats-closed" style="box-sizing: border-box; color: #1470b2;">national parks,</a> and <a href="https://hikethehudsonvalley.com/hudson-valley-trail-closures-and-parking-restrictions-due-to-covid-19/" style="box-sizing: border-box; color: #1470b2;">hiking trails,</a> another policy choice that simply deprived people of the opportunity to engage in healthy outdoor activities.</strong> Mercifully, many of these orders have been reversed following significant pushback from the public, although never with an admission on the part of government officials that such measures were detrimental to public health.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">While exercise is vital for overall health, <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3771367/" style="box-sizing: border-box; color: #1470b2;">significant research suggests</a> that those who are struggling with obesity require dietary changes in order to lose weight. Predictably, the shutdown strategy, which entailed <a href="https://www.nytimes.com/2020/06/16/well/eat/pandemic-snacking-junk-food-habits-eating-weight.html" style="box-sizing: border-box; color: #1470b2;">people working from home</a> much more often or exclusively, led to a sharp increase in unhealthy eating habits. People began snacking on processed foods in much greater quantities, in large part to ease stress, giving Mondelez International — the manufacturer of Oreos — and other unhealthy, processed snacks <a href="https://www.fool.com/earnings/call-transcripts/2020/04/29/mondelez-international-inc-mdlz-q1-2020-earnings-c.aspx" style="box-sizing: border-box; color: #1470b2;">cause to celebrate</a>. </p><div class="Advert_desktop__1J5vD Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-desktop" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">The exhortations of the “stay home” crowd, as well as the implementation of measures such as gym and park closures have had the <a href="https://www.apa.org/news/press/releases/2021/03/march-weight-change" style="box-sizing: border-box; color: #1470b2;">expected impact</a>, which is that 42 percent of adults in the United States reported undesired weight gain during the past year, with an average of twenty-nine pounds. </strong> Millennials as a group fared the absolute worst, with 48 percent reporting unwanted weight gain, at an average of forty-one pounds. Suffice it to say, a significant portion of adults who in March of 2020 were not at substantial risk of a severe outcome from coronavirus now can be categorized as in an elevated risk group.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/image1-10-800x450.jpg?itok=pAto4jdI" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/image1-10-800x450.jpg?itok=pAto4jdI" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="8ac5632e-4486-4b28-8846-8898a4765982" data-responsive-image-style="inline_images" height="281" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/image1-10-800x450.jpg?itok=pAto4jdI" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">The cause of this national belt-loosening is not merely staying home and moving around less, but anxiety and depression <a href="https://www.theadvocate.com/baton_rouge/news/article_1a72ebd2-b725-11ea-9f82-17bbc0f6d4e6.html" style="box-sizing: border-box; color: #1470b2;">caused by</a> social isolation, both of which <a href="https://academic.oup.com/endo/article/148/10/4658/2501229" style="box-sizing: border-box; color: #1470b2;">have</a> been demonstrated to cause weight gain and obesity.</strong> Society has now organized itself around the principle of depriving people of meaningful social contact with family, friends, and coworkers for the better part of a year. One need not have a degree in psychology to recognize that such an approach is bound to aggravate the obesity crisis, as indeed it has. In fact, our newly confirmed Surgeon General, Dr. Vivek H. Murthy has written an entire book on health effects of loneliness, arguing that it is associated with increased risk of heart disease, dementia, obesity, and sleep disorders.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Yet despite these circumstances, publications such as the <em style="box-sizing: border-box;">New York Times </em>have been running grossly irresponsible pieces with headlines such as <a href="https://www.nytimes.com/2021/01/15/parenting/childrens-weight-gain-covid-pandemic.html" style="box-sizing: border-box; color: #1470b2;"><em style="box-sizing: border-box;">Should You Worry About Your Kid’s Pandemic Weight Gain</em></a><em style="box-sizing: border-box;">?</em> <strong style="box-sizing: border-box;"> </strong>(the answer of the author, Virginia Sole-Smith is, generally speaking, ‘no’). In typical fashion, Sole-Smith ascribes the rising incidence of childhood obesity to the pandemic itself, rather than the decision to shutter classrooms for many months. She contends that because childhood dieting can lead to adult eating disorders, parents should avoid treating their children’s weight gain as a “problem to be solved.” Parents should inquire about the mental health of their children, but also accept that the circumstances causing their depression and late-night stress eating simply cannot be changed, as though it is perfectly reasonable from a public health perspective to prioritize Covid prevention (a virus less harmful to children than the flu) above all things. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">A more recent <em style="box-sizing: border-box;">Times </em>article, by Sandra E. Garcia dodged the issue of underlying health, and instead argued that people whose body mass index (BMI) qualified them for early vaccination should take advantage of that status. The article quoted Emma Specter of <em style="box-sizing: border-box;">Vogue</em> magazine saying “a metric of health that has long been called into question by fat activists and medical experts alike could stand to actively benefit fat people for the first time.”</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Similarly, Garcia quoted a tweet that quipped<em style="box-sizing: border-box;"><strong style="box-sizing: border-box;"> “because my BMI permits me to get the vaccine tomorrow, and because the vaccination will enable me to protect myself and others, my thick thighs will in fact save lives.” </strong></em> While BMI is an imperfect measure of an individual’s health and, of course, not all thin people are healthy, the past thirty years has shown us that rising rates of obesity and chronic diseases go hand in hand. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Apparently, Garcia’s ideological commitment to the narrative of identity politics precludes any admission that being overweight, and particularly obese, is a significant predictor of a severe outcome from a coronavirus infection, and that many people can take steps to lose weight and thereby become healthier and even remove themselves from at-risk categories. <strong style="box-sizing: border-box;">Getting vaccinated will not solve the larger problem, as it can only protect one from the coronavirus and does not cure the various comorbidities resulting from poor diet and a sedentary lifestyle. </strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Under the pretense of “body positivity,” the authors of these articles are normalizing a lifestyle that leads to significant health problems. Instead of questioning the circumstances that create obesity – conditions that have only worsened during the pandemic – they propound against all reason and logic that obesity is not unhealthy, or that it is somehow unhealthier to recognize and deal with it. This effectively steers people away from drawing the all-too obvious conclusion that the decision to close schools, gyms, and workplaces and force people to shelter in place for months at a time was never in the interest of public health.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Of course, not everyone can lose weight for a variety of reasons, spanning the spectrum from metabolic disorders to inadequate access to healthy food or time to exercise. The inability of many to lead a healthy lifestyle can be directly tied to significant, systemic problems in our society and country today, and it is not within the scope of this article to address this matter. Nor do we advocate “fat-shaming,” or any cruelty directed at individuals because they are overweight or obese. Rather, we are suggesting that the government and public health authorities should not issue and support, respectively, mandates that curtail freedom to the point of fostering depression and disease in the general population. That includes not only closures of parks and gyms, but measures such as mandatory mask-wearing during exercise and stay-at-home orders, which inevitably leads to social isolation. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">In stark contrast to the approach they have taken, public health authorities, and by extension politicians and the media, ought to encourage the public to maintain a healthy weight, and not just during the pandemic. </strong>In fact, it is their moral obligation to address the issue head-on, rather than putting identity politics or political correctness before public health, and to vigorously renounce measures that are creating an unhealthier nation. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">We suspect that one day, the quarantining of entire societies that was carried out in response to the coronavirus pandemic, leading to vast swaths of the population becoming unhealthier overall and ironically more susceptible to severe outcomes from the virus, will be seen as the 21st century version of bloodletting.</strong> As the epidemiologist Martin Kulldorff <a href="https://twitter.com/martinkulldorff/status/1340352565481975812?lang=en" style="box-sizing: border-box; color: #1470b2;">has observed</a>, public health is not just about one disease, but all health outcomes. Apparently, in 2020, the authorities forgot this obvious truth.</p>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-6697057119874393532021-03-29T09:26:00.003-04:002021-03-29T09:26:54.726-04:00CFDs - The Dirty Little Secret Behind The Collapse Of Archegos<p><a href="https://www.zerohedge.com/markets/cfds-dirty-little-secret-behind-collapse-archegos"> From Zero Hedge:</a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Stop us if you've heard this one before - <em style="box-sizing: border-box;">Wall Street prime brokers allowed hedge funds to dance while the music was playing with ever greater leverage in off-exchange and unregulated derivatives... until the first sign of trouble and the whole house of cards comes crashing down in a potentially systemic manner</em>.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The bloodbath in various media stocks on Friday has brought light back to one of the dark corners of the equity trading business - <strong style="box-sizing: border-box;">so-called contracts-for-differences (CFDs).</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/hwang_tiger_asia_158424783_32996293_1.jpg?itok=dvJLiClb" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/hwang_tiger_asia_158424783_32996293_1.jpg?itok=dvJLiClb" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="8e092fd7-7960-43d0-aa8d-2ca597e61644" data-responsive-image-style="inline_images" height="333" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/hwang_tiger_asia_158424783_32996293_1.jpg?itok=dvJLiClb" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><div class="Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-video" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a href="https://www.bloomberg.com/news/articles/2021-03-29/billions-in-secretive-derivatives-at-center-of-archegos-blowup?srnd=premium&sref=ZMFHsM5Z" style="box-sizing: border-box; color: #1470b2;">As Bloomberg reports</a>, much of the leverage used by Hwang’s Archegos Capital was provided by banks including Nomura and Credit Suisse - <a href="https://www.zerohedge.com/markets/archegos-fallout-nomura-crashes-after-reporting-record-2bn-loss-transactions-us-client" style="box-sizing: border-box; color: #1470b2;">who have most recently admitted huge losses</a> - as <strong style="box-sizing: border-box;">CFDs, which are made off exchanges, allow managers like Hwang to amass stakes in publicly traded companies without having to declare their holdings </strong>(far in excess of the 5% stakes that require regulatory reporting).</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Crucially, <a href="https://www.bloomberg.com/news/articles/2021-03-29/billions-in-secretive-derivatives-at-center-of-archegos-blowup?srnd=premium&sref=ZMFHsM5Z" style="box-sizing: border-box; color: #1470b2;">as Bloomberg notes,</a> this means <strong style="box-sizing: border-box;">Archegos may never actually have owned most of the underlying securities - if any at all</strong> - as the CFD is akin to a privately-arranged (i.e. off exchange and bespoke) futures contract where the differences in the settlement between the open and closing trade prices are cash-settled (there is no delivery of physical goods or securities with CFDs).</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">What makes the situation worse is that <strong style="box-sizing: border-box;">Archegos reportedly took positions in these CFDs with various prime brokers</strong> - and because these positions are by their nature not centrally cleared or aggregated, this left prime broker X unaware of their client's exposures with prime broker Y... which in this case was huge.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The leverage Hwang was given made him look like a trading genius as the various positions he took were pumped and pumped (and helped by gamma-squeezers) but now look like a reckless gambling fool as the bets collapsed.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">CFDs linked to stocks (with a gross market value of around $282 billion at end June 2020) are among bespoke derivatives that investors trade privately between themselves, or over-the-counter, instead of through public exchanges. <strong style="box-sizing: border-box;">This is exactly the kind of hidden risk that amplified the losses during the 2008 financial crisis.</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/2021-03-29_5-54-45.jpg?itok=eohhAc_x" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2021-03-29_5-54-45.jpg?itok=eohhAc_x" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="f952f311-4655-4a69-a016-b6dc810ae683" data-responsive-image-style="inline_images" height="321" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2021-03-29_5-54-45.jpg?itok=eohhAc_x" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><div class="Advert_desktop__1J5vD Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-desktop" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">As <a href="https://www.bloomberg.com/?sref=ZMFHsM5Z" style="box-sizing: border-box; color: #1470b2;">Bloomberg </a>notes, <strong style="box-sizing: border-box;">regulators have begun clamping down on CFDs in recent years because they’re concerned the derivatives are too complex and too risky for retail investors,</strong> with the European Securities and Markets Authority in 2018 restricting the distribution to individuals and capping leverage. In the U.S., CFDs are largely banned for amateur traders... but not for hedge fund managers who are "sophisticated"?</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">But, <strong style="box-sizing: border-box;">banks still favor them because they can make a large profit without needing to set aside as much capital versus trading actual securities</strong> (driven to this opaque market as an unintended consequence of heavy regulation following the 2008 financial crisis).</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">In the case of Archegos, there is very little transparency about Hwang’s trades, but market participants suggest his assets had grown to anywhere from $5 billion to $10 billion in recent years with <strong style="box-sizing: border-box;">total exposure topping $50 billion</strong>. And bear in mind, <strong style="box-sizing: border-box;">this is not 'leverage' in the old-fashioned sense</strong> (i.e. banks allow you buy X-times the amount of stocks relative to your capital); this is <strong style="box-sizing: border-box;">purely synthetic</strong> - the firm has no actual underlying asset to fall back on, but is linearly exposed to losses (and gains) on a margined basis.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">And as we noted at the beginning, <strong style="box-sizing: border-box;">this has the potential to be much more systemic</strong> as the losses created by Archegos' margin calls trigger more margin calls and more potential losses for the prime brokers. Think we are exaggerating, then explain why the costs of counterparty risk hedging for Credit Suisse for example, has exploded in the last few days...</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm4482.jpg?itok=V1pbyL40" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm4482.jpg?itok=V1pbyL40" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="22ce7c6b-83c6-4ed2-8f56-aec4d371efe5" data-responsive-image-style="inline_images" height="273" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm4482.jpg?itok=V1pbyL40" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Source: Bloomberg</em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Mohammed El-Erian told CNBC this morning that <em style="box-sizing: border-box;"><strong style="box-sizing: border-box;">"It seems to be a one-off ... for now, it looks contained. And that's a good thing." But added "what we don't want is a pile-up."</strong></em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">We look forward to the Congressional hearings on this.</p>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-65964198891163237812021-03-28T19:14:00.001-04:002021-03-28T19:14:06.833-04:00Objective:Health: Ivermectin: The Suppressed Miracle Drug for Covid-19<p><a href="https://www.sott.net/article/450468-Objective-Health-Ivermectin-The-Suppressed-Miracle-Drug-for-Covid-19"> From SOTT</a></p><div class="article-image-large to-center" style="background-color: white; clear: both; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px; margin-left: auto; margin-right: auto; padding: 1em; position: relative; text-align: center; width: 550px;"><a href="https://www.sott.net/image/s30/603251/full/ivermectinCoverSOTT.jpg" rel="ibox&ignore_target=true" style="color: #2b4bb5;" target="_blank"><img alt="O:H header" border="0" src="https://www.sott.net/image/s30/603251/large/ivermectinCoverSOTT.jpg" style="max-width: 520px;" title="Click to enlarge" /></a></div><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;">As if it were a replay of the fiasco that went on with hydroxychloroquine, the establishment media, social media and governments have been collectively censoring information about a drug shown to be highly effective against Covid-19: Ivermectin.</span><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;">The studies on the drug are nothing short of astounding - more effective than any drug or intervention previously studied. Yet YouTube felt justified in banning videos of congress testimony about the drug, Twitter has blocked links to a peer-reviewed medical journal that had the audacity to publish a study on the drug and the corporate media have been full of articles about the 'dangers' of this drug - despite the fact that it's been approved by the FDA (unlike Covid vaccines) and has been used safely for the last 5 decades.</span><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;">Join us on this episode of Objective:Health where we give you the low-down on a truly amazing drug that 'THEY' don't want you to know about: Ivermectin.</span><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><div align="center" style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;"><iframe allowfullscreen="" height="315" id="lbry-iframe" src="https://lbry.tv/$/embed/Ivermectin-miracle-drug/d36864a7a886f443aaaec87e50a4705dddb08439?r=AyfxKuTH7JnDBBSp3NBPQejBnwrGGPAS" style="line-height: 1em;" width="560"></iframe></div><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;">For other health-related news and more, you can find us on:</span><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;">♥Twitter: </span><a href="https://twitter.com/objecthealth" style="background-color: white; color: #2b4bb5; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" target="_blank" title="https://twitter.com/objecthealth">https://twitter.com/objecthealth</a><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;"></span><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;">♥Facebook: </span><a href="https://www.facebook.com/objecthealth/" style="background-color: white; color: #2b4bb5; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" target="_blank" title="https://www.facebook.com/objecthealth/">https://www.facebook.com/objecthealth/</a><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;"></span><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;">♥Brighteon: </span><a href="https://www.brighteon.com/channel/objectivehealth" style="background-color: white; color: #2b4bb5; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" target="_blank" title="https://www.brighteon.com/channel/objectivehealth">https://www.brighteon.com/channel/objectivehealth</a><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;"></span><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;">♥LBRY: </span><a href="https://lbry.tv/@objectivehealth:f" style="background-color: white; color: #2b4bb5; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" target="_blank" title="https://lbry.tv/@objectivehealth:f">https://lbry.tv/@objectivehealth:f</a><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;"></span><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;">And you can check out all of our previous shows (pre YouTube) here:</span><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;">♥</span><a href="https://docs.google.com/spreadsheets/d/16H-nK-N0ANdsA5JFTT12_HU5nUYRVS9YcQh331dG2MI/edit?usp=sharing" style="background-color: white; color: #2b4bb5; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" target="_blank" title="https://docs.google.com/spreadsheets/d/16H-nK-N0ANdsA5JFTT12_HU5nUYRVS9YcQh331dG2MI/edit?usp=sharing">https://docs.google.com/spreadsheets/d/16H-nK-N0ANdsA5JFTT12_HU5nUYRVS9YcQh331dG2MI/edit?usp=sharing</a><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;"></span><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><strong style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;">Running Time:</strong><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;"> 00:31:09</span><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><br style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;" /><strong style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;">Download:</strong><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;"> </span><strong style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;"><a href="https://media.sott.net/srn/20210323obh-ivermectin-the-suppressed-miracle-drug-for-covid-19.mp3" style="color: #2b4bb5;" target="_blank" title="//media.sott.net/srn/20210323obh-ivermectin-the-suppressed-miracle-drug-for-covid-19.mp3">MP3</a></strong><span style="background-color: white; color: #15255b; font-family: Helvetica, Verdana, Arial, sans-serif; font-size: 14.7px;"> — 28.5 MB</span>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-41957941721940405292021-03-28T19:13:00.001-04:002021-03-28T19:13:07.456-04:00UN Decries "Mass Murder" After 114 Single-Day Protester Deaths In Myanmar<p> <a href="https://www.commondreams.org/news/2021/03/27/junta-kills-over-100-myanmar-un-expert-says-it-past-time-world-respond" style="box-sizing: border-box; color: #1470b2; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><em style="box-sizing: border-box;">Authored by Kenny Stancil via CommonDreams.org,</em></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">While Myanmar's military celebrated Armed Forces Day on Saturday with a parade through the capital, the ruling junta's security forces killed more than 100 people elsewhere throughout the country in the deadliest crackdown on peaceful pro-democracy protesters since last month's <a href="https://www.commondreams.org/news/2021/02/01/ominous-moment-human-rights-groups-sound-alarm-military-coup-unfolds-myanmar" style="box-sizing: border-box; color: #1470b2;">coup</a>.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a href="https://www.myanmar-now.org/en/news/cities-terrorised-as-junta-escalates-lethal-violence-against-public-on-armed-forces-day" style="box-sizing: border-box; color: #1470b2;">According to</a> <em style="box-sizing: border-box;">Myanmar Now</em>, <strong style="box-sizing: border-box;">soldiers and police had killed at least 114 people</strong>, including children, nationwide as of 9:30 pm on Saturday in Myanmar. "The military celebrated Armed Forces Day by <strong style="box-sizing: border-box;">committing mass murder</strong> against the people it should be defending," <a href="https://twitter.com/RapporteurUn/status/1375854043411714053" style="box-sizing: border-box; color: #1470b2;">said </a>Tom Andrews, the United Nations special rapporteur on the situation of human rights in Myanmar. "The Civil Disobedience Movement is responding with powerful weapons of peace."</p><div class="Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-video" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><a data-image-external-href="" data-image-href="/s3/files/inline-images/crckdwnmynmr.png?itok=WC9nLVPD" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/crckdwnmynmr.png?itok=WC9nLVPD" style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; text-decoration-line: none;"><picture style="box-sizing: border-box;"><figure class="caption caption-img" role="group" style="box-sizing: border-box; margin: 0px; width: 500px;"><img alt="" data-entity-type="file" data-entity-uuid="42dc0def-f4e1-42d9-b893-44a8a6e1669a" data-responsive-image-style="inline_images" height="280" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/crckdwnmynmr.png?itok=WC9nLVPD" style="box-sizing: border-box; display: block; max-width: 100%;" typeof="foaf:Image" width="500" /><figcaption style="border: 1px solid rgb(216, 216, 216); box-sizing: border-box; color: #595959; font-size: 14px; line-height: 17px; padding: 3px 10px;"><em style="box-sizing: border-box;">Via AFP</em></figcaption></figure></picture></a><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">"It's past time," Andrews added, <strong style="box-sizing: border-box;">"for the world to respond in kind with and for the people of Myanmar."</strong> Saturday's brutal massacre, which came just one day after a regional human rights group<a href="https://www.commondreams.org/news/2021/03/26/myanmar-death-toll-tops-320-un-expert-warns-crisis-will-worsen-without-worlds-help" style="box-sizing: border-box; color: #1470b2;"> reported</a> that the total death toll since the military regime seized power on February 1 had <strong style="box-sizing: border-box;">climbed to 328</strong>, was widely condemned by diplomats around the world. "This bloodshed is horrifying," <a href="https://mm.usembassy.gov/statement-by-ambassador-thomas-vajda/" style="box-sizing: border-box; color: #1470b2;">said</a> US Ambassador Thomas Vajda. "Myanmar's people have spoken clearly: they do not want to live under military rule."</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The European Union's delegation to Myanmar tweeted: "This 76th Myanmar Armed Forces Day will stay engraved as a day of terror and dishonor. The killing of unarmed civilians, including children, are indefensible acts." British foreign secretary Dominic Raab <a href="https://twitter.com/DominicRaab/status/1375817565180731396" style="box-sizing: border-box; color: #1470b2;">said</a> that "today's killing of unarmed civilians, including children, marks <strong style="box-sizing: border-box;">a new low</strong>. We will work with our international partners to end this senseless violence, hold those responsible to account, and secure a path back to democracy."</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">In a statement issued Thursday, Andrews had <a href="https://www.ohchr.org/EN/NewsEvents/Pages/DisplayNews.aspx?NewsID=26948&LangID=E" style="box-sizing: border-box; color: #1470b2;">warned</a> that "conditions in Myanmar are deteriorating, but they will likely get much worse without an<strong style="box-sizing: border-box;"> immediate robust, international response in support of those under siege</strong>."</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">"It is imperative that the international community heed the recent call of U.N. Secretary-General António Guterres for a 'firm, unified international response,'" Andrews said. "To date, however, the limited sanctions imposed by member states do not cut the junta's access to revenue that help sustain its illegal activities, and the slow pace of diplomacy is out of step with the scale of the crisis." Andrews noted that "the incremental approach to sanctions has left the most lucrative business assets of the junta unscathed. It needs to be replaced by robust action that includes a diplomatic offensive designed to meet the moment."</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">"Without a focused, diplomatic solution, including the hosting of an emergency summit that brings together Myanmar's neighbors and those countries with great influence in the region, I fear the situation of human rights in Myanmar will further deteriorate as the junta increases the rate of murders, enforced disappearances, and torture," he said.</p><div class="Advert_desktop__1J5vD Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-desktop" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Andrews' fears were realized Saturday as <strong style="box-sizing: border-box;">the military escalated its use of lethal violence against anti-coup demonstrators and other civilians</strong>. "They are killing us like birds or chickens, even in our homes," resident Thu Ya Zaw <a href="https://www.reuters.com/article/us-myanmar-politics/myanmar-security-forces-kill-over-90-in-horrifying-day-of-bloodshed-idUSKBN2BJ01O" style="box-sizing: border-box; color: #1470b2;">told</a> <em style="box-sizing: border-box;">Reuters</em> in the central town of Myingyan. "We will keep protesting regardless... We must fight until the junta falls."</p><div class="twitter-tweet twitter-tweet-rendered" style="box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; margin-bottom: 10px; margin-top: 10px; max-width: 550px; width: 500px;"><iframe allowfullscreen="true" allowtransparency="true" class="" data-tweet-id="1375821158386335751" frameborder="0" id="twitter-widget-0" scrolling="no" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&frame=false&hideCard=false&hideThread=false&id=1375821158386335751&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Fun-decries-mass-murder-after-114-single-day-protester-deaths-myanmar&siteScreenName=zerohedge&theme=light&widgetsVersion=e1ffbdb%3A1614796141937&width=550px" style="box-sizing: border-box; display: block; flex-grow: 1; height: 516px; max-width: 100%; position: static; visibility: visible; width: 500px;" title="Twitter Tweet"></iframe></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The resolve of pro-democracy protesters is evident. <a href="https://www.aljazeera.com/news/2021/3/27/myanmar-coup-leaders-put-on-show-of-force" style="box-sizing: border-box; color: #1470b2;">According to</a> <em style="box-sizing: border-box;">Al Jazeera</em>, citizens defied a "military warning that they could be shot 'in the head and back'" in order to take to "the streets of Yangon, Mandalay and other towns." Kyaw Win, the director of the Burma Human Rights Network in the United Kingdom, <a href="https://www.bbc.com/news/world-asia-56546920" style="box-sizing: border-box; color: #1470b2;">told</a> <em style="box-sizing: border-box;">BBC News</em> that the military had shown it had "no limits, no principles." Win added, <strong style="box-sizing: border-box;">"It's a massacre, it's not a crackdown anymore."</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">In his statement released prior to Saturday's wholesale killing, Andrews <a href="https://www.ohchr.org/EN/NewsEvents/Pages/DisplayNews.aspx?NewsID=26948&LangID=E" style="box-sizing: border-box; color: #1470b2;">emphasized</a> that "it is critical that the people of Myanmar... the duly elected illegally deposed parliamentarians who make up the Committee Representing Pyidaungsu Hluttaw, and opposition leaders and activists see that the international community is working towards a diplomatic solution in support of the peaceful Civil Disobedience Movement."</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">"This combined course of action—domestic peaceful resistance, sustained pressure, and international diplomatic momentum—will have a greater chance for success than taking up arms," Andrews continued, "and will save untold numbers of lives."</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">"Member states have an opportunity to demonstrate this alternative, but the window in which this can be achieved is closing rapidly," he said, adding: "I fear that the international community has only a short time remaining to act." That warning has become even more urgent since it was first shared.</p>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-92180321318984243212021-03-28T10:21:00.000-04:002021-03-28T10:21:00.180-04:00WARNING – Stupidity pandemic, take action to protect life and property<p> <a href="http://www.splittingpennies.com/" style="box-sizing: border-box; color: #0563c1; font-family: calibri, sans-serif; font-size: 11pt;">As explained in Splitting Pennies</a><span style="color: #222222; font-family: calibri, sans-serif; font-size: 11pt;">, the world is not as it seems.</span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">Trading is information arbitrage, anytime you buy the seller has the opposite opinion. Generating alpha whether from day trading or long-term investing involves the same analysis on the underlying strategy. Therefore, the more the opponent can cripple your information advantage, the better. Of course, markets are not fair – hedge funds, banks, market makers, and other big fish will do whatever it takes to make sure they win, even if they might do something that violates the rules they sign to agree to.</span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">In fact, they spend billions of dollars promoting stupidity, in the hope of dumbing you down to the point of making bad decisions, and not understanding how inflation is slowly killing you. So we don’t sound trite, let’s use the most recent ridiculous public example of this, in the spirit of the Simon Black absurdity of the week. <a href="https://www.giantfreakinrobot.com/sci/bill-gates-math-racist.html" style="box-sizing: border-box; color: #0563c1;">Bill Gates Funds An Effort To Teach Kids That Math Is Racist</a></span></span></span></p><div class="Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-video" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px 48px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;"><i style="box-sizing: border-box;">According to Bill Gates, math is racist. Judging from where he spends his money, the Microsoft co-founder seems to believe it suffers from white supremacy and the billionaire is funding a course teaching that to kids. He’s already handed out a $1 million grant.</i></span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px 48px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;"><i style="box-sizing: border-box;">Bill Gates’ foundation, The Bill and Melinda Gates Foundation, recently handed over the sizable grant to The Education Trust Inc., the non-profit that, per their <a href="https://edtrust.org/who-we-are/" style="box-sizing: border-box; color: #0563c1;"><b style="box-sizing: border-box;">mission statement</b></a>, “works to close opportunity gaps that disproportionately affect students of color and students from low-income families.” A very worthy cause, no doubt. But what is making its way around social media is a screenshot of the EquitableMath.org website and its corresponding statement, “White supremacy culture shows up in math classrooms when…The focus is on getting the ‘right’ answer.”</i></span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">What’s scary is not the absurdity, that is clear – TO US. What affect will programs like this have in 5, 10, or 20 years? Small children are now being exposed to this nonsense, will they question science in favor of cult when they grow up?</span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">Clearly Bill Gates is a genius, so why would he be funding a program to make people stupid? Because it serves his agenda in many ways. First and foremost, he’s involved in a conspiracy which can be only boiled down to a plot to steal the world they call the “Great Reset” and having informed, healthy, and active humans on this planet is only a huge barricade to their success. They need addicted, obese, brainwashed sycophants fighting over petty squabbles, so absorbed with their daily struggle for survival, or for corporate power, they become anesthetized to the drama of their plans, motives, and means to get there.</span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">Wall Street is happy to comply with this plan, so groups like Robinhood can fleece retail customers out of whatever they were able to cobble together. We’re going to do a follow up piece on the plot to steal the world, here we are focusing on the growing stupidity pandemic. The point is that stupidity is good for business! Do you think all those Robinhood traders who got fleeced are <a href="https://pleaseorderit.com/shop/books/" style="box-sizing: border-box; color: #0563c1;">reading trading books</a> to re-tool their strategy, or do you think they are kicking back another 6 pack washing over their fast food GMO dinner?</span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">“COVID” is not the threat they say it is, just like “Terrorists” were a fake threat. The real threat to life and property is stupidity. We’re not referencing the Darwin awards, we’re talking about the <s style="box-sizing: border-box;">mass extermination </s>mass vaccination program that has been in the skunk works for more than 10 years. The goal of reducing the population of the world is also a sideshow to the real goal, but it provides a good reference. So let’s start with the <a href="https://techstartups.com/2020/08/07/unearthed-ted-talk-video-shows-bill-gates-talking-using-new-vaccines-population-control-gates-words-video/" style="box-sizing: border-box; color: #0563c1;">public statements and work top down:</a></span></span></span></p><div class="Advert_desktop__1J5vD Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-desktop" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px 48px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">“First, we’ve got population. The world today has 6.8 billion people. That’s headed up to about nine billion. Now, if we do a really <b style="box-sizing: border-box;">great job on new vaccines, health care, reproductive health services, we could lower that by, perhaps, 10 or 15 percent …”</b></span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">The obvious thought of rational humans reading this (there are so few) is: Is this hyperbole, or a description of a plan? Well, let’s take a few examples of things going on this may reference.</span></span></span></p><ol style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><li style="box-sizing: border-box; margin-bottom: 12px; margin-left: 8px; margin-top: 4px;"><span style="box-sizing: border-box; font-size: 12pt;"><span style="box-sizing: border-box; line-height: 15.75pt;"><span style="box-sizing: border-box; font-family: "times new roman", serif;"><span style="box-sizing: border-box; font-size: 11.5pt;"><span style="box-sizing: border-box; font-family: helvetica, sans-serif;"><span style="box-sizing: border-box;"><a href="https://www.commondreams.org/news/2021/03/25/us-military-ordered-clandestine-burning-toxic-chemicals-poor-neighborhoods-study" style="box-sizing: border-box; color: #0563c1;"><em style="box-sizing: border-box;"><span style="box-sizing: border-box;"><span style="box-sizing: border-box; color: #1470b2;">Authored by Kenny Stancil via CommonDreams.org,</span></span></em></a></span></span></span></span></span></span></li></ol><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 4px 0px 12px 48px;"><span style="box-sizing: border-box; font-size: 12pt;"><span style="box-sizing: border-box; line-height: 15.75pt;"><span style="box-sizing: border-box; font-family: "times new roman", serif;"><span style="box-sizing: border-box; font-size: 11.5pt;"><span style="box-sizing: border-box; font-family: helvetica, sans-serif;"><span style="box-sizing: border-box;">New <a href="https://www.bennington.edu/center-advancement-of-public-action/environment-and-public-action/understanding-pfoa" style="box-sizing: border-box; color: #0563c1;"><span style="box-sizing: border-box; color: #1470b2;">research </span></a>conducted by environmental justice scholars at Vermont's Bennington College reveals that between 2016 and 2020, the US military oversaw the <strong style="box-sizing: border-box;"><span style="box-sizing: border-box;">"<a href="https://www.theguardian.com/commentisfree/2021/mar/25/us-military-toxic-chemicals-us-states" style="box-sizing: border-box; color: #0563c1;"><span style="box-sizing: border-box; color: #1470b2;">clandestine burning</span></a>" of more than 20 million pounds of Aqueous Fire Fighting Foam in low-income communities </span></strong>around the country—even though there is no evidence that incineration destroys the toxic "<a href="https://www.scientificamerican.com/article/forever-chemicals-are-widespread-in-u-s-drinking-water/" style="box-sizing: border-box; color: #0563c1;"><span style="box-sizing: border-box; color: #1470b2;">forever chemicals</span></a>" that make up the foam and are <strong style="box-sizing: border-box;"><span style="box-sizing: border-box;">linked to a range of cancers, developmental disorders, immune dysfunction, and infertility</span></strong>.</span></span></span> <span style="box-sizing: border-box; font-size: 11.5pt;"><span style="box-sizing: border-box; font-family: helvetica, sans-serif;"><span style="box-sizing: border-box;">PFAS are so risky that they not only endanger public health but threaten to undermine human reproduction writ large.</span></span></span></span></span></span></p><ol start="2" style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><li style="box-sizing: border-box; margin-left: 8px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">It was announced that the International Planned Parenthood Federation, Western Hemisphere Region, Inc. announced today that it has received a $1,730,000 gift from the Bill & Melinda Gates Foundation.<a href="https://www.zerohedge.com/news/2021-03-27/warning-stupidity-pandemic-take-action-protect-life-and-property#_ftn1" id="_ftnref1" name="_ftnref1" style="box-sizing: border-box; color: #0563c1;" title=""><span class="MsoFootnoteReference" style="box-sizing: border-box; vertical-align: super;"><span class="MsoFootnoteReference" style="box-sizing: border-box; vertical-align: super;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box;">[1]</span></span></span></span></span></a> … For those identifying historical figures with racist roots who should be removed from public view because of their evil histories, Planned Parenthood’s founder, Margaret Sanger, must join that list. In promoting birth control, she advanced a controversial <a href="https://www.nyu.edu/projects/sanger/articles/bc_or_race_control.php" style="box-sizing: border-box; color: #0563c1;" target="_blank">"Negro Project,"</a> wrote in her autobiography about <a href="https://www.politifact.com/factchecks/2020/may/27/viral-image/no-isnt-photo-margaret-sanger-kkk-meeting/" style="box-sizing: border-box; color: #0563c1;" target="_blank">speaking to a Ku Klux Klan group</a> and advocated for a <a href="https://www.nyu.edu/projects/sanger/webedition/app/documents/show.php?sangerDoc=306641.xml" style="box-sizing: border-box; color: #0563c1;" target="_blank">eugenics approach</a> to breeding for “the gradual suppression, elimination and eventual extinction, of defective stocks — those human weeds which threaten the blooming of the finest flowers of American civilization.”<a href="https://www.zerohedge.com/news/2021-03-27/warning-stupidity-pandemic-take-action-protect-life-and-property#_ftn2" id="_ftnref2" name="_ftnref2" style="box-sizing: border-box; color: #0563c1;" title=""><span class="MsoFootnoteReference" style="box-sizing: border-box; vertical-align: super;"><span class="MsoFootnoteReference" style="box-sizing: border-box; vertical-align: super;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box;">[2]</span></span></span></span></span></a> “We do not want word to go out that we want to exterminate the Negro population, and the minister is the man who can straighten out that idea if it ever occurs to any of their more rebellious members.”</span></span></span></li><li style="box-sizing: border-box; margin-left: 8px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">In 2009, several schools for tribal children in Khammam district in Telangana — then a part of undivided Andhra Pradesh — became sites for observation studies for a cervical cancer vaccine that was administered to thousands of girls aged between nine and 15. The girls were administered the Human Papilloma Virus (HPV) vaccine in three rounds that year under the supervision of state health department officials. The vaccine used was Gardasil, manufactured by Merck. It was administered to around 16,000 girls in the district, many of whom stayed in state government-run hostels meant for tribal students.</span></span></span></li></ol><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px 48px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">Months later, many girls started falling ill and by 2010 five of them died. Two more deaths were reported from Vadodara, Gujarat, where an estimated 14,000 children studying in schools meant for tribal children were also vaccinated with another brand of HPV vaccine, Cervarix, manufactured by GSK. Earlier in the week, the Associated Press reported that scores of teenaged girls were .. The committee found that <b style="box-sizing: border-box;">consent for conducting these studies, in many cases, was taken from the hostel wardens, which was a flagrant violation of norms. In many other cases, thumbprint impressions of their poor and illiterate parents were duly affixed onto the consent form.</b> The children also had no idea about the nature of the disease or the vaccine. The authorities concerned could not furnish requisite consent forms for the vaccinated children in a huge number of cases.<a href="https://www.zerohedge.com/news/2021-03-27/warning-stupidity-pandemic-take-action-protect-life-and-property#_ftn3" id="_ftnref3" name="_ftnref3" style="box-sizing: border-box; color: #0563c1;" title=""><span class="MsoFootnoteReference" style="box-sizing: border-box; vertical-align: super;"><span class="MsoFootnoteReference" style="box-sizing: border-box; vertical-align: super;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box;">[3]</span></span></span></span></span></a></span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">Ironically, the Rockefeller Foundation is the lead creator of the COVID mask policies, lockdowns, and related policies. <a href="https://en.wikipedia.org/wiki/Rockefeller_Foundation#Eugenics" style="box-sizing: border-box; color: #0563c1;">They are also the creator of Eugenics, which was later adopted by Hitler and the Nazis (not the other way around):</a></span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px 48px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;"><i style="box-sizing: border-box;">Beginning in 1930 the Rockefeller Foundation provided financial support to the <a href="https://en.wikipedia.org/wiki/Kaiser_Wilhelm_Institute_of_Anthropology,_Human_Heredity,_and_Eugenics" style="box-sizing: border-box; color: #0563c1;" title="Kaiser Wilhelm Institute of Anthropology, Human Heredity, and Eugenics">Kaiser Wilhelm Institute of Anthropology, Human Heredity, and Eugenics</a>,<sup style="box-sizing: border-box;"><a href="https://en.wikipedia.org/wiki/Rockefeller_Foundation#cite_note-25" style="box-sizing: border-box; color: #0563c1;">[25]</a></sup> which later inspired and conducted eugenics experiments in the <a href="https://en.wikipedia.org/wiki/Third_Reich" style="box-sizing: border-box; color: #0563c1;" title="Third Reich">Third Reich</a>.</i></span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px 48px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;"><i style="box-sizing: border-box;">The Rockefeller Foundation funded Nazi racial studies even after it was clear that this research was being used to rationalize the demonizing of Jews and other groups. Up until 1939 the Rockefeller Foundation was funding research used to support Nazi racial science studies at the <a href="https://en.wikipedia.org/wiki/Kaiser_Wilhelm_Institute_of_Anthropology,_Human_Heredity,_and_Eugenics" style="box-sizing: border-box; color: #0563c1;" title="Kaiser Wilhelm Institute of Anthropology, Human Heredity, and Eugenics">Kaiser Wilhelm Institute of Anthropology, Human Heredity, and Eugenics</a> (KWIA.) Reports submitted to Rockefeller did not hide what these studies were being used to justify, but Rockefeller continued the funding and refrained from criticizing this research so closely derived from Nazi ideology. The Rockefeller Foundation did not alert "the world to the nature of German science and the racist folly" that German anthropology promulgated, and Rockefeller funded, for years after the passage of the 1935 Nuremberg racial laws.<sup style="box-sizing: border-box;"><a href="https://en.wikipedia.org/wiki/Rockefeller_Foundation#cite_note-26" style="box-sizing: border-box; color: #0563c1;">[26]</a></sup></i></span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">So their agenda is clear. And 90% of people have bought into this fantasy, that an invisible scrouge is flooding our society with the potential to kill us all.</span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">Mask wearing increases your risk of dying from COVID because of ‘mask mouth.’ In fact, if you combine all the policies together, there’s only one common theme – get sick. No where in the CDC or other recommendations for avoiding COVID do they mention a good diet, healthy habits, exercise, eating Vitamin D and C or Zinc, or other immune boosters – or doing anything to help your general health, which will help fight any disease including COVID if you get it. They are only selling vaccines which are similar to pharmaceuticals in that the likely long term prescription is to get daily or weekly vaccines because an mRNA ‘vaccine’ disrupts your body’s natural ability to fight disease. They want people to be dependent on big pharma. Like any homeopathic remedy such as the conspiracy against Cannabis, the COVID mainstream narrative is pushing for stupidity so you feel weak and helpless, and boy do they have a solution to help you.</span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">By the way, COVID operation is a means to an end, it is not the end. Our hypothesis here is that Stupidity as it is being spread is more dangerous than COVID itself. Finally we have learned that respirators were killing people, how many doctors, who caught the stupid bug, were brainwashed into gassing their patients to an early death because they watched too much TV?</span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">Trump was never the prize – YOU are the prize, like Trump once said. They don’t want to come after me, they want to come after YOU, and that’s what they are doing.</span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">But again, this is a big IQ test. America is a free country and as long as 100 Million of us own guns, our freedoms are not going to be taken away (except perhaps in select cities). </span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">Traders should take note as this is not only about your health but your financial health. There is only one chart you need to understand and it’s this M1 chart produced by the St. Louis Fed:</span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;"><img 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" style="box-sizing: border-box; height: 319px; max-width: 100%; width: 624px;" /> </span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">Although Crypto has been on a tear, Bitcoin is denominated in US Dollars. Crypto is a closed system. You need to first buy USD and then buy BTC. When people are buying BTC they are selling USD. For a detailed explanation of the Forex & Crypto pair trading system, see <a href="http://www.splittingpennies.com/" style="box-sizing: border-box; color: #0563c1;">Splitting Pennies</a> or <a href="https://pleaseorderit.com/bits/" style="box-sizing: border-box; color: #0563c1;">Splitting Bits</a>.</span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">Real Estate, Crypto, Stocks, Private Equity (<a href="http://www.preiposwap.com/" style="box-sizing: border-box; color: #0563c1;">particularly Pre IPO</a>) is all going up. Look again at the above chart to answer the question where the money is coming from. </span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">Before closing, let’s address one last myth. The Fed cannot unwind QE – they can only default. The Fed created the USD system based on debt, when new money is created it is done through issuance of debt (loans, treasuries, etc.). The Fed does not actually create ‘money out of thin air’ it creates ‘debt out of thin air’ – here’s how it works.</span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">The US Government or JP Morgan call the Fed and say “Hi, Fed, I need 50 Billion by 5pm ET.” The fed then opens the discount window and provides a LOAN to JP Morgan at a discounted, wholesale rate. JP Morgan then repackages that loan and charges a higher rate to it’s end user. Or it buys stocks. Once JP Morgan has the money, it can theoretically do what it wants – as long as it pays the interest. </span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">The virus we are calling Stupidity is being seeded by these NGOs promoting ‘education programs’ to explain to us how 2+2=4 is racist, how wearing masks helps stop the spread (<a href="https://drugstorenews.com/otc/cdc-study-reveals-face-masks-ineffective-against-spread-pandemic-flu-due-americans-lack-use" style="box-sizing: border-box; color: #0563c1;">contrary to the CDC’s own report findings</a>), and why we should social distance, take vaccines, and avoid healthy behaviors like eating right, exercise, and reading. Censorship is part of this, with the news being totally overwhelmed with pro-vaccine and pro-globalist propaganda.</span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">How this relates to markets is simple – ‘they’ who are creating this narrative are the same people who don’t want you to understand how the Fed creates money, who are the same people that believe you aren’t intelligent enough to make your own decisions, so they should decide for you. </span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">If you are thinking, how can I not catch ‘stupidity’ – it’s easy. Follow these steps:</span></span></span></p><ul style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><li style="box-sizing: border-box; margin-left: 8px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">Turn off your TV. </span></span></span></li><li style="box-sizing: border-box; margin-left: 8px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">If you see someone wearing a mask – run in the other direction.</span></span></span></li><li style="box-sizing: border-box; margin-left: 8px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">Do not wear masks.</span></span></span></li><li style="box-sizing: border-box; margin-left: 8px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">Avoid communicating to people who are part of the vax cult.</span></span></span></li><li style="box-sizing: border-box; margin-left: 8px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">Read! Read THIS SITE <a href="http://www.zerohedge.com/" style="box-sizing: border-box; color: #0563c1;">www.zerohedge.com</a> <a href="https://pleaseorderit.com/shop/books/" style="box-sizing: border-box; color: #0563c1;">Read BOOKS.</a> [Don’t get them on your Kindle, buy paperbacks or hardcover and read them. If you don’t have budget, get used or visit the library.</span></span></span></li><li style="box-sizing: border-box; margin-bottom: 11px; margin-left: 8px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">Do your homework (for trading). Reddit, no offense, is not a source of information.</span></span></span></li></ul><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">For an alternative view on markets and news, see <a href="http://www.globalintelhub.com/" style="box-sizing: border-box; color: #0563c1;">www.globalintelhub.com</a></span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">For a Robinhood alternative, checkout <a href="http://www.levelx.com/" style="box-sizing: border-box; color: #0563c1;">www.levelx.com</a></span></span></span></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 11px;"><span style="box-sizing: border-box; font-size: 11pt;"><span style="box-sizing: border-box; line-height: 15.6933px;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;">Second Sight is a service for active traders only. We focus on special situations such as appraisal arbitrage, fraud investigations, catalyst analysis, and mergers & acquisitions. Our analysis is deep macro analysis even if the asset is a domestic equity. Proprietary metrics and analysis, with confidential sources. <a href="https://www.crediblock.com/secondsight/" style="box-sizing: border-box; color: #0563c1;">https://www.crediblock.com/secondsight/</a></span></span></span></p><div style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><hr align="left" size="1" style="background-color: black; border-width: 0px; box-sizing: border-box; height: 2px; margin-block: 0px; width: 830px;" width="33%" /><div id="ftn1" style="box-sizing: border-box;"><p class="MsoFootnoteText" style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><span style="box-sizing: border-box; font-size: 10pt;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;"><a href="https://www.zerohedge.com/news/2021-03-27/warning-stupidity-pandemic-take-action-protect-life-and-property#_ftnref1" id="_ftn1" name="_ftn1" style="box-sizing: border-box; color: #0563c1;" title=""><span class="MsoFootnoteReference" style="box-sizing: border-box; vertical-align: super;"><span class="MsoFootnoteReference" style="box-sizing: border-box; vertical-align: super;"><span style="box-sizing: border-box; font-size: 10pt;"><span style="box-sizing: border-box; line-height: 14.2667px;"><span style="box-sizing: border-box;">[1]</span></span></span></span></span></a> <a href="https://www.gatesfoundation.org/Ideas/Media-Center/Press-Releases/1999/10/International-Planned-Parenthood-Federation991013" style="box-sizing: border-box; color: #0563c1;">https://www.gatesfoundation.org/Ideas/Media-Center/Press-Releases/1999/10/International-Planned-Parenthood-Federation991013</a></span></span></p></div><div id="ftn2" style="box-sizing: border-box;"><p class="MsoFootnoteText" style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><span style="box-sizing: border-box; font-size: 10pt;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;"><a href="https://www.zerohedge.com/news/2021-03-27/warning-stupidity-pandemic-take-action-protect-life-and-property#_ftnref2" id="_ftn2" name="_ftn2" style="box-sizing: border-box; color: #0563c1;" title=""><span class="MsoFootnoteReference" style="box-sizing: border-box; vertical-align: super;"><span class="MsoFootnoteReference" style="box-sizing: border-box; vertical-align: super;"><span style="box-sizing: border-box; font-size: 10pt;"><span style="box-sizing: border-box; line-height: 14.2667px;"><span style="box-sizing: border-box;">[2]</span></span></span></span></span></a> <a href="https://www.usatoday.com/story/opinion/2020/07/23/racism-eugenics-margaret-sanger-deserves-no-honors-column/5480192002/" style="box-sizing: border-box; color: #0563c1;">https://www.usatoday.com/story/opinion/2020/07/23/racism-eugenics-margaret-sanger-deserves-no-honors-column/5480192002/</a></span></span></p></div><div id="ftn3" style="box-sizing: border-box;"><p class="MsoFootnoteText" style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><span style="box-sizing: border-box; font-size: 10pt;"><span style="box-sizing: border-box; font-family: calibri, sans-serif;"><a href="https://www.zerohedge.com/news/2021-03-27/warning-stupidity-pandemic-take-action-protect-life-and-property#_ftnref3" id="_ftn3" name="_ftn3" style="box-sizing: border-box; color: #0563c1;" title=""><span class="MsoFootnoteReference" style="box-sizing: border-box; vertical-align: super;"><span class="MsoFootnoteReference" style="box-sizing: border-box; vertical-align: super;"><span style="box-sizing: border-box; font-size: 10pt;"><span style="box-sizing: border-box; line-height: 14.2667px;"><span style="box-sizing: border-box;">[3]</span></span></span></span></span></a> <a href="https://economictimes.indiatimes.com/industry/healthcare/biotech/healthcare/controversial-vaccine-studies-why-is-bill-melinda-gates-foundation-under-fire-from-critics-in-india/articleshow/41280050.cms?from=mdr" style="box-sizing: border-box; color: #0563c1;">https://economictimes.indiatimes.com/industry/healthcare/biotech/healthcare/controversial-vaccine-studies-why-is-bill-melinda-gates-foundation-under-fire-from-critics-in-india/articleshow/41280050.cms?from=mdr</a></span></span></p></div></div>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-15673785459827710022021-03-27T21:33:00.001-04:002021-03-27T21:33:32.870-04:00Medical Doctor Exposes Mass Eugenics Extermination Called 'Covid-19 Vaccine' <div class="ifw-player" data-video-id="60428ea73282f82eeac060b0"></div><script async="" src="https://infowarsmedia.com/js/player.js"></script><a href="https://vaxxter.com/">
https://vaxxter.com/</a>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-81266778080275320282021-03-26T17:28:00.004-04:002021-03-26T17:28:51.682-04:00Suez Canal Megaship "Partially Refloated" Ahead Of US Navy Assessment<p><a href="https://www.zerohedge.com/markets/suez-canal-crisis-morphs-global-supply-chain-wrecking-ball"> From Zero Hedge:</a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Here's today's overview of the continued logjam at the Suez Canal:</strong></p><div class="Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-video" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><ul style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Ever Given Partially Refloated At Stern</em></p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">At Least 20 Vessels Carrying Livestock Stuck At Canal</em></p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">IKEA Warns Containers Filled With Goods Blocked By Suez Crisis</em></p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Vessels Already Diverting Course from Suez Canal To Cape Of Good Hope</em></p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">US Navy Arrives Saturday To Assess Ever Given</em></p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">300 Vessels Waiting To Traverse Canal</em></p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Tanker Rates For Suezmax Vessels climb to $17k Per Day</em></p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Suez Blockage Results In Rising Container Prices From China To Europe</em></p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Tugboats And Dredging Ships Were Unsuccessful In Refloating Ever Given</em></p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Bloomberg Report Process To Refloat Ever Given Could Take Until Next Wednesday</em></p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Shoei Kisen, The Japanese Owner Of Ever Given, Aims To Dislodge Vessel From Canal Bank By Saturday</em></p></li><li style="box-sizing: border-box;"><em style="box-sizing: border-box;">Suez Canal Authority (SCA) To Cooperate With US To Refloat Ever Given</em></li></ul><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">* * * </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;"><strong style="box-sizing: border-box;">Update (1654):</strong></em> <em style="box-sizing: border-box;">So just how stuck is Ever Given?</em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The Suez Canal's <a href="https://www.american-club.com/files/files/Suez_Canal_Cross_Section.pdf" style="box-sizing: border-box; color: #1470b2;">engineering documents</a> show a cross-sectional diagram of the channel where the container ship is stuck. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/cross%20section%20suez_0.png?itok=G3fGUVqw" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/cross%20section%20suez_0.png?itok=G3fGUVqw" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="3ad40ff2-5067-4ad1-ac6d-dcdddc723331" data-responsive-image-style="inline_images" height="133" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/cross%20section%20suez_0.png?itok=G3fGUVqw" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">An overlay of the container ship and the channel's cross-sectional piece suggests the vessel is more stuck than what meets the eye via ground-based footage and satellite imagery. </p><div class="Advert_desktop__1J5vD Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-desktop" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/2021-03-26_16-35-51.png?itok=-Ofhe3Zy" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2021-03-26_16-35-51.png?itok=-Ofhe3Zy" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="5ba3a9e9-8f99-4bf7-b194-96dddc187c49" data-responsive-image-style="inline_images" height="205" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2021-03-26_16-35-51.png?itok=-Ofhe3Zy" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">If the vessel cannot be refloated entirely, then unloading the ship with a tower crane could be the next bet. But that comes at risk since the load mechanics will drastically change and may have disastrous effects as the balance could shift. As <a href="https://www.zerohedge.com/markets/kolanovic-warns-risk-suez-ship-could-break" style="box-sizing: border-box; color: #1470b2;">JPMorgan's Marko Kolanovic</a> noted earlier today, "another interesting development of this week was the blocking of the Suez Canal. While we believe and hope the situation will get resolved shortly, there are some risks of the ship breaking."</p><div class="twitter-tweet twitter-tweet-rendered" style="box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; margin-bottom: 10px; margin-top: 10px; max-width: 550px; width: 500px;"><iframe allowfullscreen="true" allowtransparency="true" class="" data-tweet-id="1375205856699052034" frameborder="0" id="twitter-widget-0" scrolling="no" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&frame=false&hideCard=false&hideThread=false&id=1375205856699052034&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fsuez-canal-crisis-morphs-global-supply-chain-wrecking-ball&siteScreenName=zerohedge&theme=light&widgetsVersion=e1ffbdb%3A1614796141937&width=550px" style="box-sizing: border-box; display: block; flex-grow: 1; height: 461px; max-width: 100%; position: static; visibility: visible; width: 500px;" title="Twitter Tweet"></iframe></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">* * * </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;"><strong style="box-sizing: border-box;">Update (1631):</strong></em> Ever Given, the vessel stuck in the Suez Canal, was partially refloated, <a href="https://www.bloomberg.com/?sref=RJ2RlMrh" style="box-sizing: border-box; color: #1470b2;">Bloomberg</a> reports, citing Inchcape Shipping Services, a maritime services provider.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Inchcape said the salvage team could refloated Ever Given's "stern/aft" and released the rudder at around 9 pm local time. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">There will be another attempt to refloat the entire vessel once the high tide is observed.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"> * * * </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;"><em style="box-sizing: border-box;">Update (1553ET):</em></strong> We reported earlier today that 300 vessels are caught in a logjam at the Suez Canal. At least 20 of those vessels are carrying livestock, according to marine tracking data. Here are more details about the ships carrying livestock via <a href="https://www.theguardian.com/environment/2021/mar/26/at-least-20-livestock-ships-caught-in-suez-canal-logjam" style="box-sizing: border-box; color: #1470b2;">The Guardian</a>: </p><blockquote style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Georgios Hatzimanolis, a spokesperson for the tracking website Marine Traffic, said while some livestock ships were waiting to enter the canal, three – the Omega Star, the Unimar and the Sea Star – "all appear to be stuck at various points in the canal.” Marine Traffic data showed 11 delayed livestock ships, while an NGO has identified others, bringing the total identified so far to 20.</em></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Five of the ships identified had loaded animals in Spain, and nine had loaded in Romania earlier this month, according to the NGO Animals International.</em></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Gerit Weidinger, EU coordinator for Animals International, said data from marine tracking websites indicated the Unimar left Spain on 15 March bound for Jeddah. The Omega Star left Spain, she said, on 16 March bound for Port Said.</em></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">There were no immediate welfare concerns for the animals, but if the Ever Given has to be lightened to make it easier to dislodge, using cranes to remove enough containers could take weeks and the surrounding ships would need to leave and find longer alternative routes.</em></p></blockquote><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">* * * </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;"><strong style="box-sizing: border-box;">Update (1540ET):</strong></em> With billions of dollars in goods unable to transit the Suez Canal. Reports state consumer goods destined for Western countries are stuck on board container ships. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a href="https://twitter.com/AnaCabrera/status/1375529185419128840?s=20" style="box-sizing: border-box; color: #1470b2;" target="_blank">CNN's Ana Cabrera</a> said, "containers filled with IKEA products on board ships blocked at the Suez Canal."</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">An IKEA spokesperson told Cabrera that the blockage could "create constraints on our supply chain," if delays persist. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">More Western importers could inevitably signal delays of products due to the Suez crisis in the coming days. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">* * * </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;"><em style="box-sizing: border-box;">Update (1300ET):</em></strong> Vessels headed to the Suez Canal are already changing course as it could take days to refloat Ever Given. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Refinitiv data shows LNG tanker Pan Americas deviated from its route in the Atlantic Ocean on Mar. 24, likely due to Suez's developments. The tanker appears to be headed around the Cape of Good Hope.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/Snag_161d2933.png?itok=xknO0_MU" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/Snag_161d2933.png?itok=xknO0_MU" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="f425a86d-3b79-473a-8e0f-d2919803eeaf" data-responsive-image-style="inline_images" height="368" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Snag_161d2933.png?itok=xknO0_MU" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Here's Bloomberg's take on vessels deviating course. </p><div class="twitter-tweet twitter-tweet-rendered" style="box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; margin-bottom: 10px; margin-top: 10px; max-width: 550px; width: 500px;"><iframe allowfullscreen="true" allowtransparency="true" class="" data-tweet-id="1375487592628633600" frameborder="0" id="twitter-widget-1" scrolling="no" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&frame=false&hideCard=false&hideThread=false&id=1375487592628633600&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fsuez-canal-crisis-morphs-global-supply-chain-wrecking-ball&siteScreenName=zerohedge&theme=light&widgetsVersion=e1ffbdb%3A1614796141937&width=550px" style="box-sizing: border-box; display: block; flex-grow: 1; height: 492px; max-width: 100%; position: static; visibility: visible; width: 500px;" title="Twitter Tweet"></iframe></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">We noted earlier that a sail around the Cape of Good Hope instead of the Suez Canal could add an extra ten days, plus additional fuel costs. </em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">* * * </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;"><strong style="box-sizing: border-box;">Update (1221):</strong></em> CNN's Barbara Starr reports the US Navy will send an "assessment team of dredging experts to Suez Canal as soon as Saturday to advise authorities on options to try to free the stuck tanker Ever Given." Starr said the report was confirmed by two US Department of Defense officials. </p><blockquote class="twitter-tweet" data-twitter-extracted-i1616794012458446146="true" style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; max-width: 500px !important;"><p dir="ltr" lang="en" style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;" xml:lang="en">BREAKING: CNN has learned <a href="https://twitter.com/USNavy?ref_src=twsrc%5Etfw" style="box-sizing: border-box; color: #1470b2;">@USNavy</a> expects to send assessment team of dredging experts to Suez Canal as soon as Saturday to advise authorities on options to try to free the stuck tanker Ever Given, according to two DOD officials. Comes after Egypt accepted <a href="https://twitter.com/USEmbassyCairo?ref_src=twsrc%5Etfw" style="box-sizing: border-box; color: #1470b2;">@USEmbassyCairo</a> offer.</p>— Barbara Starr (@barbarastarrcnn) <a href="https://twitter.com/barbarastarrcnn/status/1375479644783308803?ref_src=twsrc%5Etfw" style="box-sizing: border-box; color: #1470b2;">March 26, 2021</a></blockquote><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">This comes as multiple attempts to refloat the massive container ship have failed. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Sports betting website <a href="https://mybookie.ag/sportsbook/current-events/" style="box-sizing: border-box; color: #1470b2;">MyBookie</a> is now offering bets on when the container ship will be "declared unstuck" from the canal.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/2021-03-26_12-20-00.png?itok=_qqAr9cK" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2021-03-26_12-20-00.png?itok=_qqAr9cK" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="ad108f8b-57c4-46d0-88f5-68c00deb36c1" data-responsive-image-style="inline_images" height="351" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2021-03-26_12-20-00.png?itok=_qqAr9cK" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">* * * </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;"><strong style="box-sizing: border-box;">Update (1111ET): </strong></em><a href="https://twitter.com/Maxar/status/1375463844462653442/photo/2" style="box-sizing: border-box; color: #1470b2;">Maxar Technologies'</a> satellite imagery shows the dredging attempt around the front hull of Ever Given. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/2021-03-26_11-09-28.png?itok=3Xx8fghR" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2021-03-26_11-09-28.png?itok=3Xx8fghR" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="f5179e52-789f-474d-8ffd-792535adffea" data-responsive-image-style="inline_images" height="303" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2021-03-26_11-09-28.png?itok=3Xx8fghR" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Here's another view of the dredging. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/2021-03-26_11-09-18.png?itok=KXexjU2d" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2021-03-26_11-09-18.png?itok=KXexjU2d" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="e2caab18-7fa2-494d-b417-2f370256af6b" data-responsive-image-style="inline_images" height="292" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2021-03-26_11-09-18.png?itok=KXexjU2d" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">* * * </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;"><strong style="box-sizing: border-box;">Update (1039ET):</strong></em> Bernhard Schulte Shipmanagement, the technical manager of Ever Given, said Friday an attempt to refloat the stranded container ship in the Suez Canal "was not successful." </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">AFP reports, "tugboats and dredgers were working on Friday to free the giant container ship which is blocking Egypt's Egypt's Suez Canal for a fourth day, forcing companies to reroute services from the vital shipping lane around Africa." </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">AFP published pictures of a giant dredging boat around the front hull of Ever Given. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/evergiven%20dredge.jpg?itok=qY0pKew0" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/evergiven%20dredge.jpg?itok=qY0pKew0" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="43fadd61-673a-4897-b575-5c148c598321" data-responsive-image-style="inline_images" height="332" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/evergiven%20dredge.jpg?itok=qY0pKew0" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/evergiven.jpg?itok=mTCUGvYH" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/evergiven.jpg?itok=mTCUGvYH" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="05dd12ba-0e4f-49b1-9bec-6af736ffdc35" data-responsive-image-style="inline_images" height="320" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/evergiven.jpg?itok=mTCUGvYH" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Earlier, we noted more than 300 vessels are waiting to traverse the canal. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/Snag_1596802e.png?itok=jlEJ3xq-" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/Snag_1596802e.png?itok=jlEJ3xq-" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="46708572-dc37-4d03-8bb4-f53265afa267" data-responsive-image-style="inline_images" height="599" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Snag_1596802e.png?itok=jlEJ3xq-" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">A video from a few days back shows a line of vessels (note this was a few days back, the situation is much worse). </p><div class="twitter-tweet twitter-tweet-rendered" style="box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; margin-bottom: 10px; margin-top: 10px; max-width: 550px; width: 500px;"><iframe allowfullscreen="true" allowtransparency="true" class="" data-tweet-id="1374662196567871489" frameborder="0" id="twitter-widget-3" scrolling="no" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-3&frame=false&hideCard=false&hideThread=false&id=1374662196567871489&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fsuez-canal-crisis-morphs-global-supply-chain-wrecking-ball&siteScreenName=zerohedge&theme=light&widgetsVersion=e1ffbdb%3A1614796141937&width=550px" style="box-sizing: border-box; display: block; flex-grow: 1; height: 612px; max-width: 100%; position: static; visibility: visible; width: 500px;" title="Twitter Tweet"></iframe></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Some vessels are being rerouted around the Cape of Good Hope as the Suez crisis might continue through the weekend. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/Snag_15954bc4.png?itok=1GhlOfT1" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/Snag_15954bc4.png?itok=1GhlOfT1" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="72778eb9-0a90-4172-b1c5-24d59d24b755" data-responsive-image-style="inline_images" height="430" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Snag_15954bc4.png?itok=1GhlOfT1" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">... and what might have to happen if refloating attempts continue to fail is to partially unload the container ship. </em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/unload%20ever%20given.jpg?itok=6aR3pfWC" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/unload%20ever%20given.jpg?itok=6aR3pfWC" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="0932b5eb-9d30-491a-9031-27f05425ec2d" data-responsive-image-style="inline_images" height="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/unload%20ever%20given.jpg?itok=6aR3pfWC" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">* * * </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The world got another wake-up call this week about the <a href="https://www.zerohedge.com/geopolitical/suez-canal-container-ship-crash-worst-case-scenario-global-trade" style="box-sizing: border-box; color: #1470b2;" target="_blank">overreliance</a> on complex, <em style="box-sizing: border-box;"><strong style="box-sizing: border-box;">just-(not)-in-time </strong></em>global supply chains. As of Friday, the massive container ship, "<a href="https://www.zerohedge.com/energy/megaship-blocks-all-traffic-suez-canal-after-running-aground-bizarre-incident" style="box-sizing: border-box; color: #1470b2;" target="_blank">Ever Given</a>," remains stuck in the canal, unable to be refloated, paralyzing the world's most important shipping lane. Ever Given is one of the world's largest container ships, with approximately 20,000 shipping containers of goods, and it has paralyzed one of the world's most important shipping lanes - a vital linkage between Asian factories and customers in Europe and the US. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/2021-03-25_09-46-00.png?itok=ULJy1Gc_" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2021-03-25_09-46-00.png?itok=ULJy1Gc_" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="bf40dcf2-20fa-419a-8f65-1869f49a7f11" data-responsive-image-style="inline_images" height="316" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2021-03-25_09-46-00.png?itok=ULJy1Gc_" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a href="https://www.reuters.com/" style="box-sizing: border-box; color: #1470b2;" target="_blank">Reuters</a> reports the Suez Canal Authority (SCA) is looking forward to cooperating with the US to refloat the stranded container ship that has blocked the canal since Tuesday. </p><blockquote style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">"The Suez Canal Authority (SCA) values the offer of the United States of America to contribute to these efforts, and looks forward to cooperating with the US in this regard," it said in a statement.</em></p></blockquote><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Shoei Kisen, the Japanese owner of the ship blocking the Suez Canal, aims to dislodge the vessel from the canal bank by Saturday. But as <a href="https://www.bloomberg.com/news/articles/2021-03-25/big-container-lines-consider-diverting-ships-around-africa?srnd=premium&sref=RJ2RlMrh" style="box-sizing: border-box; color: #1470b2;" target="_blank">Bloomberg</a> reports, the process to refloat the ship could "take until at least next Wednesday." </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/2021-03-25_06-08-22.png?itok=EjE6yrfb" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2021-03-25_06-08-22.png?itok=EjE6yrfb" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="7f3ae0a6-b25e-47ac-ad33-53dc859c8802" data-responsive-image-style="inline_images" height="513" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2021-03-25_06-08-22.png?itok=EjE6yrfb" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Peter Berdowski, CEO of Dutch company Boskalis who has been <a href="https://www.zerohedge.com/energy/might-take-weeks-suez-canal-still-closed-enormous-beached-whale-ship-remains-stuck" style="box-sizing: border-box; color: #1470b2;" target="_blank">tasked</a> with dislodging the vessel, warned Ever Given "could be stuck in the canal for weeks." </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/unstuck%20attempt.jpg?itok=9DhWztqC" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/unstuck%20attempt.jpg?itok=9DhWztqC" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="7b6bfd87-e0cf-40d2-96ca-2999962d4c74" data-responsive-image-style="inline_images" height="354" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/unstuck%20attempt.jpg?itok=9DhWztqC" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">So actual timelines on when the vessel will be unstuck are unclear. The blockage is wreaking havoc across global supply chains, and crude prices were higher on Friday morning on mounting fears the container ship will be stuck for much longer than initially anticipated. Since the container ship got stuck on Tuesday, crude prices have been chopping around 57-handle to 61-handle. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/Snag_14cd6b8e.png?itok=reUTUlt9" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/Snag_14cd6b8e.png?itok=reUTUlt9" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="3460ac66-dae4-4cd6-8e5c-91c3be8cc9dd" data-responsive-image-style="inline_images" height="340" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Snag_14cd6b8e.png?itok=reUTUlt9" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">On Friday, tugboats and suction dredger crews worked around the vessel's front hull to remove sediment. The task to refloat the 200,000-ton ship may involve removing containers to lessen the vessel's weight. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Since Tuesday, tugs and diggers have been unsuccessful in attempting to refloat the stranded vessel. As hundreds of ships pile up on either end of the canal entrances - A.P. Moller-Maersk A/S and Hapag-Lloyd AG have instructed their vessels to take alternative routes to avoid the canal. Vessels have been instructed to reroute around the Cape of Good Hope. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/2021-03-26_06-47-55.png?itok=0vMlJ7gK" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2021-03-26_06-47-55.png?itok=0vMlJ7gK" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="ac87a1d9-8242-4c72-9e11-41043cf866b3" data-responsive-image-style="inline_images" height="366" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2021-03-26_06-47-55.png?itok=0vMlJ7gK" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The canal is one of the world's most important shipping lanes, with 12% of global trade and 8% of liquefied natgas traverse the canal and nearly two million oil barrels each day. Every day the canal is blocked, it halts about $9.6 billion of trade.</p><blockquote style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">"The number of ships loaded with billions of dollars worth of goods waiting to traverse the canal has risen to more than 300," according to Bloomberg data.</em></p></blockquote><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Reeling from the blockage, <a href="https://www.zerohedge.com/economics/global-shippers-scramble-reroute-ships-around-africa-suez-crisis-worsens" style="box-sizing: border-box; color: #1470b2;">marine freight rates are surging</a> this week as companies race to find alternative shipping lanes. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">According to Bloomberg, the cost to ship a 40-ft. container from China to Europe has risen to $8,000, up 4x year-over-year. Suezmax vessels, which carry about 1 million barrels of crude, are now chartering for approximately $17,000 per day, the most since summer 2020. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Reuters notes the Black Sea to Mediterranean fuel shipping rates rose this week as traders attempt to bypass the blocked Suez canal.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/fuel%20rates.png?itok=p51gbzn2" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/fuel%20rates.png?itok=p51gbzn2" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="8e9a4d9a-7fa5-4b8f-8b10-bfab12d875f7" data-responsive-image-style="inline_images" height="284" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/fuel%20rates.png?itok=p51gbzn2" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">On top of an already <a href="https://www.zerohedge.com/markets/supercharged-economy-leaves-global-supply-chain-shambles" style="box-sizing: border-box; color: #1470b2;">stretched</a> global supply chain, manufacturers in Asia are already preparing for extended shipping delays due to the blockage. To get an idea of some of the goods that flow through the canal from the East to West, cargo aboard an HMM Co. vessel moored outside the canal is carrying frozen beef, paper, beer, auto components, chocolate, furniture, frozen pork, and other goods. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Other reports include Caterpillar Inc. is facing shipping delays because of the canal blockage and is considering air freight for certain parts. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Mark Ma, the owner of Seabay International Freight Forwarding Ltd., a company that handles Chinese goods including toys, pillows, and mattresses sold on Amazon, has 20 to 30 containers stuck in the canal. </p><blockquote style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">"If it can't be resumed in a week, it will be horrible," said Ma. "We will see freight fares spike again. The products are delayed, containers can't return to China and we can't deliver more goods."</em></p></blockquote><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">More reports indicate at least 10 LNG vessels from the Middle East with end destinations in Europe have been delayed. </p><blockquote style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">"Even if the route is liberated within one week, there is a large queue of cargoes lining up to cross the canal," said Carlos Torres Diaz, Rystad's head of gas and power markets. "The return to normal flow will take some time."</em></p></blockquote><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">The knock-on effects of the blockage are rippling through the global supply chain and is the "</em><a href="https://www.zerohedge.com/geopolitical/suez-canal-container-ship-crash-worst-case-scenario-global-trade" style="box-sizing: border-box; color: #1470b2;" target="_blank"><em style="box-sizing: border-box;">worst-case scenario</em></a><em style="box-sizing: border-box;">" for global trade. </em></p>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-27118709367559510202021-03-25T21:41:00.003-04:002021-03-25T21:41:34.419-04:00Own The Nasdaq 100 With An 11%+ Yield<p><a href="https://seekingalpha.com/article/4415267-own-nasdaq-100-11-yield"> From Seeking Alpha:</a></p><h2 class="_b4ae3-8fdZV __0ee5e-1JymR" data-test-id="article-summary-title" style="background-color: white; box-sizing: border-box; font-family: -apple-system, BlinkMacSystemFont, Roboto, Arial, "Segoe UI", sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 1.5rem; line-height: 1.25; margin-bottom: 16px; margin-top: 0px;">Summary</h2><ul class="_b4ae3-2Ta0u" style="background-color: white; box-sizing: border-box; font-family: -apple-system, BlinkMacSystemFont, Roboto, Arial, "Segoe UI", sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 1.125rem; list-style: initial; margin-bottom: 24px; margin-top: 0px; padding: 0px 0px 0px 20px;"><li class="" data-test-id="article-summary-item" style="box-sizing: border-box; margin-bottom: 12px; padding-left: 0px; position: relative;">QYLD provides investors with exposure to what is essentially QQQ, but with a massive yield.</li><li class="" data-test-id="article-summary-item" style="box-sizing: border-box; margin-bottom: 12px; padding-left: 0px; position: relative;">Covered calls can generate huge income, particularly during volatile market periods.</li><li class="" data-test-id="article-summary-item" style="box-sizing: border-box; margin-bottom: 0px; padding-left: 0px; position: relative;">This is in exchange for upside potential, but for income investors, it can be worth giving up the upside.</li></ul><div role="presentation" style="background-color: white; box-sizing: border-box; font-family: -apple-system, BlinkMacSystemFont, Roboto, Arial, "Segoe UI", sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 16px;"><div class="_b4ae3-SbWTv __0ee5e-2Z2Qt" data-test-id="article-content" style="box-sizing: border-box; display: flex; line-height: 1.5625; overflow-wrap: break-word; word-break: break-word;"><div class="_b4ae3-pTT3d" style="box-sizing: border-box; flex-grow: 1; width: 0px;"><div data-test-id="content-container" style="box-sizing: border-box;"><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;"></p><figure class="getty-figure" data-type="getty-image" style="box-sizing: border-box; margin: 0px auto 24px; max-width: 100%;"><picture style="box-sizing: border-box;"><source media="(min-width: 1280px)" srcset="https://static.seekingalpha.com/cdn/s3/uploads/getty_images/513232938/webp_medium_image_513232938.webp, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/513232938/webp_extra_large_image_513232938.webp 2x" style="box-sizing: border-box;" type="image/webp"></source><source media="(min-width: 768px)" srcset="https://static.seekingalpha.com/cdn/s3/uploads/getty_images/513232938/webp_large_image_513232938.webp, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/513232938/webp_extra_large_image_513232938.webp 2x" style="box-sizing: border-box;" type="image/webp"></source><source media="(min-width: 320px)" srcset="https://static.seekingalpha.com/cdn/s3/uploads/getty_images/513232938/webp_medium_image_513232938.webp, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/513232938/webp_large_image_513232938.webp 2x" style="box-sizing: border-box;" type="image/webp"></source><source media="(min-width: 1280px)" srcset="https://static.seekingalpha.com/cdn/s3/uploads/getty_images/513232938/medium_image_513232938.jpg, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/513232938/extra_large_image_513232938.jpg 2x" style="box-sizing: border-box;" type="image/jpeg"></source><source media="(min-width: 768px)" srcset="https://static.seekingalpha.com/cdn/s3/uploads/getty_images/513232938/large_image_513232938.jpg, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/513232938/extra_large_image_513232938.jpg 2x" style="box-sizing: border-box;" type="image/jpeg"></source><source media="(min-width: 320px)" srcset="https://static.seekingalpha.com/cdn/s3/uploads/getty_images/513232938/medium_image_513232938.jpg, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/513232938/large_image_513232938.jpg 2x" style="box-sizing: border-box;" type="image/jpeg"></source><img alt="Coin stacks with letter dice - Yield" data-id="513232938" data-type="getty-image" loading="lazy" src="https://static.seekingalpha.com/cdn/s3/uploads/getty_images/513232938/medium_image_513232938.jpg" srcset="https://static.seekingalpha.com/cdn/s3/uploads/getty_images/513232938/medium_image_513232938.jpg, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/513232938/large_image_513232938.jpg 2x" style="background-color: #f8f8f8; border-style: none; box-sizing: border-box; display: flex; font-size: 0.75rem; height: auto; margin: 0px auto 12px; max-width: 100%; vertical-align: middle;" /></picture><figcaption style="box-sizing: border-box; color: #757575; font-size: 0.875rem; text-align: center;">Photo by Zerbor/iStock via Getty Images</figcaption></figure><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;"></p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">Investors in tech and growth stocks have been whipsawed in recent weeks as the sudden rise of long-term interest rates has taken its toll on valuations of certain groups of stocks. That has caused some very sharp moves in both directions in high flyers, but overall direction for these stocks has been down since February.</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">The big one is obviously the Nasdaq 100 ETF (<a href="https://seekingalpha.com/symbol/QQQ?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link" style="background-color: transparent; box-sizing: border-box; color: #2867db; text-decoration-line: none;" title="Invesco QQQ ETF">QQQ</a>), a $150 billion behemoth that has been pummeled since it hit new highs a little over a month ago. I won’t pretend to have a crystal ball on interest rates or anything else that will move the price of growth and tech stocks, so I cannot tell you with certainty where QQQ will go next. However, for a market that is jittery, and may end up going sideways or down some more before it rises again, I believe there is a good solution.</p><div class="adPlaceHolder" style="box-sizing: border-box;"></div><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">Enter the <span style="box-sizing: border-box; font-weight: 700;">Global X Funds - Global X NASDAQ 100 Covered Call ETF</span> (<a href="https://seekingalpha.com/symbol/QYLD?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link" style="background-color: transparent; box-sizing: border-box; color: #2867db; text-decoration-line: none;" title="Global X Funds - Global X NASDAQ 100 Covered Call ETF">QYLD</a>). This is a fund that owns the stocks in the Nasdaq 100 – the same as the QQQ – but follows a covered call strategy, rather than owning the stocks outright. This is sometimes also referred to as a “buy-write” strategy but essentially, the fund buys shares of the companies in the index, and then sells calls against those positions as a hedge, and to generate income. The stated objective of the fund is to provide results that correspond to the price and yield performance of the CBOE Nasdaq-100 BuyWrite V2 Index.</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;"><span style="box-sizing: border-box;"><a data-height="370" data-og-image-facebook="true" data-og-image-google_news="true" data-og-image-google_plus="true" data-og-image-linkdin="true" data-og-image-msn="true" data-og-image-twitter_image_post="true" data-og-image-twitter_large_card="true" data-og-image-twitter_small_card="true" data-width="830" href="https://static.seekingalpha.com/uploads/2021/3/21/5847171-16163215047412953_origin.png" rel="lightbox" style="background-color: transparent; box-sizing: border-box; color: #2867db; display: block; text-decoration-line: none;"><img data-height="285" data-og-image-facebook="false" data-og-image-google_news="true" data-og-image-google_plus="true" data-og-image-linkdin="true" data-og-image-msn="true" data-og-image-twitter_image_post="true" data-og-image-twitter_large_card="true" data-og-image-twitter_small_card="true" data-width="640" height="278" loading="lazy" src="https://static.seekingalpha.com/uploads/2021/3/21/5847171-16163215047412953.png" style="background-color: #f8f8f8; border-style: none; box-sizing: border-box; display: flex; font-size: 0.75rem; height: auto; margin: 0px auto 24px; max-width: 100%; vertical-align: middle;" width="624" /></a></span></p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">Source: <a href="https://www.globalxetfs.com/funds/qyld/" rel="nofollow" style="background-color: transparent; box-sizing: border-box; color: #2867db; text-decoration-line: none;">Fund website</a></p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">Why would somebody want to do this? QYLD has some important advantages over simply owning shares of the companies in the index, which is what QQQ does. The main advantage of the fund is that it generates extremely high levels of income, which we’ll come onto in just a bit. But for investors executing some version of the covered call strategy, income is usually high on the list of priorities.</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">The fund produces income by selling call positions against underlying shares, so the fund receives the premium from the call buyer. For a more detailed explanation of what a covered call strategy is, see <a href="https://www.globalxetfs.com/qylds-covered-call-options-explained/" rel="nofollow" style="background-color: transparent; box-sizing: border-box; color: #2867db; text-decoration-line: none;">here</a>.</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">This generates income, but of course, it limits upside because if the underlying shares move past the call strike price, shares are called away, or the fund must buy back the call at a loss. Either way, it caps upside potential in exchange for the hedging and income properties of selling the call.</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">Another advantage of QYLD is that it generates monthly income, which isn’t all that common in the world of ETFs, even among other covered call funds. For investors looking to generate income to live off of, this is a big advantage.</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">Finally, QYLD allows investors to take the guess work out of executing a covered call strategy, and the fund does it for them. In addition, with QYLD, you get a diversified basket of stocks, rather than picking 10 or 20 to execute on your own.</p><div class="adPlaceHolder" style="box-sizing: border-box;"></div><h2 style="box-sizing: border-box; font-size: 1.5rem; line-height: 1.8125rem; margin-bottom: 16px; margin-top: 0px;"><span style="box-sizing: border-box; font-weight: inherit;">The downside</span></h2><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">QYLD sounds like a dream come true for many investors, and it might be. But before you rush out and YOLO your live savings on QYLD, let’s take a look at the downside.</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;"><span style="box-sizing: border-box;"><a data-height="345" data-og-image-facebook="true" data-og-image-google_news="true" data-og-image-google_plus="true" data-og-image-linkdin="true" data-og-image-msn="true" data-og-image-twitter_image_post="true" data-og-image-twitter_large_card="true" data-og-image-twitter_small_card="true" data-width="780" href="https://static.seekingalpha.com/uploads/2021/3/21/5847171-16163215047019472_origin.png" rel="lightbox" style="background-color: transparent; box-sizing: border-box; color: #2867db; display: block; text-decoration-line: none;"><img data-height="283" data-og-image-facebook="false" data-og-image-google_news="true" data-og-image-google_plus="true" data-og-image-linkdin="true" data-og-image-msn="true" data-og-image-twitter_image_post="true" data-og-image-twitter_large_card="true" data-og-image-twitter_small_card="true" data-width="640" height="276" loading="lazy" src="https://static.seekingalpha.com/uploads/2021/3/21/5847171-16163215047019472.png" style="background-color: #f8f8f8; border-style: none; box-sizing: border-box; display: flex; font-size: 0.75rem; height: auto; margin: 0px auto 24px; max-width: 100%; vertical-align: middle;" width="624" /></a></span></p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">Source: StockCharts.com</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">Here’s a two-year weekly chart of QYLD, and you can see that it looks much the same as any other major index chart; there’s a steady rise into the COVID crisis, a <em style="box-sizing: border-box;">very</em> sharp decline, and then a massive recovery rally. In this way, QYLD isn’t necessarily that different at first glance. However, the chart below may shed some additional light on a very important way QYLD is different to QQQ.</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;"><span style="box-sizing: border-box;"><a data-height="345" data-og-image-facebook="true" data-og-image-google_news="true" data-og-image-google_plus="true" data-og-image-linkdin="true" data-og-image-msn="true" data-og-image-twitter_image_post="true" data-og-image-twitter_large_card="true" data-og-image-twitter_small_card="true" data-width="780" href="https://static.seekingalpha.com/uploads/2021/3/21/5847171-16163215046439517_origin.png" rel="lightbox" style="background-color: transparent; box-sizing: border-box; color: #2867db; display: block; text-decoration-line: none;"><img data-height="283" data-og-image-facebook="false" data-og-image-google_news="true" data-og-image-google_plus="true" data-og-image-linkdin="true" data-og-image-msn="true" data-og-image-twitter_image_post="true" data-og-image-twitter_large_card="true" data-og-image-twitter_small_card="true" data-width="640" height="276" loading="lazy" src="https://static.seekingalpha.com/uploads/2021/3/21/5847171-16163215046439517.png" style="background-color: #f8f8f8; border-style: none; box-sizing: border-box; display: flex; font-size: 0.75rem; height: auto; margin: 0px auto 24px; max-width: 100%; vertical-align: middle;" width="624" /></a></span></p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">Source: StockCharts.com</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">This is the same chart, but with QYLD against QQQ. A price that is moving up means QYLD is outperforming QQQ, but that is not what we see. Periods of downturns see QYLD very briefly outperform, but during the bull stages, QQQ is the clear winner.</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">This makes sense given covered calls take away potential upside, as I explained above. That’s what you’re giving up by generating income with covered calls. During raging bull markets, you give up the upside QQQ is going to have. However, during sideways or down periods, QYLD outperforms.</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">Indeed, this set of examples below shows how QYLD is favorable to QQQ during down periods.</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;"><span style="box-sizing: border-box;"><a data-height="361" data-og-image-facebook="true" data-og-image-google_news="true" data-og-image-google_plus="true" data-og-image-linkdin="true" data-og-image-msn="true" data-og-image-twitter_image_post="true" data-og-image-twitter_large_card="true" data-og-image-twitter_small_card="true" data-width="733" href="https://static.seekingalpha.com/uploads/2021/3/21/5847171-16163215047308884_origin.png" rel="lightbox" style="background-color: transparent; box-sizing: border-box; color: #2867db; display: block; text-decoration-line: none;"><img data-height="315" data-og-image-facebook="true" data-og-image-google_news="true" data-og-image-google_plus="true" data-og-image-linkdin="true" data-og-image-msn="true" data-og-image-twitter_image_post="true" data-og-image-twitter_large_card="true" data-og-image-twitter_small_card="true" data-width="640" height="307" loading="lazy" src="https://static.seekingalpha.com/uploads/2021/3/21/5847171-16163215047308884.png" style="background-color: #f8f8f8; border-style: none; box-sizing: border-box; display: flex; font-size: 0.75rem; height: auto; margin: 0px auto 24px; max-width: 100%; vertical-align: middle;" width="624" /></a></span></p><div class="adPlaceHolder" style="box-sizing: border-box;"></div><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">Source: <a href="https://www.globalxetfs.com/qylds-covered-call-options-explained/" rel="nofollow" style="background-color: transparent; box-sizing: border-box; color: #2867db; text-decoration-line: none;">Fund website</a></p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">The data here is old but the principal is exactly the same; during periods of turmoil, QYLD will decline less than QQQ. Of course, the recovery rally will see QQQ leave QYLD in the proverbial dust, but for investors looking for lower volatility and high levels of income, QQQ simply won’t do; you need QYLD.</p><h2 style="box-sizing: border-box; font-size: 1.5rem; line-height: 1.8125rem; margin-bottom: 16px; margin-top: 0px;"><span style="box-sizing: border-box; font-weight: inherit;">About that yield…</span></h2><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">I keep mentioning the yield as a huge draw, and I’m not kidding; QYLD’s distributions are huge.</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;"><span style="box-sizing: border-box;"><a data-height="292" data-og-image-facebook="false" data-og-image-google_news="false" data-og-image-google_plus="false" data-og-image-linkdin="false" data-og-image-msn="false" data-og-image-twitter_image_post="false" data-og-image-twitter_large_card="false" data-og-image-twitter_small_card="false" data-width="881" href="https://static.seekingalpha.com/uploads/2021/3/21/5847171-16163215047133248_origin.png" rel="lightbox" style="background-color: transparent; box-sizing: border-box; color: #2867db; display: block; text-decoration-line: none;"><img data-height="212" data-og-image-facebook="false" data-og-image-google_news="false" data-og-image-google_plus="false" data-og-image-linkdin="false" data-og-image-msn="false" data-og-image-twitter_image_post="false" data-og-image-twitter_large_card="false" data-og-image-twitter_small_card="false" data-width="640" height="207" loading="lazy" src="https://static.seekingalpha.com/uploads/2021/3/21/5847171-16163215047133248.png" style="background-color: #f8f8f8; border-style: none; box-sizing: border-box; display: flex; font-size: 0.75rem; height: auto; margin: 0px auto 24px; max-width: 100%; vertical-align: middle;" width="624" /></a></span></p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">Source: <a href="https://seekingalpha.com/symbol/QYLD/dividends/history?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link" style="background-color: transparent; box-sizing: border-box; color: #2867db; text-decoration-line: none;">Seeking Alpha</a></p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">The amount you receive can differ each month depending upon a variety of factors, not the least of which is volatility in the underlying names of the index. When volatility is high, option premiums rise, and QYLD can generate more income. The opposite is true when volatility is low.</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">Even so, QYLD has consistently generated monthly distributions of 20 cents or more for the past year, so its yield is <em style="box-sizing: border-box;">massive</em>.</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;"><span style="box-sizing: border-box;"><a data-height="454" data-og-image-facebook="true" data-og-image-google_news="true" data-og-image-google_plus="true" data-og-image-linkdin="true" data-og-image-msn="true" data-og-image-twitter_image_post="true" data-og-image-twitter_large_card="true" data-og-image-twitter_small_card="true" data-width="860" href="https://static.seekingalpha.com/uploads/2021/3/21/5847171-1616321504757369_origin.png" rel="lightbox" style="background-color: transparent; box-sizing: border-box; color: #2867db; display: block; text-decoration-line: none;"><img data-height="338" data-og-image-facebook="true" data-og-image-google_news="true" data-og-image-google_plus="true" data-og-image-linkdin="true" data-og-image-msn="true" data-og-image-twitter_image_post="true" data-og-image-twitter_large_card="true" data-og-image-twitter_small_card="true" data-width="640" height="330" loading="lazy" src="https://static.seekingalpha.com/uploads/2021/3/21/5847171-1616321504757369.png" style="background-color: #f8f8f8; border-style: none; box-sizing: border-box; display: flex; font-size: 0.75rem; height: auto; margin: 0px auto 24px; max-width: 100%; vertical-align: middle;" width="624" /></a></span></p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">Source: <a href="https://seekingalpha.com/symbol/QYLD/dividends/yield?source=content_type%3Areact%7Csection%3Amain_content%7Cbutton%3Abody_link" style="background-color: transparent; box-sizing: border-box; color: #2867db; text-decoration-line: none;">Seeking Alpha</a></p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">This is a one-year chart of the yield, and while it has moved around, it’s always in the double-digits. You typically have to go to the riskier parts of the REIT or BDC worlds to generate yields this high, but QYLD allows you to do so with 100 of the largest tech-oriented names in the market. For this reason, I see QYLD as a superior income vehicle.</p><h2 style="box-sizing: border-box; font-size: 1.5rem; line-height: 1.8125rem; margin-bottom: 16px; margin-top: 0px;"><span style="box-sizing: border-box; font-weight: inherit;">Final thoughts</span></h2><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">The main draw of QYLD is obviously the enormous distributions one receives from the fund, and on a monthly basis to boot. However, it provides other benefits, such as a measure of downside protection, and upside relative to QQQ during sideways market periods.</p><div class="adPlaceHolder" style="box-sizing: border-box;"></div><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">Of course, you trade upside potential for these benefits, but given the QQQ has had such a massive run and is quite choppy these days, maybe that’s more appealing than it would have been a year ago.</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">Another consideration is that QYLD’s <a href="https://www.globalxetfs.com/content/files/Global-X-Covered-Call-ETF-Tax-Primer.pdf" rel="nofollow" style="background-color: transparent; box-sizing: border-box; color: #2867db; text-decoration-line: none;">tax policy</a> is complicated, and may not be for everyone. I won’t go into it because every investor’s tax situation is different, and if you’re worried about it, hold QYLD in a tax-advantaged account like an IRA. Everything you need to know is in the link.</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">Expense ratio is just 60bps, so while you can certainly find index funds for less than that, QYLD has to pay for the active management of its covered calls; you won’t find a covered call fund with an expense ratio of 7bps or something like that, which you get with pure index funds. The 60bps does detract from the yield's attractiveness, but only very slightly given how large the yield is.</p><p style="box-sizing: border-box; font-size: 1.125rem; margin-bottom: 16px; margin-top: 0px;">QYLD has paid $2.56 in distributions in the past twelve months by my count, good for a yield of 11.4% over the past twelve months. You’ll struggle to find another income fund with that kind of consistent, monthly yield, and for that reason, I think QYLD is a great option for income investors, and particularly those that can hold QYLD in a tax-advantaged account.</p></div></div></div></div>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-44088358785782629762021-03-24T13:13:00.000-04:002021-03-24T13:13:05.878-04:00Fed Chair and Treasury Sec Call For End of Bitcoin and National Digital Tracking ID<div class="ifw-player" data-video-id="605b660c810be55cc0297c87"></div><script src="https://infowarsmedia.com/js/player.js" async></script>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-43655045206802376482021-03-22T18:29:00.002-04:002021-03-22T18:29:56.779-04:00Your Next Bite Of Meat Could Be A Hybrid Of Animal Cells, Plants<p><a href="https://preiposwap.com/your-next-bite-of-meat-could-be-a-hybrid-of-animal-cells-plants/"> From Pre IPO Swap:</a></p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">Cell-based meats are becoming increasingly popular as our food system is being disrupted by innovation.</p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;"><strong style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><i style="box-sizing: border-box; vertical-align: middle;">Subscribe to the</i></strong> <a href="https://news.crunchbase.com/daily/?utm_source=cb_news&utm_medium=article" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;"><strong style="border: 0px; box-sizing: border-box; font-family: inherit; font-style: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><i style="box-sizing: border-box; vertical-align: middle;">Crunchbase Daily</i></strong></a></p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">Many of the facets of its future were discussed this week at the virtual Future Food-Tech conference, which gathered food business leaders, venture capital investors and food tech innovators into conversations around innovation and investment in food.</p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">The growing global population is expected to increase the need for food by 70 percent to 100 percent by 2050,<a href="https://www.usda.gov/topics/food-and-nutrition/food-security" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;"> according to the U.S. Food and Drug Administration</a>. Many of the panelists at the conference discussed how big of a need it is to be able to create proteins and other foods to meet this demand.</p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">Over the last six months or so, I’ve written about companies developing meat from cells and plants. Most recently, <a href="https://www.crunchbase.com/organization/future-fields" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;">Future Fields</a> developing a first-of-its-kind cellular growth medium — the most important component of cellular agriculture — raised <a href="https://news.crunchbase.com/news/future-fields-lands-2-2m-seed-ships-first-cellular-meat-product/" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;">$2.2 million in seed</a> funding led by<a href="https://www.crunchbase.com/organization/bee-partners" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;"> Bee Partners</a>.</p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">The Future Food-Tech conference explored the concepts of hybrid meat and alternative proteins. In fact, one of the first panels was a discussion between two founders creating plant-based products that aim to mimic the texture and taste of chicken.</p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">While hybrid meat seems like a new concept, it is actually not, and many consumers will know this as a “filler,” said <a href="https://www.crunchbase.com/person/ido-savir" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;">Ido Savir</a>, co-founder and CEO of <a href="https://www.crunchbase.com/organization/supermeat" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;">SuperMeat</a>. The Israel-based company has raised <a href="https://www.crunchbase.com/organization/supermeat/company_financials" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;">$4.2 million</a> in known funding since it was founded in 2015, according to Crunchbase data.</p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">“We’ve seen this for centuries, so that food can have a better structure, be a lower cost and have a better shelf life,” Savir said. “We are doing it for the same reasons. When this will be branded and presented to consumers, it will be as a meat product because that’s what it is.”</p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">San Francisco-based <a href="https://www.crunchbase.com/organization/just-inc" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;">Eat Just</a>, which raised <a href="https://www.crunchbase.com/organization/just-inc/company_financials" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;">$220 million</a> in known funding since it was founded in 2011, <a href="https://www.foodbusinessnews.net/articles/17406-eat-just-granted-first-regulatory-approval-for-cultured-meat" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;">announced</a> in December that the use of its cultured chicken as an ingredient in chicken bites was approved to sell in Singapore, which is the first country in the world to commercialize cell-based meat products, the company said.</p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">Company co-founder and CEO <a href="https://www.crunchbase.com/person/josh-tetrick" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;">Josh Tetrick</a> said on the panel that the concept of hybrid meat is becoming more mainstream, but what isn’t is eating meat where you didn’t have to kill an animal.</p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">“The thing we need to move from ‘bizarre’ to ‘boring’ is where no animals or trees were destroyed to eat meat,” Tetrick said. “Consumers are open to the idea, but when they begin double-clicking, they want to know if this is natural, if it is modified and what does it mean you are using cells? Those are the questions we need to be all over.”</p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">Savir said cultured meat is one of the easier products to make and allows companies to use existing production lines.</p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">“The complexity is not high, it is just a matter of investing the right resources,” he added. “Eat Just did a lot to get their product approved, and they bridged the barrier.”</p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">The agriculture and food technology sector continues to attract more entrants and investor attention. Since 2015, investors have planted just over $27 billion of known funding into companies focused on these spaces, according to Crunchbase data. Although total investments per year was creeping up, investments made in 2020 saw a massive increase to $8.1 billion.</p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;"><img alt="Agtech-1024x679" class="size-large wp-image-44981 aligncenter jetpack-lazy-image jetpack-lazy-image--handled" data-lazy-loaded="1" height="679" loading="eager" sizes="(max-width: 1024px) 100vw, 1024px" src="https://2utfff4d3dkt3biit53nsvep-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/Agtech-1024x679.jpg" srcset="https://2utfff4d3dkt3biit53nsvep-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/Agtech-1024x679.jpg 1024w, https://2utfff4d3dkt3biit53nsvep-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/Agtech-300x200.jpg 300w, https://2utfff4d3dkt3biit53nsvep-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/Agtech-768x510.jpg 768w, https://2utfff4d3dkt3biit53nsvep-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/Agtech-1536x1019.jpg 1536w, https://2utfff4d3dkt3biit53nsvep-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/Agtech-470x313.jpg 470w, https://2utfff4d3dkt3biit53nsvep-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/Agtech-130x86.jpg 130w, https://2utfff4d3dkt3biit53nsvep-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/Agtech-187x124.jpg 187w, https://2utfff4d3dkt3biit53nsvep-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/Agtech-414x276.jpg 414w, https://2utfff4d3dkt3biit53nsvep-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/Agtech-990x657.jpg 990w, https://2utfff4d3dkt3biit53nsvep-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/Agtech-1320x876.jpg 1320w, https://2utfff4d3dkt3biit53nsvep-wpengine.netdna-ssl.com/wp-content/uploads/2021/03/Agtech.jpg 1938w" style="border: 0px; box-sizing: border-box; clear: both; display: block; height: auto; margin: 0px auto; max-width: 100%; vertical-align: middle;" width="1024" /></p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">Some of the winners in this space include China-based <a href="https://www.crunchbase.com/organization/meicai" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;">Meicai</a>, which last raised <a href="https://www.crunchbase.com/funding_round/meicai-series-f--d65c40e2" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;">$800 million in Series F</a> funding in 2018 to sell agricultural products online. More recently, plant-based substitute developer <a href="https://www.crunchbase.com/organization/impossible-foods" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;">Impossible Foods</a> closed a <a href="https://www.crunchbase.com/funding_round/impossible-foods-series-g--8ee3f57c" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;">$200 million Series G</a> round last August.</p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">Meanwhile, <a href="https://www.linkedin.com/in/drrichardjfreeman/?originalSubdomain=uk" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;">Richard Freeman</a>, commercial manager for <a href="https://www.crunchbase.com/organization/roslin-technologies" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;">Roslin Technologies</a>, a U.K.-based agriculture biotechnology company, told me via email that more attention is being paid to cultivated meat, with huge interest from investors and regulatory authorities. This is driven by trying to feed a growing population while also caring about the planet, he said.</p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">However, there is still a gap in cost and the ability to scale up, but companies are working on that, and in time, cultivated meat will be able to supply the world’s protein needs while protecting the environment.</p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;">“As food poverty becomes more widespread, the opportunity to boost collective human health by being able to produce affordable and plentiful protein becomes ever more clear,” Freeman said. “Whilst there are still several hurdles to overcome before cultivated meat becomes commercially available on a large scale, the recent leaps forward in both affordability and regulatory approval mean that it’s closer than ever to being served up to diners around the world.”</p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #404040; font-family: Lato, Helvetica, sans-serif; font-size: 16px; margin: 0px 0px 24px; outline: 0px; padding: 0px; text-align: justify; vertical-align: baseline;"><em style="border: 0px; box-sizing: border-box; font-family: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Illustration: <a href="http://www.li-anne.com/" style="background: 0px 0px; border: 0px; box-sizing: border-box; color: grey; font-family: inherit; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; text-decoration-line: none; transition: all 700ms ease 0s; vertical-align: baseline;">Li-Anne Dias</a></em></p>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-58917133451605002012021-03-22T14:02:00.003-04:002021-03-22T14:02:49.700-04:00Agenda 2035: The Post Human World / Controlled Planetary Collapse<div class="ifw-player" data-video-id="605235c0c9e6cc4a10a3ab22"></div><script src="https://infowarsmedia.com/js/player.js" async></script>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-68439697556151186692021-03-18T22:27:00.003-04:002021-03-18T22:27:38.910-04:00On The Verge Of A Global Crisis: One Bank Warns Of A "Biblical" Surge In Food Prices<p> <em style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;">By Michael Every of <a href="https://research.rabobank.com/markets/en/documents/291425_Biblical-Lean-and-Mean.pdf" style="box-sizing: border-box; color: #1470b2;">Rabobank</a></em></p><h2 style="box-sizing: border-box; color: #222222; font-family: DINOT, Impact, sans-serif; font-size: 24px; letter-spacing: 0.5px; line-height: 28px; margin: 0px;"><u style="box-sizing: border-box;"><strong style="box-sizing: border-box;">Biblical, Lean, and Mean: 'Dreams' of an agri-commodity super-cycle</strong></u></h2><blockquote style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Then Pharaoh said to Joseph: “Behold, in my dream I stood on the bank of the river. Suddenly seven cows came up out of the river, fine looking and fat; and they fed in the meadow. Then behold, seven other cows came up after them, poor and very ugly and gaunt, such ugliness as I have never seen in all the land of Egypt. And the gaunt and ugly cows ate up the first seven, the fat cows. When they had eaten them up, no one would have known that they had eaten them, for they were just as ugly as at the beginning. So I awoke.”</em></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">- Genesis 41:17-21</p></blockquote><div class="Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-video" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><h3 style="box-sizing: border-box; color: #595959; font-family: DINOT, Impact, sans-serif; font-size: 15px; margin: 0px;"><strong style="box-sizing: border-box;">Summary</strong></h3><ul style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Key feed and food prices have been pulled to 9-month and 7-year highs </p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">We explore the ‘dream’ of Biblical scarcity; its origins and impacts; and draw comparisons with Joseph, the trader and central planner who avoided starvation for ancient Egypt</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">One point is clear: global food insecurity falls heaviest on lower income, importing nations, who spend a far greater share of their income on food than the richer ones</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">The Fed would play an ironic role in this process even as it embraces fighting poverty and inequality alongside inflation</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">This could exacerbate (geo)political risk – potentially even regarding institutional architecture</p></li></ul><h3 style="box-sizing: border-box; color: #595959; font-family: DINOT, Impact, sans-serif; font-size: 15px; margin: 0px;"><strong style="box-sizing: border-box;">Our Base Commodity Call</strong></h3><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">At time of writing, our forecasts for three of the world’s key agri commodities, soybeans, corn, and wheat are as follows:</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/commodity%20call.jpg?itok=MNpEnoS3" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/commodity%20call.jpg?itok=MNpEnoS3" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="9aa273a9-29d2-4c3c-9ac3-1d41ae25abba" data-responsive-image-style="inline_images" height="256" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/commodity%20call.jpg?itok=MNpEnoS3" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><h2 style="box-sizing: border-box; color: #222222; font-family: DINOT, Impact, sans-serif; font-size: 24px; letter-spacing: 0.5px; line-height: 28px; margin: 0px;"><strong style="box-sizing: border-box;">The First Big Commodity Call</strong></h2><div class="Advert_desktop__1J5vD Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-desktop" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">In the Bible, Joseph interpreted Pharaoh’s dream as meaning great abundance for seven years would be followed by an equal famine. He was then entrusted with ensuring Egypt’s storehouses were full of grain so the country could survive – which he, and it, did.<br style="box-sizing: border-box;" />In short, Joseph made the first agri commodity cycle call, where survival came before profits. Today we have seed technology, automated agriculture, and global markets. Yet we still have lean and fat years for reasons meteorological, logistical, political, and geopolitical. This report will try to do several things:</p><ol style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Summarise price action in key agri commodities to consider if we are seeing anything unusual </strong>– we will show we are, reflected in our elevated base price forecasts;</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Disaggregate and define the main drivers of these price movements. </strong>While the agri market is very old, new developments could produce striking new price patterns;</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Imagine what a Biblical scarcity would look like, </strong>putting forward simplified assumptions to estimate what each of them in isolation could do to food prices;</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Look at global food insecurity </strong>to ascertain how many countries are suffering already and would do so in the scenario that prices rise higher; and</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Consider the worrying (geo)political implications.</strong></p></li></ol><h3 style="box-sizing: border-box; color: #595959; font-family: DINOT, Impact, sans-serif; font-size: 15px; margin: 0px;"><u style="box-sizing: border-box;"><strong style="box-sizing: border-box;">1) Supplies Shaken, not Stored</strong></u></h3><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">For key feed and food commodities, the message for markets and institutions is a simple one: they are going up. The S&P global agricultural index is up for a 9th straight month, to its highest level in 7 years (see Figure 1). Even though we are coming off a low base of comparison, which helps the base effects, the last period to see such a rapid rise was 2011, and prior to that 2007.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/expense%20meal%20to%20pharaoh.jpg?itok=5Zbn_HqO" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/expense%20meal%20to%20pharaoh.jpg?itok=5Zbn_HqO" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="6f0d9f7f-023d-441a-a306-f815656069d4" data-responsive-image-style="inline_images" height="362" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/expense%20meal%20to%20pharaoh.jpg?itok=5Zbn_HqO" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">When we look at key commodities one by one the picture is similar, whether it is grains, vegetable oils, dairy, meat, or sugar (see Figure 2). This correlation makes sense, especially as many of these products share characteristics, are complementary, or are planted on the same land.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/meat%20price%20index.jpg?itok=X0txqOqz" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/meat%20price%20index.jpg?itok=X0txqOqz" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="9712a674-ca0c-46e7-a56d-15f7eecff2eb" data-responsive-image-style="inline_images" height="360" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/meat%20price%20index.jpg?itok=X0txqOqz" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Most of the above markets have shifted into strong backwardation, indicating near-term supply scarcity that should ease with harvest replenishment. However, we remain sceptical about the resupply.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Rabobank’s price forecasts for soy, corn, and wheat --the critical building blocks for bread, meat, dairy, biofuels, and more-- are in line with present levels and above the futures curve into 2022.</p><h3 style="box-sizing: border-box; color: #595959; font-family: DINOT, Impact, sans-serif; font-size: 15px; margin: 0px;"><u style="box-sizing: border-box;"><strong style="box-sizing: border-box;">2) A Bull-run of Many Colors</strong></u></h3><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Today’s elevated price trajectories shows nobody had the foresight, fortitude or financial power to stockpile in the years of plenty, but there are many more factors at play. <a href="https://research.rabobank.com/far/en/sectors/agri-commodity-markets/food-price-surge-is-unlikely-to-revert.html" style="box-sizing: border-box; color: #1470b2;">Rabobank’s recent report </a>already covered the key drivers of the agri bull market. We will quickly reprise them as follows:</p><ol style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Exporters stocks have fallen rapidly to 7-year lows;</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">China is importing on a vast scale;;</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">It’s hard to increase supply rapidly;</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Adverse weather conditions;</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Countries are engaging in food protectionism;</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Logistical costs are rising, notably in freight; and</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Speculators are holding more commodities futures.</p></li></ol><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">#1 Seven years of plenty ironically leave global agri commodity stocks low.</strong> Before the recent run-up, the S&P GS Agri Commodities Market Index had fallen over the last seven years as the price shock of 2010-12 incentivized diversified supplies and a shift from high cost to low cost producers/exporters. This was good news for importers, but bad for the high-cost US, who saw its stocks steadily increase through 2019. The US-China trade war and Covid-19 also saw US farmers adjust acreage lower in response.<br style="box-sizing: border-box;" />When demand then surged in mid-2020, higher cost exporters, especially the US, sold both their production and stores. In short, the US --the global food reserve bank-- has seen its grain and oilseed stockpiles slip nearly 30% y/y (see Figure 3), primarily in corn and soybeans. Moreover, we forecast only a slight increase in 2021 as our base case.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/hegemon%20supplies%20gone.jpg?itok=VA1k353K" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/hegemon%20supplies%20gone.jpg?itok=VA1k353K" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="24aead46-7a90-49bd-979f-73187da25328" data-responsive-image-style="inline_images" height="362" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/hegemon%20supplies%20gone.jpg?itok=VA1k353K" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">#2 China is driving demand. </strong>It is aggressively bidding for supplies to fill shortfalls and pad inventories (see Figure 4). Convalescence from dual pandemics --African Swine Fever and Covid-19-- has led to a surge in agri import demand, and hence global prices. The most remarkable increases have been in feed grain, the energy source for animal protein and ethanol: <strong style="box-sizing: border-box;">China’s imports of these have risen almost three-fold in a year </strong>to address a structural supply gap that cannot be addressed by domestic production. Indeed, China is so stretched for feed it is resorting to using old domestic wheat reserves for livestock -- 35m metric tonnes this year alone, equivalent to Canada’s production-- in addition to vegetable oil, and even pig lard.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">China’s moves are singlehandedly testing supply chains to their limits. The saving grace for global markets has been that world demand across many of China’s favoured imports was absent or squeezed until now; when it returns, global supplies could be stretched further.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/trade%20winds.jpg?itok=L0t_df28" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/trade%20winds.jpg?itok=L0t_df28" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="d7e32768-34c2-4c9e-8daf-5f170ad91004" data-responsive-image-style="inline_images" height="367" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/trade%20winds.jpg?itok=L0t_df28" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">#3 Supplies are on a tight-rope</strong>. Coming months will see a scramble by farmers to plant and harvest. With many products facing scarcity, competition for limited arable land will limit the potential resupply. The US, for example, can only increase its summer plantings by about 5%; any production on top needs to come from yield improvement.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">#4 Everything depends on the weather, where key exporters face an uphill battle. </strong>Large swathes of South America are too dry or too wet; meanwhile, much of the spring planting area in the US faces significant dryness.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">#5 There is a heightened risk of protectionist policies. </strong>Many critical agri exporters are already putting up tariffs or export quotas, threatening free trade and curtailing local farm prices and domestic production to keep prices affordable. Rather than fulfilling their critical global role, such exporters are increasingly insulating themselves from global markets: Russia, the world’s largest exporter of wheat, has implemented grain export taxes; Ukraine export quotas; and Argentina, the largest exporter of protein feed, has dabbled in export quotas too.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">#6 Logistics are tight. </strong>If a rising tide lifts all boats, a lack of boats lifts prices. ASF, Covid, and weather events all drive demand shifts that suppliers have been unable to anticipate or react to easily. Freight prices have jumped to a record for containers: bulk (measured by the Baltic Dry Index) has also seen large increase, and this has delayed and displaced shipments: naturally, these higher prices fall heavily on importers.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">#7 Speculators. </strong>Wall Street funds already hold in-the-money positions in soy and corn – by far their largest net long position. Financial market investors currently hold contracts of grains, oilseeds and livestock worth almost 50bn USD net length or 35% of the value of all US agricultural exports in 2020. (see Figure 5.)</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/joseph%20meet%20benjamin.jpg?itok=Mf7eMHCx" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/joseph%20meet%20benjamin.jpg?itok=Mf7eMHCx" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="dca08954-2155-4308-9bd5-49612e9ecee7" data-responsive-image-style="inline_images" height="360" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/joseph%20meet%20benjamin.jpg?itok=Mf7eMHCx" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">What makes this significant, apart from the scale, is that <strong style="box-sizing: border-box;">this is happening due to the actions of central banks. </strong>While Joseph was second only to Pharaoh, so central banks are second only to governments: yet they are not helping to smooth out food cycles like Joseph did.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Markets have grown used to extreme monetary policy since 2008. However, the aggressiveness of the Fed’s current policy stance, now aimed to let the economy “run hot”, and the shift to massively expansionary US fiscal policy too, has altered market perceptions of future inflation risks. Investors have responded by holding assets as a hedge: stocks, property, and gold/ Bitcoin.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Yet Wall Street is now holding/speculating with agri commodities too - even though this pushes up inflation!</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/joseph%20pharaoh.jpg?itok=XopvLXgS" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/joseph%20pharaoh.jpg?itok=XopvLXgS" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="4e1e8edb-bca8-42fb-aa4b-889d33acde29" data-responsive-image-style="inline_images" height="343" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/joseph%20pharaoh.jpg?itok=XopvLXgS" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><h3 style="box-sizing: border-box; color: #595959; font-family: DINOT, Impact, sans-serif; font-size: 15px; margin: 0px;"><u style="box-sizing: border-box;"><strong style="box-sizing: border-box;">3) A Biblical rally</strong></u></h3><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Having then listed the various structural reasons for agri commodity prices to have risen so fast, we free our minds to ‘dream’ (if that is the right word) of a Biblical price rally. Our bull market stands on four legs:</p><ul style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">(i) Normal supply and demand </strong>(which is how day-to-day markets are supposed to work);</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">(ii) China </strong>(given its import appetite makes it the marginal buyer that matters most);</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">(iii) Politics </strong>(covering changes to trade flows, protectionism/tariffs, and export controls); and</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">(iv) ‘Wall Street’ </strong>(where could equally say ‘the Fed’)</p></li></ul><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Leg one: Normal supply and demand:</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">As noted, the FAO price index at 7-year highs is supported by rises in all of its components; sugar, cereals, meat, oils and dairy. In our dream we ruminate on the products who’ve risen the most, and are thus closest to scarcity: cereals and oilseeds. They are currently so tightly balanced a small weather issue --a regular occurrence in agricultural markets-- could tip the scales towards global scarcity.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The USDA, today’s high priests of agriculture, expect maximum acreage and healthy yields in the US to maintain, but not reflate, stocks. Yet they are arguably dreaming! The US has seen two consecutive disappointing summer crops (feed grains: 359 and 375 million metric tons, soy: 93 and 113 million metric tons); and yields can often worsen, rather than improve, on expanded --less ideal-- acreage. <strong style="box-sizing: border-box;">Imagine a third consecutive lacklustre US summer harvest.</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Even if last year’s average, not poor, yields were repeated in corn or soy, supplies would fall below 2012 levels, a time prices were 35% higher than today. All else equal, <em style="box-sizing: border-box;">even a 3-4% drop in production could move soy and corn prices up by a third.</em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">In normal times, alternative grain and oilseed export surpluses might help cushion the blow of a US supply shock – but if we take these into account too, cumulative exporter stocks-to-use are still close to 2012 levels (see Figure 6).</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/biblical%20stocks.jpg?itok=8RafUJc4" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/biblical%20stocks.jpg?itok=8RafUJc4" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="49de6ffc-2fe0-45d9-ac97-47c015350272" data-responsive-image-style="inline_images" height="365" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/biblical%20stocks.jpg?itok=8RafUJc4" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">We started with soy and corn: but feed grains and oilseeds compete for acreage with other commodities. Moreover, soy and corn are the primary feed components for both animal protein and dairy, and produce cooking oil and biofuels.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Wheat, for one example, exhibits slow demand growth in line with slowing global population growth, but also little elasticity. The upside is that there are so many substantive exporters, which distributes supply risk. Yet global exporter stocks are again already <em style="box-sizing: border-box;">near 2012 lows: a 10% production cut in major suppliers like the EU, US, or Russia could lift prices 30% to levels last seen in 2012.</em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Can this Pharaoh’s dream be interpreted to see any one commodity evading inflationary capture</strong>? Current futures market positioning may be too somnolent.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/drought_1.jpg?itok=stUOlzWE" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/drought_1.jpg?itok=stUOlzWE" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="7ddc18cf-9d35-429c-a2c8-2bb73f1045f0" data-responsive-image-style="inline_images" height="368" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/drought_1.jpg?itok=stUOlzWE" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">As noted, adverse weather is <em style="box-sizing: border-box;">already </em>affecting major production areas. Over 90% of the US Northern Plains (the area most likely to boost overall acreage), 50% of the Midwest, and 59% of the South are already in some form of drought (see Figure 7).</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">With winter wheat emerging, and soy, corn, and cotton about to be planted, the terrain looks nothing like the promised land the USDA is projecting. Perhaps they shouldn’t have slept on the National Oceanographic and Atmospheric Association report predicting three months of dry, warm US conditions ahead.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">And what if we were to get a real US drought, as in ancient Egypt? Obviously this would be far, far worse on all fronts.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Leg two: Politics</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Any crisis in food inflation risks being exacerbated by food politics. Emergent food export heavyweights like Argentina, Ukraine, and Russia have played a role in driving prices higher through export taxes and controls; and trade wars have been destabilizing and inefficient for agri flows.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">In short, <strong style="box-sizing: border-box;">global supply chains appear bereft of the underlying geopolitical stability assured until recently.</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">In the case of a future supply issue, however modest, there is a risk of heavier exports controls. For one key hypothetical example, if Russia re-implemented its ban of 10 years ago on even half its export potential – 19m tons, the ensuing burden on the US and others could <em style="box-sizing: border-box;">double wheat prices to the USD12/bushel last seen back in 2008.</em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">A further ‘political’ catalyst is biofuels, beneficial for farmers and the environment, but which exacerbate agri commodity supply stresses by shifting production from food towards renewable energies made from agri commodities: namely biodiesel and ethanol. Figure 8 shows higher income nations employing over 12% of their caloric inputs (primarily vegetable oil and feed grains) for biofuel ingredients.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/good%20olive%20oil.jpg?itok=lpjkcs_Z" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/good%20olive%20oil.jpg?itok=lpjkcs_Z" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="c669484a-b071-4d39-b36d-3b285f65a3f7" data-responsive-image-style="inline_images" height="351" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/good%20olive%20oil.jpg?itok=lpjkcs_Z" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The ethanol market was largely absent last year amid a surge in feed demand; its return could exacerbate supply pressures. For the US, a 500 million bushel rise in ethanol usage fully offsets potential acreage expansion in 2021, for example. Assuming a doubling of ethanol exports (to China), it would not be unrealistic to assume corn prices could potentially rise a further 15%. Full implementation of biodiesel and renewable diesel mandates in Indonesia, Europe, Brazil and others, supported by high diesel prices, would potentially drive support for key component vegetable oils like palm and soy near or to record levels.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">In short, in the short term --where politics happens-- the Green transition could mean higher food prices.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Leg three: China</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">China is the single biggest swing factor besides weather/production. It has the potential to disrupt global agri balance sheets for years to come.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">In the past, China has implemented Joseph-like policies and holds large stockpiles of wheat and rice, However, amid elevated domestic prices and imports of dairy, pork, oils, and grains, it is far from apparent that China is purely engaging in strategic “restocking”: rather in our ‘dream’ we interpret that China is rapidly destocking in products including feed grains and oilseeds.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Higher imports and domestic production increases are the apparent solution. China is expected to import 35-45 million metric tonnes of feed grains per year for the coming years - much more if rosy production expectations are unfulfilled. If China’s domestic output disappoints, it would exacerbate a structural deficit requiring yet higher imports of grains and oilseeds --by as much as 15m metric tonnes-- and raise global prices of corn and soy by additional 30%.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/china%20great%20wall.jpg?itok=Qo9S7_zD" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/china%20great%20wall.jpg?itok=Qo9S7_zD" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="20948cce-4975-4bcc-ad9e-20497ecbf6cc" data-responsive-image-style="inline_images" height="362" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/china%20great%20wall.jpg?itok=Qo9S7_zD" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Leg four: Wall Street</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">As already noted, Wall Street is an established player in the agri commodity space and has room to grow its inflation-hedging bets from here. Despite current long positions, the overall net position is still nearly 10% below the record.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Wall Street probably wouldn’t increase its positions in a vacuum: but if any of the above ‘legs’ come to pass, it would likely respond. Funds could easily extend their speculative length, not just in feed, but also wheat. This ‘dream’ could help push agri prices up to the 2012 peak 40% higher from here.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Moreover, should US ultra-loose monetary and fiscal policy produce significant US inflation, or stagflation, and/or yield curve control to peg the long-term cost of borrowing, Wall Street would again likely increase its agri commodity inflation hedges.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">We summarize the relative impact on soy, corn, and wheat in this (bad) dream scenario below:</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/how%20many%20cows.jpg?itok=25Tm7ErJ" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/how%20many%20cows.jpg?itok=25Tm7ErJ" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="d992e838-d4db-471b-9b9e-76eae97ca2b2" data-responsive-image-style="inline_images" height="828" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/how%20many%20cows.jpg?itok=25Tm7ErJ" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">For soy, the primary price driver ahead is weather (5 from a maximum 7), then China and Wall Street equally (3), then potential political actions (2). For corn, China is the largest potential factor (5), followed by weather (4), then Wall Street (3) and politics (2). For wheat, weather (3), politics (3), and China (3) are all equally important, with Wall Street relatively less so (2).</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Of course, all cows stand on four legs, and any one of the factors above could play out individually for any one commodity to significant effect. <strong style="box-sizing: border-box;">Yet as with any cow, where one leg goes, the others usually follow.</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">In short, if we were to see bad weather; and protectionism/sustainability-related regulations; and further heavy buying from China; and a surge in Wall Street speculation then <strong style="box-sizing: border-box;">it is hard to say just how high prices could reach before demand destruction kicked in</strong>.</p><h3 style="box-sizing: border-box; color: #595959; font-family: DINOT, Impact, sans-serif; font-size: 15px; margin: 0px;"><u style="box-sizing: border-box;"><strong style="box-sizing: border-box;">(4) Food Security</strong></u></h3><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The impact on food security should be obvious: indeed, it already is:</p><ul style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">In the MENA countries --the highest per capita consumers of bread-- the 30% increase in international wheat prices seen so far in 2021 leaves them just shy of levels seen during the revolutionary Arab Spring;</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Asia’s burgeoning middle class is grappling with 30-50% increases in pork, cooking oil, sugar, and dairy prices; and</p></li><li style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Africa, with lower GDP per capita, has an even clearer predicament.</p></li></ul><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Yet in our dream, things get worse. The impact of price increases will fall disproportionately on poorer, importing countries, reversing the improved economic outlook for some of the new global middle class - and even lower income deciles in the wealthiest countries would feel it. We attempted to summarise these risks with simple snapshots.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">World Bank data from 2017 show USD income per capita around the world at purchasing power parity. The same data also show the amount spent on food per capita. One can then calculate the percentage of income allocated to food (see Figure 10). Obviously, the figures vary between wealthy regions, such as North America, and poorer ones, like Africa, where the differential is over a factor of four.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/four%20legs%20four%20times.jpg?itok=kPwn82xf" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/four%20legs%20four%20times.jpg?itok=kPwn82xf" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="501f30f4-a8fd-44da-a0a4-41507bb72603" data-responsive-image-style="inline_images" height="364" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/four%20legs%20four%20times.jpg?itok=kPwn82xf" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Holding income figures constant (as this is just an indicative exercise), we then change agri commodity inflation. Although such agri price changes have and will vary by commodity, we use the aggregate index as a base to avoid having to break down the complexities of varying national diet patterns.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">As we showed, since 2017, agri commodity inflation has been substantial (45%). <strong style="box-sizing: border-box;">We then project a hypothetical doubling of the agri commodity basket for our ‘lean cows’ dream on top.</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">We must then consider how much of the change in price in the agri commodity basket is actually passed on to higher food prices. One might be surprised how little of the cost of the foods we eat actually reflects the raw ingredients as opposed to labour, rent, logistics, etc. (See Figure 11.)</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Keeping all of these factors unchanged, we presume that <strong style="box-sizing: border-box;">agri commodity inflation of around 100% would translate into recorded global food price inflation of around 12%. </strong>This reflects OECD food inflation of 6-8% in recent scarcity events, while recognizing that in some sectors and markets this has tended to be higher, in particular for import dependent countries.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">As can be seen in Figure 12, on a regional basis we can see that for East Asia and the Pacific, the percentage of individual incomes spent on food rises from 9.3% to 10.4%; in Europe and central Asia from 8.6% to 9.6%, Latin America from 11.5% to 12.9%; the Middle East the same 11.5% to 12.9%; North America 5.1% to 5.7%; South Asia from 16.9% to 19.0%; and sub-Saharan Africa from 20.7% to 23.2%.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Of course, the actual impact may be less given incomes would have risen in most places in the past four years in line with GDP growth – but then again Covid-19 could well have seen these gains partially reversed in many locations.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/deja%20vu%20food%20inflation.jpg?itok=fNDyPwB-" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/deja%20vu%20food%20inflation.jpg?itok=fNDyPwB-" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="6d7a8ab4-fc3d-4b95-b309-6b30ac84f81b" data-responsive-image-style="inline_images" height="360" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/deja%20vu%20food%20inflation.jpg?itok=fNDyPwB-" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">To put this into perspective, one also needs to consider where a crisis threshold lies in terms of food affordability.</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Although this again varies for a number of reasons, if one selects the 20% of income as the key level, double the world average, then the global impact of this ‘dream’ agri commodity price shift cannot be understated.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/creaking%20food%20basket.jpg?itok=1kJ1K-AB" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/creaking%20food%20basket.jpg?itok=1kJ1K-AB" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="00840507-b49f-4064-a6f3-a473af416668" data-responsive-image-style="inline_images" height="357" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/creaking%20food%20basket.jpg?itok=1kJ1K-AB" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Figure 13 shows the total number of countries in each region that were already at risk of food insecurity using the World Bank’s 2017 data compared to the number projected ahead using our “lean cows” assumption. As can be seen, Central Asia sees 1 additional country slip into food scarcity; Latin America 1; MENA 1; and Africa 2. Again, <strong style="box-sizing: border-box;">this is presuming a 12% increase in food prices</strong>: if more lean cows were to emerge, more people would also get leaner.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/food%20insecurity.jpg?itok=-eiTjkTg" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/food%20insecurity.jpg?itok=-eiTjkTg" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="ba3e6818-a7c7-41aa-bef8-5b3d5969b6aa" data-responsive-image-style="inline_images" height="364" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/food%20insecurity.jpg?itok=-eiTjkTg" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Even as is, <strong style="box-sizing: border-box;">42 countries globally would be food insecure: and a staggering 102 countries would see a relative decline in their purchasing power of food, </strong>representing a step backwards down the pyramid – Maslow’s pyramid of basic needs. We would be back below 2011 levels in terms of food affordability, representing over a lost decade in the fight against hunger.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">At the very least, steady progress experienced by much of the emerging world’s middle class could be frozen or reversed. That’s a process we have seen end in populism in Western economies already.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">‘Yum’ Kippur?</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">We are talking here about a potential surge in parts of the agri-commodity complex. However, <strong style="box-sizing: border-box;">our global macro inflation thesis remains very different.</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">We continue to recognise the significant near-term upwards price pressures in many areas of the economy, which stem from a combination of base effects, Covid-related supply disruptions, genuine demand increases - or shifts, and looming US fiscal stimulus. Yet as we have argued for many years, structurally one only sees inflation sustained if either supply is too weak (and outside agri commodities and semiconductors, this is not an issue), or demand too strong – and workers still do not have the bargaining power to push for pay rises in most sectors of most economies. The present US fiscal stimulus does not address this issue at all.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Indeed, <strong style="box-sizing: border-box;">the greater likelihood is still that after an upwards surge in H1 2021, there will be a downshift in aggregate inflation pressures again into 2022. </strong>Were we to see a bounce in the US dollar on the back of higher long end US rates, this would exacerbate that trend: it could also partially weigh against some of the bullish agri-commodity trends we consider.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Moreover, were we to see an economic slump after the current US fiscal ‘sugar rush’, then presumably agri commodity prices would come under further downward pressure: note that previous spikes have often been rapidly followed by just such a slump. (More like seven lean then seven fat months in that case!) In that case, the Wall Street speculation we have already underlined would also be rapidly reversed: and what has helped make for fat markets would then make for lean ones. In short, <strong style="box-sizing: border-box;">volatility would be amplified in both directions.</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Nonetheless, <strong style="box-sizing: border-box;">let’s dream agri commodity prices stay high for structural/political factors even as aggregate inflation falls back due to a weak global economy. </strong>We have seen something similar to this hypothetical backdrop previously if one shifts the kind of oil one is thinking of.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Indeed, think of the oil price spike experienced after the Yom Kippur War of 1973 and Arab oil producers responding with reduced supply into what was then a far more Keynesian, fiscally-driven world economy.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">WTI oil, for example, jumped from USD3.56 in July 1973 to USD4.31 at the end of that year --a 21% increase-- and then again to UDS10.11 --a 293% increase from the July 1973 price-- at the start of 1974 in response to Arab oil-state’s actions (see Figure 13). This necessarily pushed general inflation much higher in tandem globally.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/oil%20surge.jpg?itok=m3E3aIKz" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/oil%20surge.jpg?itok=m3E3aIKz" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="adddd7d7-01f0-4b11-9150-0bfe216b17b0" data-responsive-image-style="inline_images" height="352" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/oil%20surge.jpg?itok=m3E3aIKz" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">As we know, the demand-led policies of Western economies, which were still far more regulated, far less globalised, and had far stronger unions at that time, led to inflation-matching pay rises, so setting off a wage-price spiral. Consequently, oil prices marched as high as USD39.50 --a 390% increase over January 1974 and 1,109% over July 1973-- before eventually declining.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">What is critical to recall is that <strong style="box-sizing: border-box;">this episode was arguably the key political driver of the structural reforms put in place to globalise and liberalise Western economies </strong>in order reduce the power of labour in favour of capital, capping inflation pressures in the process. With global populism rising, and critics pointing out those reforms have gone too far, producing socio-economic problems of an entirely different but just as damaging kind, the key hypothetical to ponder is this:</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Could a sustained rise in agri-commodity prices prompt a political backlash away from neoliberalism and back towards deglobalisation and regulation? <strong style="box-sizing: border-box;">Could the Yom Kippur-driven reforms be reversed by a ‘Yum’ Kippur?</strong></em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Of course, nobody knows. However, you don’t have to be Joseph to see that political developments such as Brexit, and obvious examples of agri protectionism, mean it would be dangerously naïve to rule this risk out entirely.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">This in itself would then open up a new discussion of what such a structural shift might mean for the increasingly-turbulent geopolitical backdrop, and how that then might flow back to markets.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">After all, there was open talked of an Arab “oil weapon” after the 1970s: and the emergence of the “Petro-dollar” was intimately linked to how the huge oil surpluses Arab states then began to accumulate were recycled: in short, into the US, in exchange for US military protection.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">This brings us firmly to geopolitics.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;"><strong style="box-sizing: border-box;">And Pharaoh said to Joseph, “See, I have set you over all the land of Egypt.”</strong></em></p><h3 style="box-sizing: border-box; color: #595959; font-family: DINOT, Impact, sans-serif; font-size: 15px; margin: 0px;"><u style="box-sizing: border-box;"><strong style="box-sizing: border-box;">5) Not Just Any Dream Will Do</strong></u></h3><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">After all, let’s not forget that Egypt was the ancient world’s superpower because of its grain harvests: the flow-through from food prices to geopolitics today should be obvious:</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">First, weaker states could find themselves at risk of significant instability</strong>: it’s not a coincidence the last global agri commodity price surge coincided with the Arab Spring. Given even developed economies have experienced major socio-political unrest, the risks should be self-evident. In short, an agri commodity price spike, like Covid-19, could be an accelerant to pre-existing political trends.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Second, we live in a new age of Great Power politics, centred around an unfolding US-China rivalry</strong>, in which US food production and a Chinese food deficit plays no small part. Would higher agri prices mean the US-China Phase One Trade Deal holds, or breaks, for example?</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">More broadly, a key question is whether an agri commodity price shift higher would help force changes in the structure of the global economy and financial system. We have covered the likelihood of a paradigm shift away from the USD many times, and have always been highly sceptical. Yet hunger is a powerful incentive for action.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Such a ‘lean’ backdrop could accelerate efforts to shift the global trading system away from the USD</strong>. Both China and Europe could push for adoption of alternative payments systems, or at the very least for commodity pricing in EUR or CNY.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">China is already trying to boost local agri production and diversify its agri imports. However, it would require an entire network of major agri producing countries to make a FX/trading paradigm shift away from the USD in tandem with it in order to break free from the US(D) yoke in agri markets. Until then China would remain in a relatively weaker position vis-à-vis the US on this key front. Its huge appetite for agri commodities (and by extension, USD) would remain: and if it were to continue to snap up global agri supplies, then resentment could rise against it too along with said prices.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">On one hand, this suggests a weaker CNY, as we saw under previous periods of structural stress (over exports to the US, and technology controls): on the other hand, a stronger CNY would help make agri imports cheaper. In short, China would have difficult strategic choices to make, with each option coming with major trade-offs.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Europe would be better placed in terms of food security due to its comfortable agri surplus and high incomes. It also has plans to broaden the international usage of EUR. Yet its twin Achilles’ Heels are still that relies on a US-controlled Eurodollar and a US-owned defence umbrella.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Emergent global middle powers would have to adapt to a multipolar, volatile geopolitical environment, and ponder what food (in)security means for their own strategic positioning: for exporters and importers it obviously implies very different opportunities/risks. More concretely, would they side with the US or China if forced to make a choice in the global trade/FX paradigm?</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Meanwhile, there would likely be a new “Race for Africa”. China has been extremely active there in recent years; so has Russia; and Turkey; and the EU sees itself as having a major role in both Africa and the Middle East. America is also likely to be involved, albeit under the guise of national security – which in a way it of course is.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Ultimately, however, <strong style="box-sizing: border-box;">just as the gold-pegged USD segued to a new, bigger fiat role as the “Petro-dollar”, backed by US military might, so the stronger global “Eurodollar” would be supported by the US being a major net food producer and exporter (and military power</strong>). Indeed, global food insecurity would underline the extent to which the US can ride out food price cycles that batter other economies, supporting its hegemon status.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">For countries unable to afford food imports priced in USD, the US would be in the position to bail them out with FX swaps or loans as it saw geopolitically advantageous – or to support multilateral organisations doing the same. It might not be able to produce extra food at short notice, but it could produce the USD to buy existing food, even if it forced prices to spiral even higher in the process.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Yet at the same time, however, global resentment of the US would likely rise if these actions did not materialise; and/or on the perception that the old adage of “the dollar is our money and your problem” were the US starting point. <strong style="box-sizing: border-box;">How much global patience would there be for the Fed (and US government) to echo Dr. Martin Luther King, Jr.’s “I have a dream” on equality if the global outcome was greater food insecurity? </strong>How does one sell helping the poorest in one of the world’s richest economies if it also hurts the poor in the world’s poorest economies?</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">In short, it is the stuff of (bad) dreams: but <strong style="box-sizing: border-box;">high global food prices would deepen and widen pre-exiting geopolitical fault lines, </strong>and open up new ones. This could easily flow back to agri commodity markets in a reflexive process.</p><h3 style="box-sizing: border-box; color: #595959; font-family: DINOT, Impact, sans-serif; font-size: 15px; margin: 0px;"><u style="box-sizing: border-box;"><strong style="box-sizing: border-box;">What Dreams May Come</strong></u></h3><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Although nobody’s dreams correctly tell the future, there appears a worrying risk that many individual factors (weather, politics, China, and Wall Street) could individually --and in a worst case, collectively-- push up global agri commodity prices significantly on top of the marked increase that we have already seen in 2021 to date.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Were this to prove the case, <strong style="box-sizing: border-box;">food insecurity would obviously increase, </strong>with the impact potentially felt by billions, most so in sub-Saharan Africa and South Asia: we would face a potential lost decade for reducing food insecurity and improvements in disposable income; and the rapid growth of their middle classes could be stunted for years. In terms of food affordability, 42 countries would be worryingly insecure, and 102 would be worse off than they were in 2011.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Critically, this would not be something the current global political economy would passively accept. Shortages of luxuries or electronics are one thing: food is quite another. Rising populism among a weakened middle class in the West, 2020’s scramble for PPE, and 2021’s dash for vaccines already all show just how easily the rules of the global trading order can be up-ended when local politics dictates.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">All of this would only exacerbate geopolitical tensions </strong>that are already evident across various locations.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Moreover it could, in some scenarios, such as last seen in the 1970s, <strong style="box-sizing: border-box;">shift our global political economy and financial architecture in new (or rather, old) directions: at least it may see attempts at such, even if not successful.</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Food for thought (Joseph), as we consider how Pharaoh this rally still has to run.</p>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-57225410531277152612021-03-16T21:47:00.001-04:002021-03-16T21:47:16.102-04:00ER Doctor - "We're Being Deceived and Manipulated"<p><a href="https://rense.com/general96/er-doctor-we-are-being-deceived-and-manipulated.php"> From Rense.com</a></p><table align="center" border="0" cellpadding="0" cellspacing="0" style="background-color: white; color: black; width: 936px;"><tbody><tr><td align="center" height="28" valign="middle" width="935"><p class="western" style="line-height: 16px;"><span style="font-size: medium;">3-12-21</span></p></td></tr><tr><td><p align="center"><img alt="trozzi.jpg" src="https://henrymakow.com/upload_images/trozzi.jpg" /><br /><br /><em> Mark Trozzi MD</em></p><strong>There is only one courageous, honest doctor in Ontario, who takes the Hippocratic Oath seriously.</strong><strong><br /><br /></strong><strong>"B oth in my regular ER and my "COVID-19 designated" ER, there were almost no patients, and almost no work. I had multiple long ER shifts without a single patient." </strong><br /><br /><strong></strong><strong>" I have never seen a patient sick with COVID-19."</strong><br /><strong><br /></strong><strong>"My research into the PCR test has convinced me personally that it is misleading, manipulatable, and being used to drain endless taxpayer's money and future debt, to dramatically enrich the very criminals running this scandal."</strong><strong></strong><br /><br /><em><a href="https://drtrozzi.com/">My Personal Testimony </a></em><br /><br /><strong>My name is Mark Trozzi. </strong>I am a medical doctor; I graduated in 1990 from The University of Western Ontario. <br /><br />I have been practicing Emergency Medicine for the past twenty-five years; and I have been on call in multiple emergency units since the onset of the so-called "pandemic", including one ER designated specifically for COVID-19. <br /><br />I am an <strong>Advanced Trauma Life Support Professor </strong>with the College of Surgeons of America, and I hold teaching positions at Sunnybrook Health Sciences in the Advanced Life Support Department, as well as with both Queen's University and The University of Ottawa.<br /><br />What follows is my observations and opinions; I am bound by my personal and religious convictions to speak openly and honestly. <br /><br />I do not have authority to tell you "the truth", but I will share my honest experiences, perceptions, and digests of hundreds of hours of research on the subject of covid-19.<br /><br />At the onset of this "pandemic", I was cautious and hence meticulous with N95 mask use, hand washing, social isolation and distancing etc. I studied coronavirus science and was deeply involved in many emergency department drills <strong>to modify our practice in profound ways to deal with the "killer virus" we were advertised. However, various things soon made me consider that we were being deceived and manipulated. </strong><br /><br />Here are a few:<br /><br /><strong>The "first wave" of the "pandemic" </strong> was absolutely the quietest time in my career. I have worked very hard and been very busy over the past twenty-five years in ER. <br /><br /><strong>However, both in my regular ER and my "COVID-19 designated" ER, there were almost no patients, and almost no work. I had multiple long ER shifts without a single patient </strong>. <br /><br />Meanwhile, when I would go to the local grocery store, the propagandized public, God bless them, would usher me to the front of the antisocial distance line, thanking me for everything I was going through as a front-line emergency doctor. <br /><br /><strong>They believed that the ER's and hospitals were full of patients dying from CoVID, and that I must be exhausted and at risk of dying myself from exposure. I began contacting doctors and friends all over Canada and the US, and found the same pattern: empty hospitals, and propaganda saying that they were full of patients dying of covid.</strong><br /><br /><strong>Early in my studies, I investigated zinc and hydroxychloroquine, which based on sound physiology, may genuinely help those rare persons who get very sick with this cold virus. </strong><br /><br /><strong>I was surprised that this treatment was simply brushed aside and dismissed by most of the medical community.</strong><br /><br />Researching the World Health Organization, of the UN, I learned that the Chinese dictatorship (PRC) had propped up a ******* communist "Dr" Tedros, as the head of the WHO; and I learned how the PRC had been involved in: the virus release; the cover-up for weeks; the disappearing and suppression of honest Chinese doctors and scientist; the spreading of the virus to the world (sparing Beijing where the PRC elite live); <strong>and dramatic abuse of the Chinese people in their well-timed lockdown, which was filmed and transmitted to the world to create the panic that herded all of us into surrendering our economies and civil rights.</strong><br /><br /><p align="center"><img alt="Tam.png" src="https://henrymakow.com/upload_images/Tam.png" /></p>I learned how Canada's chief public health officer, Dr Tam, <strong>is on the oversight committee of the WHO with Dr Tedros, essentially making her a ******-agent; and I listened to her often-******* dissertations to Canadians regarding covid-19.</strong><br /><br /><strong>At every level, hospital administration has had no apparent choice, other than to submit to the endless top-down roll out from governments, of questionable new rules, protocols, and procedures </strong>.<br /><br />My honest conversations with coworkers about my research and observations, became a problem. Caught in this quandary, an important administrator who I greatly respect, told me that "my thoughts made others uncomfortable, and made it difficult to keep everyone motivated and compliant" with all the new protocols and restrictions. <br /><br />Sympathetic to the sad situation, I maintained my clinical position by promising to "bite my tongue any time I thought I was going to speak about COVID-19" in the hospital.<strong><br /><br /></strong><strong>This was ultimately ethically impossible for me, and I have recently removed myself from the ER to avoid conflict.</strong><br /><br /><strong>I have never seen a patient sick with COVID-19.</strong><br /><br />I have seen some positive PCR tests in asymptomatic people, and watched people be imprisoned in their own homes and isolated from family and friends. <br /><br /><strong>My research into the PCR test has convinced me personally that it is misleading, able to be manipulated, and being used to drain endless taxpayer's money and future debt, to dramatically enrich the very criminals running this scandal. </strong><br /><br />My province alone has performed ~50,000 PCR tests daily. <strong><br /><br /></strong><strong>Meanwhile our federal government is bringing in hundreds of thousands of </strong><strong>doses of potentially dangerous experimental injections of modified viral genetic material, calling them "vaccines", and having the military manage them. Is this reasonable for a predominantly mild and non-fatal viral illness.</strong><br /><br /><strong>I have watched the suppression of doctors and scientists who performed serum antibody studies, whose findings showed that the virus was much more widespread, yet generally nonfatal, and asymptomatic or very mild in most cases; and that in many regions we had likely already achieved natural herd immunity by summer 2020.</strong><br /><br /><p align="center"><img alt="script.jpg" src="https://henrymakow.com/upload_images/script.jpg" /></p><a href="https://www.nature.com/articles/s41467-020-19802-w">Look at this study </a> performed in Wuhan itself, which shows that the virus was done there by June 1, 2020 just two months after their brief lockdowns ended, and no one was spreading it, not even the very few people with a positive PCR "test" (and they were not sick): <br /><br />I noticed that after China's theatric lockdown, they quickly went back to business as usual, while all our economies were frozen; they gained tremendous control over the world's marketplace. It seems a great, though evil strategy!<strong><br /><br /></strong><strong>POLITICAL MANIPULATION OF HEALTH CARE WORKERS</strong><br /><br />I perceive that many things we learned in medical school about infectious disease, have been brushed aside and replaced by constantly expanding lists of often ******* mandates by public health officials. Doctors, nurses, and teachers are especially important to the success of this COVID-19 deception, as we are leaders in society and people trust our advice. <br /><br />So, it is no surprise that I have found free speech and thought have been very suppressed in our ranks. Rather than endure the punishments of dissenting, we can choose to experience the short-sighted perks like extremely quiet days in the ER, replacing our traditional hands-on work with Zoom sessions from home; and accessing a variety of new COVID-19 ******* codes. <br /><br /><strong>At one point, an option existed to make more money than I normally make working in a busy ER, to just stay home and be available in case the covid swabbing nurse needed to video conference with me.</strong><br /><br />There are many positive and negative motivators being used to manipulate Canadian doctors, nurses and teachers, to inadvertently participate in this grand covid deception; but this is destroying our society. To use a Titanic metaphor: "even the luxury suites on the Titanic end up at the bottom of the ocean when she sinks". Also, much of what is being done, including the experimental viral genetic injections, seem to violate the Nuremberg code regarding medical experimentation with full informed consent by the participants. Doctor's and nurses face tough decisions. My career as an emergency physician always provided me an opportunity to practice my religious and ethical beliefs of honesty and kindness, while making a good living. Now maintaining the career I love, would require participating in the deception, violating my oath and spiritual beliefs, and in my opinion committing crimes against humanity as defined by the Nuremberg Code.<br /><br />I empathize with all my fellow doctors and nurses. We are all victims of the covid abuse.<br /><br /><p align="center"><img alt="TheoriesManufacturedHomeLivingNews.png" src="https://henrymakow.com/upload_images/HongKongFluEvent201COVID19CrimsonContagionWorldHealthOrgWHOlogoBillGatesFoundationPhotoConspiracyTheoriesManufacturedHomeLivingNews.png" /></p><strong>I researched and perceived how corrupt oligarchs seem to have planned this crime against humanity. This planning included Event 201 which was a simulation of a corona pandemic conducted by the Bill & Melinda Gates Foundation, the World Economic Forum and Johns Hopkins University in October 2019; and the Rockefeller Foundation's 2010 Viral outbreak simulation planning called "Operation Lockstep". </strong><br /><br />Both these projects described how a viral outbreak would be used to bring in an authoritarian system with the loss of our human rights and freedoms. I also observed how their cohorts in big tech like Google, Facebook, Twitter and YouTube worked to censor and deceive us all; it's genuine propaganda.<br /><br /><strong>FACE MASKS AND VACCINATIONS</strong><br /><br />The forced wearing of masks by most of the world's population is not unanimously supported by real science. These masks cause significant harm to our psychological, social, dermatological, dental and otolaryngotical health. Though I generally have great health, the masks have given me rashes and nasal symptoms whenever I have had to wear them for prolonged periods, which resolve whenever I do not wear them for a few days. What I find most disturbing is the elimination of facial expressions, and hence normal visual social interaction.<br /><br /><strong>The history of past attempts at vaccines for coronaviruses, revealed some very dangerous side effects in animal models, and the efforts were abandoned. Why would we take a dangerous vaccine for a generally mild illness, to which we develop herd immunity anyways? </strong><br /><br /><strong>The current roll-out of fast tracked </strong><strong>expensive experimental "vaccines" is burying the taxpayers in endless debt to the rich and powerful villains of this story. Yet, we the people who have been imprisoned and abused in this scandal, are being manipulated into taking new strange injections, in hopes that we might regain some of our freedom. </strong><br /><br /><strong>Additionally the so called "vaccines" are not vaccines (unless we change the definition of vaccines). Rather they are injections of Corona virus genes.</strong><br /><br />See the section <a href="https://drtrozzi.com/2021/01/this-is-not-a-vaccine/"><em>This Is Not A Vaccine</em></a><br /><br /><a href="https://drtrozzi.com/2021/01/this-is-not-a-vaccine/">Experimental mRNA Gene Therapy Covid-19 - Dr. TrozziVaccine. n. A preparation of a weakened or killed pathogen, such as a bacterium or virus, or of a portion of the...</a><br /><br /><strong>Recently, I have made some tough personal decisions; surrendering income and personal security, to choose an ethical and honest path forward, that may help contribute to an outcome that is true and just; and to the return of our free society and civil liberties. I believe that we are almost all victims in this, regardless of where we are on the path for the recovery of truth.</strong><br /><br />---------- <em>Thanks to DL!</em><em><br /><br /><strong>I asked Mark about the financial cost of exposing the covid hoax:</strong><br /><br />"Regarding the financial costs of my current actions to counter this criminal covid enterprise, I have suspended all clinical work, and forfeited all hospital privileges, to hopefully protect my license while I do this, so that's about $200,000 a year that I am no longer making as of January. However, to compensate for this, I have sold my home, and we have downsized to a small shared space. The costs of the technology, website, and resources is only a few thousand dollars. I am living off some small savings and hoping to continue to support my family, including a son in university. It is indeed a tenuous situation; but the need to do this is absolute. I am very grateful for your help."<br /><br /><a href="https://drtrozzi.com/donate/">https://drtrozzi.com/donate/</a><br /><br /><strong>First Comment from Gabriel-</strong><br /><br /><strong>I've been a fly on the wall of the doctor's office for 25 years. </strong> Working as a telephonic language medical interpreter. Everyday, after working, I am disgusted. The medical industry is the most evil of all. It's a meat grinder. It's all about drugs and mutilation. It's just a vassal of the powers that be, used to slowly torture and kill people. You know those cabalists, they love sacrifice. So avoid the doctor like the plague. <br /><br />This is what they do: perfectly healthy people go for a stupid check up; The good doc tells them: "this is what we saw in your blood and urine tests: your sugar is a little high, to prevent diabetes I will prescribe you Metformin, take one every day. <br /><br />Also I noticed your cholesterol is a little high, to prevent heart problems I will prescribe you Simvastatin, take one every day. Your blood pressure was a little high as well, I will prescribe you Lyssinopril to keep it under control, take one everyday" <br /><br />This kind of scenario goes on all the time. Most of the time the fools believe everything the doctor says and follow their directions. So these perfectly healthy people now are destroying themselves with these extremely toxic drugs, taking them, potentially, for life. So avoid the doctor like the plague. <br /><br /><strong>Emergency medical services are wonderful and very necessary, the rest of allopathic medicine is, with few exceptions, a genocidal enterprise. </strong><br /><br />Also there are good docs out there, but few and far between. For the most part they have no personality, they are very robotic; totally brainwashed and indoctrinated by medical school.</em></td></tr></tbody></table>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-85400659224410126822021-03-14T22:44:00.004-04:002021-03-14T22:44:52.134-04:00CDC Update: 1,524 DEAD 31,079 Injured Following Experimental COVID MRNA ‘Vaccines’<p><a href="https://humansarefree.com/2021/03/260-times-more-young-people-are-dying-from-the-vaccines-than-would-have-from-covid-19.html"> From Humansarefree</a></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><span style="box-sizing: border-box; font-weight: 700;">The CDC added more data today into the Vaccine Adverse Event Reporting System (VAERS), a <a href="https://vaers.hhs.gov/" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; font-weight: normal; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">U.S. Government funded database</a> that tracks injuries and deaths caused by vaccines.</span></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><span style="box-sizing: border-box; font-weight: 700;">The data goes through March 5, 2021, with <a href="https://medalerts.org/vaersdb/findfield.php?TABLE=ON&GROUP1=CAT&EVENTS=ON&VAX=COVID19" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; font-weight: normal; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">31,079 recorded adverse events</a>, including <a href="https://medalerts.org/vaersdb/findfield.php?TABLE=ON&GROUP1=AGE&EVENTS=ON&PERPAGE=100&VAX=COVID19&DIED=Yes" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; font-weight: normal; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">1,524 deaths</a> following injections of the experimental COVID mRNA shots by Pfizer and Moderna.</span></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><img alt="vaers covid vaccine cases 3.5.21" class="aligncenter size-full wp-image-44833 lazyloaded" data-ll-status="loaded" height="713" sizes="(max-width: 1324px) 100vw, 1324px" src="https://humansarefree.com/wp-content/uploads/2021/03/VAERS-COVID-Vaccine-cases-3.5.21.jpg" srcset="https://humansarefree.com/wp-content/uploads/2021/03/VAERS-COVID-Vaccine-cases-3.5.21.jpg 1324w, https://humansarefree.com/wp-content/uploads/2021/03/VAERS-COVID-Vaccine-cases-3.5.21-300x162.jpg 300w, https://humansarefree.com/wp-content/uploads/2021/03/VAERS-COVID-Vaccine-cases-3.5.21-1024x551.jpg 1024w, https://humansarefree.com/wp-content/uploads/2021/03/VAERS-COVID-Vaccine-cases-3.5.21-768x414.jpg 768w, https://humansarefree.com/wp-content/uploads/2021/03/VAERS-COVID-Vaccine-cases-3.5.21-1000x539.jpg 1000w" style="border-radius: 10px; border: 0px; box-sizing: border-box; clear: both; display: block; height: auto; margin: auto; max-width: 100%; vertical-align: middle;" width="1324" /><span id="more-44831" style="box-sizing: border-box;"></span></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><span style="box-sizing: border-box; font-weight: 700;">Besides the recorded <a href="https://medalerts.org/vaersdb/findfield.php?TABLE=ON&GROUP1=AGE&EVENTS=ON&PERPAGE=100&VAX=COVID19&DIED=Yes" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; font-weight: normal; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">1,524 deaths</a>, there were 5,806 visits to Emergency Room doctors, 630 permanent disabilities, and 3,477 hospitalizations.</span></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;">The CDC also updated their <a href="https://www.cdc.gov/coronavirus/2019-ncov/vaccines/safety/adverse-events.html" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank"><em style="box-sizing: border-box;">Selected Adverse Events Reported after COVID-19 Vaccination</em></a> page on March 9th this past week, and according to this report, VAERS has received 1,637 reports of death following COVID “vaccinations” – more than 100 deaths than are in the VAERS data dump released today.</p><div class="human-fb49d09df45fac00925fca3de18f1db6" id="human-fb49d09df45fac00925fca3de18f1db6" style="background-color: white; box-sizing: border-box; color: #666666; font-family: Raleway; font-size: 23px;"></div><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;">The CDC continues to state that not one of these recorded deaths following experimental COVID injections are related to the shots.</p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><em style="box-sizing: border-box;"><span style="box-sizing: border-box; font-weight: 700;">“A review of available clinical information including death certificates, autopsy, and medical records revealed no evidence that vaccination contributed to patient deaths.”</span> (<a href="https://www.cdc.gov/coronavirus/2019-ncov/vaccines/safety/adverse-events.html" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">Source</a>)</em></p><h2 style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 32px; font-weight: 400 !important; letter-spacing: -0.03em; line-height: 1.3; margin-bottom: calc(10px + 0.2em); margin-top: calc(13px + 1.2em); text-transform: capitalize !important;">AstraZeneca COVID Vaccine Inoculations Halted In Many Countries Due To Fatal Blood Clots</h2><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;">As we <a href="https://humansarefree.com/2021/03/10-european-nations-halt-astrazeneca-jabs-on-reports-of-serious-blood-clots.html" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">reported yesterday, many countries in Europe</a> (and now also Thailand) have halted the vaccinating of people with the AstraZeneca experimental vaccine after reports of fatal blood clots following the injections.</p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;">And while the AstraZeneca COVID shots are not yet authorized for emergency use in the U.S., some have commented that the side effects for the mRNA “vaccines” currently issued EUAs in the U.S. for Pfizer and Moderna have just as many, if not more, adverse side effects, questioning whether any of these new experimental and non-FDA-approved COVID vaccines should be continued.</p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;">So we searched today’s CDC data on adverse reactions to the two COVID “vaccines” being used in the U.S. for “pulmonary embolism,” which is an “acute lung disease caused by a dislodged blood clot,” and the reason why the <a href="https://humansarefree.com/?s=AstraZeneca+COVID+shot" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">AstraZeneca COVID shot</a> is now being halted in about a dozen countries worldwide after two fatalities and others injured.</p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;">The CDC is reporting <a href="https://medalerts.org/vaersdb/findfield.php?TABLE=ON&GROUP1=AGE&EVENTS=ON&SYMPTOMS=Pulmonary+embolism+%2810037377%29&VAX=COVID19" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">120 cases of pulmonary embolisms</a>, including <a href="https://medalerts.org/vaersdb/findfield.php?TABLE=ON&GROUP1=AGE&EVENTS=ON&SYMPTOMS=Pulmonary+embolism+%2810037377%29&VAX=COVID19&DIED=Yes" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">12 DEATHS</a> following injections of the two experimental COVID mRNA injections currently in the U.S.</p><div class="human-f04544d010b6aea2ddf4d03c0cdbdbb1" id="human-f04544d010b6aea2ddf4d03c0cdbdbb1" style="background-color: white; box-sizing: border-box; color: #666666; font-family: Raleway; font-size: 23px;"></div><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;">Seven of the deaths followed the <a href="https://humansarefree.com/?s=Moderna+mRNA+COVID+shot" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">Moderna mRNA COVID shot</a>, while five deaths followed the <a href="https://humansarefree.com/?s=Pfizer+mRNA+COVID+shot" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">Pfizer mRNA COVID shot</a>.</p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;">This number is obviously far greater than the two deaths reported so far from pulmonary embolism following the AstraZeneca COVID shots being distributed around the world right now.</p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;">Must-read: <a href="https://humansarefree.com/2021/03/10-european-nations-halt-astrazeneca-jabs-on-reports-of-serious-blood-clots.html" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">Up To 10 European Nations Reportedly Halt AstraZeneca Jabs On Reports Of ‘Serious’ Blood Clots</a></p><h2 style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 32px; font-weight: 400 !important; letter-spacing: -0.03em; line-height: 1.3; margin-bottom: calc(10px + 0.2em); margin-top: calc(13px + 1.2em); text-transform: capitalize !important;">Can We Trust The CDC That NONE Of These 1,637 Recorded Deaths Are Caused By The Experimental COVID MRNA Shots?</h2><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><span style="box-sizing: border-box; font-weight: 700;">The <a href="https://humansarefree.com/2021/02/cdc-broke-federal-law-by-manipulating-covid-death-statistics.html" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; font-weight: normal; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">CDC has been caught many times</a> since COVID-19 started <a href="https://humansarefree.com/2021/02/cdc-caught-inflating-coronavirus-cases-deaths.html" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; font-weight: normal; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">elevating that death counts attributed to COVID</a> by declaring that ALL deaths where there was a positive PCR test for COVID were assumed to be caused by COVID, even if the patient had pre-existing conditions, and even in some cases where the patient died due to an accident, such as a traffic accident.</span></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><span style="box-sizing: border-box; font-weight: 700;">Now it appears that they are doing the exact opposite, particularly with those over the age of 65 where the vast majority of recorded deaths have occurred following the experimental COVID injections, stating that pre-existing conditions are what caused the patient to die, and that in ZERO cases was the experimental COVID “vaccine” responsible.</span></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><span style="box-sizing: border-box; font-weight: 700;">However, there is probably a good reason why a majority of healthcare workers who work with seniors are refusing the experimental COVID shots, since they have a front row seat to see exactly how these patients react in the days and weeks following COVID injections.</span></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;">One CNA (Certified Nursing Assistant) has gone public with what he has seen with the residents he has worked with, and the video of his testimony has now been viewed over 280,000 times on our <a href="https://rumble.com/vdaicp-cna-nursing-home-whistleblower-seniors-are-dying-like-flies-after-covid-inj.html" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">Rumble Channel</a>, and over 88,000 times on our <a href="https://www.bitchute.com/video/cpQ7dnqu0Sos/" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">Bitchute Channel</a>.</p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;">One viewer offered their own observations with their mother after she received a COVID injection in the comment section on the Rumble video:</p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><em style="box-sizing: border-box;">My 90 year old mother HAD beginning stages of dementia. Nothing terribly serious. She forgot things a lot, and would often tell you the same things over again whenever you talked to her.</em></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><em style="box-sizing: border-box;">But her mind was still pretty good for being 90. She liked to do Sudoku puzzles and Jumbles.</em></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><em style="box-sizing: border-box;">She had eye issues that she was dealing with for about a year. She had gotten periodic shots in her eyes this past year to help her with her eye issues. She could still see things, but maybe not as clearly as she should.</em></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><em style="box-sizing: border-box;">But…then she took the vaccine, when she had told me previously that she no intention of taking the vaccine. She would further state that she had never even taken a flu vaccine.</em></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><em style="box-sizing: border-box;">Less than 1 month later, her health has spiraled downward since then. Now her speech is slurred (as if she had a stroke–but she has not); her vision has gone down so much this past month, such that all she sees is colors and shapes; and her dementia has spiraled to the point that she thinks it’s 1935 or 1945.</em></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><em style="box-sizing: border-box;">She recently fell in her home and knocked over the TV and either broke or bruised her ribs–I assume because she couldn’t see, though she may be having balance issues now, as well.</em></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><em style="box-sizing: border-box;">Doctors are preparing to send her to a rehab facility for 3-4 weeks.</em></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><em style="box-sizing: border-box;">I doubt I’ll ever see her alive again–especially if she gets the second shot.</em></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><em style="box-sizing: border-box;">I don’t expect to be allowed to visit her in a facility in KY, which is backwards when it comes to dealing with COVID restrictions and lockdowns.</em></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><em style="box-sizing: border-box;">So, when I see a reasonably healthy 90 year old exhibit stroke signs (without having had a stroke), almost totally lose their vision, and begin exhibiting signs of advanced dementia all within a month period after having taken the experimental mRNA COVID Vaccine, I don’t think I can blame this all on a brown recluse spider bite or vitamin deficiency.</em></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><em style="box-sizing: border-box;">I only hope that this post will give you pause if you or someone elderly you know is preparing for this shot.</em></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><em style="box-sizing: border-box;">My one question is if you are not elderly, and are in somewhat good health and you don’t feel that you are in any danger from taking this shot, is it possible that side effects will just show up at a later time with you, perhaps when you are already sick and your health is compromised.</em></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><em style="box-sizing: border-box;">I mean, it’s not like my Mom had immediate side effects. Stories I have read indicate that it has often taken 3-4 weeks.</em></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><em style="box-sizing: border-box;">Again, no way will I ever take this shot. But I sincerely wish those getting the shot the best of luck!</em></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;">This kind of information is being censored by the corporate media and <a href="https://humansarefree.com/category/big-tech" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">Big Tech</a>, and now they have begun to call those of us who publish this kind of information “<a href="https://healthimpactnews.com/2021/california-senator-dr-richard-pan-anointed-by-big-pharma-media-to-start-domestic-terrorist-campaign-against-those-who-refuse-the-experimental-covid-vaccines/" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">domestic terrorists</a>” for even daring to say or publish anything negative about these <a href="https://humansarefree.com/2021/01/mrna-covid-19-technology-is-not-a-vaccine.html" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">experimental COVID shots</a>.</p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><span style="box-sizing: border-box; font-weight: 700;">Please make an effort to share your own experiences with these experimental shots. The lives of many people are now at stake, and truthful information is empowering.</span></p><p style="background-color: white; box-sizing: border-box; font-family: Raleway; font-size: 23px; line-height: 1.85; margin: 0px 0px 20px;"><em style="box-sizing: border-box;">Source: <a href="https://healthimpactnews.com/2021/cdc-1524-dead-31079-injured-following-experimental-covid-mrna-vaccines/" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">HealthImpactNews.com</a> / Reference: <a href="https://medalerts.org/vaersdb/findfield.php?TABLE=ON&GROUP1=AGE&EVENTS=ON&PERPAGE=100&VAX=COVID19&DIED=Yes" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">MedAlerts.org</a>; <a href="https://medalerts.org/vaersdb/findfield.php?TABLE=ON&GROUP1=CAT&EVENTS=ON&VAX=COVID19" rel="noopener" style="background-color: transparent; box-sizing: border-box; color: #d11313; text-decoration-line: none; transition: all 0.4s ease 0s;" target="_blank">MedAlerts.org</a></em></p>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-46244991212959443542021-03-13T22:09:00.001-05:002021-03-13T22:09:07.481-05:00Fentanyl Flowing Into United States At Record Volume<p> <a href="https://www.theepochtimes.com/fentanyl-flowing-into-united-states-at-record-volume_3731454.html" style="box-sizing: border-box; color: #1470b2; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><em style="box-sizing: border-box;">Authored by Charlotte Cuthbertson via The Epoch Times,</em></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The amount of fentanyl seized while coming through the southern border during the first 5 months of fiscal year 2021 is already higher than all of fiscal year 2020, according to the latest statistics from Customs and Border Protection (CBP).</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/Epoch_Times510A7444-700x420.jpg?itok=uX9V2l25" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/Epoch_Times510A7444-700x420.jpg?itok=uX9V2l25" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="20ab8343-d3da-4c5d-b346-cafe465f36ae" data-responsive-image-style="inline_images" height="300" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Epoch_Times510A7444-700x420.jpg?itok=uX9V2l25" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><div class="Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-video" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">CBP has seized more than 5,000 pounds of fentanyl since Oct. 1, 2020, said acting CBP Commissioner Troy Miller during a March 10 media call.</p><blockquote style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">“We are seeing a dramatic increase in fentanyl seizures this fiscal year, more than 360 percent higher than this time last year,”</strong> Miller said.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">“Nationwide drug seizures increased 50 percent in February from January. Cocaine interceptions increased 13 percent, seizures of methamphetamine increased 40 percent, seizures of heroin went up 48 percent.”</p></blockquote><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Fentanyl is the synthetic opioid attributed to the escalating overdose death rate in the United States. It is most often manufactured in Mexico using chemicals supplied by China. It’s mixed with other narcotics to increase potency as well as pressed into counterfeit pain pills commonly known as “Mexican oxys.”</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">“The cartels are dominating the distribution of this poison and it’s really, really alarming,”</strong> Derek Maltz, former head of the DEA’s special operations division, told The Epoch Times.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">“I do anticipate the crisis continuing on this escalating path. And to be honest with you, it’s really sad, because I’ve been communicating with a lot of parents who have lost their young kids, especially to the counterfeit pills. And it’s all coming from Mexico.”</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/Opioid-deaths-600x334.jpg?itok=o6251BUv" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/Opioid-deaths-600x334.jpg?itok=o6251BUv" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="02ae65c0-6443-4dbc-abb3-020b6659a4bc" data-responsive-image-style="inline_images" height="278" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Opioid-deaths-600x334.jpg?itok=o6251BUv" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><div class="Advert_desktop__1J5vD Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-desktop" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Overdose deaths involving synthetic opioids (other than methadone) between 2005 and 2018. (DEA 2021 report)</em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The Rio Grande City Border Patrol station takes care of a 68-mile strip of international border in south Texas. It sits within the Rio Grande Valley Sector and in 2019 was the busiest of the nation’s 135 stations for drug seizures and the second busiest for illegal alien apprehensions.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Then-deputy chief Border Patrol agent for the Rio Grande Valley sector Raul Ortiz, <a href="https://www.theepochtimes.com/cartels-get-90-percent-of-drugs-past-border-patrol-in-rio-grande-city_2863669.html" style="box-sizing: border-box; color: #1470b2;">said</a> in March 2019<strong style="box-sizing: border-box;"> “we’re not even probably catching about 10 percent of it [drugs].”</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Border experts have said it’s likely Border Patrol drug seizures will decrease as illegal immigration surges—agents will be tied up with large groups of people rather than interdicting drugs. Border Patrol highway checkpoints are also closing in many areas as agents are sent to the border to help with processing the increased numbers.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The Biden administration has said there’s no crisis on the border and urges potential migrants not to come in illegally. But the latest illegal crossing numbers show that February hit a 14-month high with more than 100,000 Border Patrol apprehensions.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Mexico’s president has <a href="https://www.theepochtimes.com/mexican-president-says-bidens-asylum-policies-enriching-cartels_3730201.html" style="box-sizing: border-box; color: #1470b2;">expressed concern</a> that President Joe Biden’s policies are encouraging illegal immigration and human trafficking along the border with the United States.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">“They see him as the migrant president, and so many feel they’re going to reach the United States,”</strong> Mexican President Andres Manuel Lopez Obrador said of Biden the morning after a virtual meeting with his U.S. counterpart on March 1, according to Reuters.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Maltz said, “perception is reality. People around the world look at Biden as a softie on immigration.”</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">“The open border is a disaster. It just increases the [cartels’] ability to move drugs freely into America,” </strong>he said.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">“Also, most importantly, it allows them to get their command and control operatives in the [United States] to establish the stash houses, the distribution outlets, the money collection points, so they have lots of people in America who are able to operate freely around the country.”</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/Cartels-in-US-600x367.jpg?itok=czOY2RlT" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/Cartels-in-US-600x367.jpg?itok=czOY2RlT" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="fd597349-5dec-49fc-bbc6-f2514e676e2c" data-responsive-image-style="inline_images" height="306" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Cartels-in-US-600x367.jpg?itok=czOY2RlT" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Areas of influence of major Mexican cartel within the United States. (DEA report 2021)</em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The cartels control the south side of the U.S.–Mexico border and anyone who crosses illegally has to pay them. Many can’t afford the smuggling fees and become indentured to the cartels once they reach the United States. Others realize it’s more lucrative to become involved in transnational crime rather than get a job at a fast food restaurant, for example, Maltz said.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">“This didn’t start under Donald Trump. It didn’t start under Barack Obama. It didn’t start under George Bush. This drug crisis has been escalating for years,” he said.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">“But they’re doing it at levels that we’ve never seen in the history of the country.”</strong></p>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-14558725496852109962021-03-13T10:22:00.003-05:002021-03-13T10:22:30.719-05:00San Francisco's Poop-Patrol Boss Made $380K, Didn't Do Crap, And Has Been Charged With Corruption<p> <em style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><a href="https://www.realclearpolicy.com/articles/2021/03/11/mr_clean_in_san_francisco_was_paid_380000_per_year__it_wasnt_enough_766561.html" style="box-sizing: border-box; color: #1470b2;">Authored by Adam Andrzejewski via RealClearPolicy</a> (emphasis ours)</em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">In 2019, we highlighted a tripling in <a href="https://www.forbes.com/sites/adamandrzejewski/2019/04/15/mapping-san-franciscos-human-waste-challenge-132562-case-reports-since-2008/?sh=ec9ed1a5ea58" style="box-sizing: border-box; color: #1470b2;">reported</a> human waste in the public way. <strong style="box-sizing: border-box;">Citizens filed 10,644 complaints in 2014 and the number of complaints escalated to 30,996 cases by 2019.</strong><br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" />Our auditors <a href="https://www.forbes.com/sites/adamandrzejewski/2019/04/15/mapping-san-franciscos-human-waste-challenge-132562-case-reports-since-2008/?sh=ec9ed1a5ea58" style="box-sizing: border-box; color: #1470b2;">mapped</a> 118,352 case reports of human waste on city streets – from 2011 to 2019.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/536764_5_.jpg?itok=S1NwzWPB" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/536764_5_.jpg?itok=S1NwzWPB" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="d5456eb0-a0aa-441f-a02d-6735f0874370" data-responsive-image-style="inline_images" height="260" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/536764_5_.jpg?itok=S1NwzWPB" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><div class="Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-video" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Certainly, the poop <a href="https://www.forbes.com/sites/adamandrzejewski/2019/04/15/mapping-san-franciscos-human-waste-challenge-132562-case-reports-since-2008/?sh=ec9ed1a5ea58" style="box-sizing: border-box; color: #1470b2;">was deep in San Francisco</a>, but then things really hit the fan.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">And the FBI stepped in.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Mohammed Nuru</strong>, the public works director and <span style="box-sizing: border-box;">self-titled </span><a href="https://twitter.com/mrcleansf?lang=en" style="box-sizing: border-box; color: #1470b2;">@MrCleanSF</a>, was in charge of keeping city streets clean and oversaw a $500 million budget. <strong style="box-sizing: border-box;">He was indicted by the Department of Justice (DOJ) in 2020</strong>. </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Nuru<span style="box-sizing: border-box;"> </span><a data-auth="NotApplicable" href="https://www.justice.gov/usao-ndca/pr/san-francisco-director-public-works-and-restauranteur-charged-public-corruption" style="box-sizing: border-box; color: #1470b2;">was charged with one count</a><span style="box-sizing: border-box;"> of alleged public corruption and is innocent until proven guilty. </span></strong>“The complaint describes a web of corruption involving bribery, kickbacks, and side deals by one of San Francisco’s highest-ranking city employees,” said U.S. Attorney David L. Anderson. “The public is entitled to honest work from public officials, free from manipulation for the official’s own personal benefit and profit.”</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Nuru was well paid in his futile attempt to keep San Francisco streets clean</strong>. His total taxpayer-funded cash compensation in 2019 was <strong style="box-sizing: border-box;"><a href="https://www.openthebooks.com/members/employer-detail/?Id=32504&tab=1&F_Name_S=nuru&Year_S=0" style="box-sizing: border-box; color: #1470b2;">$380,120</a></strong>, and his base <a href="https://www.forbes.com/sites/adamandrzejewski/2020/01/31/san-franciscos-mr-clean-arrested-by-fbi-for-alleged-porta-potty-scandal-as-human-waste-piles-up/?sh=609288d063cc" style="box-sizing: border-box; color: #1470b2;">salary</a> had jumped by $65,000 over eight years. Our auditors at OpenTheBooks.com compiled Nuru’s pay based on Freedom of Information Act requests filed with the City of San Francisco.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Currently, the federal investigation that snared Nuru has <a href="https://sanfrancisco.cbslocal.com/2020/11/18/san-francisco-trash-company-exec-paul-giusti-bribery-money-laundering-public-works-scandal/" style="box-sizing: border-box; color: #1470b2;">charged</a> nine people with one already sentenced.</p><div class="Advert_desktop__1J5vD Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-desktop" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">It seems the streets might not be the only thing dirty in the Bay Area.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">The #WasteOfTheDay is presented by the forensic auditors at OpenTheBooks.com.</em></p>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-37369958108695678692021-03-12T21:11:00.003-05:002021-03-12T21:11:34.782-05:00COVID-19 Origins To Be Found 'Within A Few Years' According To Wuhan Lab Affiliate Peter Daszak<p><a href="https://www.zerohedge.com/covid-19/covid-19-origins-be-found-within-few-years-according-wuhan-lab-affiliate-peter-daszak"> From Zero Hedge</a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">In 2014, Peter Daszak, president of New York-based nonprofit EcoHealth Alliance, received a <a href="https://projectreporter.nih.gov/project_info_description.cfm?aid=9819304&icde=49752569" style="box-sizing: border-box; color: #1470b2;">grant</a> from Dr. Anthony Fauci's National Institutes of Health (NIH) to work with the Wuhan Institute of Virology (WIV) and others to research how bat coronaviruses can 'evolve and jump into the human population.'</p><figure class="caption caption-img" role="group" style="box-sizing: border-box; margin: 0px; width: 500px;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/cPFGX7t4KJE.jpg?itok=TozOHtu7" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/cPFGX7t4KJE.jpg?itok=TozOHtu7" style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="44f5a8bc-9e2c-4182-9adf-93aea8a85af3" data-responsive-image-style="inline_images" height="286" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/cPFGX7t4KJE.jpg?itok=TozOHtu7" style="box-sizing: border-box; display: block; max-width: 100%;" typeof="foaf:Image" width="500" /></a><figcaption style="border: 1px solid rgb(216, 216, 216); box-sizing: border-box; color: #595959; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 14px; line-height: 17px; padding: 3px 10px;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/cPFGX7t4KJE.jpg?itok=TozOHtu7" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/cPFGX7t4KJE.jpg?itok=TozOHtu7" style="box-sizing: border-box; color: #222222; font-size: 15px; text-decoration-line: none;"><em style="box-sizing: border-box;">Peter Daszak, </em></a><em style="box-sizing: border-box;"><a href="https://www.tedmed.com/speakers/show?id=6500" style="box-sizing: border-box; color: #1470b2;">president of EcoHealth Alliance</a></em></figcaption></figure><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The grant's initial funding of <a href="https://projectreporter.nih.gov/project_info_details.cfm?aid=8674931&icde=49752569" style="box-sizing: border-box; color: #1470b2;">$666,442</a> began in June 2014 with an end date of May 2019, and had <a href="https://archive.is/wip/jW22J" style="box-sizing: border-box; color: #1470b2;">paid annually</a> to the tune of $3.7 million under the "<em style="box-sizing: border-box;">Understanding The Risk Of Bat Coronavirus Emergence</em>" project. Notably, the Obama administration cut funding for "gain-of-function" research in October, 2014, four months after Daszak's contract began, while <strong style="box-sizing: border-box;">the Wuhan Institute of Virology "had openly participated in gain-of-function research in partnership with U.S. universities and institutions"</strong> for years under the leadership of Dr. Shi 'Batwoman' Zhengli, according to the <em style="box-sizing: border-box;"><a href="https://www.politico.com/news/magazine/2021/03/08/josh-rogin-chaos-under-heaven-wuhan-lab-book-excerpt-474322" style="box-sizing: border-box; color: #1470b2;">Washington Post</a>'s </em>Josh Rogin.</p><div class="Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-video" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">After Rogin <a href="https://www.washingtonpost.com/opinions/2020/04/14/state-department-cables-warned-safety-issues-wuhan-lab-studying-bat-coronaviruses/" style="box-sizing: border-box; color: #1470b2;">exposed diplomatic cables</a> last April expressing grave concerns over safety at WIV, he <a href="https://www.politico.com/news/magazine/2021/03/08/josh-rogin-chaos-under-heaven-wuhan-lab-book-excerpt-474322" style="box-sizing: border-box; color: #1470b2;">says</a> (in a new book): "many of the scientists who spoke out to defend the lab were Shi’s research partners and funders,<strong style="box-sizing: border-box;"> like the head of the global public health nonprofit EcoHealth Alliance, Peter Daszak; their research was tied to hers</strong>, and <strong style="box-sizing: border-box;">if the Wuhan lab were implicated in the pandemic, they would have to answer a lot of tough questions."</strong></p><figure class="caption caption-img" role="group" style="box-sizing: border-box; margin: 0px; width: 500px;"><img alt="" data-entity-type="file" data-entity-uuid="885820d2-8fe4-456f-a1fb-7472db52d964" data-responsive-image-style="inline_images" height="375" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/dasz.jpg?itok=3ekqA9U-" style="box-sizing: border-box; display: block; max-width: 100%;" typeof="foaf:Image" width="500" /><figcaption style="border: 1px solid rgb(216, 216, 216); box-sizing: border-box; color: #595959; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 14px; line-height: 17px; padding: 3px 10px;"><em style="box-sizing: border-box;">Shi Zhengli (center) and Peter Daszak (far right). (Emerging Viruses Group photo)</em></figcaption></figure><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">In short, Daszak - who has insisted the 'lab escape' theory is impossible, and that random natural origin via intermediary animal species is the only answer - has a <strong style="box-sizing: border-box;">massive conflict of interest</strong>.</p><div class="twitter-tweet twitter-tweet-rendered" style="box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; margin-bottom: 10px; margin-top: 10px; max-width: 550px; width: 500px;"><iframe allowfullscreen="true" allowtransparency="true" class="" data-tweet-id="1368916543623561216" frameborder="0" id="twitter-widget-0" scrolling="no" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&frame=false&hideCard=false&hideThread=false&id=1368916543623561216&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fcovid-19%2Fcovid-19-origins-be-found-within-few-years-according-wuhan-lab-affiliate-peter-daszak&siteScreenName=zerohedge&theme=light&widgetsVersion=e1ffbdb%3A1614796141937&width=550px" style="box-sizing: border-box; display: block; flex-grow: 1; height: 727px; max-width: 100%; position: static; visibility: visible; width: 500px;" title="Twitter Tweet"></iframe></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Last August, the NIH reportedly cut funding to Daszak amid the COVID-19 pandemic, only to reverse its termination of the grant while suspending funding until EcoHealth met several requirements - <strong style="box-sizing: border-box;">including an in-person inspection of the Wuhan Institute of Virology by an outside team</strong>.</p><blockquote style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><span class="tL8wMe EMoHub" dir="ltr" id=":2ih.co" style="box-sizing: border-box;"><i style="box-sizing: border-box;">(August 19): According to a </i>Wall Street Journal<i style="box-sizing: border-box;"> report and a </i><i style="box-sizing: border-box;">statement</i><i style="box-sizing: border-box;"> by EcoHealth Alliance, NIH reversed its termination of the grant but suspended funding until EcoHealth meets new requirements, </i><b style="box-sizing: border-box;"><i style="box-sizing: border-box;">including arranging an inspection of the Wuhan Institute of Virology by an outside team.</i></b><i style="box-sizing: border-box;"> “NIH’s letter does not represent a good faith effort to understand the nature of our ongoing research,” EcoHealth says in its statement, but “imposes on us a series of demands that the NIH is fully aware many governments and the World Health Organization alike have been unable to successfully satisfy.” -<a href="https://www.the-scientist.com/news-opinion/nih-cancels-funding-for-bat-coronavirus-research-project-67486" style="box-sizing: border-box; color: #1470b2;">TheScientist</a></i></span></p></blockquote><div class="Advert_desktop__1J5vD Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-desktop" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">As it turns out, Daszak (who, again, insists SARS-CoV-2 couldn't have come from the lab he worked with) was the most prominent member of the World Health Organization (WHO)'s <s style="box-sizing: border-box;">media blitz</s> super legitimate 'inspection' of Wuhan and said now-infamous virology institute he'd been collaborating with for years. A trip which coincidentally <strong style="box-sizing: border-box;">checked Daszak's box to continue receiving his NIH funding</strong>.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Unsurprisingly, Daszak says the WHO team learned during their Wuhan trip that "meat from animals known to carry coronaviruses belonging to the same family as the pandemic virus were sold in the Hunan market," adding that the leading hypothesis is that "a bat or other wildlife species carrying a progenitor, or closely related virus, infected a farm animal or a person, who then carried it to the Huanan market," according to the <a href="https://www.wsj.com/articles/who-team-expert-expects-covid-19s-origins-will-be-found-within-a-few-years-11615415143" style="box-sizing: border-box; color: #1470b2;"><em style="box-sizing: border-box;">Wall Street Journal</em></a>.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Dutch virologist Marion Koopmans echoed Daszak's position, reiterating that the team considered it "<a href="https://www.wsj.com/articles/coronavirus-most-likely-spilled-over-to-humans-through-intermediate-animal-says-who-11612868217?mod=article_inline" style="box-sizing: border-box; color: #1470b2;">extremely unlikely</a>" that the virus may have escaped from a lab - because they don't have evidence of it doing so (which is somehow different from the lack of natural origin evidence).</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">"There was a conduit from Wuhan to the provinces in South China, where the closest relative viruses to SARS-CoV-2 are found in bats," Daszak claimed, adding "And that's a really important clue."</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">So now - with that bit of context - you'll forgive the audible laughter after <strong style="box-sizing: border-box;">Daszak on Wednesday said that 'it might be a few years'</strong> before we find out exactly where COVID-19 came from.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">"I’m convinced we’re going to find out fairly soon," he said during a webinar organized by London think tank Chatham House - defining 'soon' as: "<strong style="box-sizing: border-box;">Within the next few years," </strong>when "<strong style="box-sizing: border-box;">we’ll have real significant data on where this came from and how it emerged</strong>" [<em style="box-sizing: border-box;">ZH: and which, in a stroke of unimaginable coincidence, began on the doorstep of WIV - where they were experimenting on how to make bat coronaviruses more easily infect humans</em>].</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Daszak also noted that he didn't ask WIV researchers about a mysteriously missing bat virus database.</p><div class="twitter-tweet twitter-tweet-rendered" style="box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; margin-bottom: 10px; margin-top: 10px; max-width: 550px; width: 500px;"><iframe allowfullscreen="true" allowtransparency="true" class="" data-tweet-id="1369683573662441472" frameborder="0" id="twitter-widget-1" scrolling="no" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&frame=false&hideCard=false&hideThread=false&id=1369683573662441472&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fcovid-19%2Fcovid-19-origins-be-found-within-few-years-according-wuhan-lab-affiliate-peter-daszak&siteScreenName=zerohedge&theme=light&widgetsVersion=e1ffbdb%3A1614796141937&width=550px" style="box-sizing: border-box; display: block; flex-grow: 1; height: 577px; max-width: 100%; position: static; visibility: visible; width: 500px;" title="Twitter Tweet"></iframe></div><div class="twitter-tweet twitter-tweet-rendered" style="box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; margin-bottom: 10px; margin-top: 10px; max-width: 550px; width: 500px;"><iframe allowfullscreen="true" allowtransparency="true" class="" data-tweet-id="1369753833560289282" frameborder="0" id="twitter-widget-2" scrolling="no" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-2&frame=false&hideCard=false&hideThread=false&id=1369753833560289282&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fcovid-19%2Fcovid-19-origins-be-found-within-few-years-according-wuhan-lab-affiliate-peter-daszak&siteScreenName=zerohedge&theme=light&widgetsVersion=e1ffbdb%3A1614796141937&width=550px" style="box-sizing: border-box; display: block; flex-grow: 1; height: 994px; max-width: 100%; position: static; visibility: visible; width: 500px;" title="Twitter Tweet"></iframe></div><p><a data-image-external-href="" data-image-href="/s3/files/inline-images/cPFGX7t4KJE.jpg?itok=TozOHtu7" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/cPFGX7t4KJE.jpg?itok=TozOHtu7" style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; text-decoration-line: none;"><picture style="box-sizing: border-box;"></picture></a><a data-image-external-href="" data-image-href="/s3/files/inline-images/dasz.jpg?itok=3ekqA9U-" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/dasz.jpg?itok=3ekqA9U-" style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; text-decoration-line: none;"><picture style="box-sizing: border-box;"></picture></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">And before anyone goes having their own thoughts on the matter, bear in mind that you may be censored, throttled or canceled for expressing deviant opinions which run counter to Silicon Valley's uber-establishment doctrine. Of course, as top commenters frequently ask - why are you on social media in the first place?</p>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-88641282511425420842021-03-06T20:40:00.004-05:002021-03-06T20:40:49.116-05:00One Bank Turn Apocalyptic: "The Fed Will Inevitably Move To YCC" As "Rates Are No Longer Anchored"<p><a href="https://www.zerohedge.com/markets/one-bank-turn-apocalyptic-fed-will-inevitably-move-ycc-rates-are-no-longer-anchored"> From Zero Hedge:</a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Another week, another massive inflow into equity funds... just as the Nasdaq was about to get hammered with a painful 10% correction.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">According to BofA Chief Investment Strategist Michael Hartnett's latest Flow Show note, $22.2Bn in new money flowed into equities last week, following the previous week's massive $46.2Bn inflow which was the 3rd biggest on record, bringing the total 16 week inflow to $436BN, a stunning outlier as shown in the chart below.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/inflows%20record%20march%205.jpg?itok=i1bLHAoo" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/inflows%20record%20march%205.jpg?itok=i1bLHAoo" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="28e74687-b81b-46fd-ad71-4e5dcb3a82b9" data-responsive-image-style="inline_images" height="380" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/inflows%20record%20march%205.jpg?itok=i1bLHAoo" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><div class="Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-video" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Addressing this massive <a href="https://www.bloomberg.com/news/articles/2021-02-26/undaunted-bulls-keep-shoveling-money-into-stocks-amid-bond-rout?sref=6uww027M" style="box-sizing: border-box; color: #1470b2;">tide of money</a>, Wayne Wicker, chief investment officer at Vantagepoint Investment Advisers said that "Investors are looking at the market today and saying, ‘Wow, this is going to come back faster than I thought. I need to position myself accordingly. There’s a fear of missing out, of being under-invested."</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">“We’ve seen for many reasons that people have been trained to buy the dips,” <a href="https://www.bloomberg.com/news/articles/2021-02-26/undaunted-bulls-keep-shoveling-money-into-stocks-amid-bond-rout?sref=6uww027M" style="box-sizing: border-box; color: #1470b2;">Kim Forrest</a>, chief investment officer of Bokeh Capital Partners, <a href="https://www.bloomberg.com/news/articles/2021-02-26/undaunted-bulls-keep-shoveling-money-into-stocks-amid-bond-rout?sref=6uww027M" style="box-sizing: border-box; color: #1470b2;">told Bloomberg</a>. “Just about every economist out there thinks the U.S. GDP is going to be 6% or above and that says growth. And yes, there’s some specter of inflation that may bubble up,” but, she said, “people are not afraid of inflation because we haven’t had that horrible really life-changing inflation.”</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">“We would admit to still seeing some pockets of speculative excess out there,” said Leo Grohowski, chief investment officer at BNY Mellon Wealth Management. “When we reach levels of maximum bullishness, that is usually a better time to pare back,” he added. “Market pullbacks like we’ve had this week serve as wake-up calls for investors that buy first and ask questions later.”</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">And yet, it's very likely that next week this massive inflow won't be repeated. In fact, it's far more likely that next week we will see a massive outflow because as Hartnett notes, "<strong style="box-sizing: border-box;">the price is now right":</strong> he points to the >100bps rise in 10Y TSY yields since Aug 4th low - as a reminder the <a href="https://www.zerohedge.com/markets/bonds-now-second-worst-bear-market-40-years" style="box-sizing: border-box; color: #1470b2;">plunge in 10Y prices since last March </a>has been the 2nd worst bear market for bond in recent history... </p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/bond%20bear%20market_2.jpg?itok=M_rr3YN4" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bond%20bear%20market_2.jpg?itok=M_rr3YN4" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="728d19e4-baf6-4da2-a6b3-8ca73ae5135d" data-responsive-image-style="inline_images" height="392" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bond%20bear%20market_2.jpg?itok=M_rr3YN4" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">... with credit (LQD, EMB) and tech (NDX -11%, SOX -15% from highs) having been hammered. The result is a sharp drop in froth (TAN -32%, TSLA -33%) while at the same time inflation assets are increasing sharply (oil 37%, banks 33%). And pointing to the chart below, Hartnett says that his "investment clock" says once inflation visible = yield curve bear flattens = +ve volatility, dividend-yielders, defensives.</p><div class="Advert_desktop__1J5vD Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-desktop" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/Bofa%20investment%20clock.jpg?itok=wEROYbiE" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/Bofa%20investment%20clock.jpg?itok=wEROYbiE" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="6d325529-3aa5-4f6c-883f-5dce669dbb32" data-responsive-image-style="inline_images" height="348" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/Bofa%20investment%20clock.jpg?itok=wEROYbiE" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">As an aside demonstrating the tremendous inflationary pressures which the Fed simply refuses to acknowledge as St Louis Fed Chair James Bullard idiotically commented on earlier when he said that " Commodity price inflation does not equal sustained inflation", Hartnett points out a price increase notification to CA real estate developer which said that</p><blockquote style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">“Our worldwide supply chain, and ability to provide products and services to you, is being significantly impacted by increased prices resulting from labor and raw material shortages, escalating raw material prices, manufacturing delays and transit interruptions.<strong style="box-sizing: border-box;"> Stated directly, our costs are increasing and are much more volatile than in the past.”</strong></p></blockquote><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Someone please forward this to Bullard.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">But going back to Hartnett, it's what he said next that was stunning. In the weekly note aptly titled "Throwing in the Powell"...</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/throwing%20in%20the%20powell_1.jpg?itok=XJt8vCO0" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/throwing%20in%20the%20powell_1.jpg?itok=XJt8vCO0" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="356183b7-a65a-49f3-b736-d20738e2a724" data-responsive-image-style="inline_images" height="218" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/throwing%20in%20the%20powell_1.jpg?itok=XJt8vCO0" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">... Hartnett calmly lays it out that "<strong style="box-sizing: border-box;">debt deflation + 982 rate cuts and $21tn QE since Lehman = financial repression = low and stable interest rates = bull market in credit & stocks 2009-2021."</strong> But the epochal policy panic of past 12 months ($29tn global fiscal/monetary stimulus)</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/bofa%20epochal%20shift.jpg?itok=J6YTwbbF" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bofa%20epochal%20shift.jpg?itok=J6YTwbbF" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="2d0eba05-27d4-4c58-839b-b99ceff3e336" data-responsive-image-style="inline_images" height="382" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bofa%20epochal%20shift.jpg?itok=J6YTwbbF" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">... has <strong style="box-sizing: border-box;">created an addictive Wall St-Fed dependency culture (everyone bullish) and beginning of Main St-Treasury dependency culture, which will spiral higher with $8tn US govt spending for stimulus checks, welfare, financed by $8tn Fed balance sheet.</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">This pernicious combination means that <em style="box-sizing: border-box;"><strong style="box-sizing: border-box;">asset price inflation is mutating into Main Street inflation...</strong></em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/trends%20inflation_0.jpg?itok=Vf-B8Yc3" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/trends%20inflation_0.jpg?itok=Vf-B8Yc3" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="6a98128f-9215-4dad-9daf-dd40435673a7" data-responsive-image-style="inline_images" height="170" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/trends%20inflation_0.jpg?itok=Vf-B8Yc3" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;"><strong style="box-sizing: border-box;">... </strong></em>and more importantly according to the rates strategist, <strong style="box-sizing: border-box;">means that rates are no longer “anchored”;</strong> Indeed, the best measure of interest rate uncertainty is 10-year Treasury term premium and it has surged by 120bps in the past 12 months...</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/term%20premium.jpg?itok=o-6gsute" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/term%20premium.jpg?itok=o-6gsute" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="d246e11b-00c5-4e96-8446-da72f38d8c04" data-responsive-image-style="inline_images" height="297" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/term%20premium.jpg?itok=o-6gsute" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">... staring "a new era of volatility."</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Which brings us to the punchline of the Hartnett report: <strong style="box-sizing: border-box;">what will the Fed do? </strong>As Hartnett notes, the 10-year Treasury yield low was just 0.51% on Aug 4th with bonds looking "big, fat & trendy." However this has changed and "the immediate outlook is excess fiscal stimulus + “boom” data (10% GDP, 30% EPS, 4% CPI in Q2) + subservient Fed + social/political desire for more inflation & less inequality."</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">As a result, BofA predicts that <strong style="box-sizing: border-box;">the bond bear is likely not over </strong>and that <strong style="box-sizing: border-box;">markets will now likely push the Fed via higher yields </strong>(i.e. 10Y rising above 2%) into Yield Curve Control policy announcement, something we have been pounding the table on for months...</p><div class="twitter-tweet twitter-tweet-rendered" style="box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; margin-bottom: 10px; margin-top: 10px; max-width: 550px; width: 500px;"><iframe allowfullscreen="true" allowtransparency="true" class="" data-tweet-id="1365001340309565443" frameborder="0" id="twitter-widget-0" scrolling="no" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&frame=false&hideCard=false&hideThread=false&id=1365001340309565443&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fone-bank-turn-apocalyptic-fed-will-inevitably-move-ycc-rates-are-no-longer-anchored&siteScreenName=zerohedge&theme=light&widgetsVersion=e1ffbdb%3A1614796141937&width=550px" style="box-sizing: border-box; display: block; flex-grow: 1; height: 170px; max-width: 100%; position: static; visibility: visible; width: 500px;" title="Twitter Tweet"></iframe></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">... but first bond <strong style="box-sizing: border-box;">yields have to go even higher and stocks lower. </strong>Conveniently, Hartnett also lays out the key trigger to watch to determine if the current 10% tech correction will turn into a bear market:</p><blockquote style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">XHB<$55, HYG<$80 could turn tech correction into deeper 10-20% correction of equities (SPX<3600, CCMP <12,000) which this time would likely include cyclicals (e.g. small cap, banks, energy, EM).</p></blockquote><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">It's at this point that the Fed, <strong style="box-sizing: border-box;">facing the stark reality of being unable to let market drop as financial assets represents 600%+ of global GDP...</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/financial%20assets%20to%20gdp%20Jan%202021_2.jpg?itok=fezZwhCG" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/financial%20assets%20to%20gdp%20Jan%202021_2.jpg?itok=fezZwhCG" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="656aeefa-58de-452b-8f5f-f6f9f932b0f3" data-responsive-image-style="inline_images" height="278" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/financial%20assets%20to%20gdp%20Jan%202021_2.jpg?itok=fezZwhCG" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">... will - in Hartnett's words <strong style="box-sizing: border-box;">- inevitably move to YCC</strong>. Some math:</p><ul style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><li style="box-sizing: border-box;">a 1% rise in US Treasury yields (as occurred past 6 months) increases deficit in 12 months (interest payments) by amount equivalent 2X budget for NASA;</li><li style="box-sizing: border-box;">a 1% rise in yields above CBO baseline adds a remarkable $9.7tn to deficit between 2021-30 (10X the annual US defense budget of $0.9tn).</li></ul><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">That's why the Fed's next step is clear.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">So one Powell <em style="box-sizing: border-box;"><strong style="box-sizing: border-box;">does </strong></em>launch YCC, BofA believes that it will trigger:</p><ol style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><li style="box-sizing: border-box;"><strong style="box-sizing: border-box;"><u style="box-sizing: border-box;">Asset Volatility</u> - </strong>all historic government policies to fix asset prices end with hubris, leverage, abnormal valuations; <strong style="box-sizing: border-box;">YCC (as Australia is learning) is new ERM (Europe’s failed Exchange Rate Mechanism of 80s/90s); </strong>era of speculative assaults on central bank policy has begun. BofA's reco: <u style="box-sizing: border-box;"><strong style="box-sizing: border-box;">"own volatility</strong></u>"</li><li style="box-sizing: border-box;"><u style="box-sizing: border-box;"><strong style="box-sizing: border-box;">Dollar Debasement</strong></u> - while the US dollar may rally in advance of YCC (EM vulnerable short-term – see BRL), the YCC announcement "<u style="box-sizing: border-box;"><strong style="box-sizing: border-box;">will likely trigger start of great bear market in US dollar."</strong></u></li></ol><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Which all brings us to the conclusion, namely BofA's look at the regime shift between 2020 and the rest of the decade... <strong style="box-sizing: border-box;">and what to do ahead of the Fed's historic nationalization fo the entire bond market.</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">First, a look back at 2020:</p><blockquote style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Bigger picture secular low point for both inflation & interest rates; coming years will be marked by bigger government (public sector monopolistic), smaller world (globalization to localization), dollar debasement (inflation solves debt), a populist electorate (voting for UBI & MMT); <strong style="box-sizing: border-box;">all in an attempt to fight the War on Inequality (taxes, regulation, redistribution); "buy humiliation, sell hubris" = inflation assets to beat deflation in coming years.</strong></p></blockquote><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/lockdown%20companies.jpg?itok=vL4_-AHP" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/lockdown%20companies.jpg?itok=vL4_-AHP" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="4b6c3884-8ad2-40ed-aa35-51bdd50fac94" data-responsive-image-style="inline_images" height="194" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/lockdown%20companies.jpg?itok=vL4_-AHP" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">And finally, Hartnett's views on the rest of the 2020s:</p><ol style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><li style="box-sizing: border-box;"><strong style="box-sizing: border-box;">We expect low, volatile, clustered, 3-5% long-run returns, like 1970s;</strong></li><li style="box-sizing: border-box;"><strong style="box-sizing: border-box;">We say optimal AA is 25/25/25/25in bond/stock/cash/commodities </strong>and/or in growth/yield/quality/inflation in 2020s;</li><li style="box-sizing: border-box;"><strong style="box-sizing: border-box;">While we worry in very short-term inflation overpriced, we still think AA need to raise inflation hedges </strong>as US dollar weakens medium-term (commodities, gold, real assets, TIPS, small cap value, volatility);</li><li style="box-sizing: border-box;"><strong style="box-sizing: border-box;">Tech leadership is over, but YCC should provide good entry point into small cap tech.</strong></li></ol>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-28235626896298801542021-03-02T19:53:00.001-05:002021-03-02T19:53:29.936-05:00Unmasking The Science You Aren’t Hearing On TV | COVID-19 Facts from the Frontline<iframe width="560" height="315" src="https://www.youtube.com/embed/YgP_Au5RZVw" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-42996911644688124502021-03-01T09:10:00.002-05:002021-03-01T09:10:13.937-05:00'Build Me An Ark': The Tsunami Of Risk Of Tesla-Bitcoin-Cathie Wood Is Coming<p> <a href="https://www.home.saxo/content/articles/equities/build-me-an-ark-as-the-tsunami-of-risk-of-tesla-bitcoin-ark-could-come-26022021" style="box-sizing: border-box; color: #1470b2; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><em style="box-sizing: border-box;">Authored by Peter Garnry, head of Equity Strategy for Saxo Bank,</em></a></p><h3 style="box-sizing: border-box; color: #595959; font-family: DINOT, Impact, sans-serif; font-size: 15px; margin: 0px;"><u style="box-sizing: border-box;"><strong style="box-sizing: border-box;">Summary: </strong> </u></h3><blockquote style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">In today's equity update we are following up on our <strong style="box-sizing: border-box;">analysis of the Tesla-Bitcoin-Ark risk cluster</strong> showing an updated positions analysis, cross-correlations in the flagship Ark Innovation ETF, and an drawdown analysis. Yesterday, was another bad session for this risk cluster and Ark Invest had a day with outflows across all their ETFs highlighting that risk sentiment has changed. With the founder's bold move to increase the position in Tesla during the week the risk has gone up that this risk cluster could turn into an ugly forced selling dynamic causing pain in not only Tesla, Bitcoin, and Ark funds, but also US biotechnology stocks where Ark Invest is a major holder with high ownership in selected names.</p></blockquote><div class="Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-video" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">A little over a month ago we first flagged the Tesla-Bitcoin-Ark risk cluster as something to take note off as short-term correlation between Tesla and Bitcoin was shooting up. A survey from Charles Schwab also confirmed our suspicion that there is a big overlap as these two instruments are among the top five holdings by millennials. Our analysis quickly led us to Ark Invest with its famous Ark Innovation ETF which had a big position in Tesla and its charismatic founder Cathie Wood is a big believer in the so-called disruptive innovation culture of Silicon Valley. This class of people believe firmly in technology as mainly good for society in all its aspects and that <a href="https://qz.com/1976523/bitcoin-price-bobs-on-comments-from-elon-musk-and-cathie-wood/" style="box-sizing: border-box; color: #1470b2;">Bitcoin is a protection against future wealth confiscation</a> which is most likely inevitable due to historically high wealth inequality.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">This disruptive innovation culture is powerful. It is presented by some of the wealthiest people of this planet. Endless presentation about innovation and institutions like the Singularity University promote these views. Behind Bitcoin you find a huge online marketing machine sucking ordinary people into the game. Recently wealthy people such as Elon Musk has openly supported Bitcoin, first in writing and later in action adding $1.5bn to Tesla’s balance sheet and thereby significantly increasing its earnings volatility. The triangle of Tesla-Bitcoin-Ark and their respective momentum has reinforced each other creating a positive feedback loop luring more investors into these instruments. As we have seen this week the ‘tower of risk’ is beginning to show cracks.</p><h3 style="box-sizing: border-box; color: #595959; font-family: DINOT, Impact, sans-serif; font-size: 15px; margin: 0px;"><strong style="box-sizing: border-box;">Ark position update and Cathie Wood’s bold move and the risk to biotechnology</strong></h3><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">This week Tesla-Bitcoin-Ark all came under pressure from negative voices in governments over Bitcoin and beginning noise over real competition for Tesla in the coming years. The risk cluster was clearly moving together, and correlations started rising. On Tuesday, volatility picked up across the board and at one point Cathie Wood felt it was necessary to go public supporting her funds and said that <a href="https://www.bloomberg.com/news/articles/2021-02-23/cathie-wood-buys-the-13-dip-in-tesla-as-arkk-slips-again" style="box-sizing: border-box; color: #1470b2;">she had increased their position in Tesla</a> using big numbers in the future to justify increasing the risk. This is a bold move, but it increases the risk considerably. When you are at risk of seeing sizeable outflows, you should start reducing the most illiquid positions first while you can control the situation. Because if you are forced to do it by redemptions the game changes dramatically.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The tables below show updated Ark Invest positions as of yesterday’s close. There are still 26 stocks where Ark Invest holds more than 10% of the outstanding shares. This could become a serious problem if Ark Invest is suddenly caught in a negative feedback loop together with Tesla and Bitcoin. But also note how US biotechnology stocks are overrepresented in this list of stocks with high ownership in percentage of outstanding shares. If Ark Invest suddenly experience across the board outflows, like it did yesterday, then they can suddenly be the forced seller in US biotechnology stocks where they are the whale. This could cascade into the overall US biotechnology segment although the group is diverse.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Stocks held by Ark Invest funds with combined ownership above 10% of outstanding shares</em></p><div class="Advert_desktop__1J5vD Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-desktop" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/2021-02-28_14-14-08.jpg?itok=HxlOapmF" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2021-02-28_14-14-08.jpg?itok=HxlOapmF" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="403ee254-2835-4e7b-949f-0fadbc1ea262" data-responsive-image-style="inline_images" height="353" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2021-02-28_14-14-08.jpg?itok=HxlOapmF" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Source: Ark Invest, Bloomberg, and Saxo Group</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The table below shows the largest positions across all funds. Here Tesla has now jumped to 7% of AUM and the first five positions now account for 21.6% of AUM. The five biggest stocks are Tesla, Teladoc Health, Square, Roku, and Baidu. Square just recently reported disappointing Q4 earnings and announced the purchase of $170mn of Bitcoin increasing the risk and feedback loop further in this risk cluster. In the Ark Innovation ETF itself, Tesla is now 10.2% of assets and together with Roku (6%) and Square (5.4%) these three stocks represent 21.6% of assets. If you look at the 10 largest positions in the Ark Innovation ETF then the red thread is that they all come with very high equity valuations and thus low implied equity risk premiums. They are all also mostly equity financed, except for Tesla, which means that the WACC, cost of capital, predominantly come from the cost of equity. With low implied equity risk premiums, the risk-free rate dominates much more than for a company such as say Microsoft or Apple. This means that the rising interest rates could suddenly cause a huge shift in equity valuations. Not because the future is different but because the cost of capital has changed.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Top positions in terms of Ark Invest AUM across all funds</em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/2021-02-28_14-14-24.jpg?itok=AfUq7p4E" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2021-02-28_14-14-24.jpg?itok=AfUq7p4E" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="f02ef217-f815-4d72-aeb6-fb5525061cea" data-responsive-image-style="inline_images" height="302" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2021-02-28_14-14-24.jpg?itok=AfUq7p4E" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Source: Ark Invest, Bloomberg, and Saxo Group</p><h3 style="box-sizing: border-box; color: #595959; font-family: DINOT, Impact, sans-serif; font-size: 15px; margin: 0px;"><u style="box-sizing: border-box;"><strong style="box-sizing: border-box;">Correlations on the rise and drawdown outlier</strong></u></h3><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The best sign of risk going haywire is always fast rising cross-correlations whether it is on asset classes or single stocks. The chart below shows the 10-day moving cross-correlation in the Ark Innovation ETF since early 2020. It has recently moved to around 0.6 and while it is not a new record the direction is up and has been fast coming from only 0.2 from a few weeks ago. The next week will be critical for the Tesla-Bitcoin-Ark risk cluster as negative feedback loops can be violent and very unpredictable in their outcome.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/2021-02-28_14-14-49.jpg?itok=S6g1hR6q" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2021-02-28_14-14-49.jpg?itok=S6g1hR6q" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="9d6d88b6-8752-434d-86a0-b54bce10af63" data-responsive-image-style="inline_images" height="280" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2021-02-28_14-14-49.jpg?itok=S6g1hR6q" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Source: Bloomberg and Saxo Group</em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Another way of looking at risk is by plotting Ark Innovation ETF drawdowns against that of Nasdaq 100 since December 2015. <strong style="box-sizing: border-box;">The ETF has typically experienced a drawdown that is 1.22 times larger than that of Nasdaq 100</strong>. As of yesterday, the ratio stands at 2.44 and thus illustrates that something idiosyncratic is taking place at Ark Innovation ETF.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/2021-02-28_14-15-23.jpg?itok=Zq1SITAI" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2021-02-28_14-15-23.jpg?itok=Zq1SITAI" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="dcd72f18-28a6-4235-ad8a-230d683dcbbc" data-responsive-image-style="inline_images" height="308" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2021-02-28_14-15-23.jpg?itok=Zq1SITAI" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">If outflows continue today and Tesla comes under pressure again then this indicator could very well hit a new record in terms of being an outlier signaling a negative feedback loop on risk has started.</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">* * *</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">See below for links to our research notes on the Tesla-Bitcoin-Ark risk cluster:</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;"><a href="https://www.home.saxo/content/articles/equities/it-is-time-to-get-cautious-on-the-tesla-bitcoin-ark-connection-22012021" style="box-sizing: border-box; color: #1470b2;">It is time to get cautious on the Tesla-Bitcoin-Ark connection</a> – 22 January 2021</em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;"><a href="https://www.home.saxo/content/articles/equities/the-tesla-bitcoin-ark-syndrome-revisited-09022021" style="box-sizing: border-box; color: #1470b2;">The Tesla-Bitcoin-Ark syndrome revisited</a> – 9 February 2021</em></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;"><a href="https://www.home.saxo/content/articles/equities/tesla-bitcoin-ark-positions-have-entered-a-dangerous-tailspin-scenario-23022021" style="box-sizing: border-box; color: #1470b2;">Tesla-Bitcoin-Ark positions have entered a dangerous tailspin scenario</a> – 23 February 2021</em></p>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-14524452509808773012021-02-28T22:13:00.003-05:002021-02-28T22:13:48.525-05:00Escobar: Putin, Crusaders, & Barbarians<p> <a href="https://asiatimes.com/2021/02/putin-crusaders-and-barbarians/" style="box-sizing: border-box; color: #1470b2; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><em style="box-sizing: border-box;">Authored by Pepe Escobar via The Asia Times,</em></a></p><div class="NodeContent_body__2clki NodeBody_container__1M6aJ" style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; margin-bottom: 30px;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Moscow is painfully aware that the US/NATO “strategy” of containment of Russia is already reaching fever pitch. Again.</strong></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">This past Wednesday, at a very important meeting with the Federal Security Service board, President Putin laid it all out in stark terms:</p><div class="Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; display: flex;"><aside class="" id="in-content-video" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><blockquote style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">We are up against the so-called policy of containing Russia.</strong> This is not about competition, which is a natural thing for international relations. This is about a consistent and quite aggressive policy aimed at disrupting our development, slowing it down, creating problems along the outer perimeter, triggering domestic instability, undermining the values that unite Russian society, and ultimately to weaken Russia and put it under external control, just the way we are witnessing it transpire in some countries in the post-Soviet space.</p></blockquote><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/putin-2.jpg?itok=fh9I5F2x" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/putin-2.jpg?itok=fh9I5F2x" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="6abda959-395b-49c5-be15-01cd1d757894" data-responsive-image-style="inline_images" height="338" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/putin-2.jpg?itok=fh9I5F2x" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Russian President Vladimir Putin during a meeting of the Federal Security Service Board in Moscow on February 24. Photo: AFP / Alexei Druzhinin / Sputnik</em></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Not without a touch of wickedness, Putin added this was no exaggeration: “In fact, you don’t need to be convinced of this as you yourselves know it perfectly well, perhaps even better than anybody else.”</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">The Kremlin is very much aware “containment” of Russia focuses on its perimeter: Ukraine, Georgia and Central Asia. And the ultimate target remains regime change.</strong></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Putin’s remarks may also be interpreted as an indirect answer to a section of President Biden’s speech at the Munich Security Conference.</p><div class="Advert_desktop__1J5vD Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; display: flex;"><aside class="" id="in-content-desktop" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">According to Biden’s scriptwriters, </p><blockquote style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Putin seeks to weaken the European project and the NATO alliance because it is much easier for the Kremlin to intimidate individual countries than to negotiate with the united transatlantic community</strong> … The Russian authorities want others to think that our system is just as corrupt or even more corrupt.</p></blockquote><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/munich.jpg?itok=0FR5b2G-" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/munich.jpg?itok=0FR5b2G-" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="a558e39f-100e-4400-a854-4e0dc0392eb7" data-responsive-image-style="inline_images" height="333" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/munich.jpg?itok=0FR5b2G-" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">US President Joe Biden speaks virtually from the East Room of the White House in Washington, DC, to the Munich Security Conference in Germany on February 19. Photo: AFP / Mandel Ngan</em></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">A clumsy, direct personal attack against the head of state of a major nuclear power does not exactly qualify as sophisticated diplomacy. </strong>At least it glaringly shows how trust between Washington and Moscow is now reduced to less than zero. As much as Biden’s Deep State handlers refuse to see Putin as a worthy negotiating partner, the Kremlin and the Ministry of Foreign Affairs have already dismissed Washington as “non-agreement capable.”</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Once again, this is all about sovereignty. The “unfriendly attitude towards Russia,” as Putin defined it, extends to “other independent, sovereign centers of global development.” Read it as mainly China and Iran. All these three sovereign states happen to be categorized as top “threats” by the US National Security Strategy.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Yet Russia is the real nightmare for the Exceptionalists: Orthodox Christian, thus appealing to swaths of the West; consolidated as major Eurasian power; a military, hypersonic superpower; and boasting unrivaled diplomatic skills, appreciated all across the Global South.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">In contrast, there’s not much left for the deep state except endlessly demonizing both Russia and China to justify a Western military build-up, the “logic” inbuilt in a new strategic concept named NATO 2030: United for a New Era.</strong></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">The experts behind the concept hailed it as an “implicit” response to French President Emmanuel Macron’s declaring NATO “brain dead.”</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Well, at least the concept proves Macron was right.</p><h3 style="box-sizing: border-box; color: #595959; font-family: DINOT, Impact, sans-serif; font-size: 15px; margin: 0px;"><u style="box-sizing: border-box;">Those barbarians from the East</u></h3><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Crucial questions about sovereignty and Russian identity have been a recurrent theme in Moscow these past few weeks. And that brings us to February 17, when Putin met with Duma political leaders, from the Communist Party’s Vladimir Zhirinovsky – enjoying a new popularity surge – to United Russia’s Sergei Mironov, as well as State Duma speaker Vyacheslav Volodin.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Putin stressed the “multi-ethnic and multi-religious” character of Russia, now in “a different environment that is free of ideology”:</p><blockquote style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">It is important for all ethnic groups, even the smallest ones, to know that this is their Motherland with no other for them, that they are protected here and are prepared to lay down their lives in order to protect this country. This is in the interests of us all, regardless of ethnicity, including the Russian people.</p></blockquote><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Yet Putin’s most extraordinary remark had to do with ancient Russian history:</strong></p><blockquote style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Barbarians came from the East and destroyed the Christian Orthodox empire. But before the barbarians from the East, as you well know, the crusaders came from the West and weakened this Orthodox Christian empire, and only then were the last blows dealt, and it was conquered. <strong style="box-sizing: border-box;">This is what happened … We must remember these historical events and never forget them.</strong></p></blockquote><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Well, this could be enough material to generate a 1,000-page treatise. Instead, let’s try, at least, to – concisely – unpack it.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">The Great Eurasian Steppe</strong> – one of the largest geographical formations on the planet – stretches from the lower Danube all the way to the Yellow River. The running joke across Eurasia is that “Keep Walking” can be performed back to back. For most of recorded history this has been Nomad Central: tribe upon tribe raiding at the margins, or sometimes at the hubs of the heartland: China, Iran, the Mediterranean.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/scythians.jpg?itok=fml20qoA" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/scythians.jpg?itok=fml20qoA" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="a6422911-66bd-4606-9d05-f1fe4793e153" data-responsive-image-style="inline_images" height="439" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/scythians.jpg?itok=fml20qoA" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">The Scythians (see, for instance, the magisterial The Scythians: Nomad Warriors of the Steppe, by Barry Cunliffe) arrived at the Pontic steppe from beyond the Volga. After the Scythians, it was the turn of the Sarmatians to show up in South Russia.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">From the 4th century onward, nomad Eurasia was a vortex of marauding tribes, featuring, among others, the Huns in the 4th and 5th centuries, the Khazars in the 7th century, the Kumans in the 11th century, all the way to the Mongol avalanche in the 13th century.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">The plot line always pitted nomads against peasants. </strong>Nomads ruled – and exacted tribute. G Vernadsky, in his invaluable Ancient Russia, shows how “the Scythian Empire may be described sociologically as a domination of the nomadic horde over neighboring tribes of agriculturists.”</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">As part of my multi-pronged research on nomad empires for a future volume, I call them Badass Barbarians on Horseback. The stars of the show include, in Europe, in chronological order, Cimmerians, Scythians, Sarmatians, Huns, Khazars, Hungarians, Peshenegs, Seljuks, Mongols and their Tatar descendants; and, in Asia, Hu, Xiongnu, Hephtalites, Turks, Uighurs, Tibetans, Kirghiz, Khitan, Mongols, Turks (again), Uzbeks and Manchu. </p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Arguably, since the hegemonic Scythian era (the first protagonists of the Silk Road), most of the peasants in southern and central Russia were Slav. But there were major differences. The Slavs west of Kiev were under the influence of Germania and Rome. East of Kiev, they were influenced by Persian civilization.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">It’s always important to remember that the Vikings were still nomads when they became rulers in Slav lands. Their civilization in fact prevailed over sedentary peasants – even as they absorbed many of their customs. </strong></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Interestingly enough, the gap between steppe nomads and agriculture in proto-Russia was not as steep as between intensive agriculture in China and the interlocked steppe economy in Mongolia.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">(For an engaging Marxist interpretation of nomadism, see A N Khazanov’s Nomads and the Outside World).</em></p><h3 style="box-sizing: border-box; color: #595959; font-family: DINOT, Impact, sans-serif; font-size: 15px; margin: 0px;"><u style="box-sizing: border-box;">The sheltering sky</u></h3><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">What about power? For Turk and Mongol nomads, who came centuries after the Scythians, power emanated from the sky. The Khan ruled by authority of the “Eternal Sky” – as we all see when we delve into the adventures of Genghis and Kublai. By implication, as there is only one sky, the Khan would have to exert universal power. Welcome to the idea of universal empire.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/YuanEmperorAlbumKhubilaiPortrait-e1613111890523.jpg?itok=zgEkPlnk" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/YuanEmperorAlbumKhubilaiPortrait-e1613111890523.jpg?itok=zgEkPlnk" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="dbfd9155-931f-4c47-b66c-6fff1e989ed1" data-responsive-image-style="inline_images" height="333" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/YuanEmperorAlbumKhubilaiPortrait-e1613111890523.jpg?itok=zgEkPlnk" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Kublai Khan as the first Yuan emperor, Shizu. Yuan dynasty (1271–1368). Album leaf, ink and color on silk. National Palace Museum, Taipei. Photo: Wikimedia Commons/National Palace Museum, Taipei</em></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">In Persia, things were slightly more complex. The Persian Empire was all about Sun worship: that became the conceptual basis for the divine right of the King of Kings. The implications were immense, as the King now became sacred. This model influenced Byzantium – which, after all, was always interacting with Persia.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Christianity made the Kingdom of Heaven more important than ruling over the temporal domain. Still, the idea of Universal Empire persisted, incarnated in the concept of Pantocrator: it was the Christ who ultimately ruled, and his deputy on earth was the Emperor. But Byzantium remained a very special case: the Emperor could never be an equal to God. After all, he was human.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Putin is certainly very much aware that the Russian case is extremely complex. Russia essentially is on the margins of three civilizations. It’s part of Europe – reasons including everything from the ethnic origin of Slavs to achievements in history, music and literature.</strong></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Russia is also part of Byzantium from a religious and artistic angle (but not part of the subsequent Ottoman empire, with which it was in military competition). And Russia was influenced by Islam coming from Persia.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Then there’s the crucial influence of nomads. A serious case can be made that they have been neglected by scholars. The Mongol rule for a century and a half, of course, is part of the official historiography – but perhaps not given its due importance. And the nomads in southern and central Russia two millennia ago were never properly acknowledged.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">So Putin may have hit a nerve. What he said points to the idealization of a later period of Russian history from the late 9th to early 13th century: Kievan Rus. In Russia, 19th century Romanticism and 20th century nationalism actively built an idealized national identity.</strong></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">The interpretation of Kievan Rus poses tremendous problems – that’s something I eagerly discussed in St. Petersburg a few years ago. There are rare literary sources – and they concentrate mostly on the 12th century afterwards. The earlier sources are foreigners, mostly Persians and Arabs.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Russian conversion to Christianity and its concomitant superb architecture have been interpreted as evidence of a high cultural standard. In a nutshell, scholars ended up using Western Europe as the model for the reconstruction of Kievan Rus civilization.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">It was never so simple. A good example is the discrepancy between Novgorod and Kiev. Novgorod was closer to the Baltic than the Black Sea, and had closer interaction with Scandinavia and the Hanseatic towns. Compare it with Kiev, which was closer to steppe nomads and Byzantium – not to mention Islam.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Kievan Rus was a fascinating crossover. Nomadic tribal traditions – on administration, taxes, the justice system – were prevalent. But on religion, they imitated Byzantium. It’s also relevant that until the end of the 12th century, assorted steppe nomads were a constant “threat” to southeast Kievan Rus.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">So as much as Byzantium – and, later on, even the Ottoman Empire – supplied models for Russian institutions, the fact is the nomads, starting with the Scythians, influenced the economy, the social system and most of all, the military approach. </p><h3 style="box-sizing: border-box; color: #595959; font-family: DINOT, Impact, sans-serif; font-size: 15px; margin: 0px;"><u style="box-sizing: border-box;">Watch the Khan</u></h3><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Sima Qian, the master Chinese historian, has shown how the Khan had two “kings,” who each had two generals, and thus in succession, all the way to commanders of a hundred, a thousand and ten thousand men. This is essentially the same system used for a millennia and a half by nomads, from the Scythians to the Mongols, all the way to Tamerlane’s army at the end of the 14th century. </p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/mongolinvasions.jpg?itok=1m0mLhlT" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/mongolinvasions.jpg?itok=1m0mLhlT" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="6e0c12c7-4156-41c5-89e7-4caabbea2b03" data-responsive-image-style="inline_images" height="530" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/mongolinvasions.jpg?itok=1m0mLhlT" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">The Mongol invasions – 1221 and then 1239-1243 – were indeed the major game-changer. As master analyst Sergei Karaganov told me in his office in late 2018, they influenced Russian society for centuries afterwards.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">For over 200 years Russian princes had to visit the Mongol headquarters in the Volga to pay tribute. One scholarly strand has qualified it as “barbarization”; that seems to be Putin’s view. According to that strand, the incorporation of Mongol values may have “reversed” Russian society to what it was before the first drive to adopt Christianity. </p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">The inescapable conclusion is that when Muscovy emerged in the late 15th century as the dominant power in Russia, it was essentially the successor of the Mongols.</strong></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">And because of that the peasantry – the sedentary population – were not touched by “civilization” (time to re-read Tolstoy?). Nomad Power and values, as strong as they were, survived Mongol rule for centuries.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><u style="box-sizing: border-box;"><em style="box-sizing: border-box;"><strong style="box-sizing: border-box;">Well, if a moral can be derived from our short parable, it’s not exactly a good idea for “civilized” NATO to pick a fight with the – lateral – heirs of the Great Khan. </strong></em></u></p><div><u style="box-sizing: border-box;"><em style="box-sizing: border-box;"><strong style="box-sizing: border-box;"><br /></strong></em></u></div></div><footer class="NodeContent_footer__2EL1s" style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; margin: 2em 0px; text-align: right;"><span class="NodeContent_footerStat__jxP8v ViewCount_container__2xsb-" style="box-sizing: border-box; display: inline-block; margin-left: 1em; white-space: nowrap;"><span class="fas fa-eye" style="-webkit-font-smoothing: antialiased; box-sizing: border-box; display: inline-block; font-family: "Font Awesome 5 Pro"; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 900; line-height: 1; text-rendering: auto;"></span></span></footer>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-65396965001452053732021-02-21T15:30:00.003-05:002021-02-21T15:30:40.578-05:00Demographics Is (Dark) Destiny<p> <a href="https://econimica.blogspot.com/2021/02/just-charts-of-demographicswith.html" style="box-sizing: border-box; color: #1470b2; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><em style="box-sizing: border-box;">Authored by Chris Hamilton via Econimica blog,</em></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Some folks want to make economics seem complicated.</strong> It ain't. Any who, some charts depicting the US economy...through <strong style="box-sizing: border-box;">demographics</strong>.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">First, 15 to 54 year old US population (blue line) and those employed among that population (green line). You may note the end of population growth among them in '07 and not only the end but a significant decline in employment among them since '07. This is the population segment that undertakes most of the credit (creating the new $'s via undertaking debt...vs. elderly who destroy $'s via deleveraging/paying off their loans), buys most the homes, spends the most, earns the most. The lack of growth among them is paramount in understanding what took place in '08 as potential new home buyers ceased to exist and banks gave credit to anyone to keep the party going...'08 (and what has come since) was an entirely predictable demographic caused crisis.</p><div class="Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-video" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/image_18.png?itok=7cQijGCc" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/image_18.png?itok=7cQijGCc" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="669be9de-c045-434a-946e-433b69903cdb" data-responsive-image-style="inline_images" height="308" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/image_18.png?itok=7cQijGCc" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Same as above but plus Federal Reserve set Federal Funds Rate % (black dashed line) and it's relationship to marketable federal debt (red shaded area). When working age population growth ceased, the Federal Reserve implemented ZIRP (free money to the largest banks) and likewise free money to Congress. The explosion in debt since is entirely due to the Federal Reserve's encouragement via their interest rate policy.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/image%20%2815%29_0.png?itok=zi0lpxaR" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/image%20%2815%29_0.png?itok=zi0lpxaR" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="5f976a48-774a-4534-946c-cd812890a850" data-responsive-image-style="inline_images" height="308" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/image%20%2815%29_0.png?itok=zi0lpxaR" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Same as above but inclusive of Federal Reserve balance sheet (aka, QE...yellow line) and Wilshire 5000 (representing all publicly traded US equities...light blue line). Since the end of working age population and employment growth, virtually free money has been passed to the largest and best connected US institutions / individuals. This, alongside the Federal Reserve purchasing Treasury bonds (to artificially lower the cost of federal government borrowing and boost the supply of dollars chasing the remaining assets) and mortgage backed securities (to artificially lower mortgage rates) has resulted in an asset explosion. This explosion has rewarded asset holders with vast riches and punished young adults, the poor, those on fixed incomes. These folks in the latter group get none of the asset wealth effect but instead get the fast rising costs of living due to the asset appreciation. When the Federal Reserve continually suggests they aren't responsible for the exploding US inequality...it is a bald faced lie.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/image%20%2816%29_0.png?itok=v_h7dtPF" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/image%20%2816%29_0.png?itok=v_h7dtPF" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="d6540e39-dc83-4ff9-b457-04e34679ec83" data-responsive-image-style="inline_images" height="308" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/image%20%2816%29_0.png?itok=v_h7dtPF" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Same as above, but focusing on the 15 to 54 year old employment to population ratio (not the silly unemployment numbers the BLS puts out...just dividing the population by those employed among them...white line). The Federal Reserve has two Congressionally mandated jobs..."promote effectively the goals of maximum employment, stable prices, and moderate long term interest rates." You can forget stable prices (as the Fed has, via a system of discounting inflation) and just focus on full employment. As you'll note, the US has achieved "full employment" four times since the inclusion of females into the workforce...'89, '00, '07, '19...each time with employment around 75% of the available population. But note the declining rates, resulting in greater debt, resulting in soaring asset bubbles (and once those failed) notice the soaring QE and zero interest rate policy...resulting in the greatest rise in asset appreciation in US history. Asset holders made rich (for being asset holders)...those with little or no assets made poor (for not being asset holders). Simple stuff.</p><div class="Advert_desktop__1J5vD Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; color: #222222; display: flex; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px;"><aside class="" id="in-content-desktop" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/image%20%2817%29_0.png?itok=YtC6pVzv" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/image%20%2817%29_0.png?itok=YtC6pVzv" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="3d379ad9-aee4-449b-92af-7c9cea607eb4" data-responsive-image-style="inline_images" height="308" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/image%20%2817%29_0.png?itok=YtC6pVzv" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Below, again 15 to 54 year old horizontally moving population plus falling employed among them, ever lower Federal Funds Rate, and ludicrously vertical Wilshire 5000. In case you are wondering, this asset explosion is not a naturally occurring phenomenon against over a decade of zero working age population growth and seven million fewer employed among them. Nah, this looks like a currency collapse in progress...and once it goes vertical (Wilshire, Bitcoin, etc.)...you know you haven't got much longer to go (although we likely have significantly further to go in the vertical explosion...before the whatever it is that follows).</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/image%20%2818%29_0.png?itok=rowrFMkf" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/image%20%2818%29_0.png?itok=rowrFMkf" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="022b9b35-d05d-4c91-93d1-65d1dc488d6c" data-responsive-image-style="inline_images" height="308" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/image%20%2818%29_0.png?itok=rowrFMkf" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">The two charts below throw Bitcoin into the mix, putting it's meteoric rise into context against demographics and the Federal Reserve's demographically driven Treasuries buying spree (and the concurrent hard stop of foreign buying of Treasuries).</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/image%20%2819%29_0.png?itok=hcXy-eRq" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/image%20%2819%29_0.png?itok=hcXy-eRq" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="2eb2a5ca-a857-426b-bbff-e659f8590505" data-responsive-image-style="inline_images" height="308" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/image%20%2819%29_0.png?itok=hcXy-eRq" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/image%20%2820%29_0.png?itok=3J9N9E_5" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/image%20%2820%29_0.png?itok=3J9N9E_5" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="f662fb9d-4520-4745-a67c-85ba327f58f1" data-responsive-image-style="inline_images" height="301" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/image%20%2820%29_0.png?itok=3J9N9E_5" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">While nobody can say whether immigration will return to high levels, fertility rates and births are scraping record lows...and simply gauging the feeder population that is the 15 to 24 year olds (chart below of population / employed among them), you should have a fairly good idea of why a return to a growing working age US population isn't likely.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/image%20%2821%29_0.png?itok=VLhoVD6Z" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/image%20%2821%29_0.png?itok=VLhoVD6Z" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="5eb8c2c4-b16a-40f9-ab78-d6ed753e94c9" data-responsive-image-style="inline_images" height="290" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/image%20%2821%29_0.png?itok=VLhoVD6Z" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/image%20%2822%29_0.png?itok=dScbVmDE" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/image%20%2822%29_0.png?itok=dScbVmDE" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="6a45d007-b236-4507-abbf-4f4c06a6a38b" data-responsive-image-style="inline_images" height="291" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/image%20%2822%29_0.png?itok=dScbVmDE" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Finally, here's how this plays out regarding the most fundamental of human needs...shelter or housing...plus I'll stretch out to the 15-64yr/old population and employed among them versus annual housing starts and the Federal Funds Rate (%). The Federal Reserve purchasing of MBS / QE has artificially pushed mortgage rates to record lows to induce an artificial housing frenzy amid a secular turn to outright declining potential buyers and soaring quantity of potential sellers (elderly who already own homes). If I didn't know better, I'd think the Fed hates young adults and is setting them up to be the bag holder of an awful oversupply of very expensive housing when the bottom invariably falls out...again.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/image%20%2823%29_0.png?itok=HAdRgA85" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/image%20%2823%29_0.png?itok=HAdRgA85" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="9cd0c852-0545-440d-9972-55580e5ea5f0" data-responsive-image-style="inline_images" height="261" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/image%20%2823%29_0.png?itok=HAdRgA85" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Some say these are the seeds of the second American revolution as a class of unelected, undemocratic central bankers enrich a tiny majority at the expense of the majority...but I just like making colorful charts.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><u style="box-sizing: border-box;"><em style="box-sizing: border-box;"><strong style="box-sizing: border-box;">Extra Credit - 15 to 74 year old population / employees</strong></em></u></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">For those curious how this looks on the widest possible cross section of population/potential employees, the following are the same charts but showing the 15 to 74 year old population and employees among them.</p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/image%20%2824%29_0.png?itok=-8IFsilD" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/image%20%2824%29_0.png?itok=-8IFsilD" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="f189ee25-95ff-43de-930d-e25fe045922f" data-responsive-image-style="inline_images" height="303" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/image%20%2824%29_0.png?itok=-8IFsilD" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/image%20%2825%29_0.png?itok=gjXeEhzA" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/image%20%2825%29_0.png?itok=gjXeEhzA" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="54a3bb9e-9143-4d3d-a75a-9cdfcd6a22ce" data-responsive-image-style="inline_images" height="301" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/image%20%2825%29_0.png?itok=gjXeEhzA" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;">Last chart is pretty important, because it really highlights the declining participation of the aging population...suggesting that <strong style="box-sizing: border-box;">"full employment" will be significantly lower than '06 and '19 at much greater expense and require significantly greater QE to enable it all.</strong></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/image%20%2826%29_0.png?itok=Y51abR7j" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/image%20%2826%29_0.png?itok=Y51abR7j" style="box-sizing: border-box; color: #222222; text-decoration-line: none;"><img alt="" data-entity-type="file" data-entity-uuid="7bbe95b5-8158-43de-8686-eeb8bc52ced3" data-responsive-image-style="inline_images" height="303" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/image%20%2826%29_0.png?itok=Y51abR7j" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></a></p><p style="box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Invest (wtf) accordingly.</strong></p>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.comtag:blogger.com,1999:blog-6027289159117124531.post-32578890352849308992021-02-15T15:43:00.005-05:002021-02-15T15:43:48.556-05:00Bill Gates Goes Full Captain Planet, Wants To Change 'Every Aspect Of Economy' While We Dine On Fake Meat<p><a href="https://www.zerohedge.com/political/bill-gates-goes-full-captain-planet-wants-change-every-aspect-economy-while-we-dine-fake"> From Zero Hedge:</a></p><p></p><footer class="NodeContent_footer__2EL1s" style="-webkit-text-stroke-width: 0px; box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; margin: 2em 0px; orphans: 2; text-align: right; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;"><span class="NodeContent_footerStat__jxP8v ViewCount_container__2xsb-" style="box-sizing: border-box; display: inline-block; margin-left: 1em; white-space: nowrap;"><i class="fas fa-eye" style="-webkit-font-smoothing: antialiased; box-sizing: border-box; display: inline-block; font-family: "Font Awesome 5 Pro"; font-style: normal; font-variant: normal; font-weight: 900; line-height: 1; text-rendering: auto;"></i></span></footer><p></p><div class="NodeContent_body__2clki NodeBody_container__1M6aJ" style="-webkit-text-stroke-width: 0px; box-sizing: border-box; color: #222222; font-family: "Helvetica Neue", Helvetica, "Liberation Sans", Arial, sans-serif; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; margin-bottom: 30px; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Microsoft founder Bill Gates is pushing drastic and 'fundamental' changes to the economy in order to immediately halt the release of greenhouse gasses - primarily carbon dioxide - and 'go to zero' in order to save the planet from long-prognosticated (and consistently wrong) environmental disaster.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Changes we'll need to make in order to realize Gates' vision include:</p><ul style="box-sizing: border-box;"><li style="box-sizing: border-box;">Allocating $35 billion per year on climate and clean energy research.</li></ul><div class="Advert_desktop__1J5vD Advert_tablet__3QEBr Advert_mobile__1rlLc Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; display: flex;"><aside class="" id="in-content-video" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><ul style="box-sizing: border-box;"><li style="box-sizing: border-box;">Electric everything.</li></ul><ul style="box-sizing: border-box;"><li style="box-sizing: border-box;"><strong style="box-sizing: border-box;">Widespread consumption of fake meat</strong>, since cows account for '4% of all greenhouse gases.'</li></ul><ul style="box-sizing: border-box;"><li style="box-sizing: border-box;">Retooling the steel and cement industries, which Gates says account for 16% of all carbon dioxide emissions, to inject up to 30% of captured C02 into concrete, and create a different type of steel.</li></ul><ul style="box-sizing: border-box;"><li style="box-sizing: border-box;">Widespread adoption of next generation nuclear energy to supplement wind and solar.</li></ul><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">And since producing plants to make fake meat emits gases as well, Gates has backed a company which uses<span> </span><strong style="box-sizing: border-box;">fungus</strong><span> </span>to make sausage and yogurt, which the billionaire calls "pretty amazing."</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/cypher%20meat.jpg?itok=DAgbBV0e" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/cypher%20meat.jpg?itok=DAgbBV0e" style="box-sizing: border-box; color: #222222; text-decoration: none;"><picture style="box-sizing: border-box;"><img alt="" data-entity-type="file" data-entity-uuid="2529df00-ed43-42e7-bd07-732a68091941" data-responsive-image-style="inline_images" height="281" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/cypher%20meat.jpg?itok=DAgbBV0e" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></picture></a></p><div class="Advert_desktop__1J5vD Advert_borderTop__2PX5m Advert_placement__1I4yb" style="align-items: center; border-top: 2px solid rgb(0, 0, 0); box-sizing: border-box; display: flex;"><aside class="" id="in-content-desktop" style="box-sizing: border-box; flex: 1 1 100%;"></aside></div><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">"When you say fungi, do you mean like mushroom or a microbe?" asked<em style="box-sizing: border-box;"><span> </span></em>Anderson Cooper in a recent "60 Minutes" interview to promote Gates' new book, "How to Avoid a Climate Disaster."</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">"It's a microbe," replied Gates, adding<em style="box-sizing: border-box;"><span> </span></em>"The microbe was discovered in the ground in a geyser in Yellowstone National Park. Without soil or fertilizer it can be grown to produce this nutritional protein -- that can then be turned into a variety of foods with a small carbon footprint."</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">(<em style="box-sizing: border-box;">Speaking of which, it appears that we're already rounding the corner on C02 emissions</em>)</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/2021-02-15_0.jpg?itok=3IzpP9pQ" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2021-02-15_0.jpg?itok=3IzpP9pQ" style="box-sizing: border-box; color: #222222; text-decoration: none;"><picture style="box-sizing: border-box;"><img alt="" data-entity-type="file" data-entity-uuid="00638fa0-58bf-4428-8e2d-f60cc775cb5d" data-responsive-image-style="inline_images" height="398" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2021-02-15_0.jpg?itok=3IzpP9pQ" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></picture></a></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">More via<span> </span><a href="https://www.cbsnews.com/news/bill-gates-climate-change-disaster-60-minutes-2021-02-14/" style="box-sizing: border-box; color: #1470b2; text-decoration: underline;"><em style="box-sizing: border-box;">CBS News</em></a>:</p><blockquote style="box-sizing: border-box;"><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">Gates isn't just looking to cut future carbon emissions, he is also investing in<span> </span><strong style="box-sizing: border-box;">direct air capture, an experimental process to remove existing CO2 from the atmosphere</strong>. Some companies are now using these g<strong style="box-sizing: border-box;">iant fans to capture CO2 directly out of the air</strong>, Gates has become one of the world's largest funders of this kind of technology. </em></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">But of all his green investments,<span> </span><strong style="box-sizing: border-box;">Gates has spent the most time and money pursuing a breakthrough in nuclear energy -- arguing it's key to a zero carbon future.</strong></em></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><em style="box-sizing: border-box;">He says he's a big believer in wind and solar and thinks it can one day provide up to 80% of the country's electricity, but Gates insists unless we discover an effective way to store and ship wind and solar energy,<span> </span><strong style="box-sizing: border-box;">nuclear power will likely have to do the rest</strong>. Energy from nuclear plants can be stored so it's available when the sun isn't shining and the wind isn't blowing. </em></p></blockquote><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Gates also admits he's a hypocrite - telling Cooper "I probably have one of the highest greenhouse gas footprints of anyone on the planet," adding "my personal flying alone is gigantic."</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">He's atoning for his climate sins by purchasing plant-based aviation fuel, switching to an electric car, using solar panels, and buying carbon credits to the tune of $7 million per year.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/bNKdlnoAqIs" style="box-sizing: border-box; max-width: 100%;" width="560"></iframe></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Gates' climate pivot is getting a<span> </span><strong style="box-sizing: border-box;">full-court media press</strong>. As Paul Joseph Watson of<span> </span><a href="https://summit.news/2021/02/15/bill-gates-lauded-as-man-to-save-the-world/" style="box-sizing: border-box; color: #1470b2; text-decoration: underline;"><em style="box-sizing: border-box;">Summit News</em></a><span> </span>writes:</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Bill Gates has been lauded as the man to “save the world” and help the planet reach zero carbon emissions in a new report by Wired Magazine, despite such standards not being reflected in the billionaire philanthropist’s own lifestyle.</strong></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">The article investigates how Gates plans to achieve a “zero carbon” world and promotes his new book which argues “it’s time we make real societal, economic and logistic changes to our way of life to avoid disaster.”</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">According to Gates, the planet needs to reach zero carbon emissions in order to “avoid catastrophe.”</p><div class="twitter-tweet twitter-tweet-rendered" style="box-sizing: border-box; display: flex; margin-bottom: 10px; margin-top: 10px; max-width: 550px; width: 500px;"><iframe allowfullscreen="true" allowtransparency="true" class="" data-tweet-id="1361243904876699650" frameborder="0" id="twitter-widget-0" scrolling="no" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&frame=false&hideCard=false&hideThread=false&id=1361243904876699650&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fbill-gates-goes-full-captain-planet-wants-change-every-aspect-economy-while-we-dine-fake&siteScreenName=zerohedge&theme=light&widgetsVersion=889aa01%3A1612811843556&width=550px" style="box-sizing: border-box; display: block; flex-grow: 1; height: 792px; max-width: 100%; position: static; visibility: visible; width: 500px;" title="Twitter Tweet"></iframe></div><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Gates’ efforts to reduce CO2 emissions may have an environmentalist sheen, but that goal also risks reducing living standards in the west, something that Gates isn’t likely to embrace for himself.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">As we<span> </span><a href="https://summit.news/2021/01/15/bill-gates-buying-up-huge-amount-of-farmland-while-great-reset-tells-americans-future-is-no-private-property/" style="box-sizing: border-box; color: #1470b2; text-decoration: underline;">previously highlighted</a>, while Americans are being told that the dream of owning private property is over under a future ‘Great Reset’, Gates and other billionaires have been buying up huge amounts of farmland.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Gates is now the biggest owner of farmland in America</strong>, according to a Forbes report.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">While the mainstream media continues to champion Gates’ influence, he has received harsh criticism elsewhere.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">As we<span> </span><a href="https://summit.news/2021/02/08/robert-f-kennedy-jr-pens-encyclopedic-account-of-bill-gates-neo-feudalism/" style="box-sizing: border-box; color: #1470b2; text-decoration: underline;">highlighted</a><span> </span>last week, Lawyer Robert F. Kennedy Jr., son of Robert F. Kennedy and the nephew of former U.S. president John F. Kennedy, wrote a comprehensive report accusing Gates of engaging in neo-feudalism.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><strong style="box-sizing: border-box;">Kennedy warns that, “To cloak his dystopian plans for humanity in benign intentions, Gates has expropriated the rhetoric of “sustainability,” “biodiversity,” “good stewardship” and “climate.”</strong></p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">He also accused Gates of attempting to monopolise and dominate global food production, labeling it “a dark form of philanthrocapitalism based on biopiracy and corporate biopiracy.”</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Kennedy was subsequently banned by Instagram after his report was published.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">As we<span> </span><a href="https://summit.news/2021/02/15/creepy-kids-video-asks-what-if-bill-gates-disappeared/" style="box-sizing: border-box; color: #1470b2; text-decoration: underline;">highlighted earlier</a>, pro-Gates messaging has also found its way into children’s television programming.</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">* * *</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;">Does Gates have a plan to force the rest of the world to adopt his vision?</p><p style="box-sizing: border-box; line-height: 21px; margin: 0.25em 0px 0.75em;"><a data-image-external-href="" data-image-href="/s3/files/inline-images/2021-02-15_0.png?itok=USTIXfpy" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2021-02-15_0.png?itok=USTIXfpy" style="box-sizing: border-box; color: #222222; text-decoration: none;"><picture style="box-sizing: border-box;"><img alt="" data-entity-type="file" data-entity-uuid="1f75b714-ee92-4d17-a9dd-3656191aad20" data-responsive-image-style="inline_images" height="555" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2021-02-15_0.png?itok=USTIXfpy" style="box-sizing: border-box; max-width: 100%;" typeof="foaf:Image" width="500" /></picture></a></p></div>Elite E Serviceshttp://www.blogger.com/profile/12322000714554961475noreply@blogger.com