Posts Tagged ‘New York Stock Exchange’

LinkSwarm For April 4, 2025

Friday, April 4th, 2025

Leftwing crooks attempt to cover their tracks, employment numbers are up, Trump’s tariffs already bring some quick action, Eric Three Phones beats the wrap, the criminal leftwing racketeers lined up against Telsa, and Tren de Aragua scumbags show up well the hell out in the countryside.

It’s the Friday LinkSwarm!

  • A follow-up to an item in last week’s LinkSwarm: “Musk: U.S. Institute of Peace Attempted to Delete One Terabyte of Financial Data to ‘Cover Their Crimes.'”

    U.S. Institute of Peace (USIP) officials attempted to delete one terabyte of financial data to “cover their crimes,” Department of Government Efficiency (DOGE) Chief Elon Musk alleged Monday.

    After President Donald Trump signed an executive order last month targeting USIP for reductions, DOGE visited the organization’s Washington headquarters, prompting a dramatic standoff.

    Prior to DOGE’s arrival, USIP employees reportedly barricaded themselves inside their offices and had to be physically removed by Metropolitan Police Department (MPD) officers. At some point, USIP employees allegedly attempted to scrub damning records, but, according to Musk, the DOGE engineers were able to recover the entire archive.

    “They deleted a terabyte of financial data to cover their crimes, but they don’t understand technology, so we recovered it,” Musk posted on X.

    The recovered data includes detailed financial transfers tied to individuals and groups in Afghanistan and Iraq.

    USIP was receiving “$55M in congressional (taxpayer) funds” every year, the DOGE X account posted, adding that “prior management would sweep excess funds into its private Endowment” which has no congressional oversight.

    “In the past 10 years, USIP has transferred ~$13M to its private Endowment, mainly used for private events and travel,” DOGE posted on X.

    USIP contracts cancelled by the Trump administration, according to DOGE, include:

    – $132,000 to Mohammad Qasem Halimi, an ex-Taliban member who was Afghanistan’s former Chief of Protocol.
    – $2,232,500 to its outside Accountant, who attempted to delete over 1 terabyte of accounting data (now recovered) after new leadership entered the building
    – $1,307,061 to the Al Tadhamun Iraqi League for Youth
    – $675,000 for private aviation services

    Mohammad Qasim Halimi is the former Minister of Hajj and Religious Affairs in Afghanistan, according to the Doha forum. He is currently a member of the National Council of Ulema, the highest religious authority in Afghanistan. The National Council of Ulema is responsible for ensuring that all Afghan policies conform to Sharia law.

    The Al Tadhamun Iraqi League for Youth is a United Nations Democracy Fund (UNDEF) project that allegedly “works to strengthen youth participation in democratic processes” by “building a network of young activists to develop skills in leadership, negotiation and communication.”

    According to Foundation For Freedom Online (FFO) director Mike Benz, USIP had been “bribing Afghan Taliban warlords to keep the drugs flowing.”

    So graft, fraud, wire fraud, banking fraud, destruction of evidence, and supporting terrorism, all at the same time!

    No wonder they were trying to hide it…

  • US Payrolls Unexpectedly Soar To 228K, Above Highest Estimate.” Faster, please.
  • Trump’s tariffs are already bringing results. “Israel removes all remaining tariffs on US imports. Israel and the US signed a free trade agreement in 1985, and some 98% of goods are tax-free.”
  • Why Trump will win the tariff standoff.

    When Collins pressed him on whether such escalation could turn into a full-fledged trade war, [Treasury Secretary Scott] Bessent dismissed the idea. “Not a trade war. Depends on the country,” he said, before explaining that history favors the United States in such disputes.

    “Remember that the history of trade is, we are the deficit country. The deficit country has an advantage,” he explained. “[The others] are the surplus countries. The surplus countries traditionally always lose any kind of a trade escalation.”

    His message to foreign governments was clear: Acting hastily would be a mistake. “As a student of economic history or a professor of economic history, I’d advise against it,” he said. When Collins sought further clarification, he reinforced the point: “I would say that doing anything rash would be unwise.”

    Bessent’s remarks leave no doubt that Trump’s trade policies are rooted in historical precedent and strategic calculation. While globalists may panic, the Trump administration remains confident that America is in a stronger position than its trade partners. And history is on our side.

    Bessent’s message is clear: Trump knows exactly what he’s doing.

    Let’s hope so.

  • GM and Volvo announce that they’re already moving more production to the U.S.
  • One description of what Trump’s tariff strategy hopes to achieve.

    We absolutely want a strong economic and security alliance. It’s not going to be the whole world because China is going to have its own sphere as well, but what we wanna have within our sphere is a few things in the past the United States didn’t exactly ask for.

    We’re going to want balanced trade, where in the past we were happy to let the manufacturing go elsewhere. We’re going to want others to essentially own their own defense burdens … everybody take primary responsibility for their own defense.

    Snip.

    It’s not that Trump doesn’t want free trade, it’s that free trade doesn’t exist right now for the American people. It only exists in the starry-eyed fever dreams of Reaganite commentators who think that’s how the world actually works.

    “Reaganite” is the wrong word here, since Reagan’s trade strategy was specifically geared to help win the Cold War, which it did. Nor was Reagan a zero tariff fundamentalist, as shown by his policies on automobiles and steel. Zero tariff fundamentalism is more of a libertarian policy, where it was postulated to be beneficial even if the other side (like China) didn’t remove tariffs on their end. Trump obviously operates under different imperatives, and employs (as I’ve noted before) tit-for-tat game theory strategy.

    And if we’re talking about the Democratic Party’s theoretical conversion to post-Cold War free trade starting with Bill Clinton, then the proper term is probably neoliberalism, a word that bears a whole lot of additional baggage.

    Exports made by Americans are taxed by other countries while we let them import their cheap products for essentially free, giving Americans price cuts but making it impossible for American companies to compete unless they outsource production elsewhere. That is exactly what has happened over the last few decades and it has destroyed countless American towns.

    Trump’s whole schtick is to impose economic tit-for-tat in the hopes that other countries will drop their tariffs on U.S. goods. In that case, we actually get closer to free trade. It also allows us to invest in American manufacturing because we cannot rely on rising superpowers like China for all our industrial needs.

    Whether or not that strategy works is up for debate.

  • “Sen. Mike Lee Introduces Legislation to Ditch the TSA: ‘Too Much Groping, Too Little Benefit.'”

    The proposed measure would officially abolish the TSA three years after it is enacted into law and also would require the Departments of Homeland Security and Transportation to create and submit a reorganization plan to Congress.

    Tuberville echoed the frustrations expressed by Lee, calling the TSA “a bloated agency—riddled with waste, fraud, and abuse of taxpayer dollars—that has led to unnecessary delays, invasive pat downs and bag checks, and frustration for travelers.”

  • Inside the leftwing NGO network pushing Tesla Takedown.

    As we first pointed out on Sunday morning, former Wall Street Journal journalist Asra Nomani unveiled one of the most comprehensive reports on the NGO network behind at least one Tesla Takedown protest.

    Nomani’s investigative report, which focused on 24 groups, revealed that these protests were far from organic and likely fueled by rent-a-protesters.

    Snip.

    In an article for the @FairfaxTimes, I wrote about how the local protests in Tysons, are a window into how the protests are AstroTurf, not “grassroots.” What this case reveals is the way that a multi-million dollar professional protest industry manufactures outrage in top-down political theater, agitprop, or agitation propaganda, and now criminal offenses.

    From a spreadsheet linked in that article, here are the NGOs behind the attacks:

    • 50501
    • ActionNetwork
    • Action Network Fund
    • ActUp New York Inc., ACT UP New York, the “AIDS Coalition To Unleash Power”
    • Climate Defenders
    • Climate Defenders Action Fund
    • Arizona – Coconino County Democratic Party
    • California – Aliso Niguel Democratic Club
    • California – California Democratic Party
    • California – Democratic Club Of Carlsbad
    • Florida – Broward County Democratic Party
    • Florida – Democratic Progressive Caucus of Palm Beach County Inc.
    • Florida – Osceola Young Dems
    • Florida – Rainbow Democrats of Central Florida
    • Illinois – Democratic Party of DuPage County
    • North Carolina – Durham County Democrats
    • Ohio – Eastside Cuyahoga Democratic Clubs
    • Texas – Harris County Democratic Party, Cypress-Tomball Democrats
    • Democratic Socialists of America
    • Disruption Project
    • Housing Works Inc., providing “assistance & expertise to homeless persons living with AIDS or HIV-related illnesses”
    • Indivisible Action
    • Indivisible Project
    • Mobilize.us, run by MobilizeAmerica Inc. – owned by EveryAction, the parent company of NGP VAN
    • MoveOnorg Civic Action
    • Not Above the Law Coalition — Coalition members as of 6/9/2023: American Oversight; Center for American Progress Action Fund; Citizens for Responsibility and Ethics in Washington (CREW); Common Cause; Congressional Integrity Project; Constitutional Accountability Center; The Criminalization of Poverty Project at the Institute for Policy Studies; Daily Kos; Defend Democracy Action Project; Defend the Vote Action Fund; DemCast USA; End Citizens United/Let America Vote; Fix Democracy First; Free Speech For People; Greenpeace USA; Indivisible; J Street; League of Conservation Voters; MoveOn; NextGen America; Our Revolution; People For the American Way; People Power United; Public Citizen; Public Wise; Secure Elections Network; Sierra Club; Stand Up America; Wisconsin Democracy Campaign; and The Workers Circle. SOURCE: press release
    • Planet Over Profit
    • Public Citizen Foundation
    • Public Citizen Inc.
    • Rise and Resist Inc.
    • Stand Up America Inc., established to “mobilize progressive Americans”
    • Swing Left, dedicated to “help Democrats win”
    • Tax Reformers LLC, running “TaxElon.us” (“an offshoot of TeslaTakedown.com”)
    • Third Act Initiative Inc.
    • Troublemakers
    • Voices Ignited
  • One of the bigwigs in the “Tesla Takedown” movement is none other than Disniformation Queen Nina Jankowicz.

    On Tuesday morning, former Biden administration “disinformation czar” Nina Jankowicz repeatedly refused to disclose who’s funding her new gig – the ‘American Sunlight Project’ – which cropped up after a stint at the USAID-funded UK-based Centre for Information Resilience (CIR) – for which she registered as a foreign agent while serving as their Vice President.

    To review – Jankowicz, who previously served as a disinformation fellow at the Wilson Center, advised the Ukrainian Foreign Ministry as part of the Fulbright-Clinton Public Policy Fellowship, and was then selected to head the Biden DHS’s newly formed Disinformation Governance Board – which was quickly dismantled amid criticism over censorship under the guise of fighting disinformation.

    Four months later, she launched “The Hypatia Project” for CIR – where she was the Vice President until April 2024, at which point she co-founded the American Sunlight Project.

    Fast forward to this morning, Jankowicz was evasive when asked by Republicans during a congressional hearing on disinformation about her funding…

    As it turns out, Jankowicz’s co-founder at the American Sunlight Project is Carlos Alvarez-Aranyos, a “communications professional” who worked for the Biden DoD, and is “one of the people who launched the call for a boycott of Tesla.”

    Alvarez-Aranyos comes from a wealthy and prominent family in the Dominican Republic. His father, Luis Álvarez Renta, is a well-known Dominican financier. Carlos is a nephew of the renowned fashion designer Oscar de la Renta.

  • A mixed bag in April 1st elections. Republicans easily retained two congressional seats in Florida and won a voter ID ballot proposition in Wisconsin, but lost a Wisconsin Supreme Court race that Elon Musk and others had poured a lot of money into.
  • Democrats are suing Trump over limiting voting to U.S. citizens.

    In a lawsuit against the Trump administration filed in Washington, D.C. federal court, the Democratic National Committee said Trump exceeded his authority in the March 25 order by requiring voters to prove they are U.S. citizens, preventing states from counting mail-in ballots received after Election Day, and threatening to take federal funding away from states that do not comply.

    Snip.

    ‘The Executive Order seeks to impose radical changes on how Americans register to vote, cast a ballot, and participate in our democracy — all of which threaten to disenfranchise lawful voters and none of which is legal,’ according to the lawsuit, which was filed by longtime Democratic election lawyer Marc Elias and other lawyers at his firm.

    U.S. Senator Chuck Schumer and U.S. Representative Hakeem Jeffries, the leaders of the Democratic minorities in the U.S. Senate and House of Representatives, respectively, are also plaintiffs in the case.

  • Democrats are still all in on transing your kids. “New Colorado bill would penalize ‘misgendering’ in public places, use it as justification to take your kids away.”
  • “Migrant influencer” who bragged about squatting in Americans’ homes is deported. “Leonel Moreno, who encouraged illegal migrants to ‘invade abandoned houses’ in sick TikToks, was sent back to the narco state [Venezuela] this week, after President Trump resumed deportation flights to the country.”
  • The economic policy of the Democratic Party is grifterism.

    Like the Politburo of the former Soviet Union, the words of Democrats often bear little resemblance to the actions their words embody. “Equity” is an excellent example, as when Democrats say “equity,” they really mean highly inequitable policy solutions. Sometimes, however, Democrats deliberately fail to coherently describe the meaning of their actions, and then it becomes even harder to ascertain meaning. Such is the case with the basic economic policies of Democrats. Many on the right like to say that Democrats support socialism, but that’s not wholly true given how many capitalist components exist inside Democrat economic policies. Similarly, it is inaccurate to describe Democrat economics as being purely capitalistic because wealth redistribution is one of their core competencies. Some say that the Democrats enjoy government control of capitalist entities, rendering their economic persuasion fascist in nature. Yet, even that is inaccurate, given that fascist states view their economies as a source of nationalistic pride and strength, while Democrats tend to abhor nationalistic pride in the United States.

    It’s not socialism. It’s not capitalism. It’s not fascism. What, then, is the overarching label that explains the economic policies and priorities of Democrats and their leadership?

    It’s Grifterism. (I did not invent that word, or at least that’s what Google tells me. However, I believe I am the first author to ever use that term to describe a formal system of national economic governance, so I’m going to run with it.)

    Grifterism is, as the name suggests, a system run by and for the benefit of grifters. Webster defines the verb “grift” as “to acquire money or property illicitly.” Grifters have always been a part of human society, but it took the 21st-century Democratic Party to turn the idea into a comprehensive economic system. The best way to understand this system is to analyze the four classes of citizens upon which Grifterism relies, and into which all American citizens are divided one way or another: Billionaires, Productives, Dependents and, of course, Grifters.

    Snip.

    4. The Grifters: Well, we’re finally here. By now, you probably have a pretty good idea of what the Grifters are up to, but let’s be clear that this class consists of more than just government workers. The Grifter class includes all of the intelligentsia: the university professors, the traditional journalists, the lobbyists, the Hollywood elite, the “BigLaw” attorneys, and, most of all, the NGO crowd. Further, not every government worker is a Grifter—the military, the police, the justice system, and many other government offices that provide what economists call “Public Goods” all house highly necessary government employees. (Those employees are not Grifters—they are Productives, but unfortunately, the overwhelming majority of government workers are in fact Grifters.)

    But let’s get back to the NGOs (a term I use in this article interchangeably with non-profit entities), as they reveal the true level of perfidy perpetuated by the Grifters. If you have been paying attention for the last two months, you are probably aware that DOGE and brilliantly relentless and patriotic volunteer data analysts like Data Republican have uncovered the widespread prevalence of U.S. federal agencies taking your tax dollars and using them to fund dubious efforts by various NGOs. This wicked grift cycle goes like this: (1) Taxpayers pay taxes required because Grifters establish programs that require funding; (2) Congress approves such funding in the vaguest possible terms of intent and appropriates those funds to a federal agency run by Grifters; (3) the Grifters in that agency interpret Congress’ intent in the broadest manner possible and provide funds to NGOs that employ other Grifters with six-figure salaries; and (4) that NGO then engages in some sort of woke cause such as training transgender farmers—a cause very few taxpaying voters would vote for if they only knew about it.

    The cycle of grifting prospers beyond just NGOs: the universities receive taxpayer funding to indoctrinate our youth; the lobbyists curry favor with the Grifters to improve their business opportunities; the journalists cycle in and out of government, spreading the Grifter ethos as truth; Hollywood pays homage to it all, infecting American brains with woke ideas that Grifterism is noble; the BigLaw attorneys become rich navigating the vast regulatory schemes that are the lifeblood of Grifterism, and the members of the Grifter class constantly cycle in and out of the various organizations that benefit most from their economic parasitism.

    The Grifters are the only class of Grifterism that fully benefits from the corrupt system; in fact, the system exists by, for, and because of the Grifters—almost all of whom are voting for Democrat candidates who themselves wallow in the pig trough of Grifterism. “But wait!” you may say, “Government workers are not Billionaires, they are not wealthy. How is that a grift?” Grifters in government generally enjoy wages in excess of the national median income; they are entitled to retirement plans largely unheard of in the private sector; they have healthcare and other benefits that far exceed those of equivalent private workers; and, most of all, they enjoy job security that is unmatched by any other sector of American society. Most Grifters are unfirable—they have life tenure. Finally, they have the power to pull the strings of the entire Grifter class for their own benefit—back-scratching and beak-wetting are their secret ways of communication.

    It’s good to be a Grifter.

  • The Democratic Party remains stuck on stupid.

    The Democrats are obviously struggling with coming to terms with the rejection they faced last November. They’re always bad at introspection and taking responsibility for anything, but this is like nothing I’ve seen in all of my years in politics. It’s gotten to the point where I have to read at least one or two of the 2024 post mortems in the mainstream media every day to get my fix. Yeah, it’s a blast watching them not get it. The real joy for me, however, is seeing the myriad ways that they are finding to not come to the proper conclusions about why they lost.

    They’ve been so reluctant to face their Pandora’s boxful of problems that they didn’t even start making attempts until just before the second Trump term was underway. In days of yore, the Democratic National Committee would have called an all-hands-on-deck meeting for around 6 AM on the morning after the election to begin plotting how to win the next one. Not only that, the Dems would have some plans in their back pockets and some viable candidates for the future on their bench. That Democratic Party and political machine no longer exist.

    The reason for that is one that they will probably never admit to themselves. The decimation of its candidate bench and the party’s long-term planning ability can be laid squarely at the feet of the man who they worship above all others: His High Holiness the Lightbringer Barack Obama.

    Democrats had long been invested in identity politics but went all-in to the exclusion of anything else after Barack Obama won in 2008. As my friend Stephen Green mentioned a few times last year, the Dems sold an idea in 2008 rather than a candidate with a record. Of course, that was because Obama had no record to speak of at the time.

    They got kinda hooked on that.

    The party higher-ups and their media mouthpieces spent the next eight years hero worshiping and not attending to the mundane nuts and bolts of keeping a successful political machine running. While they were “oohing and aahing” over the emperor’s new clothes, the emperor was sucking the life out of the party’s future. Who needed a bench when all they had to do was anoint a candidate who checked off a “historic first” diversity box on his or her résumé?

    They were so invested in the diversity route that the DNC gamed the 2016 primary to make it nigh on impossible for anyone to beat Hillary Clinton — the candidate they’d unceremoniously thrown on the trash heap eight years earlier in favor of Obama because he checked off a higher-priority diversity box.

    None of the Democratic Party rules applied in 2020. The Dems went with Joe Biden because he was essentially an emotional support stuffed toy who made them feel better because he had a connection to Obama. Biden immediately got them back in the identity politics game by promising to pick a Black female running mate.

    We know the rest of this story.

    The real problem for the Democrats in 2024 wasn’t Joe Biden’s late exit or Kamala Harris’s short campaign — no combination of circumstances was going to enable either of them to beat Donald Trump. The Dems’ real problem is what the party is now about. Things like biological males competing in girls sports and hanging around in their locker rooms. Things like drag queen story hours in first-grade classrooms. Things like “Free Palestine” lunatics attacking synagogues.

    Things that they really haven’t backed off of after getting shellacked last year.

    So more social justice victimhood identity politics and more Orange Man Bad. That, abortion and gun control are pretty much all they have… (Hat tip: Stephen Green at Instapundit.)

  • Bruen on the march: “Justice Dept. Investigates L.A. Sheriff Over Concealed Carry Permit Delays.”

    The Justice Department said it was investigating whether the Los Angeles County Sheriff’s Department had violated the Second Amendment rights of residents through what it said was a pattern of long delays in issuing concealed carry permits.

    The department said the investigation, announced in a news release on Thursday, was part of a larger push to protect gun rights across the United States. It added that it could open similar investigations in “any other states or localities that insist on unduly burdening, or effectively denying, the Second Amendment rights of their ordinary, law-abiding citizens.”

    The Supreme Court has upheld Second Amendment rights in recent years, but, the Justice Department wrote in the announcement, some states “have resisted this recent pro-Second Amendment case law.”

    The department called California “a particularly egregious offender,” saying it had passed laws restricting the right to bear arms. It said some areas of California had also imposed excessive fees and lengthy wait times on concealed carry permits.

    The investigation follows a lawsuit filed in federal court in 2023 by gun rights advocates who claimed it had taken more than a year to obtain a concealed carry permit from the Los Angeles County Sheriff. Last year, a federal judge agreed that the Second Amendment rights of two individuals in the lawsuit had most likely been violated when the county made them wait 18 months before they received a decision on their permits. The Justice Department said it believed others had also experienced long delays in obtaining permits in the county.

    The Sheriff’s Department wrote in a statement that it respected the Second Amendment and that it was committed to processing all concealed carry permits, but it added that it was facing a “staffing crisis” and had a backlog of cases. It said it had around 4,000 applications to process, with only 14 people to review them.

    Last month, President Trump directed Attorney General Pam Bondi to assess “any ongoing infringements” on Second Amendment rights in federal agencies across the country.

    “The Second Amendment is not a second-class right,” Ms. Bondi wrote in the news release announcing the investigation in Los Angeles, “and under my watch, the department will actively enforce the Second Amendment just like it actively enforces other fundamental constitutional rights.”

  • A victory in the war against lower court judicial overreach. “Supreme Court Shuts Down Activist Judge, Lets Trump Cut $250 Million In DEI Training For Teachers.”

    The Supreme Court on Friday overruled an activist judge in Boston, allowing the Trump administration to slash $250 million for more than 100 teacher training grants for DEI and other woke programs.

    In a 5-4 decision nine days after the request, the Supremes sided with the Trump administration’s emergency request to stay the court order by judge Myong J. Joun of the federal District of Massachusetts – who had ordered the Trump administration to “immediately restore” the “pre-existing status quo prior to the termination.”

    According to the ruling – which is likely to narrow the ability of district courts to halt agency actions involving grant function, Joun lacked authority to order the Trump admin to restore the funding.

  • The Supreme Court giveth, and the Supreme Court taketh away.

    The Supreme Court upheld the Biden administration’s regulations on “ghost guns” Wednesday, finding that guns assembled using at-home kits are subject to the same rules as traditional firearms, including requirements that they carry a serial number and that purchasers undergo a federal background check before buying them.

    The justices ruled 7-2 in Garland v. VanDerStok to preserve rules imposed by the Bureau of Alcohol, Tobacco, and Firearms in 2022 to combat what the government called an explosion of “ghost gun” usage in criminal activity. Justices Clarence Thomas and Samuel Alito dissented.

    Second Amendment issues aside, the Supreme Court missed an opportunity to par back some post-Chevron regulatory overreach.

  • He’s outa there: “South Korean court removes president from office, says he violated duties. The Constitutional Court upheld the impeachment of President Yoon Suk Yeol over his martial law gambit. South Korea will elect a new president within 60 days.”
  • Dwight is usually the one covering the Eric “Three Phones” Adams corruption case, but since he’s traveling, I’ve got to step up and note that the case was dismissed.

    A Manhattan judge on Wednesday dismissed the federal corruption charges levied against New York City Mayor Eric Adams last fall, partially granting the Trump-era Department of Justice’s request to drop the case.

    U.S. District Judge Dale Ho, who presided over the Democratic mayor’s case in the Southern District of New York, permanently dismissed the charges in a highly anticipated decision.

    In February, the DOJ ordered federal prosecutors to stop pursuing the case and subsequently asked the judge to dismiss the case without prejudice. That would have allowed prosecutors to refile charges against Adams in the future if the DOJ wanted to do so.

    Ho dismissed the indictment with prejudice, meaning the prosecution cannot be revived based on the same evidence used in the original case.

    The DOJ’s move, spearheaded by former acting Deputy Attorney General Emil Bove, sparked accusations that the Trump administration and Adams were engaged in a “quid pro quo” agreement, in which the mayor’s charges would have been dropped as a way of ensuring his cooperation with enforcing the White House’s immigration agenda. Adams denied the allegations of a quid pro quo.

    In his order, Ho wrote that dismissing the case without prejudice “would create the unavoidable perception that the Mayor’s freedom depends on his ability to carry out the immigration enforcement priorities of the administration, and that he might be more beholden to the demands of the federal government than to the wishes of his own constituents.”

    The Biden-appointed judge described that perception as “inevitable” and concluded that “it counsels in favor of dismissal with prejudice.”

    Adams requested a dismissal with prejudice, to which the DOJ did not object.

    In September, Adams was indicted on five counts of corruption related to his alleged acceptance of benefits, such as free luxury travel from Turkish officials, in exchange for pressuring city inspectors to open a new Turkish consulate building in Manhattan without a proper fire inspection. Adams pleaded not guilty.

    The New York City mayor has suggested his indictment was politically motivated because of his criticisms of the Biden administration’s lax immigration policies.

    Given that Adams was a Democratic mayor of New York City, my working assumption is that he’s dirty as sin in general, but not necessarily for this particular case. And it’s entirely possibly that the Biden Administration did indict him for daring to question open borders. Also, even if guilty, dismissing his charges might be justified in the same way that a mobster who turns state evidence gets their charges dismissed. (Honestly, three different iPhones seems like overkill. One iPhone and two burner phones for different dirty deals seems sufficient, unless you’ve got so much dirty going down that you need to use the Stringer Bell SIM card swap to keep all the balls in the air. On the other hand, were the FBI to raid my house for some reason, they too might seize three iPhones: One working, and two old, mostly broken models…)

  • But wait! Adams says that, while he’s still a Democrat, he’s running for re-election as an Independent. Maybe he figures (correctly) that his heretical questioning of The Message means he has no chance to win a Democratic primary…
  • EuroElites are hoping that lawfare can succeed there even though it failed against Trump: “French Court Sentences Marine Le Pen to Jail, Bars Right-Wing Presidential Hopeful from Running in 2027.”

    A French court on Monday sentenced right-wing leader Marine Le Pen to jail and barred her from seeking public office again for five years, preventing her from running in France’s 2027 presidential election after she was found guilty of embezzlement.

    A member of the French Parliament, Le Pen and others were accused of misusing 4.4 million euros, or $4.8 million, in European Parliament funds to pay staff who were working for her National Rally party. In violation of European Union regulations, the alleged embezzlement occurred between 2004 and 2016. She was found guilty alongside eight members of Parliament and twelve assistants. The French right-wing leader has denied any wrongdoing.

    Le Pen faces a prison sentence of four years, with two of those years suspended; a $108,000 fine; and ineligibility to run for office for five years, effective immediately. She is expected to appeal the ruling.

    But even if she does appeal, the political ban will likely remain in place unless she is victorious. Meanwhile, her prison sentence will be suspended during the appeals process. The ban doesn’t affect her parliamentary position.

    There’s widespread belief that “embezzlement” charges like this would never be employed against politicians that hew the EU line.

  • “Trump Warns Iran That Without a Nuclear Deal, ‘There Will Be Bombs.‘”

    Earlier this month, President Trump wrote to Iran’s Ayatollah Ali Khamenei saying he wanted to negotiate an end to Iran’s nuclear weapons program, emphasizing “I would prefer to make a deal, because I’m not looking to hurt Iran. . . . I’m not sure that everybody agrees with me, but we can make a deal that would be just as good as if you won militarily.” This weekend, the Iranians rejected direct negotiations but left the door open to indirect negotiations. This is all occurring as a quarter of the U.S. Air Force’s B-2 bombers are at the joint U.S.-United Kingdom military base at Diego Garcia in the Indian Ocean. A U.S. military conflict with Iran feels increasingly plausible.

    Snip.

    Northrop B-2 Spirits are what the U.S. Air Force uses when it needs to drop very powerful bombs in a very stealthy manner. Among those very powerful bombs is the Massive Ordinance Penetrator (MOP) Bunker-Buster, a 30,000 pound bomb that is described as “the most powerful and deeply burrowing non-nuclear bunker buster on earth.” In fact, the B-2 is the only plane that can carry a MOP.

    The MOP is exactly the sort of weapon you would use if you wanted to hit Iran’s underground nuclear facilities. On March 25, Iranian state media “showed Iranian Armed Forces Chief of Staff General Mohammad Baqeri and Amir Ali Hajizadeh, the Islamic Revolutionary Guards Corps Aerospace Force commander, showing off what Iranian media said was an ‘underground missile city.’”

    (Howard Altman of The War Zone noted that from what viewers could see in the video, “The munitions are stored out in the open in long continuous tunnels and large caverns with no, or at least limited, blast doors or separated revetments. That could result in devastating consequences should the facility be breached in an attack. The lack of these protective measures could lead to an absolutely massive chain reaction of secondary explosions.”)

    As of May 2024, Iran has 42 declared facilities and at least 8 suspected facilities in its nuclear program.

  • Dozens of Suspected Tren de Aragua Gang Members Arrested Outside Austin.” The “outside” part is Dripping Springs, a town that used to be way the hell out in the country some 20 years ago but is now a exurb of Austin.

    Texas Department of Public Safety officers arrested over three dozen individuals—including suspected members of the Venezuelan gang Tren de Aragua—near Dripping Springs, a small town a half-hour west of Austin.

    Law enforcement also seized narcotics during the Tuesday raid and took nine minors into custody.

  • Followup: “New York Stock Exchange Texas Opens, Trump Media Group First Listing.”

    Texas continues to cement itself as a hub for capital investment with the opening of a new Lone Star State-based stock exchange on Monday.

    The New York Stock Exchange (NYSE) announced plans to establish its own exchange in Dallas back in February — which came on the heels of the Texas Stock Exchange being founded in June last year.

    “As the state with the largest number of NYSE listings, representing over $3.7 trillion in market value for our community, Texas is a market leader in fostering a pro-business atmosphere,” NYSE Group President Lynn Martin said in a press release at the time.

    Now, March 31 is opening day for the Texas-based New York Stock Exchange, which Martin said will “allow companies to capitalize on the pro-business dynamics in Texas.”

    The NYSE also announced that the first security to be listed on the Texas exchange will be the Trump Media & Technology Group (TMTG).

    TMTG describes itself as a “social media and technology focused company” where its goal is to “end Big Tech’s assault on free speech by opening up the Internet and giving people their voices back.” Its most well known product offering is the social media platform TruthSocial.

    Headquartered in Florida, the company debuted on the NYSE in March 2024 under the ticker “DJT” and skyrocketed to a market valuation of at least $8.4 billion on an undiluted share basis during its first day of business; it currently sits around $4.37 billion in market capitalization.

    “We’re honored to become the initial listing for NYSE Texas, which is a great fit for TMTG as we diversify into financial services and other realms,” said TMTG CEO and Chairman Devin Nunes.

    “Texas provides a fantastic climate for business and entrepreneurship that aligns with TMTG’s mission. This listing, alongside our plans to reincorporate in Florida, shows we’re part of a growing movement to take our business to states that value free enterprise and personal freedom.”

    (Previously.)

  • Important financial safety tip: A Fintech app is not a bank.
  • “State Rep. Harrison Calls for End to UT Gender Studies Dept. After Attending ‘Transgender Conference.’”

    After attending a “transgender conference” at the University of Texas at Austin, State Rep. Brian Harrison is demanding an end to the school’s Women’s, Gender and Sexuality Studies Department.

    Harrison (R-Midlothian) is calling for the university to be defunded unless it terminates the department, along with its diversity, equity, and inclusion programs.

    “The Texas government has failed Texans, by weaponizing their tax dollars against them, their values, and their children, and I won’t stand for it, especially in light of what I recently discovered on my undercover visit to the University of Texas campus yesterday as they were hosting a transgender conference,” Harrison stated.

    He warned that if the programs are not immediately dismantled, he will attempt to strip UT Austin of taxpayer funding in the upcoming state budget.

    On Tuesday, Harrison shared photos captured at the 32nd Annual Emerging Scholarship in Women’s and Gender Studies Graduate Student Conference.

    One featured a banner promoting an art exhibit called “TRANSCENDENCE: A Century of Black Queer Ecstasy.” The banner shows two black men standing in front of a cross.

    The event agenda for day one of the conference included a lecture titled “Keeping Time: Queer-Crip Temporal Attunement Through Tarot.”

    Pamphlets and flyers throughout the library advertised “Resources for Trans Folks,” which primarily focused on the use of cross-sex hormones or mutilating surgeries used to appear like the opposite sex.

    One flyer directed students to UT’s University Health Services for medical transition procedures and to the UT School of Law’s Gender Affirmation Project for legal name and gender changes.

    The flyer was created by The Queer and Trans Student Alliance, which is an agency of the UT student government.

    Sounds like a good center to defund.

  • Ryan George gets meta and takes a step back.
  • “Libs Spell Out ‘Coexist’ With Burning Teslas.”
  • “Lego Introduces ‘California Home’ Set Where Kids Fill Out Permit And Wait 2 Years For Approval.”
  • Manufacturer Recalls Faulty Shopping Carts With 4 Functioning Wheels.”
  • Might as well jump…

    (Hat tip: Ace of Spades HQ.)

  • I’m still between jobs. Feel free to hit the tip jar if you’re so inclined.





    NYSE Chicago Moving To Dallas

    Sunday, February 16th, 2025

    The New York Stock Exchange Company is moving operations for the Chicago Stock Exchange (which it’s owned since 2018) to Dallas.

    The Lone Star State has long been a magnet for capital investment, and recent developments regarding the establishment of not one, but two Texas-based stock exchanges seek to increase that momentum.

    The Texas Stock Exchange (TXSE), set to be based in Dallas, was announced in June last year on the principle that “Texas and the other states in the southeast quadrant have become economic powerhouses,” according to TXSE founder James Lee.

    “Combined with the demand we are seeing from investors and corporations for expanded alternatives to trade and list equities, this is an opportune time to build a major, national stock exchange in Texas.”

    The first step to full incorporation was taken in January when registration forms were filed with the Securities and Exchange Commission — after $161 million in initial capital was raised by the TXSE group.

    Former Texas governor and U.S. Department of Energy secretary Rick Perry, former acting general counsel for Charles Schwab and former head of its Office of Legislative and Regulatory Affairs Jeffrey Brown, and former KCG Holdings, Inc. chief technology officer Jonathan Ross, are some of the members on the TXSE leadership team.

    Now, the New York Stock Exchange (NYSE) has announced plans to establish its own exchange in Dallas, which could be a competitor to the TXSE.

    “As the state with the largest number of NYSE listings, representing over $3.7 trillion in market value for our community, Texas is a market leader in fostering a pro-business atmosphere,” NYSE Group President Lynn Martin said in a press release.

    “We are delighted to expand our presence in the Lone Star State, which plays a key role in driving our U.S. economy forward.”

    NYSE Texas is planned to be a fully electronic equities exchange as part of the Intercontinental Exchange. The plan, pending regulatory filings, is to reincorporate NYSE Chicago in Texas.

    Though some stocks are listed specifically on the Chicago Exchange, it also trades stocks listed on other exchanges like NYSE and NASDAQ. Interestingly, a Chinese group tried to buy the Chicago Exchange back in 2016, but Donald Trump objected to the deal and it was eventually rejected by the Securities and Exchange Commission.

    Chalk up another case of another company in a failing high tax, high regulation, blue-run locale getting the hell out while the getting is good and moving to Texas.

    Scenes From China’s Slow-Motion Collapse

    Tuesday, July 26th, 2022

    Remember the bank runs in China story after all those bank accounts in Hunan were frozen? I’ve been looking for signs of wider contagion amidst the Chinese banking sector, and mostly haven’t seen it. But I have seen a lot of other cracks appear in China’s overall economic system, so here’s a roundup.

  • One reaction to the frozen accounts: “Chinese Bank Run Turns Violent After Angry Crowd Storms Bank of China Branch Over Frozen Deposits.”

    A large crowd of angry Chinese bank depositors faced off with police Sunday in the city of Zhengzhou, and many were injured as they were taken away, amid the freezing of their deposits by some rural-based banks.

    The banks froze millions of dollars worth of deposits in April, telling customers they were upgrading their internal systems. The banks have not issued any communication on the matter since, depositors said.

    According to Chinese media the frozen deposits across the various local banks could be worth up to $1.5 billion and authorities are investigating the three banks.

    On Sunday, about 1,000 people gathered outside the Zhengzhou branch of China’s central bank on Sunday to demand action; they held up banners and chanted slogans on the wide steps of the entrance to a branch of China’s central bank in the city of Zhengzhou in Henan province, about 620 kilometers (380 miles) southwest of Beijing.

  • China’s communist government reacted to the protests with their usual tact and understanding:

  • Also, it looks like the province suddenly had an outbreak of Flu Manchu, forcing protestors to stay at home. What are the odds?
  • But it looks like some of them will finally get some money back:

    (Plus more on the property slump.)

  • The official line on the Hunan account freeze: “Henan police said in a statement on July 10 that further investigations showed that, since 2011, a criminal group led by a suspect named Lu Yi had gradually taken control of several rural banks, through companies including the Henan New Wealth Group, to illegally transfer out funds. The police said they had arrested more suspects and seized more assets involved in the case.” I have no doubt the aforementioned were probably guilty, but I bet a whole lot more bank officials, regulators, and CCP officials (to the extent that those are separate groups and not mostly-overlapping Venn circles) were in on the scheme, plus a whole bunch more in dozens of other schemes that siphoned off depositor money into various pockets and a host of entirely different schemes. As I’ve said before, it’s smoke and mirrors all the way down.
  • Another thing driving unrest: “Rotten tail buildings,” that is residential buildings on which all construction is stopped, but for which those with mortgages for individual units are still expected to pay for:
    

  • The Result? Disgruntled homebuyers are refusing to pay their mortgages.

    A rapidly increasing number of “disgruntled Chinese homebuyers” are refusing to pay mortgages for unfinished construction projects, exacerbating the country’s real estate woes and stoking fears that the crisis will spread to the wider financial system as countless mortgages default.

    According to researcher China Real Estate Information, homebuyers have stopped mortgage payments on at least 100 projects in more than 50 cities as of Wednesday, up from 58 projects on Tuesday and only 28 on Monday, according to Jefferies Financial Group Inc. analysts including Shujin Chen.

    And that was over a week ago.

    According to Citi analysts, average selling prices of properties in nearby projects in 2022 were on average 15% lower than purchase costs in the past three years. Meanwhile, it’s only getting worse as China’s home prices fell for a ninth month in May, with June figures set for release Friday.

    The crisis engulfing Chinese developers is reaching a new phase, with a debt selloff expanding to firms once deemed safe from the cash crunch, including investment-grade names such as Country Garden Holdings, the largest builder by sales.

    The payment refusals, which come at a time when China’s economy is set to post what may be a negative GDP print due to the latest economic shutdown over Xi’s catastrophic zero covid policies, underscore how the storm engulfing China’s property sector is now affecting hundreds of thousands of average citizens, posing a threat to social stability ahead of a Communist Party Congress later this year. Chinese banks already grappling with challenges from liquidity stress among developers now also have to brace for homebuyer defaults.

    As a result of the unprecedented push for a debt jubilee, shares of China’s banks extended their recent decline Thursday, with the CSI 300 Banks Index falling as much as 3.3% before closing down 2.2%. A Bloomberg Intelligence index of Chinese developer stocks slid as much as 2.7%, even though Chinese lenders were quick to try and dispel fears that the movement could crash the economy: according to Bank of Communications, its outstanding balance of overdue mortgage loans linked to housing projects with risks of delayed delivery is 99.8 million yuan, accounting for 0.0067% of its domestic housing mortgage balance. The bank added that its housing mortgage loan quality is stable and risks are controllable, the Shanghai-based lender says in an exchange filing. At the same time, Postal Savings Bank of China says its overdue mortgage loans linked to halted housing projects is 127m yuan, and risks are controllable. Of course, it’s not like Chinese banks would ever lie, now is it?

  • There are some signs that the cracks are spreading.

    The Great Debt Jubilee is picking up speed: China’s homebuyer mortgage boycott, which prompted Beijing to scramble to avoid a potentially devastating crash in what is the world’s biggest asset is spreading, and according to Bloomberg, some suppliers to Chinese real estate developers are now also refusing to repay bank loans because of unpaid bills owed to them, a sign that the loan boycott that started with homebuyers is starting to spread.

    In a jarring case study of what happens when a ponzi scheme goes into reverse, hundreds of contractors to the property industry complained that they can no longer afford to pay their own bills because developers including China Evergrande Group still owe them money, Caixin reported, citing a statement it received from a supplier Tuesday.

    Similar to homebuyers who have taken a stand and refuse to pay for properties that remain uncompleted, one group of small businesses and suppliers circulated a letter online saying they will stop repaying debts after Evergrande’s cash crisis left them out of pocket.

    “We decided to stop paying all loans and arrears, and advise our peers to decline any requests to be paid on credit or commercial bill,” the group said in the letter dated July 15, which was sent to the developer’s Hubei office. “Evergrande should be held responsible for any consequence that follows because of the chain reaction of the supply-chain crisis.”

    As Bloomberg oh so perceptively puts it, “the payments protest is the latest sign of how a movement by homebuyers to boycott mortgages on unfinished homes in China is spreading to affect other sectors in the economy.”

    Yes it is, and it’s also why Beijing should be freaking out (if it isn’t), because what is taking place in China is far worse than what took place in March 2020 when the global credit machinery ground to a halt, only back then it’s because there was no other option, now it’s a voluntary development and not even fears of reprisals from China’s ruthless, authoritarian, Lebron-beloved dictatorship is stopping millions of people from calling for a systemic boycott, one which can topple China’s entire $60 trillion financial system in moments.

    Probably an overstatement, just because it takes a whole lot to overcome the inertia of the average Chinese citizen just wanting to keep their head down and not be the nail that sticks up.

  • Speaking of Evergrande, the rats there continue to flee the sinking ship.

    Embattled Chinese real estate giant Evergrande is expected to deliver a preliminary restructuring plan this week, following the exit of two bosses.

    The firm says its chief executive and finance head have resigned, after an internal probe found that they misused around $2bn (£1.7bn) in loans.

    Chinese businessmen misusing funds? Try to contain your shock.

    Evergrande has more than $300bn in liabilities and defaulted on its debts late last year.

    The crisis has spooked traders who fear contagion in China’s property sector.

    On Friday, Evergrande said it found that chief executive Xia Haijun and chief financial officer Pan Darong were involved in diverting 13.4bn yuan ($2bn; £1.7bn) in loans secured by its property services unit to the wider group.

    The firm said in a filing to the Hong Kong Stock Exchange that Mr Xia and Mr Pan had resigned because of their “involvement in the arrangement of the pledges”.

    Getting caught trying to cook the books even after it’s hit the fan. Classic Chinese management.

  • “Some big-name Chinese stocks including Alibaba Group Holding Ltd. and Baidu Inc. face the prospect of getting kicked off the New York Stock Exchange and Nasdaq if they refuse to let U.S. regulators see their financial audits.”

    The U.S. Securities and Exchange Commission has started the process, compelled by a 2020 law, and investors have started to pay attention. So has China, which moved to potentially clear a big hurdle that stymied U.S. regulators for years.

    1. Why does the U.S. want access to audits?

    The 2002 Sarbanes-Oxley Act, enacted in the wake of the Enron Corp. accounting scandal, required that all public companies have their audits inspected by the U.S. Public Company Accounting Oversight Board. According to the SEC, more than 50 jurisdictions work with the board to allow the required inspections, while two historically have not: China and Hong Kong. The long-simmering issue morphed into a political one as tensions between Washington and Beijing ratcheted up during the administration of President Donald Trump. The Chinese chain Luckin Coffee Inc., which was listed on Nasdaq, was found to have intentionally fabricated a chunk of its 2019 revenue. The following year, in a rare bipartisan move, Congress moved to force action.

    2. Where does it stand?

    As required by the law, known as the Holding Foreign Companies Accountable Act or HFCAA, the SEC in March started publishing its “provisional list” of companies identified as running afoul of the requirements. While the move had long been telegraphed, the first batch of names fueled a sharp decline in U.S. shares of companies based in China and Hong Kong as it dashed hopes for some kind of compromise. In all, the PCAOB has said it’s blocked from reviewing the audits of more than 200 of those businesses. The companies say Chinese national security law prohibits them from turning over audit papers to U.S. regulators. SEC Chair Gary Gensler said in late March that the Chinese authorities faced “a hard set of choices.” Days later, China announced it would modify a 2009 rule that restricted the sharing of financial data by offshore-listed firms, potentially clearing one obstacle.

    3. What is China changing?

    The China Securities Regulatory Commission said the requirement that on-site inspections should be mainly conducted by Chinese regulatory agencies or rely on their inspection results would be removed. It said it would provide assistance for cooperation with foreign regulators. The CSRC said it’s rare in practice that companies need to provide documents containing confidential and sensitive information. However, if required during the auditing process, they must obtain approvals in accordance with related laws and regulations.

    4. What’s the broader issue?

    Critics say Chinese companies enjoy the trading privileges of a market economy — including access to U.S. stock exchanges — while receiving government support and operating in an opaque system. In addition to inspecting audits, the HFCAA requires foreign companies to disclose if they’re controlled by a government. The SEC is also demanding that investors receive more information about the structure and risks associated with shell companies — known as variable interest entities, or VIEs — that Chinese companies use to list shares in New York. Since July 2021, the SEC has refused to greenlight new listings. Gensler has said more than 250 companies already trading will face similar requirements.

    5. How soon could Chinese companies be delisted?

    Nothing is going to happen this year or even in 2023, which explains why markets initially took the possibility in their stride. Under the HFCAA, a company would be delisted only after three consecutive years of non-compliance with audit inspections. It could return by certifying that it had retained a registered public accounting firm approved by the SEC.

    6. How many companies will be affected?

    There’s not much discretion. If a company from China or Hong Kong trades in the U.S. and files an annual report, it will soon find itself on the SEC’s list simply because those have been identified as non-compliant jurisdictions. In the March interview, Gensler pointed out that the law focuses on non-compliant countries, rather than specific companies.

  • Up to 10,000+ rich Chinese are looking for a way to flee the country.
  • For that and other reasons, Beijing is looking to impose more controls to prevent capital flight.
  • What would a “China is screwed” roundup be like without a Peter Zeihan video?

    “Demographically they’re in collapse…China’s not even going to survive this decade. They don’t even have the numbers to try…China doesn’t have the naval capacity to secure markets and resources….Xi Jinping has enacted a cult of personality that is tighter than anything that has existed through Chinese history. It’s gotten so tight that no one wants to bring him information about anything…This is how countries die.” Plus: China doesn’t know how to store grain.

  • Some more Zeihanian deglobalization thoughts from Stephen S. Roach.

    The widely acclaimed globalization of the post-Cold War era is now running in reverse. A protracted slowdown in global trade has been reinforced by persistent pandemic-related supply-chain disruptions, ongoing pressures of the US-China trade war, and efforts to align cross-border economic ties with geostrategic alliances (“friend-shoring”). These developments tighten the noose on China, arguably the country that has been the greatest beneficiary of modern globalization.

    Of the many metrics of globalization, including financial, information, and labor flows, the cross-border exchange of goods and services is most closely tied to economic growth. Largely for that reason, the slowdown in global trade, which commenced in the aftermath of the 2008-09 global financial crisis and intensified in the COVID-19 era, points to a sea change in globalization. While global exports went from 19% of world GDP in 1990 to a peak of 31% in 2008, in the thirteen years that followed (2009-21), global exports have averaged just 28.7% of world GDP. Had world exports expanded on a 6.4% trajectory – halfway between the blistering 9.4% pace of 1990-2008 and the subdued post-2008 rate of 3.3% – the export share of global GDP would have soared to 46% by 2021, far above the actual share of 29%.

    China’s gains from the globalization of trade have been extraordinary. In the decade prior to China’s 2001 accession to the World Trade Organization, Chinese exports averaged just 2% of total world exports. By 2008, that share had risen nearly fourfold, to 7.5%. China had timed its WTO membership bid perfectly, just when the global trade cycle was on a major upswing. While the financial crisis took a brief toll on Chinese export momentum, the interruption was short-lived. By 2021, Chinese exports had surged to 12.7% of world exports, well above the pre-2008 peak.

    China is unlikely to maintain this performance. Overall growth of global trade is slowing, and China’s slice of the trade pie is under mounting pressure.

    The ongoing trade war with the United States is especially problematic. During the first phase of China’s export-led growth surge in the aftermath of WTO accession, the US was consistently China’s largest source of external demand. Largely due to former US President Donald Trump’s tariffs, that is no longer the case. By 2020, US imports of Chinese goods and services had fallen 19% below the peak levels of 2018. Despite rebounding sharply on the heels of the US economy’s post-pandemic snapback, in 2021, US imports from China remained 5% below the 2018 peak. Partial tariff rollbacks for selected consumer products, which President Joe Biden’s administration is apparently considering as an anti-inflation gambit, are unlikely to jump-start bilateral trade.

    At the same time, enduring pandemic-related supply-chain disruptions are likely to take a sharp toll on China and the rest of the world.Over the six months ending in April, a “global supply chain pressures index” constructed by researchers at the Federal Reserve Bank of New York averaged 3.6, well above the 2.3 reading in the first 21 months following the February 2020 onset of pandemic-related lockdowns, and sharply higher than the “zero” reading associated with the absence of supply-chain disruptions.

    This is a big deal for a world connected by supply chains. Global value chains accounted for more than 70% of the cumulative growth in overall global trade from 1993 to 2013, and China has enjoyed an outsize share of this GVC-enabled expansion. As supply-chain disruptions persist, exacerbated by China’s zero-COVID policies, pressures on Chinese and global economic activity are likely to remain intense.

    Mounting geostrategic tensions are the wild card in deglobalization, especially their implications for China. “Friend-shoring” in effect turns Ricardo’s efficiency calculus of cross-border trade into an assessment of the security benefits that come from strategic alliances with like-minded countries. China’s new unlimited partnership with Russia looms especially relevant in this regard. With China edging closer to crossing the line by providing support to Russian military efforts in Ukraine, the US has recently moved to impose sanctions on five more Chinese companies through its so-called Entity List.

  • You’ve heard about the ghost cities. Did you hear about the failed ghost developments that were built as weird, cheap imitations of western structures?

  • Is Xi Jinping in danger from a coup?

  • No doubt I’ve missed many other examples of cracks in China’s economic edifice. Feel free to share them in the comments below.

    Welcome to Black Monday

    Monday, August 24th, 2015

    If you haven’t been checking your 401K recently, now may not be the day to do it, as markets are plunging around the globe.

    China’s Shanghai composite index had the largest one-day selloff since 2007.

    Japan’s Nikkei average fell 4.6%, the largest drop in two years.

    India’s Sensex dropped over 1,200 points, the biggest drop in seven years.

    And now everyone is nervously waiting for the NYSE to open…

    China’s Stock Market Meltdown Continues, NYSE Offline

    Wednesday, July 8th, 2015

    Maybe those are connected, maybe not.

    As Zero Hedge has been reporting for weeks, China’s stock market continues to slid with no end in sight, despite such measures as making it illegal for some people to sell stocks.

    In a possibly unrelated story, trading on the New York Stock Exchange has been suspended, supposedly due to a computer glitch. Maybe that’s true, maybe not.

    How does it feel to live in interesting times?