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"Any man who thinks he can be happy and prosperous by letting the Government take care of him; better take a closer look at the American Indian." -- Henry Ford
If you keep a diary or news journal, be sure to write down March 9, 2023 as the day that a full-blown bank run began at non-traditional banks in the U.S.
Wall Street's biggest banks took quite a thrashing in the stock market Thursday as investors spooked the turmoil at Silicon Valley Bank and Silvergate Capital dumped financial shares.
JPMorgan Chase, Bank of America, Wells Fargo and Morgan Stanley - the four most valued US lenders - saw $55 billion wiped off their combined market capitalization on Thursday, Refinitiv data show.
JPMorgan, the biggest US bank, alone saw a $22 billion tumble in its market value as its stock slid 5.41% to $130.34. Wall Street heavyweight Bank of America lost $16.16 billion as its share price fell 6.20% to $30.54. Wells Fargo and Morgan Stanley saw their market capitalization drop by $10.3 billion and $6.2 billion, respectively.
Incredulity. Astonishment. Disgust. Anger.
It is these feelings—amongst others—that describe the general reaction to the revelations of the Twitter Files and other egregious episodes of Big Tech censorship of the electronic public square.
The implicit deal with companies like Twitter, Facebook, Google, etc. is very simple: we will look at your ads if you give us a service for free. The deal did not include censorship.
But what is society to expect when those doing the censorship seem to see absolutely nothing wrong with it, and that it didn’t even occur to them that what they were engaged in—often at the specific request of governmental agencies—was at all a problem?
For a generation that has grown up with speech codes, enforced nicety, automatic deference to the feelings of others, and has been swaddled in bubble wrap against the vagaries of life, censoring of speech is not only not an ethical leap, it is the right thing to do.
Couple that with a permanent, purposeful self-infantilization that makes them defer to (or incoherently rage at for NOT censoring speech) anyone they perceive to be a grown-up—such as former FBI bigwig James Baker at Twitter—and the stage is not only set, but the terrifying end of the play writes itself.
The city of Newark, New Jersey fell victim to a humiliating scam in which its mayor signed a "sister city" agreement with a nonexistent Hindu nation called "The United States of Kailasa."
Kailasa exists only as an elaborate website created by a fugitive who's been on the lam from Indian authorities since 2019 after being charged with rape, reports CBS New York. However, in a January 12 ceremony, Mayor Ras Baraka signed a cultural and trade deal with the contrived country.
"Whose job was it to do a simple Google search?" asked Newark resident Shakee Merritt. "No one in City Hall, not one person did a Google search."
On its website, Kailasa portrays Newark as having committed the entire United States of America to a "bilateral agreement." Newark officials say no money exchanged hands, and the deal with the fictional polity has been rescinded -- just in case Kailasa tried to enforce it.
Russia has been sending Western-supplied weapons captured on the battlefields of Ukraine to its ally Iran, which may be able to reverse-engineer the technology, according to CNN.
US, NATO, and other Western officials have observed several instances of Russian forces capturing US-made Javelin anti-tank missiles and Stinger anti-aircraft systems that the Ukrainian army has left behind, CNN reported, citing four sources familiar with the matter.
According to the sources, Russia has flown some of these weapons to Iran, likely so that it can take them apart and analyze the technology in order to create its own versions of the weapons.
Ukraine has received billions of dollars worth of weapons from the West, with the US supplying FGM-148 Javelins and FIM-92 Stingers from its own military stockpile.
The situation on the Korean Peninsula seems to be deteriorating. In 2022, North Korea launched a record number of missile tests, aiming to demonstrate its capabilities in delivering conventional or nuclear payloads to more distant targets, potentially including the US mainland.
This trend has continued into this year, including in late February, with North Korea launching another ICBM and cruise missiles, and the US and South Korea holding a nuclear-themed tabletop exercise and conducting a joint air drill over the peninsula.
Jacob Chansley, the January 6th protester cast by the media as a 'violent insurrectionist' and sentenced to nearly four years in federal prison, has been vindicated in the eyes of many, after new footage emerged last week which refutes the entire narrative surrounding the events of that day.
After reviewing footage withheld from the public by the January 6th Committee, Fox News host Tucker Carlson revealed that Chansley (given the moniker "QAnon Shaman"), was calmly escorted throughout the Capitol complex by Capitol Police, who even helped him find open doors.
“The tapes show the Capitol police never stopped Jacob Chansley," said Carlson. "They helped him. They acted as his tour guides," said Carlson.
Thus far in this 3-year fiasco of mismanagement and corruption, we’ve avoided a financial crisis. That’s for specific reasons. We just had not traveled there in the trajectory of the inevitable. Are we there yet? Maybe. In any case, the speed of change is accelerating. All that awaits is to observe the extent of the contagion.
The failure of the Silicon Valley Bank (SVB), $212 billion in assets until only recently, is a huge mess and a possible foreshadowing. Its fixed-rate bond holdings declined rapidly in market valuation due to changed market conditions. Its portfolio crashed further due to a depositor run. And it all happened in less than a few days.
It’s all an extension of Fed policy to curb inflation, reversing a 13-year zero-rate policy. This of course pushed up rates in the middle and right side of the yield curve, devaluing existing bond holdings locked into older rate patterns. Investors noticed and then depositors too. The high-flying institution that specialized in providing liquidity in industries that have lost their luster suddenly found itself very vulnerable.
In addition, the bank was exposed with a portfolio of collateralized mortgage obligations and mortgage-backed securities. But with rates rising, those are coming under stress too as high leverage in housing and real estate become untenable amidst falling valuations. Borrowers are finding themselves under water and that in turn adds to stress on lenders.
Brigitte Macron, the First Lady of France, filed a complaint last year against two women who uploaded a YouTube video titled "Brigitte Macron is a man." The video alleged that Brigitte had a gender reassignment at 18.
On Wednesday, the French newspaper Le Point reported that Brigitte's complaint against the two women was "voided" by a Paris Judge.
In its decision, consulted by AFP, the court declared void the summons issued by Brigitte Macron for invasion of privacy and image rights, considering that the facts she denounced should have been qualified of public defamation.
Brigitte Macron, her brother, and the three children of the First Lady had assigned two women on February 15, 2022, one presenting herself as a "medium," the other as an "independent journalist."
They asked the court to condemn these two women to pay them damages for having broadcast on the YouTube channel of the "medium", on December 10, 2021, "a perfectly eccentric thesis" according to which Brigitte Macron, born Trogneux, does not would never have existed, but that his brother would have taken on this identity after changing sex.
Global air pollution declined by 31% during the initial COVID-19 lockdowns, demonstrating a link between economic activity and air quality.
As Visual Capitalist's Jenna Ross details below, this graphic from The Hinrich Foundation, the fourth in a five-part series on the sustainability of trade, explores how air pollution varies by economy. It pulls data from the 2022 Sustainable Trade Index, which The Hinrich Foundation produced in collaboration with the IMD World Competitiveness Center.
Joe Biden just can’t stop lying about his policies that have crushed the American people.
How long has he been telling us that he only wants to go after the “rich” people with his phalanx of thousands of new IRS agents? A long time it seems. Anyone who knows Joe Biden knows what malarkey his claim truly is and we’ve pointed out some of the lies surrounding this claim in the past.
But Treasury Secretary Janet Yellen finally admitted under grilling on Friday by Rep. Adrian Smith (R-NE), the Chairman of the House Ways and Means Trade Subcommittee, that 90 percent of the new audits were going to be on families and small businesses — lower and middle-income people making under $400,000, and not on “billionaires and tax cheats,” as Joe Biden has claimed.
Remember the scene in “It’s a Wonderful Life” when there’s a run on Jimmy Stewart’s bank? That just happened in real life.
Silicon Valley Bank collapsed Friday after depositors rushed to pull funds from the tech lender amid jitters about its exposure to the fragile technology sector.
It’s the biggest bank failure since the 2008 financial crisis, putting nearly $175 billion in customer deposits under the control of the Federal Deposit Insurance Corp.
While this kind of thing doesn’t happen very often, the demise of Silicon Valley Bank serves as an lesson for all bank customers about what can happen if an institution goes under.
Illegal border crossings in Arizona show no signs of slowing down, in fact the Tucson Sector Border Patrol officials just reported the apprehension of a group of 235 illegal aliens from 14 different nations.
On Monday, Tucson Sector Chief Patrol Agent John R. Modlin tweeted out a photo of the group, which included single adults, families, and small children, apprehended by Ajo Station agents.