**Futures Slide After Hawkish Bullard Comments, Red Hot UK Inflation**
Futures Slide After Hawkish Bullard Comments, Red Hot UK Inflation
US equity futures fell following hawkish comments from FOMC non-voter Jim Bullard and another double digit CPI print out of the UK; China was weak with property names dropping -2% led by Hong Kong developers which dropped after city leader John Lee dismissed calls by the industry to scrap property cooling measures. Sentiment was also dented by news Tesla cut prices again - just hours before it reports Q1 earnings -which is likely to not be well received by auto sector. Netflix tumbled as much as 12% on Tuesday before recouping almost all losses after a miss on subscribers but after boosting cash flow. Regional banks within a hair of new lows but WAL numbers overnight should give some support to the sector.
Contracts on the S&P 500 fell 0.5% at 7:15 a.m. ET Nasdaq 100 futures slipped 0.8% as the yield on the 10-year Treasury rose to nearly 3.62%, mirroring larger moves in UK gilts following the abovementioned CPI print. The Bloomberg Dollar Spot Index traded near the day’s highs, pressuring most Group-of-10 currencies. Oil, gold and Bitcoin all fall in tandem.
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In premarket trading, Tesla dropped 2% after further cutting prices on some models in what is an increasingly bitter price war to capture EV market share ahead of first-quarter results due later Wednesday. Netflix dipped after the video-streaming firm added fewer subscribers than anticipated in the first quarter. Here are some other notable premarket movers:
- Western Alliance rises as much as 18%, boosting shares in fellow regional lenders, as analysts viewed the bank’s balance-sheet repositioning positively, highlighting measures to improve liquidity. The company said deposits rose $2 billion this month through April 14, an encouraging signal given March’s turmoil in the industry following the collapse of SVB.
- Netflix falls 1.3% after the video-streaming company added fewer subscribers than had been anticipated in the first quarter. However, analysts remain positive on the stock’s long-term prospects as the company raised its full-year free cash flow forecast. UBS upgraded to buy from neutral. Shares of video streaming companies were lower after Netflix added fewer subscribers than had been anticipated in the first quarter. FuboTV -3.2%, Roku -1.3%.
- Intuitive Surgical jumps 7.1% after the maker of surgical tools reported procedure growth for the first quarter that beat the average analyst estimate, sending analyst price targets higher. Brokers said Intuitive’s results bode well for peers, and show the environment is improving for such companies as they recover from pandemic-related disruptions to medical procedures.
- United Airlines climbs as much as 0.8% after the carrier reported a narrower-than-estimated loss for the first quarter. Analysts said the company’s outlook was strong and showed that demand for travel is holding up.
- Riot Platforms and Marathon Digital lead fellow cryptocurrency- exposed stocks lower as Bitcoin records its biggest drop in over a month, falling back below the $30,000 mark.
With tax receipts filtering in expect to see a broad based liquidity drain over the next few weeks. CTA positioning is approaching fully long, macro buying has persisted for 6 weeks (nets have crept higher ) and the Goldman trading desk has already seen quite substantial vol control demand with vix back to a 16 handle.
Investors are monitoring earnings to assess how companies have grappled with headwinds including slowing demand and higher interest rates. At the same time, they’re looking for clues if and when the Federal Reserve will end its tightening policy amid fears of a recession and more bank failures.
**“Central banks, for now, will keep hiking until they see more evidence of lower inflation down the road,”** Barclays Plc strategist Emmanuel Cau said on Bloomberg Television. “Inflation is still high and to some extent growth is resilient at the same time, so I think the resolve of central banks to hike and to see more evidence of inflation coming down is still here.” Separately, Cau said in a note that there’s scope for first-quarter earnings to beat estimates given that growth momentum has rebounded in China, and held up better than expected in the US and Europe.
Globally, volatility has remained at low levels leading many bearish strategists to warn of complacency. Bank of Atlanta President Raphael Bostic said he favors raising rates one more time and then holding them above 5% for some time to curb inflation, while his St. Louis counterpart James Bullard said he prefers getting rates into a 5.5% to 5.75% range. Global…
https://www.zerohedge.com/markets/futures-slide-after-hawkish-bullard-comments-red-hot-uk-inflation
**Tesla Shares Fall 3% After Company Makes Its Sixth Price Cuts This Year Just Hours Before Earnings**
Tesla Shares Fall 3% After Company Makes Its Sixth Price Cuts This Year Just Hours Before Earnings
In news that the market no longer seems to be optimistic about, Tesla is **_once again_** cutting prices in the United States - and this time it's right ahead of today's forthcoming earnings report.
The company cut prices on the Model 3 and Model Y and, as Bloomberg wrote (https://www.bloomberg.com/news/articles/2023-04-19/tesla-drops-model-3-model-y-prices-on-eve-of-quarterly-earnings?utm_source=website&utm_medium=share&utm_campaign=twitter&sref=6uww027M), is likely tipping its hand that it is in the midst of a demand problem. Model Y prices were cut by $3,000 and the base Model 3 was cut by 4.7% to less than $40,000, the report said.
Predictably, it's not the sign of confidence the stock was looking for, and Tesla is trading down nearly 3% ahead of today's report.
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The company's price cuts were seen as an effective lever for the company earlier this year, with Wall Street celebrating the success Tesla had in continuing to stoke demand with what looked like strategic, one-time cuts.
But as we make our way through the first month of the second quarter, Tesla has already made its second cut to prices _**this month alone.**_
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Recall, we noted late last week that the company had also slashed the price of its vehicles in Europe, Israel and Singapore. Tesla said it "cut prices in numerous European markets including Germany and France because of a scaling up and improvement in its production capacity."
Prices in Germany for the Model 3 and Model Y were cut between 4.5% and 9.8%, marking the second price cut for the country this year, the report says. Singapore saw price cuts of between 4.3% and 5% and Israel saw price cuts of an astounding 25% for the base rear-wheel drive Model 3.
It was literally **_only days ago_** that we wrote about (https://www.zerohedge.com/markets/tesla-cuts-us-vehicle-prices-fifth-time-january) a fifth set of price cuts Tesla had put into place this year. Last week, the company cut the Model S and Model X vehicles by $5,000 to $84,990 and $94,990 and cut its Model 3 and Model Y vehicle by $1,000 and $2,000, lowering their base prices to $41,990 and $49,990.
“We’re not ‘starting a price war. We’re just lowering prices to enable affordability at scale,” Elon Musk commented on Twitter late last week.
We'll get more details on how the price cuts have affected the company's financials when it reports earnings after the bell today.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Wed, 04/19/2023 - 07:45
**A Signal Flashes That Was Bullish Last Nine Times**
A Signal Flashes That Was Bullish Last Nine Times
_Authored by Elena Popina via Bloomberg,_
Chart watchers looking to technicals to assess the recent rally are **taking positive cues from measures of market breadth that are expanding in ways that have signaled further gains in the past.**
The trend is particularly pronounced among 200-day moving average lines, a tool for judging long-term momentum in the market. The line has risen for more than 40% of the S&P 500’s 11 industry groups in the past month and half, data compiled by SentimenTrader show. That hasn’t happened since the summer of 2020.
**The nine other instances going back to 1991 when the signal has occurred have all preceded gains in the S&P 500 Index, with a 6.4% average advance.** The gauge has posted a mean 15% rally a year after, with advances 89% of the time.
While rebounding participation is just one of the many signals on chart watchers’ radar, it shows the longer-term performance trend of the S&P 500 is gaining momentum. The gauge’s own 200-day moving average line, which captures the momentum between now and late June, went up for 12 straight days, a streak last seen a year ago.
> _**“For now, history suggests that a favorable trend may be forming under the noses of many investors,”**_ SentimenTrader’s Jay Kaeppel said in a note to clients.
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**That said, there’s more room for improvement.** The share of S&P 500 constituents with a rising 200-day moving average line needs to go from above 40% to above 70% to confirm that a bull market is in full force, the analysis by SentimenTrader shows.
Further signs of strengthening equities will be welcome news for actively managed funds where lackluster breadth contributed to a dismal first-quarter performance, an analysis conducted by Bank of America showed.
> _Only one in three actively managed mutual funds was ahead of equity benchmarks during the first quarter, the worst performance since the end of 2020, data compiled by Bank of America Corp. show. That contrasts with a hit rate of 47% in 2022 that was the best in five years._
The Nasdaq 100 Index, which rallied 20% last quarter, has outperformed the Russell 3000 Index by the most since 2001.
**So far, the Russell 3000 has yet to see a pickup in equity participation.** While the gauge is hovering less than 2.5% below its early-February high, only 43% of its constituents trade above the 200-day support line, compared with 71% in February.
But it’s not just technicals; positioning data is showing a move higher, too. **A gauge of aggregate positioning among discretionary and rules-based investors tracked by Deutsche Bank Group AG rose to near a neutral reading last week** after falling from neutral to half-way back to the bottom during the banking turmoil in March, the bank’s data show.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Wed, 04/19/2023 - 07:20
https://www.zerohedge.com/markets/signal-flashes-was-bullish-last-nine-times
**US Gasoline Prices Rise To 5-Month High**
US Gasoline Prices Rise To 5-Month High
_Authored by Julianne Geiger via OilPrice.com,_ (https://oilprice.com/Latest-Energy-News/World-News/US-Gasoline-Prices-Rise-To-5-Month-High.html)
U.S. gasoline prices rose for the third week in a row, rising $.076 per gallon from a week ago to $3.65 per gallon yesterday, new GasBuddy data showed, **reaching the highest level since November 2022.**
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The national average for a gallon of gasoline is $.221 cents more than it was a month ago, according to GasBuddy data.
> _“With oil prices touching their highest level of 2023 at nearly $83 per barrel, the national average price of gasoline has continued to inch higher, with 45 of the nation’s 50 states seeing prices rise over the last week. **While the rising price of oil is likely the largest factor in rising gas prices, seasonal impacts continue to also exert pressure on prices,**” GasBuddy’s head of petroleum analysis at GasBuddy said in a note on Monday._
>
> _“With the Northeast making the final step in the transition to summer gasoline this week, states in that region should expect a sharp rise in gasoline prices over the next week or two. Every other region has already seen the final step in the transition occur, so while other areas will see prices continue to slowly rise, the Northeast is likely to see a pretty hefty jump of 15-40 cents per gallon soon. **Oil prices remain a wildcard, but we’re likely a few weeks away from seeing the national average peak. Whether it hits $4 per gallon or not is still perhaps a 50/50 chance.**”_
Crude oil prices hit their highest point all year last week - above the $80 threshold - in response to OPEC+’s agreement to cut an additional 1.66 million bpd off its production starting in May.
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On top of that catalyst, U.S. gasoline demand was up 1.4% last week.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Wed, 04/19/2023 - 06:55
https://www.zerohedge.com/energy/us-gasoline-prices-rise-5-month-high
**UK Inflation Unexpectedly Comes In Red Hot, Remains In The Double Digits**
UK Inflation Unexpectedly Comes In Red Hot, Remains In The Double Digits
Futures are trading near session lows, weighted down by the latest inflation data out of the UK where early this morning, we learned that March inflation remained in the double digits with annual price rises of 10.1%, coming in hotter than expected for the second straight month, and making it more likely that the Bank of England will increase interest rates next month.
February's CPI was 10.4% and was expected to drop to 9.8% last month, and although petrol and diesel prices fell in the month, fresh sharp rises in the costs of food, recreation and culture — a broad category which includes theater, concerts and sporting events — kept the index in double digits.
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The drop in headline inflation was almost entirely caused by motor fuels where the average price of a liter of petrol fell from just over £1.60 in March 2022 to just under £1.47 last month. Across components, the largest downward contributions to the moderation in headline inflation came from transport and housing. Offsetting this and keeping the headline rate high were soaring food prices, especially of bread and cereals, with prices rising 19.1% in the year to March.
Following the uptick in sequential pressures last month, today’s print showed a slowing in the seasonally adjusted MoM pace **but the slowing was less than expected and the sequential pace for core inflation remains above that observed in Q4,** reflecting continued strength in core goods in particular.
Here are the key numbers:
- CPI (Mar): +10.1%; GS: +9.9%; Cons: +9.8%; Previous (Feb): +10.4%, all%yoy.
- Core CPI (Mar): +6.2%; Cons: +6.0%; Previous (Feb): +6.2%
- RPI (Mar): +13.5%; Cons: +13.3%; Previous (Feb): +13.8%
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Following today’s release, Goldman said that it mechanically updated its UK inflation forecast and now expects headline and core inflation to be 3.9%yoy and 4.3%yoy, respectively, in December 2023. Also, given today’s upside surprise, the bank continues to expect the MPC to hike by 25bp at its upcoming May meeting.
And speaking of the BOE, the FT notes (https://www.ft.com/content/e1978f6e-3051-443b-8681-f6d84e4362b6?emailId=078a888b-e465-40e4-8d75-46890ba56a90&segmentId=3d08be62-315f-7330-5bbd-af33dc531acb) that the central bank had been watching these figures very closely as they were the last significant data release before its next meeting in early May and while officials had hoped that there would be the first signs of a significant drop in inflationary pressure, **core inflation, excluding food and energy prices, remained unchanged at 6.2%, which remains too high to give them comfort.**
The BoE’s Monetary Policy Committee has been looking for signs that underlying inflationary pressure is moderating and that declines in the headline rate are not caused solely by large energy price increases last year beginning to drop out of the annual comparisons.
The members will not be reassured by both services inflation remaining at 6.6 per cent and core inflation failing to fall, instead sticking at 6.2 per cent. The MPC has said that it will raise interest rates again from the current 4.25 per cent level, “if there were to be evidence of more persistent pressures”.
Grant Fitzner, chief economist of the ONS, said that inflation remained at a “high level”. Falling motor fuel prices “were partially offset by the cost of food, which is still climbing steeply, with bread and cereal price inflation at a record high."
Kitty Ussher, chief economist at the Institute of Directors, said that the failure to see any drop in core inflation would require the bank to take action and raise rates again on May 4. “Taken together with yesterday’s strong labour market data, it is now clear that there is more demand in the economy than the Bank of England had expected in the first quarter,” she said.
Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said the fall in the headline rate had been “too modest for the MPC to stop raising rates”.
Capital Economics, the consultancy, said that the stubbornness of high inflation raised the possibility that a rise in interest rates to 4.5% at the May meeting may not be the last.
UK inflation has not been falling as quickly as comparable indicators in many European countries which saw lower energy prices reflected in the March data, but headline rates for the UK are expected to drop significantly next month.
With gas and electricity prices …
https://www.zerohedge.com/markets/uk-inflation-unexpectedly-comes-red-hot-remains-double-digits
**Rep. Gaetz Resolution Would Make Biden Disclose Number Of US Troops In Ukraine**
Rep. Gaetz Resolution Would Make Biden Disclose Number Of US Troops In Ukraine
_Authored by Dave DeCamp via AntiWar.com,_ (https://news.antiwar.com/2023/04/17/rep-gaetz-resolution-would-make-biden-reveal-number-of-us-troops-in-ukraine/)
Rep. Matt Gaetz (R-FL) on Monday introduced a resolution (https://gaetz.house.gov/media/press-releases/congressman-gaetz-introduces-privileged-resolution-force-president-biden-and) that **would require President Biden to disclose the number of US troops inside Ukraine** and share all documents outlining US military assistance for Kyiv with the House.
If the resolution is passed, it would require President Biden and Secretary of Defense Lloyd Austin to share the requested information within 14 days. The introduction comes after one of the documents allegedly leaked by Airman Jack Teixeira confirmed that US special operations forces are in Ukraine.
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_Leaked document that reveals US special operations forces are in Ukraine._ (
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" **The Biden Administration and other allied countries have been misleading the world on the state of the war in Ukraine**. There must be total transparency from this administration to the American people when they are gambling war with a nuclear adversary by having special forces operating in Ukraine," Gaetz said in a statement.
According to the document, **97 NATO special operations soldiers are in Ukraine, including 14 Americans**. The leak confirmed an October 2022 report from _The Intercept_ (https://news.antiwar.com/2022/10/06/report-us-special-operations-forces-are-on-the-ground-in-ukraine/)that said US special operations forces were deployed to Ukraine after Russia’s invasion.
The _Intercept_ report did not say what the American special operators were doing inside Ukraine but said it was **part of a broad covert operation that includes CIA personnel who are also on the ground**.
The leaked document said there is a total of 29 Defense Department personnel inside Ukraine, including the special operations forces.
The total also includes members of the Marine Security Guard Security Augmentation Unit (MSAU), who are typically deployed for embassy security.
> So are we just going to overlook the fact that the leaks show Biden authorized US troops on the ground in Ukraine and then lied about it?
>
> — Jack Poso 🇺🇸 (@JackPosobiec) April 12, 2023 (https://twitter.com/JackPosobiec/status/1646258164000497664?ref_src=twsrc%5Etfw)
The total also includes the defense attaché and members of the Office of Defense Cooperation (ODC). The Pentagon said in October 2022 (https://news.antiwar.com/2022/10/31/the-us-military-is-conducting-onsite-weapons-inspections-inside-ukraine/) that personnel under the defense attaché and ODC based at the US embassy in Kyiv are conducting “onsite” weapons inspections inside Ukraine.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Wed, 04/19/2023 - 06:30
**How The War Redirected Ukraine's Grain Exports**
How The War Redirected Ukraine's Grain Exports
Russia's invasion of Ukraine (https://www.statista.com/topics/9087/russia-ukraine-war-2022/) and the temporary blockage of its Black Sea ports have **redirected the flow of grain from Ukraine.**
One of the world's leading producers of wheat, corn and vegetable oils, Ukraine shipped much of its grain internationally prior to the war, with seven of the 10 most important destination markets for Ukrainian grain exports in 2021 located in Asia and North Africa (eight when including Turkey).
That changed drastically in 2022, as the following chart illustrates.
(https://www.statista.com/chart/29750/top-10-destinations-of-ukrainian-cereal-exports/)
_You will find more infographics at Statista (https://www.statista.com/chartoftheday/)_
According to data from the UN Comtrade (https://comtradeplus.un.org/) database, much of Ukraine's grain exports ended up in Europe last year, with **Romania, Poland and Hungary seeing particularly large increases in inflows of grain (https://www.statista.com/chart/29749/cereal-exports-from-ukraine-to-its-neighbors/)** from their embattled neighbor.
**Meanwhile, Indonesia, Iran, Pakistan, Morocco and Tunisia all dropped out of the top 10**, as the flow of Ukrainian exports via maritime trade was severely disrupted.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Wed, 04/19/2023 - 05:45
https://www.zerohedge.com/geopolitical/how-war-redirected-ukraines-grain-exports
**Germany Closes Its Last Nuclear Power Plants - Electricity Bills To Spike Up To 45%**
Germany Closes Its Last Nuclear Power Plants - Electricity Bills To Spike Up To 45%
One might say that the timing could not be worse for the implementation of "net zero" climate goals given the already boiling economic instability across the western world. Then again, maybe the timing is perfect for the people in power?
With stagflation still running rampant in the US and Europe the last thing anyone should be worried about is a less than 1 (https://www.climate.gov/news-features/understanding-climate/climate-change-global-temperature)°C rise (https://www.climate.gov/news-features/understanding-climate/climate-change-global-temperature) in global temperatures in the past 100 years. There is no concrete evidence of any significant climate crisis, and all the people who tell us a crisis is right around the corner do so while raking in billions in funding dollars from governments and think-tank institutions with a vested interest in reinforcing the hysteria. In other words, there is no basis for exponential restrictions on "greenhouse gas" emissions. The climate crisis claim is a sham.
When the policies of the climate cult are examined with a clear head, it becomes obvious that saving the planet is not a primary concern. Rather, the purpose of the agenda is to increase power to government bureaucracies on a level not seen since the feudal empires of centuries past. Get ready for the return of the peasant lifestyle...
One factor that consistently arises in the fight over climate change mandates is the increasing need for energy clashing with deliberate cuts to the means of production. Establishment elites want restricted energy access for the public, and they want people to pay more for each slice of the ever shrinking pie. A perfect example of this dynamic is the widespread effort by such governments to shut down nuclear power plants, one of the cleanest forms of energy we have from the standpoint of carbon emissions.
Germany, already in the midst of an energy shortfall due to the loss of natural gas supplies from Russia, has also just closed its last three operational nuclear power plants this past week (https://apnews.com/article/germany-nuclear-power-plants-shut-energy-376dfaa223f88fedff138b9a63a6f0da), leaving the nation high and dry when it comes to easy accessible electricity. Germany has some of the highest residential electricity prices in all of Europe and they are about to explode even more in the near term.
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As energy prices rose last year as a result of the Ukraine conflict, certain members of German Chancellor Olaf Scholz’s government became hesitant to close the nuclear plants as planned on December 31, 2022. Scholz agreed to a one-time extension of the deadline but insisted on the final countdown taking place on April 15.
Alongside the closure of the nuclear plants, German multinational electric utility E.ON increased its prices by as much as 45% starting June 1.
``
> `HOURS BEFORE CLOSING REACTOR, GERMAN UTILITY ANNOUNCES 45% PRICE RISE
> As Eon closed nuclear, by far its cheapest reliable power, it announced a big jump for many customers from what are already some of Europe's highest prices.
> Helps buy carbon permits.https://t.co/kWv4X0urHw pic.twitter.com/9gDv45fpPx`
>
> `— Mark Nelson (@energybants) April 16, 2023`
` `
“In parts of NRW (North Rhine-Westphalia), the new price is 49.44 cents gross per kilowatt hour, which means an adjustment of around 45 percent for an average consumption,” said a spokesman for Eon Energie in Germany.
Ironically, shortages last winter compelled the German government to increase coal fired power plant (https://www.reuters.com/business/energy/germany-fires-up-extra-coal-power-capacity-plug-winter-supplies-2022-11-02/) operations, yet they are still shutting down clean energy nuclear plants to make way for so-called renewables. If climate change initiatives don't seem to be making much sense these days, its because there is no logic behind them other than to create incremental chaos. The confusion over conflicting green policies makes way for notoriously inefficient wind and solar power farms that cannot sustain the existing population, but it also allows for a global political power grab on an unprecedented scale.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Wed, 04/19/2023 - 02:45
**Leaks Spell The End For Ukraine (And Expose Western Disinformation)**
Leaks Spell The End For Ukraine (And Expose Western Disinformation)
_Authored by Joe Lauria via ConsortiumNews,com,_ (https://consortiumnews.com/2023/04/17/leaks-spelling-the-end-for-ukraine/)
**Leaked U.S. intelligence documents have exposed Western disinformation about Ukraine winning the war. Now the heavy fighting moves to Washington...**
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_Aerial view of the Washington battleground. (Mario Roberto Durán Ortiz/Wikimedia Commons)_
A _Washington Post_ headline last week was a **bombshell** for someone who has only been reading about the Ukraine war in _The Washington Post_ and other Western media: _**“U.S. doubts Ukraine counteroffensive will yield big gains, leaked document says.”**_
The story admits that Western media audiences have been misled about the course of the war, that essentially what mainstream media has been reporting about Ukraine has been a pack of lies: namely that Ukraine is winning the war and is poised to launch an offensive that will lead to a final victory.
Instead, the second paragraph of the piece makes clear the leaked documents show the long-planned Ukrainian offensive will fail miserably — “a marked departure from the Biden administration’s public statements about the vitality of Ukraine’s military.”
In other words, U.S. officials have been lying about the state of the war to the public and to reporters who have faithfully reported their every word without a hint of skepticism.
The _Post_ said, as if it’s a bad thing, that the leaks will likely “embolden critics who feel the United States and NATO should do more to push for a negotiated settlement to the conflict.”
That has begun to happen. Writing in the uber-Establishment _Foreign Affairs,_ former State Department official Richard Haass and Charles Kupchan, a senior fellow at the Council on Foreign Relations, write (https://www.foreignaffairs.com/ukraine/russia-richard-haass-west-battlefield-negotiations) that “it is difficult to feel sanguine about where the war is headed.”
In “The West Needs a New Strategy in Ukraine: A Plan for Getting From the Battlefield to the Negotiating Table,” they say:
> “The best path forward is a sequenced two-pronged strategy aimed at first bolstering Ukraine’s military capability and then, when the fighting season winds down late this year, ushering Moscow and Kyiv from the battlefield to the negotiating table.”
The article does not mention the leaks, though it was published after the disclosures made clear that the Ukrainian offensive, intended to break through Russia’s land bridge to Crimea, would fail.
Filled with the usual talk about Ukraine having better “operational skill” than Russia, and that the war will end in a “stalemate,” the piece represents an emerging strategy in the West: namely that before negotiating, Ukraine needs to launch its offensive to gain back some territory, “imposing heavy losses on Russia, foreclosing Moscow’s military options, and increasing its willingness to contemplate a diplomatic settlement.”
But that is a tall order. Moscow would be unlikely to negotiate at the end of the Ukrainian offensive, particularly as the article admits the “Russian military’s numerical superiority” and that Ukraine is “facing growing constraints on both its own manpower and help from abroad.”
Moscow was ready to cut a deal with Kiev one month after Russia’s intervention but the West, with its strategy of lengthening the war to weaken Russia, quashed it. Why would Moscow accept a deal now when Ukraine is at its weakest and Russia is poised to make significant gains on the battlefield?
The _Foreign Affairs_ piece admits, “This diplomatic (https://www.foreignaffairs.com/ukraine/dont-rule-out-diplomacy-ukraine) gambit may well fail. Even if Russia and Ukraine continue to take significant losses, one or both of them may prefer to keep fighting.”
“Come the end of this fighting season,” the article says, “the United States and Europe will also have good reason to abandon their stated policy of supporting Ukraine for ‘as long as it takes,’ as U.S. President Joe Biden (https://www.foreignaffairs.com/topics/biden-administration) has put it.”
And what comes next? “NATO allies would start a strategic dialogue with Russia on arms control and the broader European security architecture.”
Incredibly this is what Russia was asking for before its February 2022 intervention and it was rebuffed by NATO and the U.S. Now a _Foreign Affairs_ article is recommending it.
Is there no better sign that Ukraine has lost this war?
**Going Ahead With the Offensive Anyway**
The strategy of Ukraine goi…
https://www.zerohedge.com/geopolitical/leaks-spell-end-ukraine-and-expose-western-disinformation
**Accountability For Biden's Botched Afghan Withdrawal?**
Accountability For Biden's Botched Afghan Withdrawal?
_Authored by Rep. Mark Green via RealClear Wire (https://www.realclearwire.com/articles/2023/04/15/accountability_for_bidens_botched_afghan_withdrawal_893990.html),_
**Nineteen months ago, the last U.S. soldier was lifted out of Afghanistan, but hundreds of Americans were left behind in a country overrun by the Taliban and abandoned by President Biden.** Yet in a recent press conference, Pentagon Spokesperson John Kirby had the audacity to state (https://urldefense.com/v3/__https:/na01.safelinks.protection.outlook.com/?url=https*3A*2F*2Furldefense.com*2Fv3*2F__https*3A*2Fwww.nationalreview.com*2Fnews*2Fall-this-talk-of-chaos-i-just-didnt-see-it-pentagon-spokesman-says-administration-proud-of-afghanistan-withdrawal*2F__*3B!!Bg5easoyC-OII2vlEqY8mTBrtW-N4OJKAQ!NPyoz0NwJEoJsc8dmlwd5ks0nwr1g8-Uuqrj21kxHfp2R08jWfQ2GL0W1ndGwD0ujTsCNz8s_rW8mK38u23lLXB8HMcD4hw*24&data=05*7C01*7C*7C336e08cfed4345b4c82a08db3a162f22*7C84df9e7fe9f640afb435aaaaaaaaaaaa*7C1*7C0*7C638167639189267899*7CUnknown*7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0*3D*7C3000*7C*7C*7C&sdata=eWitxXWdGJoFZisREIFPJ*2FNMbg0mVyoeoWNkPJpTaFA*3D&reserved=0__;JSUlJSUlJSUlJSUlJSUlJSUlJSUlJSUlJSUlJQ!!Bg5easoyC-OII2vlEqY8mTBrtW-N4OJKAQ!P-aaY2ts3LXX2QIPyG-YD8RVqmMvIXjEBYjSEMuMhTvdEOX6gBt_Z1QDX6Y9wb9YrbLc_3zJ57Ie8AauQwqP15H6NhrUUkuKDw%24) that he was proud of the withdrawal from Afghanistan. This followed the release of a report (https://urldefense.com/v3/__https:/na01.safelinks.protection.outlook.com/?url=https*3A*2F*2Furldefense.com*2Fv3*2F__https*3A*2Fwww.whitehouse.gov*2Fwp-content*2Fuploads*2F2023*2F04*2FUS-Withdrawal-from-Afghanistan.pdf__*3B!!Bg5easoyC-OII2vlEqY8mTBrtW-N4OJKAQ!NPyoz0NwJEoJsc8dmlwd5ks0nwr1g8-Uuqrj21kxHfp2R08jWfQ2GL0W1ndGwD0ujTsCNz8s_rW8mK38u23lLXB8-4MmagY*24&data=05*7C01*7C*7C336e08cfed4345b4c82a08db3a162f22*7C84df9e7fe9f640afb435aaaaaaaaaaaa*7C1*7C0*7C638167639189267899*7CUnknown*7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0*3D*7C3000*7C*7C*7C&sdata=4HDvnrpml5O7BTeFhbV4SRyhuZggMP4rckYAXW*2B4fxo*3D&reserved=0__;JSUlJSUlJSUlJSUlJSUlJSUlJSUlJSUlJSUlJSUl!!Bg5easoyC-OII2vlEqY8mTBrtW-N4OJKAQ!P-aaY2ts3LXX2QIPyG-YD8RVqmMvIXjEBYjSEMuMhTvdEOX6gBt_Z1QDX6Y9wb9YrbLc_3zJ57Ie8AauQwqP15H6NhohQsdcUg%24) from the Biden administration that lays the blame for this withdrawal at the feet of President Trump, taking little to no responsibility. This is a sign of failed leadership.
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President Biden seems to forget that a year and a half ago millions of Americans, our allies, and our adversaries saw the botched Afghanistan withdrawal with their own eyes. Plastered across our television sets were tragic images of Afghans giving up their infants to complete strangers in hopes of saving them from the tyrannical rule of the Taliban. Others were so desperate for freedom that they tried climbing onto American aircraft during take-off, eventually plummeting to their deaths. One Afghan was even found crushed (https://urldefense.com/v3/__https:/na01.safelinks.protection.outlook.com/?url=https*3A*2F*2Furldefense.com*2Fv3*2F__https*3A*2Fwww.cbsnews.com*2Fnews*2Fafghanistan-aircraft-human-remains-wheel-well-crew-cleared*2F__*3B!!Bg5easoyC-OII2vlEqY8mTBrtW-N4OJKAQ!NPyoz0NwJEoJsc8dmlwd5ks0nwr1g8-Uuqrj21kxHfp2R08jWfQ2GL0W1ndGwD0ujTsCNz8s_rW8mK38u23lLXB8M0w1_6Q*24&data=05*7C01*7C*7C336e08cfed4345b4c82a08db3a162f22*7C84df9e7fe9f640afb435aaaaaaaaaaaa*7C1*7C0*7C638167639189267899*7CUnknown*7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0*3D*7C3000*7C*7C*7C&sdata=SMrLJNFOkFNrt1M1tJpq2F4g9wO*2BbPCVirGkdtiFn5E*3D&reserved=0__;JSUlJSUlJSUlJSUlJSUlJSUlJSUlJSUlJSUlJQ!!Bg5easoyC-OII2vlEqY8mTBrtW-N4OJKAQ!P-aaY2ts3LXX2QIPyG-YD8RVqmMvIXjEBYjSEMuMhTvdEOX6gBt_Z1QDX6Y9wb9YrbLc_3zJ57Ie8AauQwqP15H6Nho2lKuxHg%24) within the wheel well of an outbound aircraft.
Despite the desperation of Afghan citizens to escape Taliban rule, even to the point of death, **this president saw fit to leave hundreds of his own countrymen behind.** This botched withdrawal won’t just be a stain on this administration for all-time, but Kabul will be remembered with Saigon as one of the worst military evacuations in American history. In turn, our adversaries from China and Russia to Iran and North Korea are emboldened. **This is extremely dangerous.**
There must be accountability. Unfortunately, President Biden has been seeking to avoid accountability for himself and for this administration. In fact, in his press conference on the report, Kirby stated (https://urldefense.com/v3/__https:/na01.safelinks.protection.outlook.com/?url=https*3A*2F*2Furldefense.com*2Fv3*2F__https*3A*2Fapnews.com*2Farticle*2Fjoe-biden-a…
https://www.zerohedge.com/geopolitical/accountability-bidens-botched-afghan-withdrawal
**Money = Happiness?**
Money = Happiness?
**The question of whether money makes people happy has probably been on mankind's mind for as long as this means of payment has existed.**
In the infographic below, Statista's Martin Armstrong (https://www.statista.com/chart/29745/money-equals-happy-correlation-wealth-happiness/)tries to get closer to an answer.
The underlying figures are, on the one side, the points achieved by the countries in the World Happiness Index (https://worldhappiness.report/) (X-axis of the chart) and on the other, their respective gross domestic product per capita (https://www.statista.com/topics/5442/global-economic-indicators/) (Y-axis).
(https://www.statista.com/chart/29745/money-equals-happy-correlation-wealth-happiness/)
_You will find more infographics at Statista (https://www.statista.com/chartoftheday/)_
As indicated by the distribution of countries based on the green dots and the corresponding red trend line, there is a correlation between the variables: _**The higher a country's GDP per capita, the more points it tends to score on the World Happiness Index.**_
**The correlation comes to a value of 0.69 - representing a strong association.**
There are however deviations and outliers. For example, Hong Kong's (HK (https://www.statista.com/topics/2310/hong-kong/)) GDP per capita of $49,700 is relatively high, but its Happiness Index score of 5.31 is relatively low - many countries with similar Happiness Index scores have GDP per capita below $10,000.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Tue, 04/18/2023 - 23:45
**The Great COVID-19 Vaccine Bribe**
The Great COVID-19 Vaccine Bribe
_Authored by John Leake and Dr. Peter A. McCullough, MD via (https://petermcculloughmd.substack.com/p/the-great-covid-19-vaccine-bribe)Courageous Discourse (emphasis ours),_
Many readers of this Substack have doubtless wondered why their “health care providers”—i.e., doctors, repeatedly exhorted them to get the COVID-19 vaccines and boosters. In my extended social circle, I heard many reports of doctors being downright pushy about it—as though getting the COVID-19 vaccine was the single most pressing matter of medicine and health.
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_(Steve Heap/Shutterstock)_ (
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Even patients who’d recently recovered from COVID-19 were urged by their doctors to get the shots, as were patients who had bad reactions to the first injection.
For a long time, Dr. McCullough and I wondered if these doctors really were that brainwashed, or was there some other explanation for their zeal?
A few days ago, fellow Substack author, Tessa Lena (Tessa Fights Robots) published this document (https://tessa.substack.com/p/anthem-covid-19-vaccine-provider?utm_source=substack&utm_medium=email) that was apparently circulated to doctors with patients insured by Anthem Blue Cross and Blue Shield Medicaid in the state of Kentucky.
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The document raises a number of intriguing questions. I wonder: How many members might be registered in a given practice—that is, how many of those $125 bonuses per vaccinated member could a busy and efficient doctor with a good support staff receive?
Secondly, how many of these “COVID-19 Vaccine Provider Incentive Programs” were operating in the United States during 2021?
As we awakened souls try to figure out what’s going on in our bizarre world, it’s always useful to _follow the money_. It almost always leads to the explanation for any strange state of affairs that puzzles us.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Tue, 04/18/2023 - 23:25
https://www.zerohedge.com/covid-19/great-covid-19-vaccine-bribe
**Taiwan To Buy 400 US Anti-Ship Missiles, Announced As China Conducts "Major" Military Drills**
Taiwan To Buy 400 US Anti-Ship Missiles, Announced As China Conducts "Major" Military Drills
Taiwan is set to purchase up to 400 land-launched Harpoon missiles in order to **repel a future Chinese invasion**, according to the president of the US-Taiwan Business Council Rupert Hammond-Chambers, speaking to Bloomberg.
While Harpoons have previously been purchased by Taiwan for deployment on warships, this marks a **first time** **acquisition** **of the mobile, land-launched version**.
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_Via Naval News: Land-based Harpoon missile launched from a truck trailer._ (
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Per Bloomberg, "The Pentagon announced the **$1.7 billion contract** with Boeing on April 7 but made no mention of Taiwan as the purchaser" at a moment of tense US-China relations due to ratcheting Chinese military drills around the self-ruled island.
As the Monday report additionally reviews (https://english.alarabiya.net/News/world/2023/04/18/Taiwan-to-buy-400-US-anti-ship-missiles-intended-to-repel-a-China-invasion):
> _The Harpoon contract has been cited by members of Congress including Representative Michael McCaul, chairman of the House Foreign Affairs Committee, as part of as much $19 billion in “backlogged US sales to Taiwan that they say need to accelerated. In addition to the Harpoon, the list includes the F-16 Block 70 fighter, the MK-48 torpedo, the M109A6 Paladin self-propelled howitzer and the Stinger missile._
Additionally the US-Taiwan Business Council has now confirmed the Harpoon is to be transferred.
Meanwhile China's military announced on the same day it is conducting **"major military activity"** in the Yellow Sea in waters off the coast of Shandong province.
While these drills were only scheduled for a few hours, they follow a series of major days-long encircling drills threatening Taiwan, which have been going off-and-on since earlier this month Taiwan's President Tsai Ing-wen met with US House Speaker Kevin McCarthy at the Ronald Reagan Presidential Library in California’s Simi Valley, a meeting which Beijing warned strongly against.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Tue, 04/18/2023 - 23:05
**NRA Official Says Concealed Carry License Holders Must Plan For Police Interactions**
NRA Official Says Concealed Carry License Holders Must Plan For Police Interactions
_Authored by Michael Clements via The Epoch Times (https://www.theepochtimes.com/nra-official-says-concealed-carry-license-holders-must-plan-for-police-interactions_5198884.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge) (emphasis ours),_
**The time for a holder of a concealed carry firearm permit to determine how to interact with the police during a traffic stop or other situation is before law enforcement ever becomes involved**, according to an official with the National Rifle Association.
“Y **ou’ve got to think ahead; you’ve got to prepare,**” Glen Hoyer told seminar attendees during the NRA’s Annual Meetings and Exhibits in Indianapolis on April 16.
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_Glen Hoyer, director of the National Rifle Associations Law Enforcement Division presents the "Armed Citizen: How to Interact with Law Enforcement" seminar at the NRA's 2023 Annual Meetings and Exhibits in Indianapolis, Ind. (Michael Clements/The Epoch Times)_ (
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At the NRA’s annual meeting, he leads the seminar, “Armed Citizen: How to Interact with Law Enforcement.” The seminar aims to provide law-abiding firearms owners with information they need to make the process run as smoothly as possible.
He said the first step is for the gun owner to understand the mind of the police officer—who has one goal in mind.
**“The officer’s No. 1 job, at the end of the day, is to go home to his family,” Hoyer said.**
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_A Riverside County Sheriff’s deputy wipes his eye as he stands in Jurupa Valley, Calif. on Dec. 29, 2022. Authorities say a Southern California sheriff’s deputy has been shot during a traffic stop. (Will Lester/The Orange County Register via AP)_ (
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With that in mind, the officer will arrive ready to do what he or she needs to preserve everyone’s safety. It’s also important to realize that upon arrival, the officer will have limited information. So, he will do what he is trained to secure the scene, preserve evidence, and gather information, he said.
When firearms are involved in a possible crime, Hoyer said, people will be searched, handcuffed, and placed in a police car. This means the officer will use whatever force is necessary and legal.
“ **There is nothing personal; they are simply trying to secure the scene**,” Hoyer said. **“It’s a whole lot easier to apologize later**.”
At the same time, it’s essential to know your rights and responsibilities under the law. Some states require a concealed carry license holder to immediately notify a police officer that they have a gun. Some only require answering truthfully if the officer asks, and some states don’t require notification.
“Know the law in your area,” Hoyer said.
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_Drugs, firearms, and ammunition recovered during recent search warrants. (Courtesy of Middletown Police Department)_ (
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In addition, he said it is essential to know your legal rights and to exercise those rights properly.
For example, under the Fourth Amendment of the U.S. Constitution, a citizen can refuse to allow a law enforcement officer with no warrant to search their person or property. However, arguing, taunting, or belittling an officer will only heighten tension. Politely declining could have long-term benefits.
_Read more **here...** (https://www.theepochtimes.com/nra-official-says-concealed-carry-license-holders-must-plan-for-police-interactions_5198884.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge)_
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Tue, 04/18/2023 - 22:45
**US Navy Tests Iron Man-Like Jetpacks**
US Navy Tests Iron Man-Like Jetpacks
Gravity Industries showcased their Iron Man-like jetpacks at a field training exercise earlier this month in Virginia Beach, Virginia.
Gravity worked with the Joint Prototyping and Experimentation Maritime program at Naval Surface Warfare Center to conduct multiple mock exercises with the jetpacks, including rapid transit from shore-to-sea and sea-to-shore missions.
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Each jetpack is powered by five micro jet turbines that generate about 1,000 horsepower.
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In the video, two pilots maneuvered from ship to shore and shore to ship to demonstrate the impressive capabilities the jetpacks can one day give Tier 1 operators.
The suit can run on jet fuel, diesel, or kerosene. Users can travel as fast as 80 mph and reach an altitude of 12,000 feet. However, both pilots in the video performed maneuvers at lower heights for safety purposes.
In the near future, jetpacks will likely be deployed with special forces units on the modern battlefield. The Brits are already flying theirs around (https://www.zerohedge.com/military/watch-british-royal-navy-flies-people-jet-suits-around-new-york-city-harbor).
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Tue, 04/18/2023 - 22:25
https://www.zerohedge.com/military/us-navy-tests-iron-man-jetpacks
**California's 'Dream For All' Home Down Payment Program Ran Out Of Money In 12 Days**
California's 'Dream For All' Home Down Payment Program Ran Out Of Money In 12 Days
_Authored by Travis Gillmore via The Epoch Times (https://www.theepochtimes.com/californias-dream-for-all-home-down-payment-program-ran-out-of-money-in-12-days_5203760.html) (emphasis ours),_
**Demand for California’s new downpayment assistance program overwhelmed the system and depleted its $300 million budget in less than 12 days, with applications put on pause effective April 7, according to the housing finance agency.**
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_An 'open house' flag is displayed outside a single family home in Los Angeles on Sept. 22, 2022. (Allison Dinner/Getty Images)_ (
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The legislator responsible for proposing the program responded optimistically to the news.
“ **It is incredible and inspiring to see that the launch of the California Dream for All program has already been so successful**,” Senate President Pro Tempore Toni Atkins (D-San Diego) said in a statement April 14. “The fact that it has helped more than 2,400 first-time homebuyers with their down payments in its first two weeks is terrific.
Designed to provide up to 20 percent of funding for low-income first-time home buyers, the “Dream for All” program was initiated with the passage of Assembly Bill 140 in 2021.
Resources are provided through the Dream for All Shared Appreciation Loan, in which the state provides a portion of the down payment in exchange for a share in the property.
The loan, in addition to a portion of the appreciated value of the home, will be repaid when the property is resold, according to the legislation.
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_A sign is posted in front of new homes for sale at Hamilton Cottages in Novato, Calif., on Sept. 24, 2020. (Justin Sullivan/Getty Images)_ (
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The lowest eligible income for the program is $159,000 for several counties throughout the state, with San Franciscans and Silicon Valley residents in Santa Clara and San Mateo residents eligible if they make $300,000, the highest. Los Angeles’s limit is $180,000, and Orange County has the highest income limit in Southern California, at $230,000.
**The original text written in 2021 proposed funding the project with $1 billion annually for 10 years. The proposal suggested the $10 billion invested would assist more than 150,000 Californians.**
After legislative wrangling, the proposed amount later dropped to $500 million in 2022 and with the state facing a $25 billion budget deficit for the next fiscal year starting in July, Newsom decreased the allocation to $300 million for its introduction in 2023.
The funding gap leaves the program stalled awaiting further resources, according to legislators.
“While we are off to a strong start, we can’t truly make a difference in opening the doors to building generational wealth for Californians—especially those who historically have faced systemic barriers to homeownership—without sustained funding for the program,” Atkins said in the statement.
_Read more **here...** (https://www.theepochtimes.com/californias-dream-for-all-home-down-payment-program-ran-out-of-money-in-12-days_5203760.html)_
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Tue, 04/18/2023 - 22:05
**DoD Could Derail Biden's Offshore Wind Farm Dreams**
DoD Could Derail Biden's Offshore Wind Farm Dreams
A Bloomberg (https://www.bloomberg.com/news/articles/2023-04-17/pentagon-calls-biden-wind-farm-plans-problematic-for-us-military#:~:text=The%20Pentagon%20is%20sounding%20alarms,development%20conflicts%20with%20military%20operations.) report reveals that the Defense Department is increasingly worried about President Biden's proposals to build massive wind farms across the mid-Atlantic region, as some of these areas are considered "highly problematic" for potential interference with military operations.
The DoD shared the map with energy industry stakeholders and lawmakers late last year. It outlines four large sections of water off the coasts of North Carolina, Virginia, Maryland, and Delaware, earmarked for potential wind farms. Areas in red are labeled "highly problematic." Areas in yellow indicate that military officials need to conduct more research.
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"The initial assessment performed by DoD found compatibility challenges with wind turbines near Navy and Air Force training," DoD spokesperson Kelly Flynn said in an emailed statement to Gizmodo (https://gizmodo.com/the-military-could-throw-a-big-wrench-in-bidens-offshor-1850344176). About 25% of the total planned offshore wind farms are impacted by the department's graphic.
> _"This assessment is the first step in the process and DoD will continue to refine the analysis and collaborate with the other stakeholders in order to promote compatible development in this location," Flynn added._
The DoD's opposition to the green project comes as the Biden administration wants to build 30 gigawatts of offshore wind power this decade -- equivalent to 30 nuclear reactors.
Surprisingly, it appears the Biden administration didn't consult with the military during the planning stage of these wind farms.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Tue, 04/18/2023 - 21:45
https://www.zerohedge.com/political/dod-could-derail-bidens-offshore-wind-farm-dreams
**Budweiser's New Pro-America Advertisement Sets Social Media Ablaze Amid Mulvaney Controversy**
Budweiser's New Pro-America Advertisement Sets Social Media Ablaze Amid Mulvaney Controversy
_Authored by Jack Phillips via The Epoch Times (https://www.theepochtimes.com/budweisers-new-pro-america-advertisement-sets-social-media-ablaze-amid-mulvaney-controversy_5200363.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge) (emphasis ours),_
**In what appears to be an attempt to win back the audience that was angered over Bud Light after its endorsement deal with transgender activist Dylan Mulvaney, Anheuser-Busch launched a new patriotic advertisement with its most iconic image.**
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_Bottles of Budweiser beer are at the Stag Brewery in London on Jan. 27, 2009. (Kirsty Wigglesworth/AP Photo)_ (
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The advertisement, released Friday on social media, shows a Clydesdale horse—used for decades by Anheuser-Busch and Budweiser—walking past the Grand Canyon, New York City, and other landmarks. The clip didn’t make mention of Mulvaney or issue an apology.
“ **This is a story bigger than beer**,” the narrator in the video says (https://twitter.com/budweiserusa/status/1646958880654516226?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1646958880654516226%7Ctwgr%5E1859732ebe49563c48928219b1f24560c8fe6a2d%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.foxnews.com%2Fmedia%2Fbudweisers-new-pro-america-ad-social-media-ablaze-cant-put-genie-back-bottle-guys). “This is the story of the American spirit.”
The advertisement also shows an American flag being raised. And one of the flag-raisers is seen putting a hand over her heart as the narrator says the beer is “brewed for those who found opportunity in challenge and hope in tomorrow.”
> pic.twitter.com/T3TVGEzIi0 (https://t.co/T3TVGEzIi0)
>
> — Budweiser (@budweiserusa) April 14, 2023 (https://twitter.com/budweiserusa/status/1646958880654516226?ref_src=twsrc%5Etfw)
AB InBev, which owns Anheuser-Busch, is the world’s largest brewer and owns Budweiser, Bud Light, Michelob, Stella Artois, Beck’s, and a number of other brands. It owns about 630 beer brands in 150 countries.
In the midst of the controversy, country music singer John Rich, singer Travis Tritt, rocker Kid Rock, and others called for boycotts against Bud Light. A number of analysts and industry experts also questioned why Bud Light chose Mulvaney as a partner, saying the move would be repellent to the beer’s consumer base.
**Some Bud Light and Anheuser-Busch distributors around the country have expressed alarm over the deal**, with one report saying that a number of bars have refused to serve Bud Light. Country singer and Nashville bar owner John Rich, meanwhile, told Fox News earlier this week that his bar won’t sell the beer.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Tue, 04/18/2023 - 21:25
**Subprime Used Car Dealership With Dozens Of Locations 'Temporarily Closes'**
Subprime Used Car Dealership With Dozens Of Locations 'Temporarily Closes'
"We have **temporarily closed our dealerships** and are working on a solution to re-open them as soon as possible. But don't worry. We aren't going anywhere! US Auto's affiliated loan servicing company (USASF Servicing LLC) is still open to accept your payments and assist in servicing your account. Please continue to make your payments as scheduled and reach out to us with any account questions," a statement posted on the homepage of subprime car dealership US Auto Sales.
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The Georgia-based dealership with more than two dozen locations in the Southeastern US is working to re-open operations.
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US Auto Sales boasts on its website "no credit" is needed to obtain a vehicle.
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Vehicle financing has become the most challenging in more than a decade. According to Bankrate data, the average rate for a used car has reached 7.39%, the highest level since 2009. High borrowing costs and sky-high used car prices have sparked an affordability crisis.
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"US Auto Sales has regularly turned to bond markets to raise money from investors, packaging subprime auto loans into bonds known as securitizations for sale to institutional investors. It most recently sold a $233 million bond in June of last year," Bloomberg (https://www.bloomberg.com/news/articles/2023-04-18/subprime-car-firm-u-s-auto-sales-temporarily-closes-dealerships) said.
Meanwhile, Capital One Financial Corp. recently exited its lending business for car dealerships due to mounting macroeconomic headwinds.
Troubles for US Auto Sales come as the subprime auto loan market is sliding into turmoil (https://www.zerohedge.com/political/subprime-auto-loan-delinquencies-hit-13-year-high) as delinquencies hit a 13-year high.
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Several months ago, we told readers a "perfect storm" was brewing in the auto market, outlining "More Americans Can't Afford Their Car Payments Than During The Peak Of Financial Crisis (https://www.zerohedge.com/economics/its-perfect-storm-more-americans-cant-afford-their-car-payments-during-peak-financial)"...
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Tue, 04/18/2023 - 21:05
https://www.zerohedge.com/markets/subprime-used-car-dealership-dozens-locations-temporarily-closes
**"This Is Industrial Suicide": Biden’s EV Plan Could Be Key To China’s Global Economic Dominance**
"This Is Industrial Suicide": Biden’s EV Plan Could Be Key To China’s Global Economic Dominance
_Authored by Nathan Worcester via The Epoch Times (https://www.theepochtimes.com/in-depth-bidens-ev-plan-could-be-key-to-chinas-global-economic-dominance_5201194.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge) (emphasis ours),_
**The Environmental Protection Agency’s (EPA) “strongest-ever” vehicle emissions standards designed to drive mass adoption of electric cars within a decade will increase the United States’ dependence on China, experts warn.**
“It benefits the Chinese Communist Party because they control the critical minerals supply chain that is going to be necessary to build out the batteries for those electric vehicles,” said Mandy Gunasekara, director of the Center for Energy and Conservation at Independent Women’s Forum, a conservative think tank, in an April 17 interview with The Epoch Times.
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Gunasekara served as chief of staff in the EPA under former President Donald Trump. She argued that the Trump administration did a better job of integrating environmental, economic, and strategic considerations than the Biden team, including when it came to the critical minerals used in electric vehicles (EVs) and other technologies.
“ **There was a concerted effort to ensure we weren’t setting regulations that shut down industrial activity here in the United States, knowing good and well that productivity doesn’t go away—it just materializes somewhere else, and typically a place like China,**” she said.
The agency anticipates that with the new standards, two-thirds of new light-body vehicles will be electric by the model year 2032, up from less than six percent today.
The proposed rules, which would go into effect with cars from model year 2027 onward, target tailpipe emissions from light-, medium-, and heavy-body vehicles.
The EPA claims the standards would “significantly reduce climate and other harmful air pollution, unlocking significant benefits for public health, especially in communities that have borne the greatest burden of poor air quality.”
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_A rare-earth refinery near the inner Mongolian city of Baotou on the edge of the Gobi Desert. Most of China’s rare earths come from mineral-rich Baotou. (Ed Jones/AFP via Getty Images)_ (
?itok=CdoDTUc9)‘Industrial Suicide’
“ **This is industrial suicide**,” said James Kennedy, a U.S. mine owner and rare earths expert, in an April 17 interview with The Epoch Times.
“By design, their goal is to wipe out, to destroy, to effectively terminate the massive economic investment that the auto companies have made in the internal combustion engine,” he said.
He outlined China’s long-range, strategic plan to dominate the mining and refining of rare earths, as well as the production of downstream technologies.
“No one in the West will accept the reality that China has total domain control at every level,” he added.
The rare earth metals terbium, holmium, and dysprosium are one key choke point for Chinese control over EV production.
Kennedy explained that the elements enable neodymium magnets to function at the high temperatures found in the motors of electric cars.
“ **China is the only country in the world, period, exclamation point, that can separate those materials**,” he said.
_Read more **here...** (https://www.theepochtimes.com/in-depth-bidens-ev-plan-could-be-key-to-chinas-global-economic-dominance_5201194.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge)_
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Tue, 04/18/2023 - 20:45