Regular readers know that Austin has been climbing out of a once in a century winter storm that froze our roads and wrecked our power grid. Right now it’s still 19°F, but it’s supposed to warm up to a balmy 39°F this afternoon…
Could be worse: ERCOT says that their quick thinking to impose rotating blackouts prevented the physical destruction of the Texas Interconnect Grid. That may even be true, but it’s sort of like a teenager saying “Thanks to my quick thinking, I only managed to burn down the garage and not the entire house!”
Passage of this bill this year would lead to job losses and higher use of labor-reducing equipment and technology,” said Sean Kennedy, executive vice president for public affairs for the National Restaurant Association. “Nearly all restaurant operators say they will increase menu prices. But what is clear is that raising prices for consumers will not be enough for restaurants to absorb higher labor costs.”
But for the fact that he’s president — given his track record of having been wrong on every defense and foreign policy issue for almost five decades — it would be easy to ignore his assessment of China. This is a man who said in 2019, “China is going to eat our lunch? Come on, man.” He added, “I mean, you know, they’re not bad folks, folks. But guess what? They’re not competition for us.” Despite the difficulty of being wrong on both occasions Biden managed it.
Focus for a moment on what he said about the conversation with Xi. It is natural that China would be spending billions on transportation given the size of the country and the billions who inhabit it. Whether it is true that China is spending billions on climate change is another matter. It has, for decades, been spending billions on coal-fired electricity generation plants and has only recently made noises about reducing pollution.
But “climate change” is probably the last priority for China while it is spending far greater sums on its military and cyberwar capabilities. Xi was clearly trying to gull Biden into some sort of race to reduce greenhouse gas emissions so that we could strangle our economy while China doesn’t do the same to its own. China may well be trying to reduce pollution — Beijing is infamous for its barely breathable brown air — but how much it is really doing remains to be seen.
Biden apparently wants to be known as the “climate change president.” If Xi can increase Biden’s desire to make climate change his top priority for legislation and regulation (which seems altogether likely in any event) China will be greatly advantaged by Biden’s concomitant reductions in spending on the U.S. military and intelligence communities.
To say that Biden is soft on China only proves the speaker’s command of the obvious.
What Tenev did not say, or explain, is why his company – which is merely a client-facing front of Citadel, which buys the bulk of Robinhood’s orderflow to use it perfectly legally in any way it sees fit – was so massively undercapitalized that the DTCC required several billion more in collateral to protect Robinhood’s own investors against the company’s predatory ways of seeking to capitalize on the gamification of investing making it nothing more (or less) than a trivial pursuit to millions of GenZ and millennial investors, a point which Michael Burry made so vividly.
The #mainstreetrevolution is a myth. Zero commissions and gamified apps were designed to feed flows to the two most influential WS trading houses. A few HFs got hurt, but if retail is moving toward more trading and away from fundamentals, WS owns that game. #Stonks by design. https://t.co/Y4raF0jiM3
— Cassandra (@michaeljburry) February 9, 2021
Incidentally we know why Tenev did not mention it: it’s because Robinhood’s back office is a shambles of a shoestring operation, one which never anticipated either such a surge in trading not a multi-billion collateral requirement; had Robinhood been a true brokerage instead of pretending to be one, and run merely to open as many retail accounts as it could in the shortest amount of time, thus generating the most profit in the quickest amount of time to allow its sponsors a quick and profitable exit, it would actually have been on top of this.
SpaceX wants to bring fast satellite broadband internet to the world — and in particular, to internet users in far-flung, rural locations, where download speeds are low and prices are high.
One of the first places in America to get SpaceX Starlink service was Alaska, the state with the lowest population density in the country — just one person per square mile. The company next extended service into Canada (population density: three people per square mile), followed last month by service in the UK — a big jump in concentration, with 650 people per square mile. (Even in the UK, there are plenty of isolated locations where internet service is expensive, slow — or both).
SpaceX’s globe-spanning satellite constellation should be capable of providing 100 megabit-per-second internet service to anywhere by the end of this year. You can expect that a lot of countries, no matter how urbanized they are (or not), will be lining up to sign up for Starlink service. And the more countries Starlink signs up as customers, the better the prospects for the SpaceX subsidiary’s promised IPO.
One country that most definitely does not want Starlink, however, is Russia.
Snip.
As Ars points out, “Russia is planning its own satellite Internet constellation, known as ‘Sphere.'” And in contrast to SpaceX’s Starlink, which is a privately funded and privately built communications system, the 600-satellite Sphere constellation will be a project built and run by the Russian state under the aegis of its Roscosmos space agency. And that could be a problem.
Sphere, you see, is rumored to cost $20 billion to build, may not begin launching until 2024, and won’t be completed before 2030.
Those numbers alone tell you Sphere will never be built, Starlink or no Starlink. Russia is a profoundly broke and profoundly broken country. Sphere is just the sort of prestige project Putin loves to announce to much fanfare, national greatness vaporware that either never gets built or else creeps out into the real world years (or even decades) late and in much-reduced form, like only ordering 100 T-14 Armata tanks.
Iranian fuel tanker convoy to Afghanistan goes boom.
The media want you to know that it’s Trump’s fault they couldn’t investigate such trivial scandals as Lincoln Project pedophiles, because how would they have time when Orange Man Bad?
Speaking of the Lincoln Project, founder Rick Wilson managed to pay off his mortgage early just as the John Weaver pedophilia scandal was breaking. How fortuitous!
Back in The Before Time, The Long Long Ago, newspapers actually defended free speech.
Back in 1977, the New York Times maintained that as long as Nazis did not engage in any illegality, they were “entitled” to the protection of the law, and then put the onus of maintaining peace on the Skokie residents:
The argument that they will provoke violence simply by appearing on the streets of Skokie only emphasizes the obligation of the police to keep the peace—and gives an opportunity the people of Skokie to demonstrate their respect for the law.
These days, the Times board will chase you out of the building for allowing anyone to voice an opinion that chafes against the brittle sensitivities of its writers. The paper employs full-time speech monitors to vet wrongthink.
The cancel mob comes for Baen Books. Book editors and writers kindly tell them to get stuffed.
Special for Black History Month:
Here are the names of the 200+ slaves owned by Kamala Harris’ ancestor Hamilton Brown in Jamaica in 1817. One of the largest planters in Jamaica, Brown now has a town named after him, Brown’s Town pic.twitter.com/6QnBpEQyez
Facebook head Mark Zuckerberg told employees they need to “inflict pain” on Apple because Apple won’t let Facebook steal every single bit of personal data from Apple devices.
“Bill Gates Bankrolling Educational Organization That Says Math is Racist.” “A conglomerate of 25 educational organizations called A Pathway to Equitable Math Instruction asserts that asking students to find the correct answer is an ‘inherently racist practice.’ The organization’s website lists the Bill & Melinda Gates Foundation as its only donor.” How many fingers, Winston?
A helicopter running on fossil fuel spraying a chemical made from fossil fuels onto a wind turbine made with fossils fuels during an ice storm is awesome. pic.twitter.com/3HInc2qKb9
“Man Asks That You Respect His Preferred Adjectives.” “‘Here are the adjectives I identify with,’ Becker put on social media. ‘Cool, witty, handsome, innovative, fun.’ Please use one of these adjectives when describing me. It distresses me when people use adjectives I don’t identify as,’ Becker later explained. ‘Like “creepy,” “weird,” or “off-putting.” That’s basically denying my existence and trying to genocide me.'”
Following yesterday’s story, I got pushback from readers that asserted the supposed WallStreetsBets silver squeeze was, in fact, a ruse from hedge funds to distract retailer investors from the GameStop and AMC squeezes.
If you haven’t been browsing WSB or doing your own research, you’d probably think that the people on Twitter are correct in saying there is a silver squeeze happening and we should all get in on it. There are quite a few wsb-logo Twitter accounts pushing this. This is BS & the straight up the ANTITHESIS of who we are.
By buying silver/going long on silver, you would be directly putting money into the pockets of the EXACT HEDGE FUNDS ON THE OTHER SIDE OF $GME 🚀 🚀 🚀 💎 🙌 The hedge funds are LONG silver NOT short silver.
The media, Wall Street, normies, and every other non-WSB autist are trying to push you to buy silver. This would be a tragic, irreversible decision that not only will most likely not make you any money because the squeeze is fake, it will put you on the sidelines from this righteous and glorious war we are in.
Another sign it’s a ruse: Citadel Securities, one of the primary hedge funds backers, evidently holds shares in 17 different silver companies.
That’s one of the problems with a decentralized swarm attack: If nobody’s in charge, then it’s much harder to filter out the noise to determine the true direction of the swarm. That can be a strength, but it also makes the swarm vulnerable to ruses like this. Extracting a signal from the huge wave of noise in everyday financial transactions is a daunting problem under the best of circumstances even when giant hedge funds aren’t baiting friendly MSM outlets with elaborate ruses. (Or, I should say, when giant hedge funds aren’t baiting friendly MSM outlets with elaborate ruses even more than they usually are.)
Whatever the source, many bullion dealers were reporting a huge run on silver due to a spike in demand, though physical silvere seemed to be doing much better than “paper silver” (i.e., the futures market). Today spot silver prices are back down in early trading.
Remember, I said yesterday that a silver squeeze was unlikely to work.
With that out of the way, here are some other WallStreetBets/GameStop/etc. news:
Adam Ford with Not The Bee explains the GameStop short squeeze, including more background detail on the origins of the squeeze than was in my original post:
Glenn Greenwald goes into more detail on the GameStop squeeze and Melvin Capital:
The usual Greenwald leftwing caveats apply. (Hat tip: Zero Hedge.)
GameStop stock is back up this morning after Robinhood lifted restrictions on buying shares.
Texas Attorney General Ken Paxton has launched an investigation into “Robinhood, Discord, Citadel and other trading apps that put curbs on stock trading” in GameStop.
Noon Update: And now GameStop, AMC and Silver are all way down right now. Never invest what you can’t afford to lose…
The astronomical rally in GameStop has imposed huge losses of nearly $20 billion for short sellers this month, but they are not budging.
Short-selling hedge funds have suffered a mark-to-market loss of $19.75 billion year to date in the brick-and-mortar video game retailer, including a nearly $8 billion loss on Friday as the stock kept ripping higher, according to data from S3 Partners.
Still, short sellers mostly are holding onto their bearish positions or they are being replaced by new hedge funds willing to bet against the stock. GameStop shares that have been borrowed and sold short have declined by just about 5 million over the last week, marking an 8% dip in the short interest, according to S3. Most of the short covering occurred on Thursday, when the stock fell for the first time in six days.
“I keep hearing that ‘most of the GME shorts have covered’ — totally untrue,” said Ihor Dusaniwsky, S3 managing director of predictive analytics. “In actuality the data shows that total net shares shorted hasn’t moved all that much.”
“While the ‘value shorts’ that were in GME earlier have been squeezed, most of the borrowed shares that were returned on the back of the buy to covers were shorted by new momentum shorts in the name,” Dusaniwsky added in an email.
Shares of GameStop were back up Friday after Robinhood and other retail brokers allowed trading to resume.
The borrow fee on GameStop’s stock — or the cost-to-borrow shares for the purpose of selling them short — jumped to 29.32% on existing shorts and 50% on new short positions, S3 said.
“If most of the shorts had covered, we would not be seeing stock borrow rates at these high levels — by now you would be able to borrow GME stock at single digit levels due to an increase in the lendable stock loan supply due to borrowed shares being returned after all the ‘supposed’ buy-to-covers,” Dusaniwsky said.
GameStop remained the most-shorted name in the market as short interest as a percentage of shares available for trading stands at 113.31%, S3 said.
(Supposedly Melvin Capital and Citron are out of their GameStop short positions. So who is still in?)
Assuming all the above is true, the remaining hedge funds and their allies are still shorting more than 100% of the stock, despite the theoretically infinite risk involved. I can think of several theories to explain what appears to be apparently irrational behavior:
Short sellers fully expect their friends in the Biden Administration and/or the financial regulatory apparatus to come to their aid and extricate them from the bind they’ve put themselves into by suspending or changing the rules. Huh. I wonder why they could possibly think that?
Janet Yellen accepted $810,000 in speaking fees from Citadel, owner of Robinhood.
Reporter: Are there any plans to recuse herself from advising the President on GameStop and Robinhood situation?
Psaki: ‘No and she’s an expert and deserves that money.’
Short sellers expect to use their power to force trading companies to bend to their will by forcing retail investors to sell their shares (as Robinhood was reportedly doing on Thursday).
Short sellers expect one or more “whales” (i.e., rich individual investors) to flip and either sell their shares or lend them out to cover shorts once the temptation to take profits is too great.
Deeper-pocketed short sellers expect the squeeze to force weaker rivals out of the game, either taking huge losses to liquidate their positions or going bankrupt. In either case, they expect this winnowing to drop shorted shares below the 100% threshold, relieving the pressure on the shorts for the remaining short sellers.
Obviously, it could also be a combination of all these. (Or something else; feel free to float other theories in the comments.)
It’s the first two possibilities that should worry us from a policy position: If the big players can break the rules at will to reverse their fortunes when they’ve been beaten at their own game by the little players, then it’s not a free market. And if it’s not a free market, what’s to keep ordinary Americans from getting out of the game entirely?
Seldom has Wall Street moved so blatantly and illegally as they have today to crush the retail investors carrying out the GameStop Short Squeeze. This is a fast-moving story, so here are a few highlights from today’s developments:
The Robinhood trading platform has halted trading of stocks noted for being shorted by hedge funds:
Robinhood won’t allow purchases of $AMC, $BB, $GME – ONLY SALES. This is a brazen market manipulation to disadvantage small investors & help big hedge funds like Melvin who shorted these stocks.
If this is true, and it applies to cash-purchased shares and not those bought on margin (a margin call is a different type of beast), then the leadership of Robinhood should be arrested and charged with embezzlement and grand larceny, no matter what their EULA claims they can do.
Short sellers reportedly sustained losses of $70 billion so far in 2021. (Hat tip: Daddy Warpig.)
Sean Davis explains that Wall Street insiders have simply decided that the vile peasants must not be allowed to win:
What’s happening right now is Wall Street realizing that retail investors, whom Wall Street mocks as nothing more than dumb commission factories for big brokerages, actually have some power that Wall Street believes it has a divine right to wield. That cannot be allowed. (2/x)
Wall Street, you see, is allowed to make money no matter what. That was the lesson of 2008. Who cares that it’s Wall Street who destroyed the housing market/economy by lying about the risk of their garbage mortgage derivatives? They were entitled to bailouts. (4/x)
So don’t get conned by those claiming hedge funds are just trying to protect the markets and price transparency and efficiency and blah blah blah. This is a war between corrupt institutions and normal people, and the institutions simply will not allow the normals to win. (6/6)
The #RobinHood scandal reminds me of when millions of Americans organized to flee Facebook & Twitter for Parler—and then a bunch of crooks (Google & Apple) shut it down by pretending that the competition was illegal.
Wall Street & Big Tech are criminal, colluding enterprises.
Literally the world's dumbest fucking people – the absolute dumbest, can't get dumber – are those who don't just claim but really believe Wall St. firms pay powerful politicians gigantic sums for banal 45 minute speeches because they want their wisdom rather than their servitude: https://t.co/fP4DbJKMei
Eric Weinstein’s exegesis on the expansion of wrestling’s kaybafe to the political world may also apply to Wall Street. “Were Kayfabe to become part of our toolkit for the twenty-first century, we would undoubtedly have an easier time understanding a world in which investigative journalism seems to have vanished and bitter corporate rivals cooperate on everything from joint ventures to lobbying efforts.” If all of Wall Street is in on a con game against ordinary investors, and is willing to blatantly break the law to keep any insider from being trounced by mere peasants, then we no longer have anything resembling a free market in stocks. And if Wall Street is running a crooked game rather than a free market, then conservatives are no longer obligated to protect Wall Street. Too cynical? Possibly. But it isn’t a hypothesis we can reject out of hand.
if Dogecoin is up 500%, now I want a more obscure cryptocoin to speculate on…
What really gives me pause is this: Everyone in the world was paying attention to the GameStopo short-selling shenanigans the last few days, and they’re still blatantly, and nakedly, trying to illegally rig the system, even though they’re in the wrong, and even though everyone is watching. If they’re willing to so blatantly break the law with everyone watching, what sort of crimes are they getting away with when we’re not watching?
Guns are flying off the shelf, India isn’t rolling over for China’s aggression, and things just keep mysteriously blowing up in Iran. Welcome to another Friday LinkSwarm!
The media have claimed over the past three months: 1. Cuomo was great; 2. Seattle's CHOP and Portland were paradisical; 3. Mass riots were no biggie; 4. Enormous BLM protests provided no health risk in the midst of a pandemic. I can't imagine why they have a credibility gap.
Gun sales are up big. “A record 10.3 million firearms were purchased in the first half of 2020, according to NSSF’s adjusted NICS data. They report, ‘The highest overall firearm sales increase comes from Black men and women who show a 58.2 percent increase in purchases during the first six months of 2020 versus the same period last year.'” Makes sense, since they disproportionately live in Democrat-controlled cities where they’ve let rioters, arsonists and looters run rampant…
“Trump Task Force to Dismantle MS-13 Takes Down Gang’s Key Leaders.”
Thanks to Barack Obama’s open border policies, MS-13 was energized with new recruits provided by a steady flow of illegal immigrant minors. When the Obama administration started welcoming a barrage of Unaccompanied Alien Children (UAC) in 2014, Homeland Security sources told Judicial Watch that the nation’s most violent street gangs—including MS-13 and the 18th Street gang—were actively recruiting new members at U.S. shelters housing the minors. The Texas Department of Public Safety subsequently confirmed that the MS-13 is a top tier gang thanks to the influx of illegal alien gang members that crossed into the state under Obama’s disastrous program, which saw over 60,000 illegal immigrants—many with criminal histories—storm into the U.S. in a matter of months. Tens of thousands more have entered since then.
Snip.
The cases announced this week include an indictment against a high-ranking MS-13 operative, Melgar Diaz, in Virginia. Diaz is charged with conspiring to provide material support to terrorists, conspiring to kill or maim persons overseas, conspiring to commit acts of terrorism transcending national boundaries, conspiring to finance terrorism, and; conspiring to engage in narco-terrorism, in addition to racketeering conspiracy and drug trafficking. In another case eight MS-13 members were indicted in New York for committing six murders, two attempted murders, kidnapping, narcotics felonies and related firearms offenses. In Nevada 13 MS-13 gang bangers, including leaders of the “Hollywood Locos” clique and “Los Angeles Program” were charged with multiple counts of narcotics distribution and weapons crimes. The task force is also responsible for the indictment in New York of Alexi Saenz, an MS-13 leader accused of committing seven murders, including two high school students with a machete and baseball bat. “MS-13 is a violent transnational criminal organization, whose criminal activities respect no boundaries,” said [Joint Task Force Vulcan (JTFV) director John Durham]. “The only way to defeat MS-13 is by targeting the organization as a whole, focusing on the leadership structure, and deploying a whole-of-government approach against a common enemy.”
China may be a powerful adversary to India, but its bluffs can be called. And that is what India has done in the last two weeks, making a host of decisions that, seen in the perspective of the stand-off with China, represent its resolve and constitute a sustained effort on several fronts — military, diplomatic, economic, social — to make China pay.
Previously, India had never taken sides with or against China on the Hong Kong protests. But this time around, it took a strong stand on the passage of the new security law, which is an attempt to stifle the city’s pro-democracy movement.
It has also blocked Chinese firms from investing in India under the free FDA route, taken several initiatives to force a global probe into the source and origin of COVID-19, and, as mentioned above, banned a host of Chinese apps.
That’s not all. India’s railways ministry has canceled a signals and telecom contract with a Chinese company for a mammoth freight corridor project in Uttar Pradesh. Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Limited (MTNL) have decided to exclude Chinese firms from providing telecom equipment and cancelled their plans for upgrading 4G services. The roads department has announced that no highway projects will be awarded to China. The power ministry is looking to curtail imports from adversarial nations, including China. The move is aimed also at reducing the ability of adversarial nations to cripple India’s power infrastructure through cyber attacks.
Several Indian states have followed up on the national government’s moves. A push to deny a Chinese firm, Shanghai Tunnel Engineering Co Ltd, a contract for the construction of a critical section of the Delhi-Meerut RRTS corridor, is ongoing. The state of Maharashtra is on the verge of cancelling three agreements with Chinese firms. It includes an agreement with China’s Great Wall Motors (GWM) to set up an automobile plant near Pune and produce electric vehicles there. However, the state is going ahead with nine other agreements signed with the U.S., Singapore, and South Korea, indicating to China what’s to come.
Next was a heavily fortified, highly restricted, underground nuclear enrichment facility. Then power stations, a port, a health clinic and a petrochemical plant.
For weeks, things have been blowing up or catching fire in Iran.
The two most significant incidents were a June 26 explosion at Khojir, near Tehran — a liquid fuel production site for the country’s missile program — and more recently, a blast deep underground at the Natanz nuclear facility on July 2.
Red Bull decides that they don’t want to go broke, refuses to get woke. “Red Bull has fired two ‘diversity directors’ who tried to force the company into virtue signaling about Black Lives Matter while also dissolving several ‘culture teams’ who were pressuring Red Bull to take a more aggressive ‘woke’ political stance.” Good for them.
Gerald Walpin had been investigating Sacramento Mayor Kevin Johnson, a former NBA basketball star and Obama supporter, for misusing federal grant money from AmeriCorps. The program was created by the National and Community Service Trust Act of 1993 and grew to over 80,000 members. Program participants received benefits such as student loan deferment, living allowances, health benefits, career opportunities and training, and so forth. The program has done some good but has also been plagued by waste and corruption.
He found that Johnson gave $850,000 of AmeriCorps grant money to a nonprofit organization he founded called St. HOPE Academy. In addition to being improperly used to pay AmeriCorps volunteers for political activity, to wash his car, and to run his personal errands, Walpin also discovered that Johnson had used AmeriCorps grant money to pay hush money to underage girls, who were students at St. HOPE Academy, that he had sexually assaulted and then staged a cover-up.
Walpin called for Johnson to be criminally prosecuted. Instead, Johnson was able to get a sweetheart deal avoiding prosecution if he paid back the money. This deal was approved by Alan Solomont, a major Democratic fundraiser who was also the chairman of the Corporation for National and Community Service (CNCS).
Walpin was furious about the deal and made it known, prompting his illegal firing. Following the firing, the Obama White House waged a smear campaign against Walpin, making bogus allegations that he appeared “confused, disoriented and unable to answer questions,” and exhibited “behavior that led the [CNCS] board to question his capacity to serve.”
If there were no police, if the police were defunded, wealthy people would hire private security guards, but the people who cannot afford private guards need to have a well‑funded police force. I am in favor of extra funding for the police. Give them better training. Teach them how to subdue people without using lethal force.
The problem with the UN is not that it passes too many resolutions, but too few. It never attacks its favorite countries. It applies a double standard of injustice. It has devoted more time to condemning Israel than all the other countries of the world combined. Let us see what it says about recent reports concerning murders in Iran of gay people, for instance the recent murder of a 14‑year‑old by her father as an honor killing. Let us see what it says about so many of the violations of human rights around the world. Well, do not hold your breath. It will say nothing. It will focus only on Israel and the United States. There is a case to be made for the United States withdrawing and defunding…
Plus some observations on recent Social Justice Warrior/Cancel Culture issues. Not in agreement with everything (he opposed elected judges), but worth reading. (Hat tip: Director Blue.)
During the height of the coronavirus lockdown, with a substantial portion of the world’s population in quarantine and the global economy sliding toward a deep economic recession, most of us still ate our fill every evening. We should rejoice in this miracle. Hunger, which has accompanied humanity from our beginnings, has practically disappeared. Isolated cases of malnutrition—but not of famine—remain, due to local conflict and extreme forms of poverty, themselves on their way to remission.
Since 1970, world population has doubled—but food production has tripled. In 1970, India was known as “the famine continent,” and the economic literature was uniformly pessimist, an echo of the writings of Thomas Malthus, who proclaimed 170 years earlier an inevitable contradiction between demographic growth and agricultural growth. Humanity escapes this proclaimed fate, thanks to science and commerce—the two foundations of progress, including agricultural progress.
Snip.
What saved us from famine was the 1970s Green Revolution: a combination of species selection, hybridization, and the application of farming techniques such as irrigation and fertilization. When these techniques were applied to wheat and rice, average yields tripled, especially in India, China, Vietnam, and Indonesia. The leaders of this revolution, which we do not celebrate enough, were two agronomists: Norman Borlaug, a Texan who transformed wheat cultivation in his laboratory near Mexico City; and M. S. Swaminathan, an Indian from Chennai who applied Borlaug’s method to rice in a laboratory near Manila. Borlaug received the Nobel Peace Prize in 1970 (Swaminathan was overlooked). Never was the Nobel Peace Prize more deserved—or so soon forgotten.
Progress is seldom, if ever, unanimously welcomed. Activist groups in India and the United States have blamed Borlaug and the Green Revolution for creating new inequalities. It’s true that all Indian peasants were equally poor and hungry before the Green Revolution. Those who applied Borlaug’s recommendations became more prosperous than those who stuck to the old methods. It’s easy to achieve equality when there is nothing to distribute; leftists seem to prefer scarcity to plenty if plenty implies unequal portions. The same people who condemned the Green Revolution now oppose GMOs. Their ancestors, in the early nineteenth century, justified destroying new textile machines using the same arguments. Science progresses; ideologies spin their wheels.
Kanye West explains why he’s against abortion. Man says a lot of wacky things, but he sounds truly sincere about this and his faith.
Small engine maker Briggs & Stratton declares bankruptcy. The very last paragraph mentions seeking a new deal from United Steelworkers of America. (Hat tip: ASM826 at Borepatch.)
James Lileks goes to town on that stupid “Classical music is white supremacy” essay.
