Archive for the ‘Economics’ Category

LinkSwarm For June 14, 2024

Friday, June 14th, 2024

Greetings, and welcome to a LinkSwarm so large I had to start working on it Wednesday! Unemployment rises too much to rig it away, home sales crash to Carter levels, Europe’s voters rise up to throw out the left, Hunter is guilty guilty guilty, another blow to the Biden Administration’s tranny Title IX rewrite, Israel rescues some hostages and smokes a Hezbolli terror master, and California continues to do California things.

  • The Biden Administration has been lying about how high unemployment is. Says who? The Chairman of the Federal Reserve.

    Every so-called “strong” jobs report has been a disaster if one puts in even a little work to dig below the pristine, if fake, surface. And while we expected this charade to continue indefinitely, and certainly at least until the November election, at which point suddenly all the truth about the ugly labor market would be revealed to usher in the new president amid an economic crisis, we were shocked when none other than the Fed chair admitted today that the Biden admin was rigging jobs data.

    In response to a question from a Bloomberg journalist during the post-FOMC presser, asking the Fed chair to comment on the state of the labor market, the Fed Chair said that two years ago the labor market was “overheated” and has since gotten back to “normal”, largely thanks to “supply from to immigration” – translation: illegal aliens have been the main reasons for the increase in employment and the drop in wages and thus, overall inflation, which as we discussed recently, is the narrative that is being pushed out to mitigate demands by most Americans to halt illegal immigration.

    Where things got very interesting, however, is when Powell was discussing the demand-side of the labor market: here, he addressed the dropping quits level, the decline in job openings and wages, but more importantly, the rising unemployment rate – from 3.4% to 4.0% which clearly goes against the narrative of red hot payrolls – all of which the Fed chair summarized as strong job creation, yet caveated by saying that “there is an argument that [payrolls] may be a bit overstated.”

    Note: he didn’t say “understated” because the “-stating” always goes in just one direction: the one that makes the resident of the White House look good.

    In other words, the jobs – like so many things about this Potemkin economy – are a lie, and while Powell immediately realized what he had said, and tried to couch it by adding that payrolls are “still strong”, suddenly the entire narrative of a strong labor market imploded in front of our eyes, because if the Biden admin will lie about a “bit” of the jobs report, it will lie about any part of it.

    And, as we have shown above and every month this year, lie is precisely what the Biden administration has been doing, month after month, year after year.

    And the biggest stunner, as Edward Snowden put it so eloquently, is that he’s “not sure I’ve ever seen the chairman of the Federal Reserve publicly accuse the White House of cooking the books on employment numbers, but here we are.”

  • Speaking of which: “Initial Claims Surge To 10-Month Highs As California Joblessness Soars.” “Did we suddenly get a peek at economic reality? The number of Americans applying for jobless benefits for the first time surged last week to 242k (up from 229k and well above the 225k exp). That is the highest since August 2023.” And California, which just happened to implement a minimum wage hike, led far and away with the most claims…
  • Home sales have dropped so far during the Biden Recession that they’re now back to 1978 levels.

    The recession in the U.S. existing home sales market has been so deep that we’re back to late ‘70s levels—despite us now living in a much bigger country:

    April 1978: 4.09 million U.S. existing home sales print

    April 2024: 4.14 million U.S. existing home sales print*

    1978: 223 million U.S. population

    2024: 341 million U.S. population

    The reason, of course, is that housing affordability has deteriorated so much that many buyers and sellers alike have pulled back from the market. Many homeowners who would otherwise like to sell and buy something else are staying put rather than trading in their 3% mortgage rate for a 7% mortgage rate.

    The bad news?

    According to a forecast published this week by Goldman Sachs, the recovery for existing home sales could be a slog.

    1978: Jimmy Carter was still President, the Bee Gees dominated the music charts thanks to Saturday Night Fever, and a brand new comic strip about a lasagna-loving cat named Garfield debuted. And the average price of a home was somewhere around $56,000. (Yet, somehow, home sales were still stronger during the 1981-82 interest rate hikes than under Carter in 1978…)

  • Hunter Biden found guilty on all counts in his gun trial.

    A jury of Hunter Biden’s peers found him guilty on all three felony charges on Tuesday after a six-day trial that demonstrated that the first son lied on a federal gun-purchase background-check form when he claimed not to be a drug addict.

    The verdict was reached after the jury deliberated for three hours, beginning Monday afternoon with the conclusion of closing arguments. Hunter was surrounded by family members, including wife Melissa Cohen Biden and his uncle James Biden, as the verdict was read. First lady Jill Biden missed the verdict announcement and rushed to greet Hunter afterward.

    Hunter was found guilty on two charges for lying about his crack-cocaine addiction on federal gun paperwork when he bought a Colt Cobra revolver at a sporting-goods store in Wilmington in October 2018. He was also found guilty on a third charge for possessing the firearm while he was using crack cocaine.

    The first son faces up to 25 years in prison, though he’ll likely receive a lighter sentence as a first-time, nonviolent offender. Judge Noreika, who presided over the trial, said that a sentencing hearing will be held in September.

    Though Hunter Biden still has a pending tax trial, don’t hold your breath about him going to trial for his role as the Biden crime family’s bagman…

  • “Court Confirms: Weiss’s ‘Special Counsel’ Appointment Is a Sham.”

    I’ve pointed out time and again (including yesterday) that Biden Justice Department AG Merrick Garland’s “special counsel” appointment of Biden Justice Department Delaware U.S. Attorney David Weiss in the Hunter Biden case is a fraud on the public.

    In a pretrial ruling denying the younger Biden’s motion to dismiss the case, Judge Maryellen Noreika has confirmed that Garland’s appointment of Weiss did not comply with federal regulations for appointing special counsels. That, however, was not a basis to dismiss the case — particularly with Garland and Weiss quietly citing the last special-counsel regulation, §600.10 (of Title 28, Code of Federal Regulations), which provides that no one may hold the Justice Department accountable for flouting its own regulations.

    To be clear, I have never contended that Garland lacked the authority to assign Weiss, or whoever he wanted to assign, to investigate the Biden case. As Judge Noreika correctly explained, federal statutory law — in particular, §§509, 510, 515, and 533 — vest attorneys general with sweeping power to run the Justice Department as they see fit, including power to designate any DOJ lawyers they choose to run investigations anywhere in the country.

    Weiss, for example, is now prosecuting Hunter Biden in Los Angeles, on the tax case scheduled to begin trial on September 5, in addition to the gun case in Weiss’s own Delaware district. That’s because Garland doubled-down in assigning the investigation of the president’s son to the same prosecutor — Weiss — who had just schemed with defense lawyers on a failed sweetheart plea deal that was designed to make all conceivable cases against said son disappear (and only after Weiss had consciously dithered as the statute of limitations steadily eviscerated serious criminal offenses).

    Garland is the attorney general, and he has that power. It is power he wields with no fear that Congress will slash the DOJ’s budget, censure him, impeach him, or do anything else but caterwaul over how he abuses it. My point is that Garland has been engaged in a nearly four-year fraud — trying to con the country into believing the Justice Department is neither protecting its boss nor trying, to the extent politically feasible, to protect the president’s son.

    The AG refused to appoint a special counsel for the Biden investigation, despite the president’s (and other Biden family members’) being implicated in Hunter’s malfeasance, particularly crimes arising out of his peddling of his father’s political influence for huge pay days from agents of corrupt and anti-American regimes.

  • Europe’s ruling center left just got smashed in European elections.

    Early projections of the EU-election results show that the continent’s right-wing parties have made significant advances as voters signal their dissatisfaction with illegal immigration and inflation. Formerly powerful left-wing parties seem to have been routed, while centrists stayed the course.

    This antiestablishment sentiment was expressed most strongly in Germany and France, two of the European bloc’s most powerful countries.

    The French results prompted President Emmanuel Macron to dissolve the French parliament in preparation for snap elections on June 30 and July 7, as his party lost badly to Marine Le Pen’s National Rally, which is part of the Identity and Democracy coalition in the European Parliament.

    Before crowds in Paris, Le Pen responded to Macron’s announcement: “This historic vote shows that when people vote, people win. . . . We are ready to exercise power, to end mass migration, to prioritize purchasing power, ready to make France live again.”

    In Germany, Chancellor Olaf Scholz and his Social Democrats were trounced by a combination of support for the right-wing CDU/CSU and Alternative for Germany (AfD). The left-wing Social Democratic Party (14.6 percent) and the Greens (12 percent) underperformed. Katarina Barley, speaking for the Social Democrats, called it “a bitter evening.” “I am very disappointed.” The AfD, having won 14 percent as of this reporting, is intent on carrying its EU wins to the national elections in October 2025.

    Italian prime minister Giorgia Meloni was the only leader of a European power to see success, with the right-wing politician’s allied faction, European Conservatives and Reformists, placing first in Italy.

    In Spain, the conservative People’s Party took 34.2 percent of the vote, a rejection of socialist prime minister Pedro Sánchez and his Socialist Workers’ Party, which received 30.2 percent. Two other right-wing parties, Vox and Se Acabó La Fiesta (The Party’s Over), received another 14.2 percent between them.

    The Greens ceded more ground than any other party in the EU, losing more than a quarter of their seats.

    For decades, the ruling Euroelite have insisted that there is no alternative to their high tax, high spending, high debt, high regulation, high immigration, environmental leftist EU superstate. Voters seem to have finally grown tired enough of it that they’re willing to embrace Marine Le Pen if that’s what it takes to make their voices heard.

  • “Biden Asks Why Europe Didn’t Just Arrest Conservative Candidates Before Election.”
  • Good news! The Supreme Court has struck down the bump stock ban.

    In his opinion, Thomas wrote that, though a bump stock does increase a rifle’s rate of fire, it does not turn it into an automatic weapon.

    “A bump stock does not convert a semiautomatic rifle into a machinegun any more than a shooter with a lightning-fast trigger finger does,” Thomas wrote. “Even with a bump stock, a semiautomatic rifle will only fire one shot for every ‘function of the trigger.’”

    Justice Samuel Alito wrote in his concurrence that, while the ATF’s interpretation of the Firearm Owners’ Protection Act was an incorrect reading of the statute, there are legislative remedies for the issue of bump stocks.

    “The horrible shooting spree in Las Vegas in 2017 did not change the statutory text or its meaning,” Alito wrote. “That event demonstrated that a semiautomatic rifle with a bump stock can have the same lethal effect as a machinegun, and it thus strengthened the case for amending §5845(b). But an event that highlights the need to amend a law does not itself change the law’s meaning.”

  • The Lies and Fall of Ibram X. Kendi.” “This man gave America the simplest, most easily applicable binary solution to all of our racial problems. It didn’t matter that it was stupid, at least not from the perspective of his personal enrichment. For a while, it sold…What we lived through in 2020, during the Floyd meltdown and its aftermath, was a onetime necrotic bloom during which the first carrion-feeders on the scene were able to fatten themselves up to spectacular proportions on the collapsed body of American progressive racial and political angst.”
  • Alas, I fear the idea that the woke poison of social justice is really on the wane may be too optimistic, as Michigan State still has 140+ employees working to implement DEI. Let a thousand pink slips bloom.
  • Five of seven convicted in Feeding Our Future Covid funds fraud trial in Minnesota. The convicted included Abdiaziz Shafii Farah, Mohamed Jama Ismail, Abdimajid Mohamed Nur, Mukhtar Mohamed Shariff, and Hayat Mohamed Nur. If only we could figure out what they have in common…
  • Ukraine takes out Russia’s latest and greatest Su-57 “stealth” fighter.
  • The US has expanded economic sanctions on Russia.

    The US has broadened its sanctions on Russia, including a fresh crackdown on banks dealing with sanctioned entities.

    It expands a December programme to target foreign banks deemed to be aiding Russia’s war effort in Ukraine.

    The US also placed sanctions on the Moscow stock exchange, leading to it halting trading in dollars and euros.

    It also moved to try to restrict Russia’s use of technology, including chips and software.

    US President Joe Biden signed an executive order in December that imposed sanctions on banks dealing with about 1,200 individuals and companies deemed to be helping Russia’s war machine.

    Those measures, which expose banks to the risk of being cut off from the US financial system, have now been expanded to about 4,500 entities.

    The US will also target gold-laundering.

    Peter Harrell, a former White House senior director for international economics, told the Reuters news agency that the US “is shifting towards something that begins to look like an effort to set up a global financial embargo on Russia”.

    As part of this effort, the US Treasury announced that it would impose sanctions on parts of Russia’s financial system, including the Moscow Exchange, which is one of Russia’s main stock exchanges.

    The stock exchange, which is Russia’s largest foreign exchange market, said the sanctions had forced it to stop trading in dollars and euros.

    The US also focused on technology. Chips and other technology made in the US have been found in downed Russian equipment on Ukraine battlefields, including drones, radios, missiles and armoured vehicles.

    The sanctions aim to make it more difficult for companies to supply that tech.

    The US will target shell firms in Hong Kong selling chips to Russia.

    There are YouTubers saying “Russian economy is crippled” etc., but I remain skeptical. The chips going into Russian drones aren’t anything special, they’re COTS stuff and EPROMs you can get almost anywhere.

  • “Israeli Military Rescues Four Hostages from Gaza.” Naturally this is good news for decent human beings everywhere and a tragedy for the radical left.
  • “Lebanon: Israeli Airstrike Kills One Of Hezbollah’s Most Senior Terror Commanders. The Israel Defense Forces (IDF) on Tuesday night eliminated one of Hezbollah’s senior-most terror commanders operating in Lebanon. Sami Taleb Abdullah, who headed Hezbollah’s Nasr terrorist force, and three other Hezbollah commanders were killed in an Israeli airstrikes on a terrorist base located in southern Lebanon.” Good. Remember how commentators have repeatedly opined on the possibility of Hezbollah opening up a “second front” while Israel settles Hamas’ hash? They seem to have done very little but the usual pinprick terror attacks. With all the terror money Iran is sloshing around to Hamas and the Houthi’s, one wonders if they’re stretched to thin to send much Hezbollah’s way…
  • Bill Maher Calls Out Campus Protesters for Ignoring the Oppression of Women in Muslim Countries.” “Today, right now, hundreds of millions of women are treated worse than second-class citizens. When you mandate that one category of human beings don’t even have the right to show their face, that’s apartheid.”
  • An end to the petrodollar? Peter Zeihan asserts that there’s still no real alternative to the dollar as the world’s reserve currency. Let’s hope he’s right. (Hat tip: Stephen Green at Instapundit.)
  • The American College of Pediatricians releases statement calling for an immediate halt to puberty blockers and gender surgery for minors.
  • Another day, another federal judge slapping down the Biden Administrations unilateral tranny rewrite of Title IX.

    Western District of Louisiana Chief Judge Terry Doughty in an order Thursday declared that Title IX, a federal education law that bars sex-based discrimination, “was written and intended to protect biological women from discrimination.”

    “Such purpose makes it difficult to sincerely argue that, at the time of enactment, ‘discrimination on the basis of sex’ included gender identity, sex stereotypes, sexual orientation, or sex characteristics,” Doughty, a Trump appointee, wrote. “Enacting the changes in the Final Rule would subvert the original purpose of Title IX.”

    (Previously.)

  • Still, the Biden Administration continues its tranny push, going so far as to indict the whistleblowing surgeon who exposed lawbreaking transgender procedures at Texas Children’s Hospital.
  • Brandon Herrera reflects on his narrow election loss.
  • “Congressman Henry Cuellar’s Bribery, Money Laundering Trial Date Moved to 2025.” Hopefully Jay Furman, the Republican candidate for the Texas 28th Congressional District can retire him in November so he can concentrate on his trial…
  • Be a cop working a gun buyback program for the San Antonio Police. 2. Take choicest guns for yourself. 3. Profit! (Hat tip: Dwight.)
  • Old and Busted: LA thieves stealing anything not bolted down. The New Hotness: Actually, they’re stealing fire hydrants now.
  • Another week, another California chain leaving California. (Hat tip: Dwight.)
  • Seattle’s $26 minimum wage hike = people just stopped ordering food delivery.
  • Of course the U.S. Women’s basketball has left Caitlyn Clark off the team. Because we all know queer identity trumps winning a medal for your country…
  • On the upside, also not competing: “Lia” Thomas. Turns out the Olympics don’t want men competing in women’s swimming. Who could have possibly seen that coming?
  • Tesla is now officially a Texas company. And Elon Musk’s big payday was approved by Tesla shareholders.
  • AI music gets good enough. “It’s going to replace people.”
  • For a brief period after World War II, homes were made of enameled steel. I bet Lustron would offer a pretty high degree of bullet resistance…
  • “Why the US Drops 14.7 Million Worms On Panama Every Week.” Raccoona Sheldon should write a story…
  • The ecology of stray dogs in east Austin.
  • Star Wars, RIP.
  • Old and Busted: Top Gear presenters offering their own brand of gin. The New Hotness: Tiger tanks offering their own brand of gin.
  • How 12 Japanese Kanji “ghost characters got into unicode.
  • “Pfizer Assures Public They Are Preparing For Next Pandemic By Developing An All-New Ineffective Vaccine With Fatal Side Effects.”
  • “In Hindsight Fans Realize They Were Too Quick To Call The Holiday Special The Worst Star Wars Project Ever…After watching the latest Disney Star Wars offering The Acolyte, however, many fans admit they might have been too harsh to call the holiday show the worst thing to come out of the franchise.”
  • The Coming Collapse Of Venezuela

    Thursday, June 13th, 2024

    Here’s Peter Zeihan to state what conservatives knew a decade ago: Venezuela is headed for collapse.

    It’s just over 6 minutes long, so even though I’ve excerpted it, you might want to watch all of it to listen for the one word Zeihan doesn’t say.

  • “Under 20 years of ridiculous mismanagement and theft by the governments of Hugo Chavez and now Nicholas Maduro, the state’s broken.”
  • “Basically we’ve had two decades of the governing authorities literally stealing everything that wasn’t stripped down, and then getting a wrench and getting a lot of the stuff that was stripped down [I think he means “strapped down”], to the point that they simply didn’t just confiscate materials they stripped it of equipment and melted it down or sold it for parts and there’s really nothing left.”
  • “So the country that used to have the highest educational levels in Latin America, the country that used to have the highest standard of living and the most cultural achievement, is now teetering on the verge of being a broken state, a failed state.”
  • “Roughly 1/3rd of the population that has out migrated since uh the last 6-7 years.”
  • “In calendar year 2022 and calendar year 2023, the Biden Administration did a partial lifting of sanctions on the regime, basically saying that if you start working in the direction of free and fair elections, we will allow investment to come in to stabilize the energy sector and get some more oil out of the ground. Uh, we’re going to trust your word for it, and then we will reassess when we get closer to elections in 2024.”
  • I bet everyone reading this can figure out exactly how well that worked out. “We’ll just take your word that your three card monte game is on the level.”
  • Chevron came in and got oil output up to a million barrels a day.
  • “But in the last several weeks it’s been clear that the government of Maduro has no intention of having real elections.” You don’t say. What you mean is “It’s been clear for decades that Venezuela’s socialist thugs have never had any intentions of holding free elections.” Only and idiot would think otherwise.
  • But the Biden Administration is doing everything it can to increase oil production in the rest of the world to help Biden’s reelection chances, while supressing oil production at home. “There’s a lot of things about that that are inconsistent.” You don’t say.
  • Oil production is now under three-quarters of a million barrels and falling.
  • “The really high-end stuff, the stuff that was part of the outcome of Venezuela being such a successful state, left a long time ago, and in bits and pieces ever since the the middle management and the secondary skill set and now there’s really nothing left.”
  • “People like to talk about the Chinese, the Russians, the Iranians coming, in but they don’t have any experience in this sort of oil patch, so we are probably going to see a collapse of what’s left of the output this year and early in the next year.”
  • “One of the many, many, many, many, many mistakes that Chavez and Maduro made is they hated the United States so much, and their spending was so crazy, that they started pre-selling their oil specifically to China and to a lesser degree to Russia. ‘We’ll take X number of billions of dollars from you now and we will pay you back with raw crude in the years to come.’ Well, what that means is that the Venezuelans are already not getting money from the oil that they produce.”
  • “So we are going to see this collapse, and as that happens, the ability of getting even a modicum of foreign currency to pay for the 80% of their food that they now import because they destroyed their agricultural sector is on deck.”
  • “So the famines of the past, the dislocations of the past, the migrations of the past these have all just been the appetizer course, and over the next very few years we’re going to see the full collapse of Venezuelan society.”
  • Leave it to the Biden Administration to enable foreign leftist enemies for temporary political gain.

    Did you notice the word missing from Zeihan’s analysis?

    That word is socialism.

    For well over a decade, conservatives have been talking about how Venezuela’s socialist rulers were ruining their country, up to an including zoo animals starving to death because there was no food to feed them. All while the useful idiots on the American left like Michael Moore insisted that Venezuela was building a socialist paradise.

    The only thing we learn from history is that not one enthusiast for socialism will learn from history.

    The Price Of Ramen In China

    Sunday, June 2nd, 2024

    There’s an idiomatic express that seems to have fallen out of common usage: “What does that have to do with the price of Tea in China?” The phrase indicates that they speaker has no interest or use in the information you’re conveying. This video has me curious as to what the price of one packet of dried ramen noodles goes for in China.

    China seems to be having an unenviable bout of stagflation, with both unemployment and inflation rising at the same time. (So, for that matter, are we, though not as severe, and one which our elites controlling economic data seem determined to hide as much as possible.) In the video, people are complaining that packaged ramen noodles are going up from 2.8 to 3 yuan. (An online Chinese retail price tool puts it at a statistically indistinguishable 2.98 yuan.) At official exchange rates, 3 yuan is about 41¢.

    Back in the days of being a poor college student, I could generally eat on 20 dollars a week. Rice, spaghetti, luncheon meat sandwiches, hot dogs and ramen were regular staples. Good ramen (Maruchan or Top Ramen) could readily be found five for $1, and the generic brand (back then they had literal generic brands with plain white packaging) could even be had for 15¢ a pop.

    Those days, of course, are long gone. An individual pack of Maruchan Ramen is now 30¢ at Walmart, or 31¢ at HEB.

    I had always had the vague impression that China exported ramen to the U.S., but Maruchan is actually packaged just south of San Antonio in Von Ormy.

    It’s surprising to me that ramen, the college student survival staple, is actually more expensive in China than here, despite average Americans being much wealthier than average Chinese.

    It must really, really suck to be poor in China right now…

    Wargaming Russia’s Collapse

    Thursday, May 30th, 2024

    Several people have wargamed possible outcomes to the Russo-Ukrainian War, but probably few have so literally gamified it.

    His argument is pretty simple: Russia has X-industrial capacity, it’s using up Y amounts of war material, broken down into rough categories of how much Z time it takes to replace said war material. As this material is used up faster than it can be replaced, a scale estimates the chances of the Russian lines collapsing due to lack of material to carry on the fight, which runs from 10% in June to 100% on December 26, 2026.

    There is a certain rough and ready logic to this analysis, and Russia is using up its stockpiles of Soviet-era equipment at an unsustainable rate, especially when it comes to aircraft. But there are numerous problems with this gamified analysis:

  • This is an abstraction of an abstraction of an abstraction. The map is not the territory, and the Russo-Ukrainian War is not a game of Strategic Conquest where any city’s productive capacity can be set to any task.
  • It’s not a question of how much generic productive capacity, it’s how much steel, gas, titanium, precision machinery, semiconductors, etc., Russia can produce.
  • By assuming Europe will keep Ukraine well supplied with war material, the YouTuber (Mark Biernat, “a Ph.D. student in Poland and teach college economics in the US”) is making assumptions that may not be warranted, especially when it comes to manpower, which may be a serious constraint on Ukraine.
  • It also assume that Russia won’t change it’s wasteful, grinding assault tactics to conserve men and material. Maybe not a bad bet, given their continued stupidity, but not a sure thing.
  • The author has not covered the general state of the Russian economy here, but he seems to have gone into that in other videos. The problem is that YouTubers have correctly predicted 10,000 of the last zero Russian economic collapses, so I’m getting a little jaded on this front. Russia’s economy is clearly in trouble, but large economies can stay in trouble for quite a long time before collapsing.
  • I am broadly sympathetic to the author’s thesis and worldview, but this argument is too abstracted from reality for me to assign any veracity to the estimation dates for possible collapse.

    China Throws Money At Semiconductors Again

    Monday, May 27th, 2024

    Madness is doing the same thing over and expecting different results, and China is throwing money at semiconductors again.

    China has launched a massive $47 billion fund, the largest in its history, to bolster its semiconductor industry and establish a local supply chain. This fund, equivalent to 344 billion yuan, is the third phase initiated by the China Integrated Circuit Industry Investment Fund [also known as the National Integrated Circuit Industry investment Fund Company (ICF), or just “Big Fund.”-LP]. It’s worth noting that this amount is twice the total funds raised in the previous phases in 2014 and 2019.

    Do you remember the last time I covered where the money went to in those previous phases? The money went to companies like Wuhan Hongxin Semiconductor Manufacturing Co. Result? “Hongxin’s unfinished plant in the port city of Wuhan now stands abandoned. Its founders have vanished, despite owing contractors and investors billions of yuan.”

    Or maybe Tsinghua Unigroup. Result? The arrested a whole lot of executives, a lot of money disappeared into various pockets, and “Tsinghua Unigroup abandoned its plan to build DRAM memory chip manufacturing plants in Chongqing and Chengdu in southwest China earlier this year.”

    As I wrote before, China’s semiconductor industry is shell games all the way down.

    At lot of times, loans and investments are siphoned through four or five different entities from the purposes for which they were originally obtained. Everyone’s trying to get rich, and they hope to survive on smoke and mirrors long enough to get profitable. Imagine if Kleiner Perkins invested $25 million in a software startup, only to find that money was spent on a noodle shop, a used car dealership and a golf club manufacturer.

    Sometimes it works. You can build a company on margin, get profitable quickly, and be paying off investors and contractors before anyone realizes how shaky the entire enterprise is.

    But you can’t do that with semiconductor manufacturing. The startup costs are simply too high, easily in the billions. Very, very few companies can afford to be in a game that expensive. China’s two biggest semiconductor manufacturing success stories, SMIC and Tsinghua Unigroup, all have have CCP direct government investment.

    And bunches of Tsinghua Unigroup executive still got pinched for sticking their snouts into the trough.

    And everything should theoretically be harder now that the U.S. has imposed sanctions on China’s semiconductor industry. But one wonders just how effective these sanctions are when Applied Materials reported that 43% of its total revenue came from China in the second quarter. That suggests a certain kayfabe quality to the sanction, with just the right loopholes for AMAT (and presumably other semiconductor equipment manufacturing giants like Lam Research and Tokyo Electron) to keep getting those conveyor belts of Chinese money.

    My assumption is that, yet again, the funds earmarked for semiconductor companies will be siphoned off into a thousands unrelated pockets. (Though the rest of China’s business climate is sucking so badly that maybe some money will actually fund real semiconductor startups, if only through lack of other money-making opportunities to siphon funds off for.) Sanctions will continue to leak. A few years from now, China will announce the arrests of more executives using the Big Fund to play more investment shell games. And five years from now China will announce an even bigger set of subsidies…

    LinkSwarm for May 17, 2024

    Friday, May 17th, 2024

    More Biden corruption unearthed, the Biden Recession has canaries dying left and right, yet another Katy ISD teacher involved in child sex crimes, and Phoebe Waller-Bridge is being given another tomb raider to destroy. It’s the Friday LinkSwarm!

  • Missouri AG Accuses Biden DOJ Of Coordinating With Trump Prosecutors.

    Missouri Attorney General Andrew Bailey filed a Freedom of Information Act (FOIA) request on Thursday as part of a probe into whether the Biden DOJ coordinated with Trump prosecutors.

    Missouri Attorney General Andrew Bailey filed a Freedom of Information Act (FOIA) request on Thursday as part of a probe into whether the Biden DOJ coordinated with Trump prosecutors.

  • More shady Biden accounts discovered.

    House Oversight Committee Chairman James Comer dropped a bombshell on Thursday, revealing that his panel had unearthed new financial accounts tied to the Biden family investigation. Adding to the drama, Comer announced a fresh subpoena aimed at an undisclosed bank, ramping up the pressure in this ongoing probe.

    “This morning, I issued a subpoena for targeted financial information from a certain financial institution related to Jim Biden, Sarah Biden and Hunter Biden. This is a result of many of the documents that Devon Archer turned over,” Comer told Maria Bartiromo on Fox Business.

    The Oversight Committee began investigating the Biden family’s alleged shady business dealings over two years ago. In March, they called for Biden to testify before Congress, stating that “the committee has accounted for over $24 million that has flowed from foreign sources to you, your family, and their business associates.”

    “It is unbelievable,” Comer continued. “I don’t think you would find very many people that have a billion-dollar net worth that have as many different bank accounts as this Biden family had. Many of these were shell companies.”

    Those were “companies [whose] sole purpose was to launder the money that the Bidens were receiving from China, from Romania, from Russia,” Comer added. “And never one time through the course of this entire investigation, even during the depositions with Hunter Biden and the transcribed interview with Jim Biden, were they able to answer exactly what the family did to receive this money.”

    (Hat tip: Stephen Green at Instapundit.)

  • Don’t look now, but silver just broke the $30 mark for the first time in forever. A whole lot of investors think inflation is baked into the cake now.
  • IKEA says that the current economy is the worst they’ve ever seen. There are lots of other canaries keeling over as well…
  • “Hunter Biden Loses Bid To Halt Tax Evasion Court Proceedings As 9th Circuit Dismisses Appeal.” Will a member of the Biden crime family actually serve time for their misdeeds?
  • “Nearly Half of All Masters Degrees Aren’t Worth Getting. According to new research, 23 percent of bachelor’s degree programs and 43 percent of master’s degree programs have a negative ROI.” (Hat tip: Instapundit.)
  • If your farm is in the state of California, State Farm no longer wants your business.
  • Meanwhile, the government of San Francisco is buying booze for homeless people.
  • Daniel Perry Pardoned by Gov. Abbott Following Parole Board Recommendation.”

    Gov. Greg Abbott has pardoned U.S. Army Sergeant Daniel Perry following a recommendation of pardon and restoration of his firearm rights by the Texas Board of Pardons and Paroles.

    The board voted unanimously on the recommendation.

    Shortly after the recommendation was made, Abbott officially pardoned Perry.

    “The Texas Board of Pardons and Paroles conducted an exhaustive review of U.S. Army Sergeant Daniel Perry’s personal history and the facts surrounding the July 2020 incident and recommended a Full Pardon and Restoration of Full Civil Rights of Citizenship,” Abbott wrote in a press release.

    “Among the voluminous files reviewed by the Board, they considered information provided by the Travis County District Attorney, the full investigative report on Daniel Perry, plus a review of all the testimony provided at trial. Texas has one of the strongest ‘Stand Your Ground’ laws on self-defense that cannot be nullified by a jury or a progressive District Attorney. I thank the Board for its thorough investigation, and I approve their pardon recommendation.”

    Perry was convicted of murdering Air Force veteran and Black Lives Matter protester Garrett Foster in 2023. A Travis County jury deliberated for 17 hours before finding Perry guilty of murder but not aggravated assault of Foster at the intersection of 4th Street and Congress Avenue in downtown Austin, as well as threatening a crowd with his car during the 2020 protest.

    Perry, who was working as an Uber driver, shot and killed Foster with a .357 Magnum revolver after Foster approached the driver door of his Hyundai Ioniq.

    This dispassionate description hides the fact that Perry’s car was surrounded by a crowd of rioters, including the one who aimed a gun at Perry. This was a clear case of self defense that never would have gone to trial if Travis County’s far left Soros backed DA Jose Garza weren’t so in favor of radical left wing rioters and hostile the right of self defense.

  • Is the DOJ trying to protect Pfizer from a whistleblower lawsuit?

    The Department of Justice recently argued that a whistleblower lawsuit against Pfizer, filed by Brook Jackson, should be dismissed.

    Jackson, a 20-year veteran in clinical trial administration employed by a third-party vendor (Ventavia Research Group), worked on Pfizer’s COVID-19 vaccine trials in 2020. Alarmed by what she witnessed, Jackson raised concerns to her superiors, Pfizer, and the Food and Drug Administration (FDA) in September 2020.

    She claimed the trial was being run, documented, and reported in a manner that violated Federal law and was potentially dangerous.

    Hours after contacting the FDA on September 25, 2020, Jackson was fired. Her sealed whistleblower complaint seemed to stall, with the FDA not investigating her claims. Faced with inaction, Jackson filed a lawsuit.

    As the case progressed towards discovery, the DOJ intervened, asking the judge to dismiss the case. Jackson argues that the government failed to articulate a legitimate reason for dismissal and did not demonstrate why the burdens of continued litigation outweigh its benefits.

    Disturbingly, a former FDA lawyer who worked at the agency when Jackson’s complaint was filed has moved to the DOJ and is now representing the government in its attempt to shut down the suit, raising concerns about regulatory capture and the use of government to shield companies from accountability.

    In 2021, the British Medical Journal published an article investigating Jackson’s claims and found them credible. The journal’s investigation concluded that Jackson’s account was supported by documentation and raised serious questions about the integrity of Pfizer’s vaccine trials and the FDA’s oversight.

    Other former Ventavia employees vouched for Jackson’s complaint, describing a “helter-skelter” work environment and lack of oversight.

    Despite evidence and corroboration, the FDA did not inspect Ventavia after Jackson’s complaint, and Pfizer did not mention any problems at Ventavia in its FDA submission for emergency use authorization.

    BMJ’s findings lend significant credibility to Jackson’s claims and raise serious questions about the integrity of Pfizer’s vaccine trial data, the adequacy of regulatory oversight, and, ultimately, the approved emergency use authorization.

    Follow the money…

  • Court throws DEI amendment to NY constitution, off November’s ballot. “The NY State Supreme Court (trial court) in Livingston County (near Rochester), granted summary judgment throwing the ERA off the November ballot, on the ground that the proponents of the legislation did not follow the constitutionally required procedure for advancing a ballot initiative for a constitutional amendment.”
  • “Katy ISD Teacher Arrested on 9 Counts of Possession of Child Pornography.”

    A Tompkins High School teacher has been arrested on nine counts of possession of child pornography.

    James Paul Stone was booked into the Fort Bend County Jail Monday.

    According to the Montgomery County Precinct 3 Constable’s office, thousands of images of child pornography were recovered from Stone’s residence, including several images that Stone admitted to producing himself.

  • Ah, not this crap again. “Venezuela Moves ‘Substantial Quantities’ Of Troops To Guyana Border.”
  • China’s latest car has every bit of the outstanding quality we’ve come to expect of products from China.
  • “Army of Leftist wackos storm Tesla factory like Orcs attacking Helm’s Deep.” This was in Germany.
  • Princeton pro-Hamas hunger strike collapses after nine days.
  • New York City raised the minimum wage to $16 an hour, and now restaurants are using Zoom hostesses from the Philippines.
  • Nobody fucks with my snowy, psychotic hat.”
  • Google AI can’t understand or answer any questions about the Holocaust, but sure loves to spit some Hamas talking points.
  • Which is a bit worrying, given how hard Google is pushing AI:

    (Hat tip: Not the Bee.)

  • Comcast, Netflix and Apple+ are going Voltron to defeat Disney.
  • Spider-Man, Spider-Man/A Nick Cage Noir Spider-Man/Anime? No my friend/It will be live action/Whoa, Nick Cage Noir Spider-Man.
  • As a reward for destroying Indiana Jones, Phoebe Waller-Bridge is going to be given another tomb raiding franchise to destroy.
  • If you have mounds of money lying around, you can own Elvis Presley’s very first record.
  • Robert “Bob” Reale, of Reale’s Italian Cafe, RIP. It’s our favorite Austin Italian restaurant, and would come around and check on you while you were there.
  • “Latest Polls Show Biden Will Need Twice As Many Fake Ballots To Win Election This Year.”
  • Hit the tip jar if you’re so inclined.





    What Is Maintaining The Ruble-USD Band?

    Monday, April 29th, 2024

    I’m hardly an expert in foreign currency exchange, but something odd seems to be happening in the Russian Ruble-U.S. Dollar exchange rate.

    Obviously, the ruble has lost value because of the extensive sanctions and cutoff from SWIFT following Russia’s launch of its illegal war of territorial aggression against Ukraine. For most of the last year, the exchange rate has bounced from a high of 75 rubles to the dollar to a low of just over 100 rubles to the dollar.

    However, in the last month, the ruble-dollar exchange rate has traded within an extremely narrow band between just over 90 and just over 94 rubles to the dollar.

    That’s a pretty unusual, and pretty narrow, band to be trading in. The question is who, or what, is maintaining that band. Russia could be intervening to make sure the ruble doesn’t go too much above 94, but it wouldn’t make sense for them (if they’re trying to defend the currency) to be sellers on the other side when the ruble appreciates to 90 or less per dollar. Could it be China, trying to move some of the rubles taken in bilateral trade, or some institutional investor somehow stuck with rubles for two two years, unloading them whenever it hits that peg?

    But it’s not just the dollar! We see the same thing with the Pound:

    And the Euro:

    It even seems true of two of Russia’s remaining big trading partners. The Indian rupee:

    The Chinese Renminbi/Yuan:

    All seem to be trading within very narrow, oscillating bands.

    Is it a data artifact? Other currency exchange sites don’t show quite as obvious oscillation, but all do show trading within that narrow band.

    I don’t know what to make of it. I don’t know enough to hazard any more educated guesses than that. But someone seems to be manipulating ruble exchange rates, and I’m not sure why.

    If you have any ideas, feel free to share them below.

    90% Of Chinese Factories To Close?

    Saturday, April 27th, 2024

    It turns out that unleashing a deadly engineered plague on the world, bellicose posturing, currency manipulation, intellectual property theft, treaty breaking, and genocidal actions against ethnic minorities isn’t a recipe for winning friends and influencing people.

    Who knew?

    Evidently not Xi Jingping, as under his leadership, it looks like some 90% of Chinese factories will close due to lack of business.

  • “My factory closed down, ended up losing over 10 million.” I’m assuming that’s Yuan.
  • “China continues to face a harsh winter, with reportedly 90% of factories either closing down or falling into difficulties.”
  • Factories that has been in business and profitable for 15 years got walloped by Flu Manchu in 2020. “After the outbreak, the factory started and stopped production intermittently, basically losing money for a year. Unexpectedly, the following three years were worse.”
  • “At the start of the year, there were almost no new orders. The old customers who used to order every month also significantly reduced their orders. The entire industry had fewer orders than during the 3 years of the epidemic.”
  • This lead to “severe competition within the industry this year to get orders. Besides low profits, customers also demanded goods to be made before payment.”
  • “In the second half of 2023, he was basically just chasing payments. Many customers were withholding final payments, and his factory had long run out of operational funds. During this period, he had already mortgaged his house in Shinjin for business loans. For these three years, his factory had been barely surviving on loans, and he didn’t know when it would all end. Recently he’s been exhausted, so he decided to shut” everything down.
  • “Bosses like us in small manufacturing factories will soon become the bottom of society. Becoming a bad debtor is only a matter of time, My factory in Guangdong is quite typical of those in the industry. Most of my customers products are for export.”
  • Factory workers, of course, are losing jobs and hours left and right due to the shutdowns. Plus those few factories still hiring can afford to be picky. “Those over 33 can go back! Those under 33 stay! Not accepting anyone over 33!”
  • “China’s products such as petrochemical raw materials, fuel and electric vehicle power batteries and non-core chips are all facing overcapacity.”
  • “After the pandemic, China’s economic recovery has been weak. Traditional export orders are insufficient, and products manufactured by Chinese factories exceed the domestic markets absorption capacity causing almost every industry to face overcapacity as other countries strive to curb inflation.”
  • “China is experiencing rare deflation.”
  • China’s plan to combat this is exporting high tech goods to the rest of the world. The rest of the world doesn’t seem enthused.
  • I’m skipping over some Q1 growth statistics for China I don’t believe.
  • “Due to overcapacity in China, companies are squeezing each other’s profits by lowering export prices.”
  • “In the first quarter, China’s manufacturing capacity utilization rate plummeted to 73.8%, the weakest level since 2015.”
  • “The utilization rate of the automotive manufacturing industry has now dropped to below 65%.”
  • And the electric car bubble bursting has hit China hard. “For years the CCP has spared no effort, using high subsidies and various preferential policies to fully support the development of new energy vehicles.”
  • “It is estimated that from 2010 to the present, over 200 billion yuan, about $28 billion US, has been directly subsidized to new energy vehicle companies by the CCP.”
  • “The CCP’s irrational economic measures not only harmed the global economy, but also damaged China’s own economy. The subsidy policy has not only led to the emergence of numerous purported new players in the automotive manufacturing sector, but has also notably spawned a significant number of counterfeit car companies that rely solely on deceiving subsidies through presentations and mockup models.” In other words, the same smoke and mirrors companies seen throughout the rest of China economy.
  • The Wall Street Journal reported that in 2018 there were already more than 487 Chinese electric car manufacturers, but now there are only over 40 remaining.” (Previously.)
  • Is the 90% factory closure estimate way too high? Probably. But if it’s even of factories, imagine the devastating economic and social dislocation effects this will have on China’s aging economy.

    Much of China’s economic miracle was built on smoke and mirrors, and by one estimate China GDP was overstated by 60%. And thanks to Xi Jinping’s gross mismanagement of just about everything, the bill for all those illusions is now coming due.

    LinkSwarm For April 25, 2024

    Friday, April 26th, 2024

    The Biden Recession bites deeper, Soros’ hands are all over the pro-Hamas protests, California fast food wage hikes hurt workers (but help robotics companies), and some Harris County legal followups. Plus some Zack Snyder bashing. It’s the Friday LinkSwarm!

  • MSNBC accidentally has guest on that accidentally tells the truth about the Biden Recession.

    For the first time in our history, a 30-year-old man or woman isn’t doing as well as his or her parents were at 30. That is the social compact breaking down.

    People aged 30-34, 60% of them in 1990 had one child. Now it’s 27%. People are opting out of America, they’re not optimistic about it, they’re not having kids. Young people aren’t having sex. They’re not meeting, they’re not mating. The pool of emotionally and economically viable men shrinks every day. Which lessens household formation.

    They (millennials and Gen Z) look up, they see wealth, exceptional wealth, across my generation and people in certain industries, and they are really struggling. Their purchasing power is really going down…

    We get very concerned with housing and traffic once we own the housing. Housing permits are sequestered from young people, housing prices have gone from $290,000 to $420,000 in the last 4 years.

    So a young person, a house, stocks that I don’t own, skyrocket in value, let’s have Covid relief and flush the markets and take assets way up because a million people dying would be bad, would be tragic if I got less wealthy, and we’re doing it on their credit card.

  • Whole paycheck: $7 for an apple. Thanks, Joe Biden!
  • “Bill Maher Calls Out Hollywood Pedophilia And The Gay Agenda In Schools.”

    Bill Maher is, if anything, clever about his timing like most comedians. His rebellion against the woke mob has been carefully crafted in a way that has allowed him to avoid outright cancellation. It’s not as impressive a revolt as Gina Carano’s because the risk today is far less, but at least he’s willing to address the obvious hypocrisy within the social justice crowd and admit that maybe, just maybe, conservatives had it right all along.

    His latest surprising monologue covers an issue everyone has known about for years but almost no one in the media has been willing to address seriously because it involves many of their friends in the entertainment industry. Hollywood was quick to jump on the feminist bandwagon at the helm of the “Me Too Movement”, but this only exposed a small part of Hollywood’s degeneracy. Actresses trading sex for favors from producers and executives is hardly that shocking a revelation. The thing they really don’t want to talk about is the industry’s penchant for pedophilia…

    The money quote from that video that’s not in the ZeroHedge article: “The left will overlook child-fucking if a guy from the wrong party points it out.”

    One of the deepest darkest secrets of film, television and music media is that the business has long been used as a vehicle for child abusers to target kids in an environment where parental supervision is limited (and lots of money can be gained). This reminds us of yet another environment where parental supervision is limited: Public schools. The political left has also targeted these institutions as ample ground for grooming. Why? As Bill Maher notes, the groomers are naturally gravitating to where the children are.

    “Leave the kids alone” is a mantra that the woke movement simply refuses to understand or accept. The reason is relatively transparent – Leftists are less inclined to have children of their own, and so, in order to increase their numbers and power they are required to indoctrinate your kids instead. This is all done under the guise of “inclusion” and the “greater good” but the results of this kind of activism are becoming deeply disturbing. Even moderate liberals are noticing that woke behavior is destroying what remains of their image.

  • “Unsealed Court Docs Reveal Biden DOJ Colluded With National Archives To Target Trump, Jack Smith Tried To Conceal.”

    Newly unsealed documents in Donald Trump’s classified documents case reveal that the Biden White House colluded with the National Archives (NARA) and the FBI to concoct a case against the former president.

    What’s more, Special Counsel Jack Smith sought to conceal this – telling Judge Eileen Cannon in February that Trump’s counsel isn’t entitled to discovery on documents between the White House and NARA, that the court should toss requests for evidence of the alleged coordination, and that the court should deny Trump’s request for evidence related to secure facilities at his residences. Further, Trump’s request for unredacted discovery of materials should be denied.

    Seems like a substantial due process rights violation, doesn’t it?

  • Ukraine/Israel/Taiwan aid package signed into law.

    Immediately after Biden’s signature, the Pentagon announced $1 billion of military assistance to Ukraine from the Presidential Drawdown Authority.

    Stinger anti-aircraft missiles, ammunition for HIMARS rocket systems, 155mm artillery rounds, 60mm mortary rounds, and Bradley Infantry Fighting Vehicles, are among the U.S. capabilities being provided to Ukraine, the Pentagon said.

    The foreign-aid legislation will send roughly $60 billion in aid to Ukraine, with $23 billion being used to replenish U.S. weapons stockpiles and $11 billion to fund U.S. military operations in the surrounding area.

    Israel will receive $26 billion including $4.4 billion to fund its Iron Dome and David’s Sling missile defenses. Over $9 billion of the Israel aid will go towards humanitarian relief.

    While I support military aid to Ukraine, Republicans should not have dropped their demand that border security be addressed first, nor should we be raising the national debt to do it. And if we’re going to be paying for David’s Sling and Iron Dome, then we better damn well be getting the tech back to use in our own weapons.

  • “Half of Americans — including 42% of Democrats — say they’d support mass deportations” of illegal aliens. (Hat tip: Instapundit.)
  • I know you’re going to be shocked, shocked to find out that George Soros is funding the anti-Israel student protests.

    At three colleges, the protests are being encouraged by paid radicals who are “fellows” of a Soros-funded group called the US Campaign for Palestinian Rights (USCPR).

    USCPR provides up to $7,800 for its community-based fellows and between $2,880 and $3,660 for its campus-based “fellows” in return for spending eight hours a week organizing “campaigns led by Palestinian organizations.”

    They are trained to “rise up, to revolution.”

    The radical group received at least $300,000 from Soros’ Open Society Foundations since 2017 and also took in $355,000 from the Rockefeller Brothers Fund since 2019.

  • More on that theme:

    (Hat tip: Commenter MadTownGuy.)

  • Also on that subject:

    A lot of Jewish friends, especially those who are finally awake after 10/7, say things like “how is this America?” or “It’s so scary that this Jew-hatred is happening everywhere.” But it’s very much NOT “America” and it absolutely is NOT happening “everywhere.” In south Florida, Jews wear the dinner plate Magen Davids and no one says one word. In rural Michigan, churches put “pray for Israel” on the signs outside. I’m not naive, obviously Jew-haters can and do live anywhere. But they’re only thriving, open, proud, in blue areas and I’m not going to let people ignore that. A lot of liberal Jews are trying to parse things right now. They imagine they are still of the left but just on this one tiny little thing, their right to exist, they disagree. No, my friends. It’s a house of cards and you’re pulling the one from the very bottom. The whole left ideology is corrupt and you’re going to have to face it. You can’t spread the blame around. The hatred, the rage, the violence, the dehumanization is all coming from one side: yours.

    (Hat tip: Stephen Green at Instapundit.)

  • “Houston Teacher Arrested for Improper Relationship with a Student. Cy-Fair teacher Kayden Burbank allegedly had a sexual relationship with a 15-year-old student.”
  • When Democrat judges go rogue. “Do not bring the Second Amendment into this courtroom. It doesn’t exist here. So you can’t argue Second Amendment. This is New York.” (Hat tip: Stephen Green at Instapundit.)
  • California’s fast food wage hikes have had exactly the effects every non-Democrat predicted.

    The state of California seems hellbent on making life a living hell for middle-class residents, as evidenced not just by their soft-on-crime policies but by the minimum wage increase that went into effect at the beginning of April.

    Though the $20/hour wage was ostensibly designed to help minimum wage workers, it has had the opposite effect, with fast food restaurants in the Democrat-run state slashing jobs and hours, implementing hiring freezes, and/or bringing in self-serve kiosks to ease the financial burden.

    Something else they’ve had to do is raise prices on the food they serve, with prices going up as much as eight percent at some locations.

  • Another result: here come the robots.

    While the fast-food industry was founded on utilizing technology to increase efficiency, the robot revolution seems to be speeding up.

    Last year, Sweetgreen, a Los Angeles-based fast-casual salad chain, debuted its fully automated Infinite Kitchen at a restaurant in Illinois. Like Mezli, the Infinite Kitchen moves bowls down a conveyor belt where its system automatically portions out ingredients. The technology is “expected to cut labor costs in half while boosting throughput,” according to a trade magazine.

    Similarly, the founder of Chipotle recently launched a new fast-casual chain, Kernel, that utilizes robots to heat and assemble vegetarian meals.

    In December, a CaliExpress burger joint opened in Pasadena, complete with robot arms that cook burgers and fries, and AI-powered kiosks that allow customers to order and pay (and tip, of course), with their faces. Leaders at Miso Robotics, one of the companies behind CaliExpress, have said it is the first restaurant where all the ordering and cooking is fully automated.

    The robots “don’t call in sick, they don’t get drunk the night before work and come in with a hangover,” one CaliExpress leader told a local TV station. “They’re a little bit more reliable.”

    Other restaurants, including Cajun Crack’n in Concord, Calif., are experimenting with robots that can deliver food, bus tables, and may soon be taking orders. Robot bartenders and baristas are also in the works.

    While restaurant sales are forecasted to increase this year and the restaurant workforce is expected to grow, owners are continuing to struggle with slim margins, in part due to food inflation and rising labor costs. According to the National Restaurant Association’s 2024 State of the Restaurant Industry report, 98 percent of restaurant operators are struggling with higher labor costs, and 38 percent say they weren’t profitable last year.

    Biden Recession + union-backed wage hikes = boom times for robots

  • Ukraine drone strike hits a Russian oil refinery in Yartsevo
  • …and an oil facility at Kardymovsky, Smolensk.
  • El Paso Democratic judge: Eh, there’s not enough evidence to put these illegal aliens on trial for assaulting state troopers. Just let them go. Grand jury: Nope! We’re indicting 141 of them for that riot.
  • America doesn’t have enough dry docks to fight a protracted naval war. (Hat tip: The Other McCain.)
  • ERCOT estimates that an additional 40,000 megawatts of generating capacity by 2030.
  • Followup: Harris County’s scheme to handout guaranteed income paychecks has been blocked by the Texas Supreme Court. (Previously.)
  • Another Harris County follow-up: DA Kim Ogg announced that the legal cases against Lina Hidalgo staffers will now be prosecuted by the Texas Attorney General’s office because Democratic DA nominee Sean Teare, who defeated Ogg in the March primary, “works for the Cogdell Law Firm, which is defending Hidalgo’s former Chief of Staff Alex Triantaphyllis in the case, and that he had sought and received Hidalgo’s endorsement.”
  • The Biden Administration wants to waste taxpayer money pushing radical transgenderism in other countries. “The Biden administration wants to train at least 200 activists to advocate for transgender rights in India as part of a program ostensibly designed to advance America’s ‘national interests,’ according to a federal grant posting.”
  • More Biden Administration madness: “A popular US convenience store chain has been hit with a civil rights lawsuit accusing it of discriminating against minority job seekers because it requires applicants to have no criminal record.”
  • “Largest Christian University in America Gets Fined $37 Million. Coincidence or Targeted Attack?”

    A dust storm of political madness is brewing in Phoenix as Grand Canyon University faces the continued threats of Education Secretary Miguel Cardona.

    Christians have watched as the Biden administration attacks biblical views left and right, with a particularly vehement disregard for the sanctity of life and marriage. As such, it can’t be too surprising that Cardona, a part of this leftist administration, has vowed to shut down America’s largest Christian university.

    In late October, Grand Canyon University was hit with “a $37.7 million fine brought by the federal government over allegations that it lied to students about the cost of its programs,” The Associated Press reported—an accusation that GCU President Brian Mueller described as “ridiculous.”

    Around the same time, Liberty University, America’s second-largest Christian university, also was fined $37 million “over alleged underreporting of crimes.”

    Grand Canyon University appealed its fine in November even though a hearing is not expected until January 2025. But the question Mueller has is one of integrity. Is this genuine consideration for the well-being of students, or is this a targeted attack against religious institutions?

    “It’s interesting, isn’t it, that the two largest Christian universities in the country, this one and Liberty University, are both being fined almost the identical amount at almost the identical time?” GCU’s president speculated in a speech. “Now is there a cause and effect there? I don’t know. But it’s a fact.”

  • Trader Joe’s organic basil has an extra organic ingredient: salmonella.
  • Critical Drinker wasn’t impressed with Rebel Moon 2: “Comically inept…boring and tedious..derivative cliched and unoriginal. It takes a special kind of cinematic anti-genius to bring all these things together into one movie. You have to actively work to make a film this bad”
  • Penguinz0 says it’s actually worse than the first one. “It’s a disaster on the most basic levels of movie making.”
  • In fact, he watched Rebel Moon Part 2 twice just to count the slo-mo scenes. “It came out to 1,256 seconds, or 20 minutes and 56 seconds worth of slow motion.” But he might have missed some while dozing. “This shit hits harder than NyQuil.”
  • The Biden Recession hits boardgaming. This is not a field I have much experience with, as the last boardgame I bought was the Kickstarter for the Designer Edition of Ogre. But I have noticed a similar decline in what science fiction book collectors are spending. Still, the idea that boardgames manufacturers are close to $1 billion in debt is pretty staggering.
  • The Onion sold. “The Onion has a new owner: a company called ‘Global Tetrahedron,’ which is a real thing based on a fake entity invented by the satire site more than two decades ago….The Onion’s new owner is Jeff Lawson, co-founder and former CEO of Twilio, a customer-service software company, he announced Thursday on X (formerly Twitter).” When last we read about Jeff Lawson, he was dumping money on the Dem side in the 2020 Texas Senate race, to no effect. Now people are wondering whether they’ll shut down zombie SJW gaming site Kotaku…
  • Texas become first state to unban import of Japanese Kei trucks. (Hat tip:Ace of Spades HQ.)
  • Long lost first model of original USS Enterprise recovered.
  • “Man Sets Himself On Fire To Show How His Side Is The Sane And Rational One.”
  • “Columbia Protestors Clarify They Only Want Death To America After America Is Done Paying Their Student Loans.”
  • Live in Florida? Ron DeSantis would like you to adopt this cute border dog:

    (Hat tip: Ace of Spades HQ.)