**Fewer Coal Power Plants Close In 2022 Than In Recent Years**
Fewer Coal Power Plants Close In 2022 Than In Recent Years
Data from Ember’s fourth annual Global Electricity Review (https://ember-climate.org/insights/research/global-electricity-review-2023/) reveals that **electricity generation from coal increased by 1.1 percent last year,** which is in line with the average rate of growth in the last decade.
As Statista's Anna Fleck reports (https://www.statista.com/chart/29701/coal-capacity-from-plant-openings-and-closures/), Ember found that **while the rate of new coal power plants opening did not increase, 2022 saw fewer coal power plants close than in any year since 2015**. Analysts say this was due to countries seeking to hold onto back-up capacity.
(https://www.statista.com/chart/29701/coal-capacity-from-plant-openings-and-closures/)
_You will find more infographics at Statista (https://www.statista.com/chartoftheday/)_
Electricity data was analyzed from 78 countries, representing 93 percent of global electricity demand and includes estimated changes for the missing data.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 04/14/2023 - 22:40
https://www.zerohedge.com/energy/fewer-coal-power-plants-close-2022-recent-years
**Doug Casey On Why The US Is Headed Into Its 'Fourth Turning'**
Doug Casey On Why The US Is Headed Into Its 'Fourth Turning'
_Authored by Doug Casey via InternationalMan.com,_ (https://internationalman.com/articles/why-the-us-is-headed-into-its-fourth-turning/)
**International Man**: The economic, political, social, and cultural situation seems to have become increasingly volatile in the United States and more broadly in the West. Is this a unique situation or part of a recurring historical cycle?
Authors William Strauss and Neil Howe introduced a popular theory in their book, _The Fourth Turning_, outlining the recurring generational cycles that have occurred throughout American history.
What are your thoughts?
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**Doug Casey**: I read Strauss and Howe’s first book, _Generations_, when it came out back in 1992. I thought it was brilliant.
Let me start off by recommending both _Generations_ and _The Fourth Turning_ to everybody. Both books offer quite a scholarly, readable, and prescient view of the cyclicality of history. And offer a very plausible forecast for the 2020s.
**History’s best seen as cyclical, rather than a straight-line progress to some preordained end the way both the Marxists and the Abrahamic religions see it. But then, Ecclesiastes has its famous quote that there’s nothing new under the sun.**
Plato in the _Republic_ talks about how the younger generation—and we’re talking fourth century BC—can’t stand up to the moral values of their forefathers.
Older people have always thought that the younger generation wouldn’t quite measure up. In recent American history, you’ll recall, the younger generation were the beatniks in the ’50s, the hippies in the ’60s, and the yuppies in the ’80s—so it’s a passing parade. Older people have a tendency to think the world is going downhill. Nothing new there. But there’s always a rebirth.
Niccolò Machiavelli, in his _Florentine Histories_, said:
> _Virtue gives birth to tranquility, tranquility to leisure, leisure to disorder, disorder to ruin… and similarly from ruin, order is born, from order virtue, from virtue, glory and good fortune._
**The bottom line is that societies arise from poverty through moral strength—and that brings them prosperity. But that prosperity brings on arrogance, and the arrogance brings on laziness, which brings on weakness and moral decline. Then they’re reduced to a condition of slavery and poverty again. Change is the only constant—except in human nature.**
As I look at the United States, it seems to me the peak of American culture was the time just before Teddy Roosevelt came into office. Teddy is certainly among the top five worst presidents. And there’s plenty of competition for that title.
He was the first real “progressive” president; he wanted the government actively involved in all areas of life.
Now, that’s not to say that Teddy Roosevelt wouldn’t have been a really great drinking pal, a wonderful guy to go camping with, a fun guy to have an intellectual conversation with. He had a lot of admirable personal values. But he was a nationalist, a statist, and a warmonger. That’s why I say he was a horrible president.
The long-term trend of US overseas imperialism started with the Spanish–American War and the building of an overseas American empire in Cuba, Puerto Rico, the Philippines, and Hawaii—followed by World War I.
The US has gone from being noninterventionist to now having many hundreds of bases around the world and trying to give orders to every other country in the world. That kind of arrogance always ends badly.
**As a civilization—a culture—the US has been on an accelerating path downhill for about 120 years now.** That’s true even while science and technology have greatly increased the general standard of living. It’s a mistake to conflate a higher standard of living with higher moral values—that’s what Machiavelli was talking about.
I question whether that trend will change—at least until we have a genuine crisis. Why not? Because a lot of the way a society acts comes from the way kids are brought up—the values that are inculcated in them when they’re young. And increasingly, kids are taught what I would call the wrong values.
Saint Ignatius said this in the 17th century, and Lenin repeated it in the 20th century. They both said that if you indoctrinate someone in his youth, chances are you’ve directed his worldview for the rest of his life.
Cultural Marxists are now totally in control of the US educational system, and have been for a couple of generations. That’s absolutely the case in the colleges and universities but also in the high schools and even in the grade schools. Kids are being ta…
https://www.zerohedge.com/political/doug-casey-why-us-headed-its-fourth-turning
**Advocacy Groups Call On Meta To Ban Minors For 'Dangerous' Metaverse**
Advocacy Groups Call On Meta To Ban Minors For 'Dangerous' Metaverse
A letter was signed by dozens of advocacy groups and children's safety experts asking Meta Platforms Inc. to halt all plans to allow minors into its new virtual reality world.
Airplay, the Center for Countering Digital Hate, and Common Sense Media, among others, were some of the groups that signed the letter. It was sent to Meta Chief Executive Officer Mark Zuckerberg on Friday, arguing that minors will face harassment and privacy violations on the virtual reality app, according to Bloomberg (https://www.bloomberg.com/news/articles/2023-04-14/meta-urged-to-halt-plans-allowing-minors-into-the-metaverse#:~:text=Dozens%20of%20advocacy%20organizations%20and,Worlds%2C%20in%20the%20coming%20months.).
> _"Meta must wait for more peer-reviewed research on the potential risks of the metaverse to be certain that children and teens would be safe," wrote the groups._
Recall we were the first to point out _"Dark Side Of Metaverse Exposed: Why Your Kids Need To Stay Away From VRChat"_ (https://www.zerohedge.com/technology/dark-side-metaverse-exposed-why-your-kids-need-stay-away-vrchat) at the start of 2022. We showed screenshots from one YouTuber who revealed the massive problem in the metaverse: child exploitation and sexualization.
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One month after our report, BBC News published a similar story. They found examples of child grooming (https://www.zerohedge.com/technology/bbc-shows-how-kids-can-walk-metaverse-strip-clubs), sexual material, racism, and rape threats.
Only weeks after our initial report, Oculus released a statement indicating the addition of a "personal boundary" (think of a personal bubble) that will protect users from being virtually assaulted by others.
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Back to the latter, which points to a report last month from the Center for Countering Digital Hate that found users under 18 are already facing harassment from adults on the app. Go figure... This is something we laid out over a year ago.
> _Researchers with the center witnessed 19 episodes of abuse directed at minors by adults, including sexual harassment, during 100 visits to the most popular worlds within Horizon Universe. --Bloomberg_
Meta had announced plans to make Horizon Worlds available to users between the ages of 13 and 17 in February. While the platform was opened to users 18 years and above in 2021, the company has faced difficulties retaining users.
A spokesperson for Meta said:
> _"Before we make Horizon Worlds available to teens, we will have additional protections and tools in place to help provide age-appropriate experiences for them._
>
> _"Quest headsets are for people 13+ and we encourage parents and caretakers to use our parental supervision tools, including managing access to apps, to help ensure safe experiences."_
The minimum age for the metaverse app is now 18. The letter continued, **_"Should Meta throw open the doors of these worlds to minors rather than pause to protect them, you would, yet again, demonstrate your company to be untrustworthy when it comes to safeguarding young people's best interests."_**
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 04/14/2023 - 22:00
https://www.zerohedge.com/technology/advocacy-groups-call-meta-ban-minors-dangerous-metaverse
**California's Last Nuclear Power Plant Diablo Faces Closure Against Lawsuit**
California's Last Nuclear Power Plant Diablo Faces Closure Against Lawsuit
_Authored by Elizabeth Dowell via The Epoch Times (emphasis ours)_
**An environmental group on Tuesday sued to block Pacific Gas & Electric (PG&E) from seeking to extend the federal operating licenses for California’s last active nuclear power plant.**
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_The Diablo Canyon Nuclear Power Plant, in Avila Beach, Calif. on June 20, 2010. (Joe Johnston/The Tribune (of San Luis Obispo) via AP)_ (
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A complaint filed (https://foe.org/wp-content/uploads/2023/04/2023-04.11-Complaint.pdf) in the San Francisco Superior Court by advocacy group “Friends of the Earth” asks the court to prohibit the utility from sidestepping its 2016 agreement with environmentalists and plant workers to close the twin-domed Diablo Canyon Nuclear Power Plant by 2025.
In a Twitter post, the environmental group said (https://twitter.com/foe_us/status/1646218107000594434), “ **We’re taking PG&E to court to make sure California’s last remaining nuclear plant is retired** We won’t stop until the aging, destructive Canyon is closed for good!”
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_Aerial view of the Diablo Canyon Nuclear Power Plant which sits on the edge of the Pacific Ocean at Avila Beach in San Luis Obispo County, Calif., on March 17, 2011. (Mark Ralston/AFP via Getty Images)_ (
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Hallie Templeton, legal director for Friends of the Earth, called out PG&E for allegedly backing out of their agreement.
“Contracts simply don’t vanish into thin air,” Templeton said in a statement (https://foe.org/news/pge-extension-diablo-canyon/). “Yet ever since California passed legislation supporting Diablo Canyon’s extension, PG&E has been acting as if our contract has disappeared. Setting aside the agreement to retire Diablo, there are myriad legal prerequisites for extending operations of a nuclear power plant, including federal decisions that states cannot dictate.
“We hope our litigation can push PG&E to reconsider its potential breach and uphold its obligations, including preparing for the agreed-upon retirement.”
**The Diablo power plant runs along the Pacific Coast and has been operating since 1985.**
California is the birthplace of the modern environmental movement that, for decades, has had a fraught relationship with nuclear power, which doesn’t produce carbon pollution like fossil fuels but leaves behind waste that can remain radioactive for centuries (https://www.nrc.gov/reading-rm/doc-collections/fact-sheets/radwaste.html), requiring special waste treatment.
Nuclear Reactor Needed to Maintain Reliable Power
The California legislature passed SB846 (https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202120220SB846) last year, which was signed by Democratic Gov. Gavin Newson, in an effort to extend the power plant’s operations for another five years, according to the bill.
In March, Newson toured the Diablo Canyon Power Plant after it was announced (https://www.nrc.gov/cdn/doc-collection-news/2023/23-015.pdf) that the plant may continue operating after its expiration date.
“As we experienced during the record heat wave last September, climate change-driven extreme events are causing unprecedented stress on our power grid—the Diablo Canyon Power Plant is important to support energy reliability as we accelerate progress towards achieving our clean energy and climate goals. I look forward to our continued work with the Biden-Harris Administration and the Legislature to build a reliable and resilient clean electric system,” Newson said in astatement (https://www.gov.ca.gov/2023/03/02/photos-governor-newsom-visits-diablo-canyon-power-plant/).
The California Energy Commission ruled (https://www.energy.ca.gov/news/2023-02/cec-determines-diablo-canyon-power-plant-needed-support-grid-reliability) earlier this year that continuing Diablo’s operations past 2025 is needed to maintain reliable electricity supply throughout the state.
Siva Gunda, the Energy Commission’s vice chair, said that Diablo is an important part of California’s energy options.
“As California confronts a rapidly changing climate, extraordinary heat events and record energy demand are becoming increasingly ordinary. The state needs to keep all options on the table to protect public health and safety,” Gunda said in a statement to LA Times (https://www.latimes.com/business/story…
**Sex Toys, Cotton Candy, Red Piano: Influencers Write Off Ridiculous Items**
Sex Toys, Cotton Candy, Red Piano: Influencers Write Off Ridiculous Items
Becoming a successful social media influencer is one of the biggest dreams among the younger generation. As millions of influencers create content across various social media platforms, an inevitable challenge arises: explaining their expenses to both tax preparers and the Internal Revenue Service.
According to a recent Adobe Inc. report, 14 million people in the US generate income by posting content on social media. Many of these folks are purchasing some of the most outrageous items for content creation.
WSJ (https://www.wsj.com/articles/tax-write-offs-influencers-refunds-7345a8d2?mod=e2tw) spoke with influencer Ali Spagnola, who has been compiling receipts for thousands of dollars worth of supplies, including 15,000 Lego pieces, 40 pounds of cotton candy sugar, and a red baby grand piano.
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_Source: WSJ_ (
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Spagnola explained to her tax prepare that these purchases relate directly to creating her social media content.
> _"I need an accountant that understands outrageous," she said, who is on her third accountant because the other two couldn't understand her social media influencer business._
Another influencer is Rachael Johnson, who tours the country in an RV with her husband and two dogs. They create videos about their cross-country adventures and receive monthly payments from Facebook. She has to find a way to explain how pet costumes used in one of her videos relate to her business as an influencer.
Influencers earn income through non-traditional means, including selling merchandise, charging subscription fees, hosting advertisements, and until recently, receiving regular payments from social media companies for posts (some social media companies have reduced spending on influencers as ad revenue wanes).
Sima Gandhi, chief executive and co-founder of San Francisco-based Creative Juice, said influencers are at a significant disadvantage when filing tax returns because their profession is new and the tax code was primarily written before social media platforms existed.
Gandhi used to work at the US Treasury Department. He said many influencers have yet to understand they can deduct even basic expenses, including the cost of setting up a company and equipment such as computers, selfie sticks, cameras, and microphones. "These things should be reasonable and necessary in the eyes of the IRS," she added.
Another influencer, YouTube creator Thomas Jackson, once live-streamed himself throwing dildos at a building. He spent $864 worth on sex toys that he later deducted.
> _"Nobody asked me any questions about it," Jackson said._
YouTube and TikTok creator Tommy King generates income via live-streaming video games from his bedroom. He's a full-time creator, and his tax preparer was shocked when he handed over thousands of dollars of receipts detailing ridiculous outfits he bought for his avatar in the game "Fortnite." The accountant needed clarification about how people paid the influencer to perform live dances.
King completed his own taxes last year and was able to deduct $3,000 worth of computer parts and a $500 gaming chair. For 2022 taxes, he plans to write off even more computer gear.
And imagine what these creators are getting away with because the tax system was largely written before social media platforms. For all those creators, remember the easiest way the IRS can audit is to just watch the videos online as evidence.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 04/14/2023 - 21:20
https://www.zerohedge.com/markets/sex-toys-cotton-candy-red-piano-influencers-write-ridiculous-items
**USD: The King Is Dead – Long Live The King**
USD: The King Is Dead – Long Live The King
_Authored by Robert Burrows via BondVigilantes.com,_ (https://bondvigilantes.com/blog/2023/04/usd-the-king-is-dead-long-live-the-king/)
**Is the dollar losing its status as the King of currencies?** Dollar hegemony refers to the dominance of the United States dollar as the world’s primary reserve currency, which has been in place since the end of World War II. The dollar has been the world’s reserve currency for decades, meaning that countries around the world hold large quantities of U.S. dollars to facilitate international trade and finance.
The global dominance of the U.S. dollar has given the United States enormous economic and political power. The U.S. has been able to print money and borrow at low-interest rates because other countries have been willing to hold U.S. dollars in their reserves. This has enabled the U.S. to finance its large trade deficits and military spending, which have been central to its global power.
**However, the dollar’s hegemony now faces increasing challenges, and its importance is waning.** The rise of China and the European Union has led to the growing use of alternative currencies, which has weakened the dollar’s global dominance.
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Declining Global Trade Dominance
The U.S. has seen its share of global trade decline over the past few decades. While the U.S. economy is still the world’s largest, other countries, particularly China, are quickly catching up. As a result, the dollar is becoming less important in international trade.
For example, China is now the largest trading partner of many countries worldwide. Many of those countries are increasingly conducting trade in their own currencies rather than using the U.S. dollar. The European Union is also a significant trading bloc, with the euro now a major international currency.
- China-Russia bilateral trade in 2022 increased 34% to $190b (1.3 trillion yuan), a new record high.
- China-Brazil bilateral trade hit a record $150b in 2022, a new record high
- China-India bilateral trade hit a record $135b in 2022, a new record high
- The Chinese yuan (CNY) is now the fifth most traded currency after USD, EUR, JPY and GBP.
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_Source: Bank of International Settlements._
Reduced Confidence in the U.S. Economy
Another factor contributing to the decline of the dollar’s hegemony is the reduced confidence in the U.S. economy. The 2008 financial crisis and subsequent recession significantly impacted the global economy, and many countries lost confidence in the U.S. financial system. This has led to a shift towards alternative currencies, such as the euro and the Chinese yuan, as investors seek more stable and diversified assets.
Once again, debt ceiling concerns are coming into focus. As always, in the U.S., the opposition party will attempt to extract concessions from the other party, pushing negotiations to the limits. The two political parties are increasingly intransigent, and the possibility of a miscalculation is not unthinkable.
U.S. Sanctions and Geopolitical Tensions
Finally, U.S. sanctions have also contributed to the decline of the dollar’s hegemony. The U.S. has used its position as the world’s primary reserve currency to impose economic sanctions on countries that it disagrees with, such as Iran and Russia. This has led to those countries seeking alternatives to the U.S. dollar and conducting trade in other currencies.
Economic considerations
Dollar strength feeds inflation pressures abroad. When a country’s currency weakens against the dollar, the price of imports increase, resulting in inflationary pressures. With commodities like oil, gas, metals and food priced in dollars, any dollar strength will increase costs. This is particularly problematic for emerging markets as these costs comprise a large part of consumption.
The Rise of Digital Currencies
The rise of digital currencies, such as Bitcoin, also challenges the dollar’s hegemony. These currencies are in theory, decentralized and operate independently of any government or financial institution, making them an attractive alternative to traditional currencies.
For example, Bitcoin has become a popular way to conduct international transactions, particularly in countries with high inflation rates or weak currencies. While digital currencies are still a relatively small part of the global financial system, their rise represents a significant challenge to the dominance of the U.S. dollar. Countries the world over…
https://www.zerohedge.com/geopolitical/usd-king-dead-long-live-king
**Where It's Hardest To Afford A Home**
Where It's Hardest To Afford A Home
**Big cities like Hong Kong or Los Angeles are well-known for their expensive real estate markets.**
But, as Statista's Katharina Buchholz notes, (https://www.statista.com/chart/16902/places-where-its-hardest-to-afford-a-home/) there are also a lot of housing markets you wouldn’t necessarily expect among the least affordable – that includes several in Australia, New Zealand and Canada. (https://www.statista.com/study/58816/residential-housing-market-in-australia/)
According to the 2023 International Housing Affordability Survey by Demographia (http://demographia.com/dhi.pdf), **three out of the 10 least affordable housing markets are in Australia and New Zealand, two are in Canada and four more are located in the United States**.
(https://www.statista.com/chart/16902/places-where-its-hardest-to-afford-a-home/)
_You will find more infographics at Statista (https://www.statista.com/chartoftheday/)_
The least affordable housing market is Hong Kong.
Here, **the median house or apartment price is almost 19 times as high as the median annual gross household income.**
After Hong Kong, New Zealand and Australia were the least affordable countries overall in the study which looked at the U.S., Canada, the UK, Hong Kong, Singapore, Australia, New Zealand and Ireland.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 04/14/2023 - 20:40
https://www.zerohedge.com/markets/where-its-hardest-afford-home
**Analyzing Ethereum's Big Week**
Analyzing Ethereum's Big Week
_Authored by Ben Giove and Jack Inabinet via Bankless.com,_ (https://www.bankless.com/shapella-ethereum-staking-shanghai-eth)
How did crypto markets react to Shapella?
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**We now live in a post-Shapella world!**
One of the largest upgrades in Etheruem’s history officially arrived this week, with Shapella completing Ethereum's transition to Proof-Of-Stake (https://www.bankless.com/guide-what-is-shanghai-capella-shapella?ref=bankless.ghost.io) (PoS) by enabling withdrawals from staking. Leading up to the event, there was rampant speculation on how the upgrade would impact the markets, the staking landscape and DeFi.
In one corner you had the **bulls**, who felt that the upgrade represented a significant de-risking event for ETH, believing that the removal of the technical risk around withdrawals would lead to an influx of users who would buy-and-stake.
In the other camp, you had the **bears,** who thought that Shapella represented a major supply overhang for ETH, believing that mass withdrawals would lead to persistent sell pressure on the asset.
_**Who was right?** Let’s dive in._
Market Reaction
It’s been under 48 hours since Shapella hit mainnet, but so far it certainly seems to be a “bullish unlock.”
ETH has roared since the upgrade went live, surging 13.1% from $1871 to $2117 at the time of writing.
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_\[ZH: ETH's underperformance is most clear when judged against BTC into and out of the fork...\]_
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This move has left a trail of bear carcasses in its wake, leading to more than $84.7M worth of short liquidations between April 12-13. This is the most we’ve seen in a two-day period since March 12-13, when ETH rallied in the wake of the USDC de-peg and banking crisis (https://www.bankless.com/stablecoin-pandemonium?ref=bankless.ghost.io).
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_Source: CoinGlass (https://www.coinglass.com/LiquidationData?ref=bankless.ghost.io)_
Ethereum ecosystem tokens have experienced monster rallies since Shapella, with – unsurprisingly -- staking-related tokens leading the charge.
This includes liquid-staking derivative (LSD) governance tokens, with Lido (LDO), Rocket Pool (RPL), Frax (FXS) and StakeWise (SWISE) surging 14.3%, 17.1%, 12.9% and 19.2% respectively at the time of writing. LSD-Fi protocols have also soared, with Pendle (PENDLE) rallying 19.9%, Flashstake (FLASH) ripping 47.1% and unshETH (USH) mooning 56.1%. Layer 2 tokens have also surged on the back of the move in ETH, with Arbitrum (ARB), and Optimism (OP) rallying 30.8% and 18.0%.
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_Source: TradingView (https://www.tradingview.com/?ref=bankless.ghost.io)_
These monster moves suggest that fears of a post-Shapella dump were overblown. Instead, early signs point towards those in the bullish de-risking camp being in the right, as the upgrade has been treated as a buy-the-news event.
Withdrawal Activity
Outflows have overpowered deposits and the Beacon Chain has seen 106k in net Ether outflows since Shapella went live. While the impacts of Shapella are just beginning to be felt, it appears prophecies of catastrophe were overblown.
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Ethereum’s exit queue is live and full of stakers looking to withdraw. At the time of analysis, there was 827k ETH across 23k validators in the queue, representing 4.1% of the validator set.
Kraken represents the vast majority of exits (65.9%) as its settlement (https://www.sec.gov/news/press-release/2023-25?…
https://www.zerohedge.com/crypto/analyzing-ethereums-big-week
**China Rejects US Intel Leak Pointing To Covert Arms Transfers To Russia**
China Rejects US Intel Leak Pointing To Covert Arms Transfers To Russia
China is again **vowing that it won't sell weapons to Russia**, or either side of the war for that matter, after new accusations fueled by speculation over a leaked US intelligence document.
Earlier this week _The Washington Post_ published analysis of a **top secret intelligence summary** dated to February 23 of this year, which purported to show that **China approved the provision of lethal aid to Moscow** amid its military operations in Ukraine.
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_China's Foreign Minister Qin Gang_ (
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If true it would confirm what have been months of White House accusations which Beijing has consistently and vehemently denied, also at a time that President Xi Jinping advanced his 12-point peace plan to promote ceasefire negotiations. But US official allegations have so far been limited to asserting that Beijing is merely mulling and discussing the possible provision of lethal aid, not that it's already done so.
According to a description of the leaked intelligence document in _The Washington Post_ (https://www.washingtonpost.com/national-security/2023/04/13/russia-china-weapons-leaked-documents-discord/):
> _The intercept, apparently obtained through U.S. eavesdropping on Russia’s Foreign Intelligence Service (SVR), was included in a top-secret summary, dated Feb. 23, of recent Ukraine- and Russia-related “products” compiled by the Office of the Director of National Intelligence. It was among a number of previously unreported documents that The Washington Post obtained from a trove of images of classified files (https://www.washingtonpost.com/national-security/2023/04/12/discord-leaked-documents/?itid=lk_inline_manual_4) posted on a private server on the chat app Discord (https://www.washingtonpost.com/world/2023/04/12/discord-leaked-us-intelligence-documents/?itid=lk_inline_manual_4)._
>
> _According to “signals intelligence,” the intelligencesummary said, the SVR reported that China’s Central Military Commission had " **approved the incremental provision" of weapons and wanted it kept secret**. The report did not indicate the source of the SVR’s information._
On Friday China's Foreign Minister Qin Gang issued new statements on the controversy, explicitly denying arms sales to Russia.
"Regarding the export of military items, China adopts a prudent and responsible attitude," Qin said. He issued the words on the occasion of a visit by his German counterpart Annalena Baerbock.
" **China will not provide weapons to relevant parties of the conflict**, and manage and control the exports of dual-use items in accordance with laws and regulations," he stressed (https://apnews.com/article/china-taiwan-weapons-germany-ukraine-2a51d2c64c12fca75683d20fbafba475). At the same time, German Foreign Minister Annalena Baerbock said that a change in Taiwan’s status would potentially bring about the **"horror scenario" of conflict** for the whole world.
> The Pentagon leaks reveal that US intel agencies have been worried that the Ukraine war may bring China and Russia closer together. It’s obvious that this has already happened but war enthusiasts deny it. pic.twitter.com/aQpI91grwY (https://t.co/aQpI91grwY)
>
> — Max Abrahms (@MaxAbrahms) April 12, 2023 (https://twitter.com/MaxAbrahms/status/1645974599383785474?ref_src=twsrc%5Etfw)
Despite the intelligence leak, the Biden administration maintains that it doesn't believe China has pulled the trigger yet: " **We have not seen evidence that China has transferred weapons or provided lethal assistance to Russia**. But we remain concerned and are continuing to monitor closely,” a senior administration official was quoted in _The Washington Post_ (https://www.washingtonpost.com/national-security/2023/04/13/russia-china-weapons-leaked-documents-discord/) as saying. "A senior defense official agreed with that assessment. Both officials spoke on the condition of anonymity to discuss information about the top-secret document."
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 04/14/2023 - 18:40
**What The Bud Light Fiasco Reveals About The Ruling Class**
What The Bud Light Fiasco Reveals About The Ruling Class
_Authored by Jeffrey Tucker via The Brownstone Institute,_ (https://brownstone.org/articles/what-bud-light-fiasco-reveals-about-ruling-class/)
_**What were they thinking?** How did someone believe that making “trans woman” Dylan Mulvaney the icon of a Bud Light ad campaign, complete with a beer can with Mulvaney’s image on it, would be good for sales? With an ad featuring this person vamping around in the most preposterously possible way?_
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Dylan, who had previously been interviewed (https://unherd.com/thepost/why-is-joe-biden-taking-trans-advice-from-a-tiktok-star/) on trans issues by President Biden himself, was celebrating “365 Days of Girlhood” with a grotesquely misogynistic caricature that would disgust just about the whole market for this beer. Indeed, this person’s cosplay might as well be designed to discredit the entire political agenda of gender dysphoriacs.
Sure enough, because we don’t have mandates on what beers you must buy, sales of the beer plummeted.
**The parent company Anheuser-Busch’s stock lost $5 billion or 4 percent in value (https://nypost.com/2023/04/12/anheuser-busch-down-5b-in-value-amid-dylan-mulvaney-bud-light-controversy/) since the ad campaign rollout. Sales have fallen 50-70 percent. Now there is worry within the company of a widening boycott to all their brands.** A local Missouri distributor of the product canceled (https://www.washingtonexaminer.com/news/budweiser-distributor-cancels-clydesdale-missouri-dylan-mulvaney) an appearance by Budweiser Clydesdale horses due to public anger.
Ads are supposed to sell products, not prompt a massive public backlash that results in billions in losses. This mistake could be for the ages, marking a distinct departure from corporate deference to wackadoodle ideas from the academy and a push for more connection to on-the-ground realities.
The person who made the miscalculation is Alissa Gordon Heinerscheid, Vice President in charge of marketing for Bud Light. She explained that her intention was to make the beer King of ‘Woke’ Beers (https://www.zerohedge.com/markets/watch-bud-light-vp-wants-be-king-woke-beers). **She wanted to shift away from the “out of touch” frat party image to one of “inclusivity.”** By all accounts (https://www.zerohedge.com/political/anheuser-busch-distributors-freaking-out-over-transgender-ad-campaign), she actually believed this. More likely, she was rationalizing actions that would earn her bragging rights within her social circle.
Digging through her personal biography, we find all the predictable signs of tremendous detachment from regular life: elite boarding school (Groton, $65K a year), Harvard, Wharton School, coveted internship at General Foods, and straight to top VP at the biggest beverage company in the world.
**Somehow through all that, nothing entered her brain apart from elite opinion on how the world should work with theories never actually tested by real-world marketing demands.** Would that she had worked at Chick-Fil-A at some point in her teen years, perhaps even preserving some friend relationships ever since. It might have protected her from this disastrous error.
_**She is a perfect symbol of a problem that afflicts high-end corporate and government culture: a shocking blindness toward the mainstream of American life, including working classes and other people less privileged.**_
They are invisible to this crowd. And her type is pervasive in corporate America with its huge layers of management developed over 20 years of loose credit and push for token representation at the highest levels.
**We’ve seen this manifest over three years and ruling-class types imposed lockdowns, masks, and vaccine mandates on the whole population without regard to the consequences** and with full expectation that the food will continue to be delivered to their doorsteps no matter how many days, months, or years they stay at home and stay safe.
The working classes, meanwhile, were shoved out in front of the pathogen to make their assigned contribution to herd immunity so that the rich and privileged could preserve their clean state of being, making TikTok videos and issuing edicts from their safe spaces for two or even three years.
In the late 19th century, the blindness of class detachment was a problem that so consumed Karl Marx that he became possessed with the desire to overthrow class distinctions between labor and capital. He kicked off a new age of the classless society under the leadership of the vanguard of the proletarian classes. In every country where his dreams became a reality, however, a protected elite took over and s…
https://www.zerohedge.com/political/what-bud-light-fiasco-reveals-about-ruling-class
**China Conducts Antiballistic Missile Test While Condemning US Military Drills On Korean Peninsula**
China Conducts Antiballistic Missile Test While Condemning US Military Drills On Korean Peninsula
China has conducted a rare **anti-ballistic missile test on Friday**, _Bloomberg_ is reporting based on China's defense ministry, which has been hailed as successful.
It's being described as a land-based, mid-course antiballistic missile technical test, which was of a "defensive nature" and didn't target any country, according to the military statement.
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"It’s the fourth such test China has successfully conducted since 2018, according to a search on the ministry’s website," Bloomberg writes, noting further that the last such ballistic missile test was in June 2022.
China is meanwhile blaming rising tensions on the Korean peninsula on the "negative impact" of US military drills with the south.
Chinese Ministry of Foreign Affairs spokesman Wang Wenbin said (https://www.foxnews.com/world/china-faults-negative-impact-us-military-drills-korean-peninsula-tensions) in a Thursday press conference, "The current round of tension on the peninsula has its causes. **The negative impact of the US military drills and deployment of strategic weapons around the peninsula is obvious to all**," according to Agence France Presse.
> NEW 🚨 South Korea and U.S. stage air drills, involving B-52H bomber, after North Korea's ICBM launch
>
> pic.twitter.com/84R296rlUZ (https://t.co/84R296rlUZ)
>
> — Insider Paper (@TheInsiderPaper) April 14, 2023 (https://twitter.com/TheInsiderPaper/status/1646807320536444928?ref_src=twsrc%5Etfw)
Also on Thursday Japan had briefly issued, and then retracted, an emergency evacuation order for residents of the northernmost of Japan's main island.
"Evacuate immediately. Immediately evacuate inside the building or underground," the Thursday morning notification said. "The missile is expected to fall around Hokkaido around 08:00. Please evacuate immediately."
> North Korea has released footage that shows the launch of the Hwasong-18 solid-fuel ICBM.
>
> It was cold-launched from a TEL canister.
>
> This is a big leap in capabilities for NK. pic.twitter.com/KjvrBaMBjm (https://t.co/KjvrBaMBjm)
>
> — Global: Military-Info (@Global\_Mil\_Info) April 14, 2023 (https://twitter.com/Global_Mil_Info/status/1646840191275921409?ref_src=twsrc%5Etfw)
North Korea has been engaged in near-daily tests after the US last month kicked off weeks of major joint drills with South Korea. Pyongyang pledged a fierce and appropriate response.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 04/14/2023 - 18:00
**Watch: Carlson Exposes How Establishment Media Is Desperate To Help Cover Up Info From Intel Leaks**
Watch: Carlson Exposes How Establishment Media Is Desperate To Help Cover Up Info From Intel Leaks
_Authored by Steve Watson via Summit News (https://summit.news/2023/04/14/video-carlson-exposes-how-media-wants-to-help-cover-up-information-from-intel-leak/),_
**Fox News host Tucker Carlson noted Thursday that instead of asking questions about the substance of the information contained in the leaked intelligence material from the Pentagon, the corporate media simply wanted to know how they can help cover it up.**
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The documents, allegedly leaked by a 21-year-old National Guardsman, reveal information showing that the U.S. is deeply involved in the Ukrain/Russia war.
“If you want to get really sick to your stomach, go pull a transcript from the Pentagon briefing today where news reporters asked flacks from the Pentagon, what are we gonna do to keep information like this secret in the future?” Carlson urged.
The host added that the press failed to ask “one question about the substance of the information,” adding “We are fighting a war against Russia directly, really? Don’t they have the biggest arsenal in the world? Not one question,” instead the reporters asked “How can we help you keep it secret?”
“ **Those are the questions and not only are the media covering up the substance of the story, which is not who leaked it, but what he leaked, they are covering up the crimes committed to get you this information**,” Carlson continued.
“The administration apparently used illegal surveillance techniques to identify this kid apparently with the help of The Washington Post and The New York Times,” Carlson emphasised, further charging that the media is working in lockstep with the intelligence community.
“If it’s illegal to see these documents if you don’t have a security clearance, how is the Washington Post doing this legally?” Carlson asked, further noting “They don’t have a security clearance. Well, obviously, they were given them by the U.S. Intel agencies and are working alongside them.”
Carlson asserted “ **this is information that is relevant to the public in a so-called democracy.** You cannot lie about things that jeopardize our collective future and get away with it and you certainly shouldn’t be doing that with the assistance of the news media.”
“The news media whose job it is to inform you of what your government is doing, but instead they are working actively late into the night to lie to you on behalf of their masters in permanent Washington. By the way, just last week, the plan was to lie in an even more grotesque way and blame Russia for this,” the host also noted.
Watch:
Journalist Glenn Greenwald, who was the go between in the Edward Snowden revelations a decade ago, also noted that the media helped hunt down the whistleblower:
> Recall that the WPost did the same thing with Edward @Snowden (https://twitter.com/Snowden?ref_src=twsrc%5Etfw). They gleefully used part of the archive he obtained, published those docs, praised themselves for the Pulitzer they co-won, and then. . . .
>
> Demanded he be imprisoned and never pardoned:https://t.co/BmGdVjZZO2 (https://t.co/BmGdVjZZO2)
>
> — Glenn Greenwald (@ggreenwald) April 13, 2023 (https://twitter.com/ggreenwald/status/1646487980461240321?ref_src=twsrc%5Etfw)
> At the top of Tucker Carlson's program tonight, he reviewed the significant revelations these leaks provide - including proving the USG lied about its role in Ukraine - and then I spoke about how "journalists" did the FBI's job to hunt down the leaker:https://t.co/CBHZzKH91t (https://t.co/CBHZzKH91t)
>
> — Glenn Greenwald (@ggreenwald) April 14, 2023 (https://twitter.com/ggreenwald/status/1646685985244102656?ref_src=twsrc%5Etfw)
> We still don't know who leaked the draft Dobbs ruling because that went to a liberal corporate outlet. (POLITICO).
>
> We still haven't seen the manifesto of the Nashville shooter because it's inconvenient.
>
> But this leak was put on Discord, so media outlets are hunting for him.
>
> — Glenn Greenwald (@ggreenwald) April 13, 2023 (https://twitter.com/ggreenwald/status/1646513937603772419?ref_src=twsrc%5Etfw)
> What's the only thing more surreal and twisted than watching "journalists" become the leading advocates for more online censorship?
>
> Watching them do the FBI's work to hunt down leakers, then march to the Pentagon to demand it do more to prevent future transparency and leaks: https://t.co/5OLaDkOeTl (https://t.co/5OLaDkOeTl)
>
> — Glenn Greenwald (@ggreenwald) April 14, 2023 (https://twitter.com/ggreenwald/status/164684178179…
**Mother Of 6-Year-Old Who Shot Virginia Teacher Arrested**
Mother Of 6-Year-Old Who Shot Virginia Teacher Arrested
Three months after a 6-year-old in Newport News, Virginia shot his first-grade teacher, **police have arrested the boy's mother and charged her with child neglect and failing to properly secure her handgun.**
_Associated Press_said (https://apnews.com/article/newport-news-teacher-shooting-boy-zwerner-9f1a885a6a74bc92f48771b54e77d192) it "isn't naming the mother to shield the identity of her son." However, citing a Newport News release, _ABC News_ and others have identified her as **25-year-old Deja Taylor.** Saying she exhibited a **"reckless disregard for human life,"** prosecutors are asking for bail to be set at $5,000 (https://nypost.com/2023/04/12/mom-of-6-year-old-school-shooter-will-turn-herself-in/). She has no prior criminal record.
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**Deja Taylor faces up to six years in prison**(Newport News booking photo) (
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**In Virginia, it's a misdemeanor crime to leave a loaded gun accessible to a child under 14**, with a penalty of up to a year in prison and a $2,500 fine. However, **the child neglect charge is a felony**. Together, she faces up to a six-year sentence.
On Jan. 6, 25-year-old first-grade teacher Abby Zwerner was critically wounded (https://www.zerohedge.com/political/6-year-old-shoots-teacher-virginia-elementary-school) when the boy shot her once with his mother's 9mm Taurus handgun, which she'd legally purchased. Zwerner was seated at a table when **the boy -- who'd firmly established a pattern of behavior problems and disturbing incidents** with staff and students -- suddenly opened fire.
While there was no confrontation immediately before the shooting, it came one day after the boy was issued a one-day suspension for breaking Zwerner's cell phone.
**Earlier, the shooter's parents claimed the pistol had a trigger lock and was "secured" on the top shelf** of the mother's closet (https://nypost.com/2023/03/08/virginia-6-year-old-who-shot-teacher-wont-be-charged-but-parents-could-be/). They also said (https://www.nbcnews.com/news/us-news/6-year-old-shot-teacher-newport-news-wont-face-criminal-charges-prosec-rcna70794) they've "always been committed to responsible gun ownership and keeping firearms out of the reach of children."
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**First-grade teacher Abby Zwerner** (Facebook) (
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Last month (https://www.zerohedge.com/political/prosecutor-wont-charge-6-year-old-who-shot-teacher-unsure-about-parents), the Newport News prosecutor announced he would not press charges against the six-year-old. Prosecutor Howard Gwynn said **the "prospect that a 6-year-old can stand trial is problematic"** **because, at that age, a child can't comprehend the legal system** or collaborate with an attorney working to defend him.
The young shooter is said to have an "acute disability." **He'd already established a pattern of behavior problems and troubling incidents** with students and staff alike, including throwing furniture and other objects, and writing a note to a teacher in which he said he wanted to kill her by setting her on fire (https://nypost.com/2023/01/21/boy-who-shot-abigail-zwerner-told-another-he-wanted-to-set-her-on-fire/).
On Tuesday, prosecutors announced they're assessing whether "actions or omissions" of school employees amount to criminal acts. Meanwhile, critically wounded with a single shot that passed through her hand and struck her chest, **Zwerner has filed a $40 million lawsuit against the school**.
On the day of the shooting, **a school staff member searched his backpack on a tip that the child might be packing heat.** They didn't find it, and administrators chose not to involve the police. The search happened around 11:30 am and the shooting took place about two-and-a-half hours later.
Other school staff members have spoken out against **school officials' disregard of warnings about the shooter and a tendency to ignore other problem students**in a drive to bolster the school's ratings (https://www.zerohedge.com/political/after-teacher-shot-6-year-old-staff-and-parents-blame-tolerance-violent-kids).
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 04/14/2023 - 17:20
https://www.zerohedge.com/political/mother-6-year-old-who-shot-teacher-arrested
**Disneyland To Close Splash Mountain In May Amid Accusations Of Racist Theme**
Disneyland To Close Splash Mountain In May Amid Accusations Of Racist Theme
_Authored by Carol Cassis via The Epoch Times,_ (https://www.theepochtimes.com/disneyland-to-close-splash-mountain-amid-accusations-of-racist-theme_5193806.html?utm_source=partner&utm_campaign=ZeroHedge)
Splash Mountain at Disneyland in Anaheim, California will close May 31st, park officials announced (https://disneyparks.disney.go.com/blog/2023/04/mama-odie-to-appear-in-tianas-bayou-adventure-plus-more-updates/) earlier this week.
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The move comes **amid accusations (https://www.theepochtimes.com/splash-mountain-permanently-closed-replaced-at-disneyland-following-racism-allegations_5008688.html) in recent years that the ride contains racially insensitive undertones**. Its current theme, “Song of The South,” originates from Disney’s 1946 film featuring “Br’er Rabbit” and his adventures in the South.
**The film, set on a plantation, features (https://www.tcm.com/tcmdb/title/90871/song-of-the-south/#synopsis) an elderly black man known as “Uncle Remus” who tells traditional African-American folktales to white children cared for by Black servants.**
Disney Imagineers will begin re-theming the ride into its new layout based on Disney’s 2009 film, “The Princess and The Frog,” featuring Princess Tiana’s Bayou Adventure opening at both Disneyland Park and Magic Kingdom Park in Walt Disney World Resort in 2024.
The ride will build on Tiana’s film storyline in which the character enacts her lifelong wish to create a restaurant, “Princess Tiana’s Palace.”
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_A model of Tiana’s Bayou Adventure, which will reimagine Disneyland’s Splash Mountain, is displayed during the Walt Disney D23 Expo in Anaheim, Calif. on Sept. 9, 2022. (Patrick T. Fallon/AFP via Getty Images)_
Aside from the new theme overlay, the ride will retain its original waterfall layout which was first unveiled in the late 1980s.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 04/14/2023 - 17:00
https://www.zerohedge.com/markets/disneyland-close-splash-mountain-may-amid-accusations-racist-theme
**US Commercial Bank Deposits & Loans Rose Last Week; Small Bank Depos Up Most In 4 Months**
US Commercial Bank Deposits & Loans Rose Last Week; Small Bank Depos Up Most In 4 Months
It's late on a Friday afternoon, but there's still more things to worry about as The Fed's H.8 (commercial bank deposit data) just dropped (https://www.federalreserve.gov/releases/h8/).
**US commercial bank deposits (ex-large time deposits) rose** _(during the week-ending 4/5)_ **\- breaking a 10-week streak of outflows**, up $37 billion - the biggest deposit inflow since early December...
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_Source: Bloomberg_
**On a non-seasonally-adjusted basis, we saw a second straight week of deposit inflows**(we had seen a surprise $54bn rise in deposits in the prior week and an additional $47.8bn last week)
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_Source: Bloomberg_
As a reminder, we noted yesterday the ongoing (but slowing) rise in inflows to money-market funds as a silver lining, suggesting overall deposit outflows may also be slowing. **Well in fact, as we noted above, they are now inflows...**
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_Source: Bloomberg_
Large, Small, and Foreign commercial banks **all saw deposit inflows** (seasonally-adjusted) last week...
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_Source: Bloomberg_
**Foreign bank inflows were the largest since July 2021..**
- Large Banks +$23.55bn
- Small Banks +13.47bn
- Foreign Banks +22.2bn
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_Source: Bloomberg_
On the other side of the ledger, **commercial bank lending increased $10.2 billion in the week ended April 5**, according to seasonally adjusted data from the Federal Reserve out Friday. On an unadjusted basis, loans and leases fell $5.6 billion.
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Large banks saw total loans and leases rise $13.2bn...
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Small banks saw a $3.12bn rise in total loans and leases...
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The Fed's 'fill the gap' exercise appears to have worked for now and is unwinding...
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Will this 'good' news breathe life back into regional banks, which just can't bounce even as big banks soared this week...
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**Is this the all-clear for The Fed to re-ignite its hawkish tone - higher for longer?**
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 04/14/2023 - 16:40
**Taibbi: The Crackdown Cometh**
Taibbi: The Crackdown Cometh
_Authored by Matt Taibbi via 'Racket' Substack,_ (https://www.racket.news/p/the-crackdown-cometh)
**_Leaks for me, not for thee..._**
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On a flight, reading about the FBI’s arrest (https://www.politico.com/news/2023/04/13/fbi-arrest-investigation-suspected-leaker-classified-intelligence-00091928) of Jack Texiera, already dubbed the “Pentagon Leaker.” A quick review reveals multiple media portraits already out depicting him as a dangerous incel who shared his wares on Discord, a social media app where “racist memes” and “offensive jokes” flourish. Writes the _New York Times:_
> _Dark humor about race or ideology can eventually shape the beliefs of impressionable young people, and innocuous memes can be co-opted into symbols of hatred, researchers say._
Well, clearly we can’t have dark humor or innocuous memes! Gitmo cages for all!
The _Washington Post_ went with “charismatic gun enthusiast”:
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The _New York Times_summarized (https://www.nytimes.com/article/leaked-documents-ukraine-russia-war.html?action=click&pgtype=Article&state=default&module=styln-leaked-pentagon-documents&variant=show®ion=MAIN_CONTENT_1&block=storyline_levelup_swipe_recirc) key points in the secret defense documents, which among other things suggested “Ukrainian forces are in more dire straits than their government has acknowledged publicly.” Reading what’s out there, it’s not easy to parse what’s a legitimate intelligence concern in reaction to these leaks and what’s mere embarrassment at having been caught lying, to the public, to would-be U.S. allies the documents show we’ve been spying on, etc.
You’ll read a lot in the coming days about the dangers of apps like Discord, or of online gaming groups, which counterintelligence officials told the _Washington Post_ today are a “magnet for spies.” The Leaker tale will also surely be framed as reason to pass the RESTRICT Act (https://www.eff.org/deeplinks/2023/04/broad-vague-restrict-act-dangerous-substitute-comprehensive-data-privacy), the wet dream of creepazoid Virginia Senator Mark Warner, which would give government wide latitude to crack down on “communication technology” creating “undue or unacceptable risk” to national security.
**The intelligence community has itself been massively interfering in domestic news using illegal leaks for years.** Remember the “Why Did Obama Dawdle on Russia’s Hacking (https://www.washingtonpost.com/opinions/why-did-obama-dawdle-on-russias-hacking/2017/01/12/75f878a0-d90c-11e6-9a36-1d296534b31e_story.html)?” story by David Ignatius of the _Washington Post_ in January of 2017, outing would-be Trump National Security Advisor Michael Flynn as having been captured in intercepts speaking with a Russian ambassador? That was just the first in a string of leak- or intercept-based news stories that dominated news cycles in the Trump years, involving everything from conclusions of the FISA court to supposedly secret meetings in the Seychelles.
When civilians or whistleblowers like Edward Snowden, Julian Assange (in jail for an incredible four years now), Reality Winner and now the “Discord Leaker” bring leaked information to the public, the immediate threat is Espionage Act charges and decades of jail time. **When a CIA head or a top FBI official does it, it’s just news.** In fact, officials talk openly about using “strategic leaks (https://www.wired.com/story/leaked-pentagon-documents-ukraine-discord/)” as a P.R. staple. In a world where media currency is becoming the ultimate power, these people want a monopoly. It’s infuriating.
Watch how this thing will be spun. It’s going to get ugly fast.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 04/14/2023 - 16:20
**Hawkish FedSpeak & Stagflation Scares Spark Big Reversal In Markets**
Hawkish FedSpeak & Stagflation Scares Spark Big Reversal In Markets
UMich inflation expectations re-surged, retail sales were a disaster, and manufacturing production plunged... but apart from that stagflationary set-up, everything is awesome _(because headline industrial production rose more than expected, core retail sales was a smidge less terrible than expected, and headline UMich sentiment improved)_.
It was a hard week for both 'soft' data and 'real' data as they both showed serial disappointment (a positive for some assets in the case of inflation signals) but overall, **'hope' - the spread between hard and soft data - is at its lowest since March 2001**...
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_Source: Bloomberg_
Amid all that, traders shifted their short-term views on The Fed hawkishly, spurred on by the UMich inflation exp spike and The Fed's Waller who made it clear there was more 'pain' to come (https://www.zerohedge.com/markets/hawkish-comments-feds-waller-send-may-rate-hike-odds-surging):
> _**“Because financial conditions have not significantly tightened, the labor market continues to be strong and quite tight, and inflation is far above target, so monetary policy needs to be tightened further,”**_
He is not wrong...financial conditions are easing and that's not what The Fed wants...
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_Source: Bloomberg_
**The odds of a 25bs hike in May now up to 85%** \- almost back to pre-SVB levels...
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_Source: Bloomberg_
US equities ended the week mixed with the Nasdaq basically unchanged and The Dow outperforming (these are changes from Friday's early futures close). The day was a bit chaotic as hawkish comments (and data) battled bonanza bank earnings (BA and UNH weighed the Dow down -177pts opposing GS and JPM's gains +90pts)...
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The early ugliness in stocks today (QQQ below) was **led by negative delta 0DTE traders' flow** which turned at the key gamma strike level and dropped all the way down to the Hedge Wall before rebounding...
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_Source: SpotGamma_ (https://www.zerohedge.com/spotgamma)
Additionally we note that S&P Net Spec positioning rose last week...
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_Source: Bloomberg_
...from the 'most short' since 2011...
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_Source: Bloomberg_
Banks dominated today's price action after earnings and along with energy stocks were the week's winners. Utes and real estate were the ugliest horses in the glue factory...
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_Source: Bloomberg_
With JPM up over 7% today (and C soaring too)...
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_Source: Bloomberg_
But as the big banks soared, the small banks pushed back to the post-SVB lows...
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_Source: Bloomberg_
Another week with a big divergence between defensives (lower) and cyclicals (higher)... which is odd given the hawkish shift in rates...
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_Source: Bloomberg_
Both Equity (VIX) and bond (MOVE) implied vol plunged this week with the forme…
https://www.zerohedge.com/markets/hawkish-fedspeak-stagflation-scares-spark-big-reversal-markets