**Fed Admits Its Own Failures, Management Error Behind SVB Collapse, Not "Russian Conspiracy Theories"**
Fed Admits Its Own Failures, Management Error Behind SVB Collapse, Not "Russian Conspiracy Theories"
Shortly after the monumental collapse of Silicon Valley Bank last month, an absurd theory emerged that it was the "first Twitter-fueled bank run (https://www.zerohedge.com/political/no-social-media-had-nothing-do-svbs-implosion-bloomberg)," which, according to CIA-linked (https://twitter.com/zerohedge/status/1636767586430926849) organizations such as the Alethea Group (https://archive.is/wip/vzilB), was amplified by websites such as _ZeroHedge_ for allegedly contributing to "increased online panic about SVB."
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Alethea even shopped a 'dossier' to various media outlets - including _Bloomberg_ (which excluded _ZeroHedge_ from their report (https://www.bloomberg.com/news/newsletters/2023-03-15/russian-media-crypto-scammers-seize-on-svb-panic) following a brief email exchange). And when one 'journalist' _did_ peddle the dossier on Twitter, she was mercilessly mocked as a propagandist.
> You mean a financial newsblog published a number of stories about a significant bank failure? How dare they!!
>
> — Reason and analytics in Dallas (@DallasAnalytics) March 17, 2023 (https://twitter.com/DallasAnalytics/status/1636801458614960151?ref_src=twsrc%5Etfw)
Then, in late March, _**Bloomberg**_ **reported that "SVB's demise swirled on private VC founder networks before hitting Twitter."**
" **It wasn’t phone calls; it wasn’t social media**," said one Silicon Valley startup founder who wishes to remain anonymous. " **It was private chat rooms and message groups.**"
Facts: 1, CIA Alethea: 0
**Now, the Federal Reserve has admitted in a new report (https://www.federalreserve.gov/publications/files/svb-review-20230428.pdf) that its own regulatory failures contributed to SVBs collapse**.
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As the _Wall Street Journal_ (https://www.wsj.com/articles/regulators-to-publish-postmortems-on-silicon-valley-bank-signature-failures-37abe07?mod=djemalertNEWS) reports:
> _**The Federal Reserve’s banking supervisors failed to take forceful action to address growing problems** at Silicon Valley Bank before it collapsed last month (https://www.wsj.com/articles/svb-financial-pulls-capital-raise-explores-alternatives-including-possible-sale-sources-say-11de7522?mod=article_inline), the central bank’s top regulator said, signaling a broad push to toughen rules on the industry._
>
> _Michael Barr, the Fed’s vice chair for supervision, said **supervisors didn’t fully appreciate the extent of the vulnerabilities as SVB grew in size and complexity (https://www.wsj.com/articles/silicon-valley-banks-meltdown-visualized-3da2263b?mod=article_inline).** When supervisors did find risks, they didn’t take sufficient steps to ensure the firm fixed those problems quickly enough, he said in a report Friday._
>
> _**Regulators took control of Santa Clara, Calif.-based SVB on March 10**. The collapse sparked a panic that led to the failure (https://www.wsj.com/articles/signature-bank-is-shut-by-regulators-after-svb-failure-a5f9e0f7?mod=article_inline) of New York-based Signature Bank (https://www.wsj.com/market-data/quotes/SBNY) and an intervention by financial regulators to protect uninsured depositors at both banks._
In fact, **three of the four top takeaways** about the events leading to SVB's collapse are tied to perceived shortcomings with Fed oversight responsibilities.
> _Mr. Barr said **mistakes by Fed regulators were driven in part by the Trump-era changes that generally eased rules on midsize banks**. He also said **a shift in the agency’s culture appears to have resulted in a lighter-touch form of supervision.**_
>
> _Those changes “impeded effective supervision by reducing standards, increasing complexity, and promoting a less assertive supervisory approach,” he said._
Meanwhile, the Fed said while supervisors _had_ identified issues regarding interest-rate risk which contributed to SVB's failure, its own process was "too deliberative" and focused on building too much evidence before taking action. In fact, **SVB had 31 open supervisory findings - or warnings - from regulators** at the time of its failure, a figure 3x that of peer firms, according to the Fed.
> _" **...the Fed overlooked broader problems in recent years as the bank grew.** For example, for a long time, it used metrics for liquidity that suggested SVB had a st…
**From Japan To Europe To US, It's Still All About Inflation**
From Japan To Europe To US, It's Still All About Inflation
_By Ven Ram, Bloomberg Markets Live reporter and strategist_
The yen is copping it after the Bank of Japan left its policy settings unchanged as expected, though there was a clear inkling from the statement that change may be in the air.
For starters, the BOJ did away with this boilerplate that had been a feature in the pandemic years:
> _For the time being, while closely monitoring the impact of COVID-19, the Bank will support financing, mainly of firms, and maintain stability in financial markets, and will not hesitate to take additional easing measures if necessary; it also expects short- and long-term policy interest rates to remain at their present or lower levels._
The bank also added this bit for good measure, which weighed on the yen given the rather longish time frame:
> _...the Bank has decided to conduct a broad-perspective review of monetary policy, with a planned time frame of around one to one and a half years._
Ironically, heading into the decision, we got news that Japan’s headline inflation accelerated more than forecast in April, retail sales surged, and there were more jobs available than there were applicants. All of this should revive the yen once the short-term positions that were opened in the run-up to the BOJ meeting are wound down. Not surprisingly, JGBs rallied, as colleague Mark Cranfield writes.
Meanwhile in Europe, we will get a slew of data that will play into the European Central Bank’s quantum of hike that we are likely to get in May.
Overnight in the US, we got a reminder yet again from the GDP data that inflation can’t simply be wished away. The markets have been unduly optimistic that inflation will slow just because policymakers have neat projections and presentations showing milder numbers. Earlier this week, a case was made for linker bonds to outperform nominal bonds, and that should continue to be the case.
We will get more of that today from the University of Michigan’s inflation survey. Last month, expectations surged a full percentage point to 4.6%, but the markets glossed over the print. If we get a sticky reading this time around, the reaction — coming as those numbers do after Thursday’s inflation scare — may cause a further selloff in front-end Treasuries.
Even so, I fully expect the two-year Treasury yields to yo-yo between 4.15% and 4.30% for reasons outlined here. And with First Republic’s woes still unresolved, rich Treasuries getting richer may be the theme.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 04/28/2023 - 12:15
https://www.zerohedge.com/markets/japan-europe-us-its-still-all-about-inflation
**Trump Says He'll "Crush" Biden In 2024 Rematch, Prevent WWIII**
Trump Says He'll "Crush" Biden In 2024 Rematch, Prevent WWIII
Former President Trump predicts that he'll "crush" President Biden in the event of a 2024 rematch.
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Speaking for more than an hour to roughly 1,500 people at a Manchester, NH meeting hall, Trump compared himself to "Crooked Joe" who has sought, in Trump's words, "four more disastrous years."
"He’ll be known from now on as ‘Crooked Joe Biden,'" Trump said, telling the crowd that he's "retiring" the nickname he gave former rival Hillary Clinton, and adding: "There’s never been anyone in the history of American politics so crooked or dishonest."
Trump **called out the Biden family for raking in millions of dollars in foreign interests** **, including China**.
"You wonder why he does nothing about China," said Trump, who added that while he was president he provided US lobstermen with "hundreds of millions of dollars in relief straight from the money we were taking in from China," boosting an important industry.
"Joe Biden cares only about enriching his own family. I care about enriching your family and you," said the former president, adding that he knows how to stand up against China's leader, Xi Jinping, while Biden doesn't.
"I got along with a lot of people. That’s why we had no wars," said Trump. " **A Biden victory will be bad for you, good for China, and truly great for these globalists**," he continued. "Standing before you today I am the only candidate who can make this promise; **I will prevent world war three.**"
"A Trump victory will be bad for the globalists … the Marxists, but **it will be great for the hard-working people**."
Trump also said he handed Biden "the fastest economic recovery ever recorded, all with no inflation," but that "He took that booming economy and promptly blew it to shreds."
The former president also said that "I really believe if you took the 10 worst presidents and added them up, they would not have done what this man and what this administration has done."
> _**The gross domestic product, a key economic indicator, is now anemic at 1.4 percent growth**. Energy costs are up, and so is inflation. **Real wages are down 24 months in a row**—a record, Trump said. “We have to rescue America from the wreckage of the Biden economy,” he said. -Epoch Times_
When it comes to **crime and punishment**, Trump says he would keep American cities safer by beefing up immigration enforcement and 're-funding' police agencies. He would also fight back against "radical" district attorneys who have 'weaponized' the US justice system while turning a blind eye to violent criminals.
"If I fly over a state that happens to be Democrat-run, they send me a subpoena to go before a grand jury. These people are sick!" Trump joked. "And by the way, after this speech, they’re gonna be comin’ after me big-time ... **In the end, they’re not coming after me. They’re coming after you, and I’m just standing in the way.**"
After noting his lead in several polls as GOP frontrunner, **Trump said he would "crush" Biden** if they face each other in a rematch on Nov. 5 rematch, but warned the audience that they would need to cast so many votes that it overwhelms any attempts by Democrats to cheat.
"The choice in this election is now between strength and weakness, between success or failure, between safety or anarchy, between peace or conflict, and prosperity or catastrophe," he said.
Watch:
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 04/28/2023 - 11:55
https://www.zerohedge.com/political/trump-says-hell-crush-biden-2024-rematch-prevent-wwiii
**Conviction (Or How To Lose A Lot Of Money In Investing)**
Conviction (Or How To Lose A Lot Of Money In Investing)
_Authored by Lance Roberts via RealInvestmentAdvice.com,_ (https://realinvestmentadvice.com/conviction-or-how-to-lose-a-lot-of-money-in-investing/)
**Conviction** _(kan-vik-shan):_ noun, a strong persuasion or belief; the state of being convinced.
In life, there are things that we should be convicted and committed to. For example, the love for our families, spouses, and religious beliefs. We can also be convicted about other things, such as political ideologies, social issues, and environmental causes. With the rise of social media, individuals’ conviction is easy to see and the source of the _“great divide”_ in today’s society _(and I would argue not for the better.)_
However, when investing, having an absolute conviction in any ideology or thesis can lead to lost opportunity or lost capital over time._Friederik Gieschen_ (https://neckar.substack.com/p/was-tepper-wrong-liquidity-timing) wrote an interesting post about great investors and the risk of conviction to capital.
> _“This presents an obvious challenge. Not only do you have to be right, but you also have to survive until reality and the market catch up with your view. Otherwise, you won’t get paid. Just ask van Gogh. Or Michael Burry, almost. And in the interim, the market can throw all kinds of antics. Short seller John Hempton: ‘We found the Wirecard fraud in 2009. It went from 9 to 191 euros and then to zero. It was our biggest ever loser.'”_
So, what are your convictions regarding investing and your portfolio? Here is a short list of some of the most current:
1. _The dollar is “fiat” and is going to zero._
2. _The dollar will lose its reserve currency status._
3. _There is too much debt, and the U.S. will eventually default._
4. _A recession or depression is coming because (fill-in-the-blank) said so._
5. _There is going to be a worldwide shortage of food and oil._
6. _Interest rates can only go higher._
7. _The Government is going to confiscate everything._
8. _Society is on the edge of collapse._
9. _**Add your personal conviction here.**_
There are obviously many more.
Importantly, all of these things could indeed happen. I am surely not prescient enough to see that far into the future.
**The Beauty Contest**
However, when it comes to investing, these _“convictions”_ can take longer to come to fruition than you have years to live. Furthermore, given that both the markets and the economy evolve over time, it is likely that many of these convictions will never come to pass or will take some far less dire form.
As Gieschen noted, **not only is the market always shifting and reconfiguring itself, but it’s also a complex adaptive system. This means its participants are aware of their own history.** Indicators are a great example of the Keynesian beauty contest (https://en.wikipedia.org/wiki/Keynesian_beauty_contest) in which observers move from observing the object to observing each other.
> _“It is not a case of choosing those \[faces\] that, to the best of one’s judgment, are really the prettiest, nor even those that average opinion genuinely thinks the prettiest. We have reached the third degree where we devote our intelligences to anticipating what average opinion expects the average opinion to be. And there are some, I believe, who practice the fourth, fifth and higher degrees.” (Keynes, General Theory of Employment, Interest and Money, 1936)._
In other words, if the market, which is a living, breathing organism of the collective minds of investors, begins to sense your conviction, it will take advantage of your positioning to take money away from you. As the old saying goes, the market is adept at shifting capital from _“weak hands to strong hands.”_
**An Example Of Conviction Gone Wrong**
Over my many years of managing money, I have received countless emails from individuals convinced that certain things would happen. One good example was during the _“financial crisis”_ in 2008. In February 2009, I wrote an article discussing 8-reasons why investors should start buying stocks. I was inundated by emails berating me for such a call as it was obvious the _“world had just ended, and the stock market was going to zero.”_
Of course, that didn’t happen as the Federal Reserve and the Government intervened with various bailouts, liquidity supports, and forcing interest rates to zero.
But, the _“gold bugs”_ doubled down on their conviction as it was apparent the Government was printing money which would lead to the dollar’s demise, surging inflation, and interest rates.
Such certainly seemed logical.
**But it didn’t happen.**
Then in 2020, the pandemic struck the U.S., and the Government shut down the economy. Again, it was believed the market was going to zero, the world would end, and gold was the only investment worth owning.
For a …
https://www.zerohedge.com/markets/conviction-or-how-lose-lot-money-investing
**Nomura Warns "De-Risking Supply" Is Building, Options-Traders 'Fingers Caught In Front Of Steamroller'**
Nomura Warns "De-Risking Supply" Is Building, Options-Traders 'Fingers Caught In Front Of Steamroller'
**The last few weeks have been 'easy street' for options traders** \- selling puts has been extraordinarily and very smoothly profitable... until this week when, as Nomura's Charlie McElligott notes picking up the pennies in front of the steamroller always ends the same way - **like Taleb's "life of a Thanksgiving turkey"...**
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The question is - will that pain-trade be enough to stall the exuberance vol-selling crowd that has been enabling the equity market's gains amid growing stagflationary threats?
McElligott suggests that more than likely, **this battle of fresh longs as a potential source of future "de-risking supply", versus Volatility which keep getting suppressed** by Shorts / Overwriters / Underwriters **will probably again come down to behavior of 0DTE Options users**... and whether they reload what had been that recently winning “Sell Put” or “Sell Put to Credit / Buy Call” behavior which then fed this week’s Vol expansion.
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**Positioning / Net Exposure continues being “forced-in” with this tape refusing to buckle**, as said “earnings recession” is yet-again delayed...
> Asset Mgr US Equities Futures Long across SPX, NDX and RTY at 87%ile since 2008 - SPX 89%ile and NDX 85.5%ile...
>
> 
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> CTA Trend Global Equities +100% Long Signals and Positioning “Re-built”
>
> 
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> **CTA Trend allocation is asymmetrically “Long” enough now where the imbalance of flow is to a selloff,** with ~ -$34B to go across Global Equities futures in a “-4% Band” scenario
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> Vol-Control strategies have seen a notable re-allocation...
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> As the VIX term structure is so steep - hence "attractive" for systematic 'roll-down' players relative to 1m / 6m ago, as a function of SPX TS... so again, future “Short Vol” supply out there with potential to get squeezed
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> 
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> The scramble into Nasdaq / Mega-Cap Tech has sent QQQ Delta back to its 98.8%ile since 2013...
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McElligott sees the **path of max pain continuing to be this near-term Equities melt-up through EPS season** on “better than feared” prints... before this ongoing price-momentum rally and still squelched vol suppression allows for that final “topping-off” into forced reallocation / longs that then **sit at risk of creating instability, into even just a small Vol move looking out when projecting just a few weeks from now,** on mechanical deleveraging potential with such “full” positioning then at risk of deleveraging.
**Yesterday's performance has that smell - it was "very chasey"** as one market participant noted:
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Which leaves SpotGamma suggesting (https://dashboard.spotgamma.com/foundersNotes) that **the end result of all this is that we think markets are now likely to take a breather, and volatility is likely to decline after back-to-back 2% SPX moves**.
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**I Want To Believe**
I Want To Believe
_By Benjamin Picton of Rabobank_
**I Want To Believe**
As a kid growing up in the 1990s The X-Files was one of the coolest shows on TV. Mum (Mom for our American audience) would never let me watch it, because it would give me nightmares, but on the occasions when Dad was left in charge I could convince him it was ok. For those who have never seen it, the basic premise is that FBI agents Fox Mulder and Dr Dana Scully investigate mysteries with a supernatural or extra-terrestrial bent. Scully is a sceptic; she always has a scientific theory to explain unusual phenomena. Mulder, on the other hand, “wants to believe”.
We want to believe too. Specifically, we want to believe Jerome Powell’s assurances that a soft landing for the US economy is still possible. Inconveniently, **like a kill-joy Scully, economic data keeps throwing up evidence to suggest that this theory is far-fetched**. Yesterday we got our first look at first quarter GDP figures for the United States. The numbers were unequivocally disappointing. Annualized growth was a measly 1.1% vs a Bloomberg consensus estimate of 1.9%. Even more disappointingly, the core PCE deflator lifted from 4.4% in the final quarter of last year to 4.9%, which was two ticks above what the market was expecting. **That looks an awful lot like stagflation**, but labor markets are still holding up (for now). US weekly jobless claims fell by 16,000 to 230,000.
Powell himself wants to believe. He has been suckered twice in the last 24 hours. Firstly by Argentina, who have agreed to pay for their imports from China in CNY in order to conserve precious dollars. As my colleague Michael Every put it, Powell must have been singing “ _don’t CNY for me Argentina”,_ and regretting that the Fed never extended a dollar swap line to prevent the Argentinians from knocking another leg out from under the dollar system. Already having a bad day, Powell was then embarrassed by the release of a video of two Russian comedians pranking the Fed chief over the phone by apparently convincing him that he was speaking to Ukrainian President Zelensky. Zelensky himself has a past life as a comedian, so I guess it’s an easy mistake to make.
Looking at dataflow over the course of the week, things were very mixed. There was certainly a theme of juxtaposition between banks and the tech stocks as we saw strong results from Microsoft, Google, Meta and Amazon, but banks have been under pressure since the release of First Republic’s results on Monday. Both US Treasuries and German Bunds have bear-flattened over the course of the week, and oil markets have been volatile. Brent crude fell below $80/bbl for the first time since March 31st, despite data last week showing an unexpectedly large decline in inventories, and crack spreads have been tightening as refining utilisation grows and confidence deteriorates. Meanwhile, a Bloomberg survey showed that market participants believe that the banking crisis adds about 50bps worth of endogenous tightening to US credit markets. Nobody knows what the real number is, but that’s twice as much as Jerome Powell had suggested.
The DXY index has weakened a little over the course of the week, while EURUSD has held on to gains and is on track for a weekly close above 1.10. The week ain’t over yet though, and with a BOJ meeting today and European first quarter growth figures due out, there are still plenty of catalysts for volatility ahead. Indeed, Tokyo CPI inflation numbers released this morning show y-o-y price growth of 3.5% in April. That’s two ticks higher than expected, and the core readings look even stronger. Meanwhile, the Japanese jobless rate rose to 2.8% when it was expected to fall one tick to 2.5%. That all looks stagflationary too, but new BOJ Governor Ueda has said that the economy is past the peak for cost-push inflation. We want to believe!
Europe has been a bright spot this week. Wars and fractious political systems aside, the continent has been outperforming everyone’s low expectations from last year. That is why we have been seeing a bid in EURUSD for a few weeks now. Similarly, the Euro Stoxx 50 is up by almost 15% YTD. That really puts the S&P500’s 7.7% YTD gain in the shade, and is only beaten by the 16% lift in the NASDAQ. Several ECB speakers this week have been upbeat on European growth prospects. Philip Lane told Le Monde on Tuesday that the dataflow is strong enough to justify another rate rise next week, Isabel Schnabel suggested that hike might be a half percentage point, while Luis de Guindos said that fears of a recession in the first quarter would not be realised. Rabobank Research concurs, and this week published a note (https://pub.raboresearch.rabobank.com/public/r/ofQlEbX_y9vJc+TJ0SyAGA/_Ogkg8Y4i8pDT5GcfXMFQg/Efcru+1v_cg8rq2UTLNb6w) detailing our view that Eurozone 1st quarter GDP figures released today could come in stronger than the expected 0.2% q-o-q as recedin…
**What If The Whole Shebang Unravels?**
What If The Whole Shebang Unravels?
_Authored by Charles Hugh SMith via OfTwoMinds blog,_ (http://charleshughsmith.blogspot.com/2023/04/what-if-whole-shebang-unravels.html)
_Nobody seems to be wondering what happens should the real world no longer respond to the Perpetual Motion Finance Machine._
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**Scrape away the hand-wringing about interest rates and we find a bedrock of complacency.** Nobody seems to doubt that the status quo can grind on for another 30 years doing the same stuff it's done for the past 30 years.
**Japan's _Perpetual Motion Finance Machine_ can apparently run for another 300 years without a hitch.** Here's how the _Perpetual Motion Finance Machine_ works: the government spends huge sums it doesn't have by selling bonds to the central bank, which creates the money to buy the bonds out of thin air. Perpetual Motion--perfect!
Japan's immense success with its _Perpetual Motion Finance Machine_ offers other governments a rock-solid template for permanent funding of all the goodies everyone wants and needs. It's perpetual motion, nothing can stop it.
**This then drives another surefire financial gimmick, the Yen Carry Trade:** borrow in yen at near-zero rates and then use the free money to buy US Treasuries yielding 3% or 4%. Free money! This is also assumed to be so ironclad it's good to go for another 30 years, heck, make it 300 years.
**the assumption here is _nothing can bring down a system that can create as much money as it needs to solve any spot of bother_** and we have the past 30 years of history to prove it.
**Nobody seems to think there are any constraints on the _Perpetual Motion Finance Machine_ or the alternatives being proposed:** crypto, gold-backed currencies, and so on. That these alternatives might fail to solve the underlying problem--there's no way to keep the _Waste Is Growth-Landfill Economy_ running with solely financial means--that's impossible. Finance fixes everything.
**Until finance in all its flavors is the problem, not the solution.** Few seem to ponder the possibility that the whole freaking shebang of debt and leverage might give way and tumble over the cliff regardless of what reforms (gold-backed currencies, etc.) and other financial modifications are instituted.
**In other words, few seem willing to entertain the possibility that the system is now beyond the point that a return to stability is possible.** In systems terms, the whole shebang (the global financial system and the global economy it enables) has veered so far out of equilibrium that incremental policy tweaks can no longer restore equilibrium.
**The dominant dynamic will be wild swings within a widening gyre of instability until the whole shebang unravels.** Then there's the real world, which--and I know this is shocking-- **can actually trump financial gimmicks**.
Imagine the scene on the _Titanic_ when the engineer explains to the captain the ship is doomed because too many watertight compartments have been compromised by the collision with the iceberg, and the captain reassures him: "No worries, we have a printing press on board and we'll print as much money as we need to repair the ship." Uh, right.
**Yesterday I went to the local outlet of a major national grocery chain** to pick up a couple of sale items. I walked around the cavernous store but didn't spot any hand-baskets, so I asked a clerk, "Did you get rid of the hand-baskets?" She replied, "No, we just don't have any."
**I submit this as the perfect summary of how the whole shebang unravels.** No, we didn't dispense with X, we just don't have any.
**In other words, we'd be going to Heck in a hand-basket except we're out of hand-baskets.**
This is not an isolated incident. Here are a few more.
> _1\. Tried to reach an office in the healthcare system. Left four polite messages last week, no response. Called the doctor's office, the staffer said that office is understaffed. Gee, lucky nobody actually needs any prompt response._
>
> _2\. Submitted a form via their "secure online system" regarding my IRA at a major US bank. No response for several weeks, so I called the number provided and was eventually connected (after many minutes of jarring music) to a support person who wanted to help but did not know what form I was referring to. In other words, every avenue of communication is a dead-end._
>
> _3\. Another call to Corporate America connected to a support staffer whose English was so poor I couldn't make out what she was saying, but beyond that, she clearly had not been trained to do the basic functions of her job. So what to do? You know, of course: hang up, spin the roulette wheel and hope for a more competent staffer._
**OK, I get it: _I'm cursed_.**…
https://www.zerohedge.com/geopolitical/what-if-whole-shebang-unravels
**The Global Decline Of Common Sense And The Growing Case For Gold**
The Global Decline Of Common Sense And The Growing Case For Gold
In this all-encompassing conversation, Matterhorn Asset Management, AG partner, Matthew Piepenburg (https://goldswitzerland.com/the-global-decline-of-common-sense-and-the-growing-case-for-gold/), meets with the Jay Martin Show to discuss the financial and political forces which daily strengthen the case and role for physical gold.
**Centralization of information, politics, digital currencies and reckless monetary policies** is a theme which runs throughout this fascinating discussion.
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Matthew addresses the **consequences of a weaponized reserve currency and an equally politicized/weaponized**(i.e., non-transparent/unaccountable) political and media environment to characterize **an era of “splintered chaos” in everything from social fracturing to the slow then rapid implosion of financial markets.** These forces enhance distrust from the bottom-up colliding from policy failures from the top-down. The subsequent collision historically suggests increased market, military and social stressors followed by less rather than more individual, market and informational freedoms.
**Based upon unsustainable debt levels and credit market indicators, Piepenburg foresees a world in which the USD has less rather than more influence in global payment and trade settlements.** He tracks the bond market signals from the 2019 repo crisis to the recent collapse of regional banks to confirm credit risks which point to an increased need for synthetic liquidity and inevitable, as well as inflationary, policy reactions to deflationary recession forces.
**Gold, of course, loves chaos and broken financial systems marching through and toward classic deflationary to hyper-inflationary cycles.** These patterns and debt-strapped doom-loops are clear to any and all who understand the math, history and policies of debt-soaked sovereigns using inflation, currency debasement and war as distractions from—and reactions to—monetary failures created from within.
Piepenburg and Martin pull on many thematic threads (de-dollarization, CBDCs, central bank gold stacking, negative real rates, petrodollar shifts and Powell rate hikes) to make this pattern more apparent.
Watch the full discussion below:
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 04/28/2023 - 06:55
https://www.zerohedge.com/geopolitical/global-decline-common-sense-and-growing-case-gold
**FedNow... And What's Next?**
FedNow... And What's Next?
_Authored by Eric Peters via EricPetersAutos.com,_ (https://www.ericpetersautos.com/2023/04/26/fed-now-and-whats-next/)
The “Federal” Reserve – in the usual air-finger-quotes, to emphasize the maliciously disingenuous verbiage, the “Fed” being a conglomeration of private banks that controls the federal government and so, practically everything else, via the issuing of money it creates out of nothing that it loans at interest _to_ the federal government – has up to now been a kind of background evil. Few knew about or understood its machinations – its manipulations – because few had any direct dealings with it.
It was just, you know, the “Fed.”
That is about to change.
**Come July, the Fed will involve itself _directly_ in the affairs of Americans, via Fed Now (https://www.nerdwallet.com/article/banking/fednow#:~:text=FedNow%20will%20be%20available%20to,through%20a%20participating%20financial%20institution.) – a chirpily named etiolation of the “Fed’s” manipulation of the nation’s money supply. The object now isn’t manipulation as much as it is habituation.**
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To “federal” control over what you are allowed to buy and sell with the _digital money_ it controls. **FedNow is the Beta version of what is meant to become the Fed’s Central Bank Digital Currency (CBDC).** It is just a matter of getting people used to it. As they got used to wearing Face Diapers. To being fondled as a condition of travel. To election months rather than election day. And so many other such things. _All in good time,_ my pretty, the wicked witch says.
As things have stood since the creation of the “Fed” by the private banks – by the rich men that controlled those banks – using their riches to buy politicians such as Nelson Aldrich (whose daughter married a Rockefeller, who gave birth to politician Nelson Aldrich Rockefeller) the “fed” has controlled the economy via its control of the money used by the economy.
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It has used what is styled “inflation” to devalue the buying power of money and so egg-on people to spend it before it buys less. This discourages savings and rewards profligacy, which profits the “Fed” and those close to it via the encouraging of debt-based living, upon which the banks and related institutions feed, via the _interest_ they collect. The end result is a society in which the banks own almost everything that matters, while most people pay interest on debt most of their lives, many of them ending their lives with little to show for it.
**But impoverishing people by eroding their wealth and keeping them chained to debt is only a partial solution as there are still people who find a way to live within their means, avoid debt and – worst of all – avoid being controlled.** They are the people who aren’t wage slaves, who deal in cash, anonymously – and by dint of that, avoid what are styled “taxes,” the legalized robbery committed by the government that is the tag-team enserfer of the American people, along with “inflation.” If money retained its buying power – if it were not made of paper – and if people weren’t robbed of their money – most people would have money enough to live comfortably and, most of all, they would be largely immune to much of the bullying so many currently endure at the hands of the government-corporate nexus.
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The “Fed” being one of the first mergers of the two when it was created back in 1913 – courtesy of the services rendered by bought-and-paid-for politicians such as Senator Nelson Aldrich. The latter was also instrumental – uncoincidentally – in the passage of the 16th Amendment, which legalized the federal income tax. So as to assure the people would be robbed of their money when they earned it as well as their money robbed of its value when they spent (or tried to save) it.
Now the nexus wants to assure that people who have managed to escape these forms of control will be placed under control – by making it so that every transaction they make is known – or put another way, they will make it impossible for anyone to make any transaction without it being known.
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https://www.zerohedge.com/personal-finance/fednow-and-whats-next
**Ex-US Army Psyops Expert: Fox News Fired Carlson To Maintain "Semi Lobotomized Quasi Retarded Population"**
Ex-US Army Psyops Expert: Fox News Fired Carlson To Maintain "Semi Lobotomized Quasi Retarded Population"
_Authored by Paul Joseph Watson via Summit News,_ (https://summit.news/2023/04/27/ex-us-army-psyops-expert-fox-news-fired-carlson-to-maintain-semi-lobotomized-quasi-retarded-population/)
**A former US Army psychological warfare officer says that Tucker Carlson was fired by Fox News because of the regime’s agenda to maintain an “uninformed semi lobotomized quasi retarded population.”**
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The remarks were made by US counter-terror expert Scott Bennett.
Carlson and Fox News “parted ways” on Monday with speculation still raging as to the specific reason why the network canned its highest rated and most popular host.
According to Bennett, Carlson posed too much of a threat to institutional power because he turned Americans into proper “researchers and thinkers”.
Carlson offered an “intellectualism, truthfulness, and an analytical depth that no other news personality has ever done in the history of the United States as far back as I can remember,” said Bennett.
**Tucker needed to be “silenced” because he represented too big a threat to the “powers and principalities, institutions and agendas that seek an unenlightened uninformed semi lobotomized quasi retarded population that do not question, do not research, do not analyze but simply digest and follow instructions,”** according to Bennett.
“Tucker Carlson also exposed the fraud and money laundering racketeering crimes of FTX and the Democrat Party in Ukraine involving the United States government. He exposed the US biochemical labs in Ukraine and their connection to the Democrat Party, President Barack Obama, Vice President Biden, Hillary Clinton, George Soros, Bill Gates, and other US government agencies and pharmaceutical companies,” Bennett told Sputnik.
**The ex-host’s anti-regime rhetoric “could no longer be tolerated by the corrupt American media and political establishment,” said Bennett, adding that his exit signals “the death of American media”.**
The former US army psyops officer suggested that Senator Chuck Schumer had threatened to utilize the CIA and the FBI to deploy secret government operations against Tucker to get him off air unless he was fired.
Schumer previously called for Carlson to be taken off air after he broadcast footage showing the January 6 ‘riot’ leaders were actually allowed into the Capitol and chaperoned around by authorities.
As we highlighted (https://summit.news/2023/04/27/ex-tucker-carlson-producer-suing-him-for-sexism-has-never-even-met-him/) earlier, one of the reasons behind Tucker’s dismissal is a lawsuit fired by former show producer Abby Grossberg, who claims she was bullied and subjected to sexist and anti-semitic harassment.
**However, Grossberg’s own lawyer revealed that she has never even met Carlson.**
\* \* \*
_Brand new merch now available! Get it at https://www.pjwshop.com/ (https://www.pjwshop.com/)_
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Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 04/28/2023 - 06:11
**Stellantis' Citroen To Focus On Lower Prices Amidst European "Cost-Of-Living Crisis"**
Stellantis' Citroen To Focus On Lower Prices Amidst European "Cost-Of-Living Crisis"
It looks as though it isn't just Tesla participating in a price cut war to win business.
Stellantis' Citroen is also joining the fray, according to Bloomberg, who reported on Thursday that the brand is now going to focus more on making “accessible” cars. CEO Thierry Koskas is likely targeting an ongoing cost-of-living crisis taking place in Europe, the report said.
The manufacturer is targeting India, South East Asia and South American markets with its new India-made C3 Aircross SUV, according to the note. Koskas said India “is a very specific market. We can only establish ourselves here if we design vehicles for India that can be built in India with as much local content as possible."
He continued: “We are not a low-cost brand but we need products targeted to our customers’ needs. Citroen clients don’t need technology Christmas trees or screens everywhere.”
The company is launching an “international offensive” with hopes of expanding beyond Europe, Bloomberg wrote.
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The New C3 (
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Tesla also recently "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.
Pricing is becoming an issue not just overseas, but also in the United States. The company closed its first quarter with record deliveries hitting over 423,000 units worldwide, using price cuts throughout the quarter to help move metal. As Bloomberg calculated last week, the latest price cuts on the Model Y makes it a third cheaper than it was at the start of the year, in part due to the introduction of a new lowest level trim.
The most recent cuts (https://www.zerohedge.com/markets/tesla-cuts-model-s-and-x-prices-stoke-us-demand-amid-ev-price-war-threats) to Model X and Model S prices came on March 6, a little more than a month ago, when the company reduced the starting prices for the S and X in the US by 5.3% and 9.1%, respectively, to $89,990 and $99,990. Additionally, the higher-performance Plaid version of the Model S and X had been lowered by 4.3% and 8.3%.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 04/28/2023 - 05:45
**LOT Polish Airlines Block Russian Tennis Player From Boarding Flight**
LOT Polish Airlines Block Russian Tennis Player From Boarding Flight
_Via Remix News,_ (https://rmx.news/poland/lot-polish-airlines-block-russian-tennis-player-from-boarding-flight/)
**The Russian tennis player Vitalia Diatchenko was denied permission to board a LOT Polish Airlines (https://rmx.news/article/lot-polish-airlines-is-suing-boeing-for-a-huge-sum/) flight from Cairo to Warsaw.** LOT representatives stated that they acted in accordance with the law and cited regulations put into place after Russia’s invasion of Ukraine.
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The Russian tennis player recently competed in Egypt, where she won only one match and was scheduled to play in the Ladies Open de Calvi-Eaux de Zilla tournament in Corsica, but ultimately did not participate due to her travel difficulties.
**Diatchenko expressed her frustration on social media,** revealing that she had letters of support from the WTA and ITF, and documents confirming that her father was born in Ukraine and works in the United Nations.
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She also tried to board a Lufthansa flight, but the German airline also denied her entry.
> _**“(I was) stuck for 18 hours in Cairo airport, sleeping on benches, no food available and not allowed to leave the airport! I was treated like a 3rd class citizen and spent a couple of thousand euros,”**_ wrote Diatchenko in a social media entry.
The incident highlights the restrictions that citizens of the Russian Federation face after Russian aggression against Ukraine (https://rmx.news/poland/german-appeasement-for-russian-aggression-in-ukraine-heralds-serious-problems-with-berlin-in-the-future/).
These restrictions prevent Russians from entering Polish territory, including air and sea borders, for economic, sports, tourist, or cultural purposes.
**LOT representatives stated that they acted in accordance with the law introduced after the war in Ukraine broke out, and there were no shortcomings on their part.**
Russian media accused the Polish side of discrimination and Russophobia. Diatchenko’s compatriots are urging her to fight for compensation and damages for what they see as an unjust decision by the Polish carrier.
Vitalia Diatchenko is currently ranked in the top 300 in the world; her highest ranking was 71st in November 2014. Her greatest achievement was reaching the third round of the Wimbledon Grand Slam five years ago. She defeated Maria Sharapova and Sofia Kenin, the later Australian Open champion, on her way to the third round.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 04/28/2023 - 05:00
**German Climate Idiots Use New Type Of Glue Requiring Jackhammer To Break Free**
German Climate Idiots Use New Type Of Glue Requiring Jackhammer To Break Free
Climate activists in Berlin have taken their idiocy to a new level - deploying a **new type of glue** which, when applied to a human hand and a roadway, requires a **jackhammer to remove**.
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_Climate activist inspiring drivers to give up their petrol cars in stunning & brave demonstration._ (
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Members of the group Last Generation descended upon Berlin earlier this week, gluing themselves to streets all over the German capital, where they blocked roads in an effort to pressure the government to take more drastic action against climate change. (So they want the nuclear plants back online?)
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"We will no longer accept that the government has no plan to stop the destruction of our livelihoods," said Last Generation in a statement, adding " **We are resisting now.**"
More than 30 roads were blocked according to German news agency DPA.
> _According to the Berlin police, up to 500 officers were on the streets in the city all day to prevent the blockades or end them quickly, dpa reported. A police helicopter was hovering over the city to alert colleagues on the ground about the blockades as well._
>
> _The group said last week that its members would step up their actions (https://apnews.com/article/germany-climate-protest-activists-blockades-roads-cf278a3154aa113a2d66e69f1a31d670) in the coming days and try to “peacefully bring the city to a standstill.” -AP (https://www.msn.com/en-us/news/world/climate-protesters-try-to-bring-berlin-traffic-to-a-halt/ar-AA1afjDh?cvid=921632a680ac4b0695e9381e5ff35930&ei=178#image=6)_
According to the report, "In some cases, **it took more time than in the past to detach protesters from the streets because some of them used a different kind of glue this time.** Instead of using oil to detach the protesters' hands from the streets, officers had to use tools and damage the asphalt to remove the protesters."
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Last Generation is demanding that German cease the use of all fossil fuels in the next 6.5 years, and want short-term measures in the meantime, including a 62-mph (100 km/hr) speed limit on highways in order to curb transport emissions.
**Government spokesman Steffen Hebestreit** said on Monday that the current administration has done a lot to curb emissions.
"We are a parliamentary democracy. There are possibilities to express criticism. I have my doubts that such massive disruptions of public order and the like serve the intended purpose," he said. "Naturally we don’t support such forms of protest."
> _Asked whether Chancellor Olaf Scholz plans to meet with the activists, like other politicians have and are planning to, Hebestreit said he wasn’t aware of any appointments._
>
> _“Such talks make particular sense if one wants to exchange views and not if the aim is to force through maximum demands,” he added._
>
> _Transport Minister Volker Wissing, who has rejected the demand for a speed limit, plans to meet activists on May 2. He has sharply criticized the group for its road blockades in the past. -AP_
Really makes you think...
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Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Fri, 04/28/2023 - 04:15
**The War On Free Speech Is Really A War On The Right To Criticize The Government**
The War On Free Speech Is Really A War On The Right To Criticize The Government
_Authored by John and Nisha Whitehead via The Rutherford Institute,_ (https://www.rutherford.org/publications_resources/john_whiteheads_commentary/the_war_on_free_speech_is_really_a_war_on_the_right_to_criticize_the_government)
> _“Since when have we Americans been expected to bow submissively to authority and speak with awe and reverence to those who represent us? (https://www.law.cornell.edu/supremecourt/text/407/104) The constitutional theory is that we the people are the sovereigns, the state and federal officials only our agents. We who have the final word can speak softly or angrily. We can seek to challenge and annoy, as we need not stay docile and quiet.”_
>
> _\- Justice William O. Douglas_
**Absolutely, there is a war on free speech.**
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**To be more accurate, however, the war on free speech is really a war on the right to criticize the government.**
Although the right to speak out against government wrongdoing is the quintessential freedom, every day in this country, those who dare to speak their truth to the powers-that-be find themselves censored, silenced or fired.
Indeed, those who run the government don’t take kindly to individuals who speak truth to power.
**In fact, the government has become increasingly intolerant of speech that challenges its power, reveals its corruption, exposes its lies, and encourages the citizenry to push back against the government’s many injustices.**
This is nothing new, nor is it unique to any particular presidential administration.
For instance, as part of its campaign to eradicate so-called “disinformation,” the Biden Administration likened those who share “false or misleading narratives and conspiracy theories, and other forms of mis- dis- and mal-information (https://www.newsweek.com/americas-ruling-regime-doesnt-fear-disinformation-it-fears-truth-opinion-1679940)” to terrorists. This government salvo against consumers and spreaders of “mis- dis- and mal-information” widens the net to potentially include anyone who is exposed to ideas that run counter to the official government narrative.
In his first few years in office, President Trump declared the media to be “the enemy of the people (https://www.sandiegouniontribune.com/opinion/editorials/sd-obama-trump-media-leakers-20180910-story.html),” suggested that protesting should be illegal (https://www.washingtonpost.com/politics/trump-suggests-protesting-should-be-illegal/2018/09/04/11cfd9be-b0a0-11e8-aed9-001309990777_story.html), and that NFL players who kneel in protest during the national anthem “shouldn’t be in the country (https://www.usatoday.com/story/news/politics/2018/05/24/trump-praises-nfl-policy-anthem-protests/639113002/).”
Then again, Trump was not alone in his presidential disregard for the rights of the citizenry, especially as it pertains to the right of the people to criticize those in power.
President Obama signed into law anti-protest legislation that makes it easier for the government to criminalize protest activities (https://slate.com/news-and-politics/2012/03/the-anti-protest-bill-signed-by-barack-obama-is-a-quiet-attack-on-free-speech.html) (10 years in prison for protesting anywhere in the vicinity of a Secret Service agent). The Obama Administration also waged a war on whistleblowers, which _The Washington Post_ described as “the most aggressive I’ve seen since the Nixon administration (https://www.sandiegouniontribune.com/opinion/editorials/sd-obama-trump-media-leakers-20180910-story.html),” and “spied on reporters by monitoring their phone records (https://www.nytimes.com/2016/12/30/opinion/sunday/if-donald-trump-targets-journalists-thank-obama.html).”
Part of the Patriot Act signed into law by President George W. Bush made it a crime for an American citizen to engage in peaceful, lawful activity on behalf of any group designated by the government as a terrorist organization (https://www.npr.org/templates/story/story.php?storyId=123993822). Under this provision, even filing an amicus brief on behalf of an organization the government has labeled as terrorist would constitute breaking the law.
President Franklin D. Roosevelt authorized the FBI to censor all news (https://www.freedomforuminstitute.org/2002/02/15/the-first-amendment-a-wartime-casualty/) and control communications in and out of the country in the wake of the attack on Pearl Harbor. Roosevelt also signed into law the Smith Act, which made it a crime to advocate by way of speech for the overthrow of the U.S. government by force or violence.
President Woodrow Wilson signed into law th…
https://www.zerohedge.com/political/war-free-speech-really-war-right-criticize-government
**Mysterious Listeria Outbreak Spreads To 15 States**
Mysterious Listeria Outbreak Spreads To 15 States
Federal health officials are investigating a "Listeria outbreak with unknown source" across 15 states.
"A specific food item has not yet been identified as the source of this outbreak. However, CDC is concerned that illnesses continue to be reported. Listeria illness is rare, but it can result in serious illness or death," a recent notice (https://www.cdc.gov/listeria/outbreaks/monocytogenes-02-23/map.html) via the Centers for Disease Control and Prevention (CDC) read.
The overall count of infections might be higher than what is currently being reported. According to CDC data, there have been 18 cases of infection, leading to 17 hospitalizations in 15 different states. So far, no fatalities have been reported.
Michigan and Wisconsin are the only states to have recorded two illnesses. Illinois, Arkansas, California, Colorado, Missouri, New York, North Carolina, Pennsylvania, South Dakota, and Washington have each reported one.
The CDC has constructed an outbreak map.
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"Public health officials are interviewing people in this outbreak to find out what foods they ate before getting sick," the CDC said, adding the infection is "especially harmful if you are pregnant, aged 65 or older, or have a weakened immune system."
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 04/27/2023 - 23:20
https://www.zerohedge.com/medical/mysterious-listeria-outbreak-spreads-15-states
**Escobar: Mr. Lavrov's New York Shuffle**
Escobar: Mr. Lavrov's New York Shuffle
_Authored by Pepe Escobar,_
_**Foreign Minister Sergey Lavrov’s New York moment performed the diplomatic equivalent of bringing the house down...**_
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Now picture a true gentleman, the foremost diplomat of these troubled times, in total command of the facts and endowed with a delightful sense of humor, taking a perilous walk on the wild side, to quote iconic Lou Reed, and emerging unscathed.
In fact, Foreign Minister Sergey Lavrov’s New York moment – as in his two interventions before the UN Security Council on April 24 and 25 – performed the diplomatic equivalent of bringing the house down. At least the sections of the house inhabited by the Global South – or Global Majority.
April 24, during the 9308th meeting of the UNSC under the agenda “Maintenance of international peace and security, effective multilateralism through the protection of the principles of the UN Charter”, was particularly relevant.
Lavrov stressed the symbolism of the meeting happening on the International Day of Multilateralism and Diplomacy for Peace, deemed quite significant by a 2018 UN General Assembly resolution.
**In his preamble, Lavrov noted how “in two weeks, we will celebrate the 78th anniversary of Victory in World War II. The defeat of Nazi Germany, to which my country made a decisive contribution with the support of the Allies, laid the foundation for the post-war international order. The UN Charter has become its legal basis, and our organization itself, embodying true multilateralism, has acquired a central, coordinating role in world politics.”**
Well, not really. And that brings us to Lavrov’s true walk on the wild side, pinpointing how multilateralism has been trampled. Way beyond torrents of denigration by the usual suspects, and their attempt to submit him to an ice cold shower in New York, or even confine him to the – geopolitical – freezer, he prevailed. Let’s take a walk with him across the current wasteland. Mr. Lavrov, you’re the star of the show.
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**Our way or the highway**
That “rules-based order”:
> _“ **The UN-centric system is going through a deep crisis. The root cause was the desire of some members of our organization to replace international law and the UN Charter with a kind of ‘rules-based order.’** No one saw these ‘rules’, they were not the subject of transparent international negotiations. They are invented and used to counteract the natural processes of the formation of new independent centers of development, which are an objective manifestation of multilateralism. They are trying to contain them with illegitimate unilateral measures, including cutting off access to modern technologies and financial services, ousting them from supply chains, confiscating property, destroying competitors’ critical infrastructure, and manipulating universally agreed norms and procedures. As a result, the fragmentation of world trade, the collapse of market mechanisms, the paralysis of the WTO and the final, already without disguise, transformation of the IMF into a tool for achieving the goals of the United States and its allies, including military goals.”_
Destroying globalization:
> _“ **In a desperate attempt to assert its dominance by punishing the disobedient, the United States went on to destroy globalization,** which for many years was extolled as the highest good of all mankind, serving the multilateral system of the world economy. Washington and the rest of the West, which has submitted to it, use their ‘rules’ whenever it is necessary to justify illegitimate steps against those who build their policies in accordance with international law and refuse to follow the selfish interests of the ‘golden billion’. Dissenters are blacklisted according to the principle: ‘Whoever is not with us is against us.’ It has long been ‘inconvenient’ for our Western colleagues to negotiate in universal formats, such as the UN. For the ideological justification of the policy of undermining multilateralism, the theme of the unity of ‘democracies’ as opposed to ‘autocracies’ has been introduced. In addition to the ‘summits for democracy’, whose composition is determined by the self-proclaimed Hegemon, other ‘clubs of the elite’ are being created, bypassing the UN.”_
“Garden” vs. “Jungle:
> _“Let’s call a spade a spade: **no one allowed the Western minority to speak on behalf of all mankind. It is neces…
https://www.zerohedge.com/geopolitical/escobar-mr-lavrovs-new-york-shuffle
**"Vice News Tonight" Canceled As Media Downturn Accelerates**
"Vice News Tonight" Canceled As Media Downturn Accelerates
The downfall of Vice Media Group (VMG) is a perfect example of the challenges media organizations face that shift focuses towards ultra-left-wing ideologies. Despite being worth billions of dollars just several years ago, the company has followed a similar fate as Buzzfeed (https://www.zerohedge.com/markets/buzzfeed-news-shuttering-operations-shares-plunge), now undergoing broad restructuring.
In 2017, Vice Media secured a funding round at $5.7 billion. One of its founders joked about "hockey stick" growth and a "sexy" IPO debut. But that never happened, and fast forward to today, top executives told employees in a memo that the popular TV program "Vice News Tonight" will be canceled, as well as a number of employees will be fired.
"In response to the current market conditions and business realities facing VMG and the broader news and media industry, we are moving forward on some painful but necessary reductions, primarily across our News business," co-CEOs Bruce Dixon and Hozefa Lokhandwala told employees. They didn't specify how many job cuts.
Dixon and Lokhandwala emphasized, "We _are NOT exiting the news business, but we are changing the shape of VICE News to position the whole Company for long-term opportunities and improve how we deliver important, ground-breaking journalism well into the future."_
A person familiar with the upcoming layoffs told CNN that the digital media company plans "dozens" of cuts to reduce operational costs.
VMG joins a slew of other media companies that have had no other option but to restructure in recent months due to mounting macroeconomic headwinds and a weak advertising market. Also, many of these firms went 'woke' and are quickly going broke.
Last week, BuzzFeed's CEO Jonah Peretti told employees about restructuring plans that called for a reduction (https://www.zerohedge.com/markets/buzzfeed-news-shuttering-operations-shares-plunge) of headcount and the cancellation of BuzzFeed News.
VMG and BuzzFeed are some of the best examples of how to destroy billions of dollars in valuations through woke and rubbish content.
But it's not just VMG and BuzzFeed hemorrhaging workers. HuffPost's senior editor Philip Lewis highlighted a list of other media organizations undergoing restructuring efforts.
> media layoffs in 2023
>
> -VICE Media
>
> -Insider
>
> \- Many local newsrooms across the U.S.
>
> -Buzzfeed (Buzzfeed News, Complex)
>
> \- Paper Magazine
>
> -Vox Media
>
> \- Disney (ABC, ESPN, National Geographic, FiveThirtyEight)
>
> \- NPR
>
> \- Fandom
>
> \- Gannett
>
> \- The Washington Post
>
> \- NBC News
>
> \- E.W. Scripps
>
> — philip lewis (@Phil\_Lewis\_) April 27, 2023 (https://twitter.com/Phil_Lewis_/status/1651597420990545923?ref_src=twsrc%5Etfw)
\* \* \*
**Read VMG's Dixon and Lokhandwala's memo in full below:**
> _Team,_
>
> _In response to the current market conditions and business realities facing VMG and the broader news and media industry, we are moving forward on some painful but necessary reductions, primarily across our News business. We are transforming VICE News to better withstand market realities and more closely align with how and where we see our audiences engaging with our content most. To be incredibly clear, VICE News is core to VICE Media Group and fundamental to our business. We are NOT exiting the news business, but we are changing the shape of VICE News to position the whole company for long-term opportunities and improve how we deliver important, ground-breaking journalism well into the future._
>
> _As part of this process, we've decided to streamline VICE News and make reductions in roles across our global News team to focus on our growing digital video business and our News documentary and series production business for VTV and distribution partners worldwide. We're also discontinuing VICE News Tonight on VICE TV (the last VNT broadcast will be in May). It's clear that we need to accelerate VICE News' transition to the platforms where its biggest audiences are — on our owned and operated channels where we have a direct relationship with our audience, on Paramount+ with Showtime, FAST Channels, YouTube, TikTok, Twitch, and via documentary programming for streaming platforms such as Netflix, HBO Max and Tubi. We believe this strategic focus strongly positions VICE's incredibly important news coverage for the future._
>
> _Going forward, VICE News will be produced by our News Productions and Publishing divisions jointly under Subrata De, EVP, News, and Global Head of Programming and Development, and Cory Haik, COO for News and Entertainment — two of the most talented media executives in our industry. Our longform documentary and premium series work will be produced out of our News Productions division under Subrata, who will continue to oversee global news production for all linear an…
https://www.zerohedge.com/markets/vice-news-tonight-canceled-media-downturn-accelerates
**City Of Asheville Trapped In Crime Crisis, Prepares To Impose 60-Day 'Safety Initiative'**
City Of Asheville Trapped In Crime Crisis, Prepares To Impose 60-Day 'Safety Initiative'
The City of Asheville, situated in North Carolina, is facing severe challenges due to soaring crime and a dwindling police force in the aftermath of the 2020 George Floyd murder, which sparked the nationwide 'defund the police' movement. In response to the rampant lawlessness, city officials have declared an emergency plan, beginning next week and lasting for two months, to tackle the crime wave.
> _"There are complex circumstances contributing to the safety issues that Asheville is currently seeing downtown, and it will take a community response to address these complexities," the city stated in a press release (https://www.ashevillenc.gov/news/city-of-asheville-announces-downtown-safety-initiative-kicking-off-may-1-2023/)._
Next Monday, city officials are rolling out a 60-day initiative to address safety downtown:
> _"Our efforts in downtown should in no way suggest that we aren't focused on safety across the entire community. This intensive effort is driven by data that suggests a disturbing trend of increases in both property and violent crime in our downtown," said Asheville Police Chief David Zack._
Here are some initiatives the city will implement to combat criminal activity on its streets:
- _Increased law enforcement presence by utilizing foot, bike, and vehicle patrols as well as enhanced security in downtown parks._
- _Launch of a Community Responder Pilot Program led by the Asheville Fire Department to support individuals in crisis and provide a more visible City public safety presence downtown. The pilot will be used to inform a longer-term Community Responder initiative past the 60 days._
- _Focused attention on the removal of litter, needles and biological waste and general Downtown cleanliness; as well as increased maintenance activities in downtown parks._
- _Partner with any private or non-profit organization to identify key locations in downtown where there are public safety concerns and/or to schedule community clean-up efforts._
- _Enforcement of illegally parked cars with a specific focus on the areas in and around Pritchard Park._
- _Enhanced frequency of monitoring City-owned and operated public parking garages, including stairwells in these facilities._
- _Focused attention on quickly removing graffiti on public property and graffiti code enforcement on private property in the downtown area._
- _Concentrated effort to identify streetlight outages in the central business district and coordination of necessary streetlight replacements with Duke Energy._
The announcement comes as local newspaper Mountain Xpress (https://mountainx.com/news/from-asheville-watchdog-down-40-in-numbers-asheville-police-are-overstretched/) recently warned of a severe police shortage due to the polarizing defunding of the police movement during the pandemic.
> _On an ordinary day in Asheville, 16 to 18 police officers patrol the entire city, an area covering 46 square miles._
>
> _That's down from 30 cops on duty three years ago, when Asheville first started losing officers faster than it could replace them._
>
> _The Asheville Police Department has been operating at a reduced capacity, now just 60%, for more than two years — and the Police Chief, David Zack, told Asheville Watchdog that it could be another decade before the force returns to pre-pandemic levels._
**_Crime in Asheville_**
**_
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Remember, Democrats ensured everyone that defunding the police movement would make communities safer, but in reality, it has unleashed nationwide crime (https://www.zerohedge.com/political/murderapolis-ground-zero-defund-police-movement-now-suffering-horrendous-crime-wave) waves. This is evident in Baltimore, Chicago, and numerous West Coast cities (https://www.zerohedge.com/political/baltimore-mayor-calls-citywide-curfew-after-all-hell-breaks-out).
Looking forward, it's important to hold Democrats responsible for their role in promoting failed social justice reforms that have led to more dangerous metro areas. The best way is to vote these folks out of office in the next election cycle.
Tyler Durden (https://cms.zerohedge.com/users/tyler-durden)Thu, 04/27/2023 - 22:00
**We're Done With 'Gradually'. We've Now Reached The 'Suddenly' Part...**
We're Done With 'Gradually'. We've Now Reached The 'Suddenly' Part...
_Authored by Simon Black via SovereignMan.com,_ (https://www.sovereignman.com/trends/were-done-with-gradually-weve-now-reached-the-suddenly-part-146899/)
**By the summer of 1563, all of Britain had plunged into chaos over religion and the Reformation.**
King Henry VIII broke away from the Catholic church back in the 1530s, sparking a near civil war within the kingdom. Protestants killed Catholics, Catholics killed protestants, and extreme social tensions lasted for decades.
**Universities were at the heart of this conflict; rather than focus on real subjects like science and mathematics, students and professors became radical social activists and turned their schools into ideological echo chambers. Sound familiar?**
One of the few students who actually wanted to learn was a Scottish teenager named John Napier; Napier had been enrolled at the University of St. Andrews at the time, but he quickly realized that he would never learn a damn thing in that environment. So he dropped out… and started traveling in search of a real education.
No one quite knows exactly where he went or what he did. **But when he returned to Scotland eight years later as a young man, Napier had become an intellectual giant.**
You might not have ever heard of him, but John Napier was truly one of the great minds of his era.
**And modern science owes a tremendous debt to his work… in particular his development of logarithms.**
If it’s been a few years since you studied math (or ‘maths’ for my British friends), logarithms are the inverse of exponential functions.
Simple example: we know that 102 (or 10 squared) = 10 x 10 = 100. So, the number 10 raised to the power of 2 equals 100.
The inverse of that is to say that the ‘base 10’ logarithm of 100 = 2. Or in mathematical terms, 100 log10 = 2
**Napier devised an entire system of logarithms.** And this was actually a tremendous leap forward in mathematics, because logarithms made it so much easier for scientists and researchers to calculate solutions to complex problems.
One of the many important applications to come out of Napier’s work is the concept of ‘logarithmic decay,’ which models many real world phenomena.
The idea behind logarithmic decay is that something declines very, very slowly at first. But, over a long period of time, the rate of decline becomes faster… and faster… and faster.
**If you look at it on a graph, logarithmic decay basically looks like a horizontal line that almost imperceptibly arcs gently downwards. But eventually the arc downward becomes steeper and steeper until it’s practically a vertical line down.**
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Logarithmic decay is like how Hemingway famously described going bankrupt in The Sun Also Rises– _**“Gradually, then suddenly.”**_
**In fact logarithmic decay is great way to describe social and financial decline.**
Even the rise and fall of superpowers are often logarithmic in scale. The Kingdom of France in the 1700s infamously fell gradually… then suddenly.
**We can see the same logarithmic decay in the West today, and specifically the United States.**
The deterioration of government finances has been gradual, then sudden. Social conflict, censorship, and the decline in basic civility has been gradual, then sudden. Even the loss of confidence in the US dollar has been gradual… and is poised to be sudden.
Back in 2009 when I started Sovereign Man, I spoke a lot about ideas that were highly controversial at the time.
I suggested that Social Security’s trust funds would run out of money. That the US government would eventually be buried by its gargantuan national debt. That the US dollar would eventually lose its international reserve dominance. That inflation and social conflict would rise.
The main thesis, quite simply, was that the US was in decline. And whenever I spoke at events, I used to talk about logarithmic decay, saying:
> _“As a civilization in decline, you never really know quite where you are on the curve. You could be way over here on the horizontal line, at the very beginning of the decline… or you could be standing on the precipice about to hit the vertical slide down.”_
Well, now we have a much better idea of where we are on that logarithmic decay curve. Because these ideas about the national debt, inflation, social security, social conflict, etc. are no longer theories. Nor are they even remotely controversial.
Just last week, US Speaker of the House Kevin McCarthy said in a speech that “ **America’s debt is a ticking time bomb**”. Social Security’s looming insolvency is now openly discussed in Washington and …
https://www.zerohedge.com/geopolitical/were-done-gradually-weve-now-reached-suddenly-part
**CDC Officials Make False Statements About Possible COVID-19 Vaccine Side Effects**
CDC Officials Make False Statements About Possible COVID-19 Vaccine Side Effects
_Authored by Zachary Stieber via The Epoch Times (https://www.theepochtimes.com/cdc-officials-make-false-statements-about-possible-covid-19-vaccine-side-effects_5220039.html?utm_source=partner&utm_campaign=ZeroHedge&src_src=partner&src_cmp=ZeroHedge) (emphasis ours),_
Officials with the U.S. Centers for Disease Control and Prevention (CDC) have made **multiple false statements** this month regarding possible COVID-19 vaccine side effects, continuing a trend (https://www.theepochtimes.com/cdc-spreads-false-information-about-covid-19-vaccine-safety_5082854.html) of mis- and disinformation (https://www.theepochtimes.com/many-cdc-blunders-exaggerated-severity-of-covid-19-study_5147044.html)from the public health agency (https://www.theepochtimes.com/cdc-director-admits-agency-gave-false-information-on-covid-19-vaccine-safety-monitoring_4726981.html).
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_The Centers for Disease Control and Prevention (CDC) headquarters in Atlanta, Ga., in a file image. (Tami Chappell via Reuters)_ (
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**Dr. Tom Shimabukuro, a top CDC official, recently repeated the lie (https://www.theepochtimes.com/cdc-spreads-false-information-about-covid-19-vaccine-safety_5082854.html) that the agency has never detected a safety signal for ischemic stroke for the old COVID-19 vaccines.**
“No safety signals were detected for ischemic stroke for primary series or monovalent boosters for Pfizer or Moderna vaccines in U.S. and global monitoring,” Shimabukuro told the Advisory Committee on Immunization Practices, a CDC advisory panel, on April 19.
CDC researchers identified ischemic stroke as a safety signal for the original Pfizer and Moderna COVID-19 vaccines, according to files obtained by The Epoch Times (https://www.theepochtimes.com/health/exclusive-cdc-finds-hundreds-of-safety-signals-for-pfizer-and-moderna-covid-19-vaccines_4956733.html). More recently obtained documents (https://www.theepochtimes.com/exclusive-cdc-found-covid-19-vaccine-safety-signals-months-earlier-than-previously-known-files-show_5151506.html) show the CDC detected the signal as early as May 6, 2022.
The CDC acknowledges in official documents (https://www.documentcloud.org/documents/22278999-vaers-sop-2022) that any adverse events following COVID-19 vaccination that meet a certain criteria constitute “a safety signal.”
**Shimabukuro, who also made the false claim during an earlier meeting in February, has not responded to requests for comment.**
A CDC spokesperson previously doubled down on the claim, falsely stating that Shimabukuro was correct.
Ischemic stroke happens when the brain fails to get enough blood supply, according to the Mayo Clinic. It causes brain cells to die within minutes and often leads to death.
Another unnamed CDC official falsely told NBC (https://www.nbcnews.com/health/health-news/covid-vaccine-side-effects-tinnitus-may-linked-inflammation-rcna80675) that **the agency has not found data “suggesting a link between COVID-19 vaccines and tinnitus,” a condition that has symptoms such as constant ringing in the ears.**
The CDC identified tinnitus as a safety signal in its analysis of possible signals in data from the Vaccine Adverse Event Reporting System (VAERS), according to the files obtained by The Epoch Times.
Bert Kelly, a CDC spokesman, told The Epoch Times in an email: “To date, we have no data to support tinnitus and its link to COVID-19 infection or vaccination.”
After becoming aware of reports to the adverse event system of tinnitus after COVID-19 vaccination, the CDC analyzed data from a different surveillance system called the Vaccine Safety Datalink. **CDC researchers did not identify any “clustering of tinnitus diagnoses” in the datalink system in the 70 days after COVID-19 vaccination, according to Kelly.**
He did not make the data available.
Barbara Loe Fisher, co-founder and president of the National Vaccine Information Center, noted that there have been more than 24,000 reports of tinnitus submitted to VAERS after COVID-19 vaccination.
“There is mounting evidence in the medical literature that tinnitus involves inflammation in the brain,” Fisher said, pointing to (https://pubmed.ncbi.nlm.nih.gov/34282564/)several (https://www.frontiersin.org/articles/10.3389/fnbeh.2022.883926/full)studies (https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8878384/). “CDC officials should be taking the tinnitus signal seriously and actively pursuing every available avenue of research to find out what is going on rather than doing everything th…