Nvidia Drops After Revenue Forecast Disappoints Exuberant Expectations

Earlier today we wrote an extensive preview of what to expect from Nvidia's Q3 earnings (here), but for those who missed it here is the summary: sky high expectations, which only go higher in 2025 and beyond when the full rollout of Blackwell is expected to hit the P&L, with everyone already long (Goldman desk positioning is 9 out of 10) and anything less than perfection would be punished by the market. The bull/bear case summarized by Goldman was as follows:

• Bulls playing for a ‘break-out’ trade on an expected beat/raise (with downside arguably cushioned by the upcoming Blackwell launch)
• Bears playing for a reset in the stock driven by a growing list of moving parts (Blackwell noise, scaling laws, custom ASICs/silicon, ROICs, etc) vs valuation back at ~15-mo highs.

In terms of expectations, Q3 revenue was projected to come in at $33.25BN, while the median analyst estimate for Q4 revenue is $37.1BN but buyside bogeys were $38BN+ and some were as high as $41BN. Keep in mind that that number has moved around a lot in the past few days as analysts have made last-minute tweaks to their models. While the current high sales estimate for the third quarter is $41.2 billion, some investors have have said that the whisper number may be even higher than that!

Beyond the headlines, JPM says that the key near-term bogeys are the following:

1. The margin guide (with a few saying JPM's 73.8% buyside bar is too high),
2. The possibility of hiccups in the Blackwell ramp which - given the steep ramp - could push revenues to the April quarter;
3. Any guidance on F26 and beyond.

Other things to look out for when the company starts speaking will include how much supply it’s getting from its manufacturing partners. Like most chipmakers, Nvidia outsources production. Taiwan Semiconductor is the best in the business, and Nvidia’s pace of growth heavily depends on how well TSMC is able to provide Nvidia with the capacity it needs.

Amusingly, Nvidia shares actually closed down today, though far from session lows, ahead of the earnings report. Still, shares are up nearly 200% so far this year, and one of the best performers on the S&P 500 Index. Nvidia’s market cap north of $3.6 trillion makes it the biggest weighting in the S&P 500, meaning that any move in the stock could swing the entire market.

With that in mind, here is what NVDA reported moments ago:

• Revenue $35.08 billion, up +94% y/y, beating the median estimate of $33.25 billion (but in line with Goldman's expectations of $35BN).
  • Data center revenue $30.8 billion vs. $14.51 billion y/y, beating estimates of $29.14 billion
  • Gaming revenue $3.3 billion, +15% y/y, beating estimates of $3.06 billion
  • Professional Visualization revenue $486 million, +17% y/y, beating estimates of $477.7 million
  • Automotive revenue $449 million, +72% y/y, beating estimates of $364.5 million
     
• Adjusted gross margin 75% vs. 75% y/y, and in line with estimates of 75%
  • Adjusted operating expenses $3.05 billion, +50% y/y, beating estimates of $2.99 billion
  • Adjusted operating income $23.28 billion vs. $11.56 billion y/y, beating estimates of $21.9 billion
     
• Adjusted EPS 81c, beating estimates 74c

The revenue trend, as expected, is impressive especially at the Data Center level where all the growth is.

Here is a full breakdown of recent results:

But while the Q3 results were stellar, the company's guidance came in on the weak side of the buyside expectations we discussed in our premium preview.

• Revenue is expected to be $37.5 billion, plus or minus 2%: The “plus or minus 2%” means Nvidia expects 4Q revenue between $36.75 billion and $38.25 billion. The low end is ugly, and even the high end is below the median buyside bogey.

Oops: while this was above the median consensus of $37.1BN, it was far below the buyside expectations of $38.8BN; It was also well below Goldman's Q4 revenue expectations of $39BN and close to where the bank saw the stock dropping -10%.  In fact, some estimates for Q4 revenue were as high as $41 billion!

The rest of the guidance was in line but far less important:

• Gross margins are expected to be 73.0% and 73.5%, respectively, plus or minus 50 basis points.
• Operating expenses are expected to be approximately $4.8 billion and $3.4 billion, respectively.
• Other income and expense are expected to be an income of approximately $400 million, excluding gains and losses from non-affiliated investments and publicly-held equity securities.
• Tax rates are expected to be 16.5%, plus or minus 1%, excluding any discrete items.

Nvidia has only missed analysts’ estimates on quarterly revenue once in the past five years. And it has exceeded expectations by as much as 20% in recent periods, creating a very high bar for its performance.

The muted outlook suggests that AI excitement may be getting ahead of reality according to Bloomberg. Nvidia investors had bid up the shares nearly 200% in 2024, turning it into the world’s most valuable company at $3.6 trillion in market cap. But the chipmaker has had trouble keeping up with demand for its products and struggled with production snags this year.

To be fair, even with the disappointing outlook, Nvidia’s growth over the past two years has been staggering, simply because not one chipmaker has been able to take its market share (Intel unprecedented collapse in recent years can be largely to blame for that). Its sales are poised to double for a second year in a row, and it now notches more money in profit than it used to generate in total revenue (thanks to that 75% profit margin).

Nvidia's data center division alone now has more revenue than its two nearest rivals, Intel and AMD combined. Net income this year is on course to exceed revenue at Intel, a company that was the chip industry’s titan for decades.

The company’s biggest moneymaker is its accelerator chip, which helps develop AI models by bombarding them with data. Since OpenAI’s ChatGPT chatbot debuted in 2022, a frenzy of artificial intelligence services has created insatiable demand for the product.

Other recent earnings reports have given strong signals for AI. Major Nvidia customers, including Microsoft, Amazon's AWS and Meta have reaffirmed their commitment to spend on AI infrastructure, even if few have actually done the spend, as we noted during the recent Meta earnings call.

Nvidia hopes to stay ahead of rivals by accelerating its pace of innovation. That includes a commitment to updating its lineup annually; the company is currently introducing a design called Blackwell, which is faster and has an improved ability to link up with other chips, and which is expected to hit the company's P&L early next year, as a bevy of manufacturing challenges have slowed the Blackwell rollout. For now, Nvidia can’t fill all the orders it’s receiving, the company has said. After production improves, supplies will be plentiful, according to CEO Jensen Huang. For his sake, hopefully by then no competitors will have been able to come out with a faster, cheaper chip.

The Santa Clara, CA-based company has rapidly expanded its product lineup to include networking, software and services, as well as fully built-out computer systems. Huang is traveling the world lobbying for a broader adoption of his technology and trying to spread its use by corporations and government agencies.

Shares of Nvidia fell as much as 5% in after hours trading following the announcement, before settling about 2% lower, far below the 8.8% straddle. They previously closed at $145.89 in New York.

Tyler Durden Wed, 11/20/2024 - 20:39

Wealthy Private Schools In Upscale Miami Are Starting To Price Out Their Teachers

The rich neighborhoods in Miami are getting so rich, they're starting to price out the teachers.

For example, Ransom Everglades, a top private school in Miami’s upscale Coconut Grove, serves the city’s wealthy families, including new Wall Street South transplants.

It boasts amenities like an Olympic pool, sailing, and a waterfront football field, it offers 24 varsity sports, 62 arts courses, and a cutting-edge science center. And with a 10-to-1 student-teacher ratio, admission is highly competitive—only one in seven sixth-grade applicants were accepted this year, according to parents.

But the school is struggling to retain teachers due to the increasing cost of living in the area. So much so that it has been building an endowment to help give teachers stipends to offset their living expenses, according to Bloomberg.

Ransom Everglades' board, led by chair Miguel Dueñas, is creating a $30 million endowment to help its 132 teachers with living costs in Miami’s pricey market. They’ve raised $15 million so far from parents and alumni, aiming to provide each teacher at least $11,000 annually for housing expenses through the fund’s returns.

Dueñas commented: “The biggest issue that schools are facing right now in South Florida is the cost of living for teachers. So trying to solve that, or help it, is something that is strategic in nature for all schools.”

Bloomberg writes that Ransom Everglades faces a challenge in balancing competitive teacher pay with affordability for families, all despite charging $52,000 in annual tuition—less than elite New York schools like Dalton, which cost $65,000.

While offering perks like tuition discounts for teachers' children and free meals, salaries are constrained by housing costs in Miami, where prices have surged 75% over five years.

Head of school Rachel Rodriguez emphasized that housing affordability is the biggest obstacle in recruiting top talent, as Miami ranks poorly for both affordability and income inequality.

Private school teachers nationwide earn about 25% less than their public-school counterparts, and Florida ranks second-to-last for public-school teacher pay.

Compounding this, Miami’s private-school teacher salaries trail cities like New York by 17%. Gulliver Prep, another Miami-area private school, is exploring higher tuition for wealthy families and donor-funded stipends to close the pay gap.

Without these adjustments, teachers like Jonathan Scholl, who left Ransom for a more affordable life in Denver despite lower pay, may continue to seek opportunities elsewhere, exacerbating a crisis for South Florida’s elite schools.

Tyler Durden Wed, 11/20/2024 - 20:30

"Some Of Them Are With Pedophiles": Trump's Border Czar To Prioritize Locating 300,000 Unaccounted-For Children

Authored by Jack Phillips via The Epoch Times (emphasis ours),

President-elect Donald Trump’s incoming border czar said he would prioritize locating or rescuing 300,000 unaccounted-for children who entered the United States as illegal immigrants and are at risk of exploitation.

Then-acting ICE Director Tom Homan speaks at an event hosted by the Center for Immigration Studies, on June 5, 2018. Charlotte Cuthbertson/The Epoch Times

“The third rail is we got over 300,000 missing children,” Tom Homan told Fox News on Monday, likely referring to a government report issued earlier this year. “Over half a million children have been trafficked into the United States. This administration released them to unvetted sponsors, and they can’t find 300,000. And based on three-and-a-half decades, some of these children are in forced labor.”

Earlier this year, the Department of Homeland Security’s (DHS’s) inspector general released a report finding that 323,000 illegal immigrant children are unaccounted for inside the United States. As of May 2024, more than 32,000 children who were served notices to appear in court did not appear, while the safety of an additional 291,000 could not be verified because they were not placed into removal proceedings, making monitoring their status challenging, according to the report.

Those figures came from Immigration and Customs Enforcement (ICE) and covered the period from October 2018 to September 2023

“We already found some in forced labor, some of them are in for sex trafficking, some of them are with pedophiles,” Homan said. “We need to save these children. That’s going to be the third rail.”

The DHS report noted that ICE, which Homan had overseen under the first Trump administration, should “take immediate action” to ensure those unaccounted-for children are safe.

Two other priorities, or “rails,” Homan said, are to secure the U.S.–Mexico border as well as deport illegal aliens who are criminals and “national security threats” still residing in the United States.

Both Homan and Trump have said they will initiate a wide-ranging mass deportation plan after the president-elect takes office on Jan. 20, 2025. Trump said on Monday he would be prepared to declare a national emergency to move things forward.

Some pro-immigration groups and the American Civil Liberties Union (ACLU) have said they are opposed to Trump’s deportation proposals, while the ACLU has signaled it will file lawsuits to block such plans from being initiated.

On Monday, the ACLU said it sued ICE to seek records on how “privately chartered deportation flights run by ICE ... could be expanded to carry out a mass deportation and detention program.”

What DHS Report Says

The DHS inspector general said in the August report that unaccounted-for children who don’t show up for immigration court dates can be “considered at higher risk for trafficking, exploitation, or forced labor.”

The office faulted ICE for failing to consistently “monitor the location and status of unaccompanied migrant children” once they are released from federal government custody.

During the period from October 2018 to September 2023, 448,820 unaccompanied children were released by ICE to the Department of Health and Human Services (HHS) Office of Refugee Resettlement.

The U.S. government defines an unaccompanied migrant child as someone under 18 who lacks lawful immigration status and has no parent or guardian in the country to take custody of them. When they’re apprehended by DHS, they’re transferred to the HHS’s Office of Refugee Resettlement.

ICE and the Department of Justice may initiate removal proceedings. However, some children are able to stay in the United States legally if they qualify for asylum, special visas for victims of abuse, trafficking, and other crimes, or other types of immigration relief. In those cases, removal proceedings may never start.

By some estimates, there are around 11 million illegal immigrants who currently live in the United States, some being able to do so under temporary protected status orders issued by DHS.

The Associated Press contributed to this report.

Tyler Durden Wed, 11/20/2024 - 20:05

Col. MacGregor: Trump & The Storm Of The Century

Authored by Col. Douglas Macgregor (ret.)

The fear in many nations’ capitals is that President Donald Trump’s return to Washington might make Israel feel more confident in attacking Iran. According to Mike Evans, founder of the Friends of Zion Museum in Jerusalem, "There is no world leader Trump respects more than Netanyahu."

The evangelical leader also confides that President Trump would support an Israeli attack before his inauguration on the assumption that the destruction of Iran’s oil production facilities would devastate Iran’s economy, inducing Iran to end the war with Israel before President Trump assumes his office. This thinking by no means excludes an Israeli decision to strike Iran’s nuclear development sites as well. 

What Trump will or will not do is unknown. When the illusive stillness in the standoff between Tehran and Jerusalem will end is also unknown. 

One thing is certain: If America joins Israel in its war against Iran, the outcome will be a geopolitical showdown that could dramatically alter the world as we know it. It is the storm of the 21st century and, for the moment, the American ship of state is sailing right into it.

At a minimum, Trump should demand answers from his civilian and military advisors to four important questions.

Question 1. What is the American purpose in waging war against Iran? Is Washington’s purpose to destroy the Iranian state? To destroy its capability to wage war against Israel? To eliminate Iran’s developing nuclear capability? Or to decapitate the Iranian state in the hope that the Iranian people will overthrow their national government? 

All these goals demand serious study and analysis. In some cases, they overlap; in others they do not. The answers require identifying resources, manpower, capabilities, and the time needed to achieve these goals. 

It is obvious that America’s air and naval forces will have to deliver powerful disabling strikes through dense Iranian air and missile defenses while potentially defending themselves and American military bases against attacks by Iranian and allied forces in the region. How long can these forces operate before their stocks of munitions are exhausted and their human and materiel losses are replaced? 

Based on these answers, the stated objectives may or may not be attainable. National political and military leaders habitually plan and organize to achieve short, decisive outcomes, but wars always last longer than anticipated.

Question 2. How will U.S. military power achieve the objectives? 

What is the right mix of weapon systems and munitions? What targets promise effects that profoundly shape Iran’s ability to fight? In the aftermath of the Second World War, studies of bombing effectiveness revealed that the most important contribution air power made to Germany’s defeat was the destruction of Germany’s fuel production and the transportation network to move it. Its second-most important contribution was to cause German air forces to defend Germany’s cities and industries, thus stripping the German army of its close air support. But thousands of tons of bombs were still dropped on thousands of targets with minimal impact on the German war machine. 

Can air and missile power alone compel the Iranian State to submit to Israeli and American demands? To date, no amount of precision-strike forces linked to space-based and terrestrial, persistent intelligence, surveillance, and reconnaissance (ISR) capabilities has delivered victory in war. 

The Kosovo air campaign inflicted enormous damage on the Serbian economy, but its impact on Serbian ground forces was minimal. Yet once Moscow withdrew its promise of energy and food support to the Serbian people, the destruction of power plants and civilian and commercial infrastructure did induce the Serbian leadership to remove its forces from Kosovo. 

Read the full article here.

Tyler Durden Wed, 11/20/2024 - 19:40

Fiat Everything: When Decree Replaced Reality

Authored by Josh Stylman via The Brownstone Institute,

We live in a world where every essential human need—money, food, health, education, and even information—is controlled and manipulated by artificial systems. This matrix of artifice began with central bankers creating fiat currency: declaring something’s value, enforcing its use, and creating dependency. This template manufactured scarcity where none naturally exists, ensuring reliance on their systems. We see this pattern everywhere: money created from nothing yet always in short supply, abundant food made artificially scarce, natural healing rebranded as ‘alternative,’ wisdom replaced by credentials.

The Money Matrix

The Federal Reserve conjures currency through debt monetization, each new dollar stealing value from every existing one. Through inflation, they silently rob almost all of your savings, turning your productive energy into their power. In 1913, a solid month’s work could buy a fine suit. Today it barely covers a week’s groceries. The labor didn’t change—the money did. Fiat currency itself is a kind of enforced dependency. Since the gold standard was abandoned in 1971, there has been no limit on their monetary manipulation.

This isn’t just about currency—it’s about energy harvesting. Banks create money through keystrokes, then demand repayment in real human time and labor. When the Fed printed $6 trillion in 2020, they didn’t create value—they diluted every dollar in your savings account. It’s modern financial alchemy: transforming your productivity into their power. As Brownstone’s Jeffrey Tucker aptly puts it, ‘The Federal Reserve is the engine of one of the most sophisticated forms of theft in the history of mankind.’

As central banks race to implement Central Bank Digital Currencies (CBDCs), promising convenience while building the architecture for total financial surveillance, the endgame becomes clear. Hard money—constrained by natural or mathematical limits—can’t be summoned into existence. Gold and silver face physical extraction constraints. Bitcoin is hard-capped at 21 million coins. Land cannot be added to the map. Even these aren’t perfect, but they share one critical feature: they cannot be created like monopoly money by central planners. These limitations mean true value is earned, not fabricated, which is why they’re attacked—they can’t be inflated away.

Just as the financial system shapes our economic reality through artificial scarcity, the information landscape engineers our perception through concentrated control.

The News Nexus

Six corporations control 90% of media outlets, down from 50 companies in 1983. Further exacerbating this consolidation, it’s not about false stories—it’s about manufacturing false reality and engineering social division. Fiat currency has created a fiat news system, where the same principles apply: declare something, repeat it, enforce it, and it enters the consciousness of the masses. The illusion of media choice masks concentrated ownership: BlackRock and Vanguard are top shareholders in every major media company (incidentally, they own the major banks too). The same firms own shares in defense contractors, pharmaceutical companies, and the very corporations making headlines.

As former CBS News president Richard Salant admitted, “Our job is to give people not what they want, but what we decide they ought to have.”

By slicing society into endless opposing camps—left vs right, black vs white, vaxxed vs unvaxxed—they ensure people keep fighting each other instead of looking up to see who’s pulling the strings.

This isn’t simply about silencing dissent but shaping belief. Remember how quickly “Trust the science” became “Don’t question authority”? How “Two weeks to flatten the curve” became two years of shifting goalposts? Even the most trusting citizens began noticing the narrative management.

The Information Factory doesn’t just control what you see—it shapes how you think about what you see. Content curation algorithms create echo chambers while coordinated messaging manufactures the illusion of consensus. Media outlets are owned by corporations dependent on government contracts and regulated by the agencies they report on. When you follow the money—from pharmaceutical ads to defense contractor ownership—you see that they’re not reporting on the system; they are the system.

The manipulation of information serves as a precursor to perhaps the most devastating expression of centralized power—the machinery of endless war.

The Banker’s War Machine

War is the ultimate racket, and bankers have perfected it since the Napoleonic Wars. Create the conflict, fund all participants, profit from the destruction, and then finance the reconstruction. The same financial interests collect blood money regardless of who “wins.”

The military-industrial complex needs endless enemies to justify endless spending. When one boogeyman falls, they manufacture another. They don’t sell weapons—they sell fear. Each missile launched represents schools not built, hospitals not funded, communities not supported. The people always pay, while bankers collect the dividends.

They call it “foreign policy”—it’s really population control and resource theft. They destroy independent nations that dare create their own money systems or trade outside their control while calling it “spreading democracy.” Young people die in foreign lands while suit-wearing vultures redraw maps around oil fields and trade routes. Look at Ukraine: BlackRock is already planning the “reconstruction,” buying up land and resources while people die. 

While physical warfare destroys bodies, the credentialing system wages a quieter battle for minds, determining who can speak with authority and what truths are deemed acceptable.

The Credential Cartel

We’ve created a class of experts who mistake institutional approval for wisdom. The average medical student graduates with $241,600 in debt—how likely are they to challenge a system they’re indebted to? Fiat education produces fiat expertise, reliant on institutional validation instead of true understanding. Studies show that medical education frequently emphasizes pharmaceutical interventions, while lifestyle and dietary approaches receive comparatively little attention. When PhDs questioned lockdown policies, they were silenced while social media companies became overnight “public health experts.

The student loan crisis reveals the scam: $1.7 trillion in debt while real wages for graduates have stagnated. Real expertise comes from results, not degrees. A farmer who grows nutrient-dense food understands health better than many nutritionists. A mechanic who fixes engines grasps complex systems better than many economists. Theory without practice is just sophisticated guessing. Their degrees don’t measure intelligence—they measure obedience. The longer you stay in their system, the harder it becomes to see beyond it.

The same institutional capture that turns education into indoctrination extends into healthcare, where healing wisdom is replaced by patented interventions.

The Medical Matrix

They’ve transformed medicine from healing art to subscription service. Purdue Pharma made $35 billion selling OxyContin while calling addiction “pseudoaddiction” requiring higher doses. The FDA approves synthetic THC while natural plants are federally illegal, despite legalization in some states. The difference? One can be patented. Here again, fiat principles: replace the natural with the engineered, at a steep price. 

The corruption is measurable: The pharmaceutical industry has faced substantial financial penalties over the past two decades due to various legal violations. Among the most significant cases are:

• Pfizer: $2.3 billion in 2009, for illegal marketing of prescription drugs.
• Johnson & Johnson: $2.2 billion in 2013, for promoting drugs for unapproved uses and providing kickbacks.
• GlaxoSmithKline: $3 billion in 2012, for the illegal marketing of drugs and failing to report safety concerns. Collectively, these settlements contribute to a broader total of over $122 billion in penalties imposed on pharmaceutical companies since 2000. Yet, these fines are just a cost of doing business—a small price to pay in exchange for untouchable influence over human health. Meanwhile, insulin costs have risen 1,200% since 1996 despite no significant changes to this century-old drug.

These same companies now claim exclusive authority over human health, hooking children on SSRIs instead of teaching them to process emotions naturally. Natural healing—through sunlight, clean food, movement, and rest—gets labeled “alternative” while synthetic drugs become standard care. Your body’s innate healing power becomes suspect while their patented molecules become essential. Our bodies know how to recover when we remove the obstacles.

The medicalization of health represents just one front in a broader war against natural systems—one that extends to our most basic needs for nourishment.

The War on Natural Vitality

Look at their war on our most nutrient-dense traditional foods: They demonize meat and butter—the very foods that built our brains and sustained humanity for millennia. Dr. Weston Price’s extensive research of indigenous populations in the 1930s documented zero instances of modern chronic diseases among groups eating their traditional diets, finding rates of dental caries less than 1% and virtually no heart disease. Yet they push processed soy patties and lab-grown protein while attacking regenerative grazing that could heal our planet.

Raw milk, nature’s perfect food, becomes “dangerous” the moment it leaves the cow. Despite regulatory opposition, demand has surged, with buying clubs and small farmers facing scrutiny and even armed raids for selling fresh milk. This once-simple food choice has turned political, embraced by those questioning government authority, while ultra-processed ‘milk alternatives’ made from water and seed oils flood supermarket shelves.

Even the sun, the source of all life on Earth, has been turned into an enemy. Instead of teaching proper sun exposure for optimal vitamin D, they push chemical sunscreens that disrupt hormones and poison coral reefs.

As our connection to natural systems is severed, we’re ushered into an artificial realm that promises connection while delivering isolation.

The Digital Prison

The path to our current isolation was carefully engineered. First, they separated us physically—”Just stay 6 feet apart.” Then they confined us—”Just stay home.” Finally, they sold us the ultimate fiat substitute: the metaverse—where digital avatars replace human touch. Ironically, as social connection grows artificial, real human presence becomes rarer.

As someone who spent two decades as a technologist, I know these tools are powerful and should be universally accessible to all. The issue isn’t technology itself—it’s whether it’s deployed to centralize or decentralize power. Like electricity, which can power a community or an electric fence, digital tools can either connect and empower people or surveil and control them. The question isn’t the technology—it’s who controls it and how it’s used.

We’ve become alone together—constantly surrounded yet deeply alone. Meta’s own research shows Instagram makes body image issues worse for 32% of teen girls. Average screen time has skyrocketed to over 7 hours daily in 2023, while rates of depression doubled. We broadcast our lives to strangers while avoiding eye contact with neighbors. We share our deepest thoughts with algorithms while struggling to have real conversations. We’re drowning in communication while starving for communion.

Yes, virtual worlds can be fun escapes—there’s joy in games and digital play. But the metaverse isn’t just entertainment—it’s an attempt to replace reality itself with an artificial construct they control. A thousand TikTok friends can’t replace one real conversation. A million likes can’t substitute for one genuine hug.

We’re bioelectric beings who literally resonate with each other. Human proximity affects our:

• Heart rate variability

• Brain wave patterns

• Hormone production

• Immune system function

• Emotional well-being

They fear real human connection because it breaks their control matrix. When people gather, share stories, and exchange energy, the programming breaks down.

The Path to Liberation

The implementation starts locally: If you live in an urban area, join or start a food-buying club. If you have access to farmers, buy directly from them. Create a neighborhood skill-sharing network where people teach what they know—from food preservation to basic repair skills. Start a community garden or join an existing CSA. Build relationships with like-minded neighbors. Each small step builds resilience and weakens dependency on artificial systems.

The beautiful truth is that every artificial system has a natural counterpart that sets us free. Artificial systems rely on your participation, belief, and, ultimately, obedience. Their money only has value if we believe in it. Their authority only has power if we accept it. Their narratives only work if we consume them.

The solution isn’t complex:

• Build real friendships
• Share real meals
• Have real conversations
• Create real community
• Exchange real value
• Trust natural law

No one returns to fiat systems once they’ve experienced the real thing. You don’t go back to processed food after tasting nature’s abundance. You don’t trust fiat currency once you understand sound money. You don’t accept artificial authority once you’ve found your own sovereignty.

The revolution isn’t coming—it’s here. Every garden is a rebellion against their food system. Every bitcoin is a rebellion against their money system. Every real conversation is a rebellion against their control system. Every home cook is a rebellion against their processed food empire. Every parent teaching real history is a rebellion against their education system. Every local market is a rebellion against their corporate monopolies. Every neighborhood gathering is a rebellion against their isolation agenda.

Our ancestors thrived without fiat systems. Our descendants will view this artificial era as a dark age of manufactured limitation. The transition back to natural law isn’t just possible—it’s inevitable. Truth doesn’t need enforcement. Reality doesn’t need decree.

Your DNA remembers what your mind was programmed to forget. Freedom isn’t granted by authority—it’s your natural state.

What real thing will you choose today?

Tyler Durden Wed, 11/20/2024 - 19:15

Archegos Capital Founder Bill Hwang Sentenced To 18 Years In Prison

Archegos Capital founder Bill Hwang was sentenced to 18 years in prison for fraud and market manipulation linked to the 2021 collapse of his $36 billion family office today.

The sentence, handed down by US District Judge Alvin Hellerstein in New York, was less than the 21 years prosecutors requested. Hwang's lawyers had argued for no prison time, according to Bloomberg.

The judge said during sentencing: “The amount of losses that were caused by your conduct are larger than any amount of losses I’ve deal with as a judge.”

Bloomberg wrote that during Wednesday’s hearing, Judge Alvin Hellerstein signaled he would impose a harsh sentence on Bill Hwang, dismissing his request for no jail time as “utterly ridiculous”.

Comparing Hwang to FTX founder Sam Bankman-Fried, who received 25 years for fraud, Hellerstein questioned: “What was worse? Mr. Bankman-Fried’s fraud or Mr. Hwang’s fraud?”

Hwang’s lawyer, Dani James, adjusted her request to a four-to-five-year sentence, citing his charitable work and modest lifestyle, though the judge was skeptical, noting his luxury apartment in Hudson Yards. Hwang briefly expressed regret, thanking supporters and asking for a sentence that would allow him to continue serving society.

Prosecutor Andrew Thomas called for a tougher sentence, highlighting Hwang’s prior insider trading conviction with Tiger Asia in 2012. The judge acknowledged Hwang’s history and dismissed claims that his actions at Archegos didn’t directly cause banks' losses.

Bloomberg noted that Archegos’ case stood out as the victims were mainly Wall Street banks. Hwang’s lawyers argued the banks knowingly took risks for lucrative fees, but Judge Hellerstein barred a “blame the victim” defense, a key issue in Hwang’s planned appeal.

The jury found Hwang misled banks about Archegos’ holdings, claiming large stakes in tech giants like Apple and Microsoft, while actually concentrating in a few illiquid stocks like ViacomCBS.

As Reuters noted earlier this year, Archegos faced crippling margin calls in March 2021 due to falling stock prices. This, in turn, led to significant losses for Archegos and its lenders, including Credit Suisse and Nomura Holdings.

Hwang and CFO Patrick Halligan, charged with racketeering conspiracy and multiple counts of fraud and market manipulation, had pleaded not guilty.

At trial, they contested the prosecutors' claims of market manipulation, which some legal experts viewed as a challenging case for the government.

Hwang was arrested in April 2022 and charged with racketeering conspiracy, securities fraud and wire fraud in connection with a scheme to manipulate the share prices of public companies in order to boost profits. He was then released on $100 million bail. 

According to the 40-page indictment, Hwang engaged in a "fraudulent scheme" that included "interlocking deceptive acts and misconduct, through false and misleading statements to security-based swap ("SBS") counterparties and prime brokers and manipulative trading designed to artificially move the market, which, in tandem, increased Archegos’s assets under management from around $4 billion to over $36 billion in just under six months."

Tyler Durden Wed, 11/20/2024 - 18:50

Here's Why Asian Americans Shifted Right

Authored by Neetu Arnold via RealClearPolitics,

The 2024 election season featured an unprecedented number of Asian Americans, from Vivek Ramaswamy’s rise in the Republican primary to soon-to-be second lady Usha Vance, to the Democratic candidate herself, Kamala Harris. Just a few years ago, this would have been a cause for celebration on the political left: Asian Americans have reliably voted for Democrats for decades. But the election results revealed that racial and ethnic minorities are not as loyal to the Democratic Party as previously believed. Much like Hispanics, Asian American voters made a major shift to the right.

Nationally, 2020 and 2024 exit polls from the Washington Post show a 9-point shift to the Republicans in the presidential race among Asian American voters relative to 2020. In some states, such as Nevada and Texas, the polls suggest that Trump won the Asian American vote outright. The NBC News exit poll found a 5-point shift to the right nationally among Asian Americans relative to 2020. And in their survey of Asian American voters prior to the election, Asian Americans Advancing Justice saw a 7-point shift away from the Democrats relative to 2020.

Exit polls are far from perfect measures of voting behavior, though. A spokesperson for APIAVote, a group that focuses on encouraging Asian American political engagement, pointed out when asked for comment that the exit polls may not be a “representative sample of the Asian American electorate.” For instance, the exit polls were not conducted in any Asian languages, which would preclude some Asian American voters with poor English skills from participating.

My analysis of precinct-level voting data in four major urban areas shows that the exit polls may actually be understating the degree to which Asian Americans shifted to the right. Using census data, I identified majority-Asian precincts in these areas and compared the Republican margin of victory (or loss) between the 2024 and 2020 elections. The results are much more stark: Majority-Asian precincts in New York City, for instance, saw a rightward shift of 31 percentage points. Precincts in Dallas and Fort Bend counties in Texas both saw rightward shifts between 17 and 20 points. And precincts in Chicago saw a 23-point shift to the right.

If the rightward shift among Asian American voters is real and significant, what is behind it?

When asked, neither APIAVote nor Asian Americans Advancing Justice were able to provide an explanation. But several Republican-leaning Asian American voters I spoke with were not surprised by the shift.

“I had so many [South] Asians, who are registered Democrats, let me know specifically that they voted for TRUMP this year,” South Asian Coalition Chairwoman for New Jersey’s Republican Party Priti Pandya-Patel said. “I believe most were always ‘closet Republicans’ and now they are starting to come out.”

The economy

The voters I spoke with repeatedly mentioned a few key reasons why they and others they knew voted for Trump this election. The first was a dissatisfaction with the Democrats’ handling of the economy, particularly inflation.

“Many of us expressed discontent towards Biden’s energy policies that skyrocketed the costs of grocery prices and gas prices,” Nevada voter Lisa Noeth said. “Las Vegas specifically is like an island in the middle of the desert, the increase of fuel costs trickled down to the pockets of consumers at the grocery stores with goods being transported from California to Las Vegas.”

Rudy Pamintuan, chief of staff for Nevada’s lieutenant governor, said inflation was tough on Asian American entrepreneurs. “Many households had to take an extra part-time job to make ends meet.”

The data backs up Noeth and Pamintuan’s perceptions. John Yang, president and executive director of Asian Americans Advancing Justice, said economic-related concerns, healthcare, and housing costs were some of the top issues the organization found in its 2024 survey of Asian Americans. And a July AAPI Data survey indicated that Asian Americans thought Republicans had a slight edge on handling inflation over Democrats.

Public safety

While voters across all racial and ethnic lines felt the impacts of inflation, Asian Americans grew dissatisfied with poor Democratic leadership on crime and safety in major cities. As disorder grew after the pandemic, Asian Americans soured on Democrats as they watched their quality of life decrease. Asra Nomani, author of “Woke Army,” said many Asian Americans felt “unprotected amid rising violence and harassment.”

In New York City, a 2023 survey found substantial portions of Asian Americans adopted some kind of “avoidance behavior” to deal with crime – 48% avoided going out late at night, and 41% avoided taking public transportation. Meanwhile, Democrat-run city governments have taken more relaxed approach to handling crime, even spending thousands of dollars to protect criminals by humanizing them as “justice-impacted individuals.”

“You only understand what you signed up for after they [Democrats] win and you have to put up with crime and squalor,” Pennsylvania voter Teesta Dasgupta said.

Asian Americans increasingly oppose soft-on-crime policies. The majority of Asian Americans in California supported the passage of Proposition 36, which imposes harsher penalties for certain types of crimes. A disproportionate Asian American voter base also recalled former San Francisco District Attorney Chesa Boudin, who infamously declined to prosecute the murder of an elderly Thai immigrant as a hate crime and instead chalked it up to a “temper tantrum” of the perpetrator.

‘Wrong side of brown’

Asian American voters also told me that they were turned off by the Democrats’ racial equity policies. The Democratic Party heavily leaned into racial equity following George Floyd’s death and the riots that followed in 2020. Democrats made bold promises to reduce racial disparities in economic and other outcomes, arguing that current racial disparities are the result of decades of systemic discrimination that must be addressed. However, race-conscious policies like affirmative action often ended up pitting Asian Americans against other minority groups. For many Asian Americans, they end up on the “wrong side of brown,” as Nomani puts it.

Noeth told me that Asian American parents were “fed up” with affirmative action policies in school admissions. Sue Ghosh Stricklett, a former Trump administration appointee, said the Harvard affirmative action case and the removal of merit-based admissions at Thomas Jefferson High School in Virginia both “ignited passionate activism” among Asian American parents. In Fairfax County, Virginia, Thomas Jefferson High School for Science and Technology changed its merit-based admissions policy in a bid to “decrease the representation of Asian Americans” in favor of other racial minorities.

“The injustice of being labeled as ‘privileged,’ ‘selfish,’ ‘cheaters,’ ‘overrepresented,’ ‘white adjacent,’ and ‘resource hoarders’ hurt very deeply,” Nomani, who is also a parent of a Thomas Jefferson graduate, said. It led to “political mobilization and a reconsideration of long-standing political loyalties.”

Is this a permanent shift?

According to the Asian Americans I spoke with, many factors will determine if the momentum remains.

Kenny Xu, author of “An Inconvenient Minority,” believes the growth to the right is limited.

“There is a definite ceiling in Asian American rightward support due to their highly educated demographics, and the tendency of highly educated people to vote Left.”

Dasgupta believes growth is dependent on messaging.

“If Dems move to the center, Asian Americans stay where they are right now but if the allegiance to gender ideology and soft on crime remains then they [Asian Americans] will move right.”

Pamintuan says engagement with Asian American voters “could make a difference between winning or losing” in tight races, particularly at the local level.

Time will tell if Asian Americans will fully shift right. But an alliance is emerging. And both Democrats and Republicans should pay attention.

Neetu Arnold is a Paulson Policy Analyst at the Manhattan Institute and a Young Voices contributor. Follow her on X @neetu_arnold

Tyler Durden Wed, 11/20/2024 - 18:25

"Solar Powerhouse" China Is Leading Asia's Green Energy Movement

If you're trying to implement green energy solutions in Asia, chances are you're going to need to rely on China one way or another. 

Southeast Asia’s demand for renewable energy is rising, driven by tech manufacturing and data center growth, according to Nikkei. Solarvest, the region's leading renewable energy provider, plans to capitalize on this boom by increasing imports from China, according to a local manager.

That manager told Nikkei: "We aim to invest more in the next couple of years. Buying equipment and components from Chinese suppliers, who have mastered the supply chain and solar tech, gives us the best opportunity to generate green energy with a price that is low enough to compete against fossil fuels."

Through its Belt and Road Initiative, Beijing has extended its influence over power infrastructure in countries like Malaysia, Thailand, and Pakistan. However, the U.S. has criticized China for subsidizing manufacturers and underpricing goods, leading to tariffs and trade barriers.

The Nikkei report says that despite U.S. opposition, China maintains an edge with economies of scale and growing climate urgency. Solar energy, seen as the most accessible renewable source, attracted $500 billion in investment in 2024, surpassing all other energy types, according to the International Energy Agency.

Offshore wind projects take over eight years to complete, while solar plants can be built in under two, making solar a faster choice for companies transitioning to renewables, industry leaders told Nikkei.

This urgency is especially pronounced in emerging Asian economies like Malaysia and Thailand, which rely on fossil fuels but aim to attract tech giants like Apple and Google, committed to 100% renewable energy through the RE100 initiative.

China dominates the global solar energy market, housing leading players like Longi Green Energy, Tongwei, and Jinko Solar, as well as the top three inverter makers: Huawei, Sungrow, and Ginlong.

Despite efforts by the U.S. and India to localize production, China is projected to maintain over 80% of global photovoltaic manufacturing capacity by 2030, with its solar products costing 20-30% less than competitors, according to the IEA.

Analysts attribute China's edge to its economic scale, advanced technology, and cost efficiency. Even as countries impose trade barriers to curb dependence on Chinese products, demand for China’s affordable solar solutions remains strong globally.

Companies like Foxconn highlight that Chinese solar energy rivals fossil fuels in cost, driving its adoption worldwide, particularly in markets eager to expand renewable energy capacity.

China’s dominance in solar wasn’t always guaranteed. In the 2000s, Japanese and Taiwanese firms led the photovoltaic industry, but China’s massive scale and government subsidies allowed it to outpace competitors.

Now, China controls over 90% of the solar supply chain, from polysilicon production to module manufacturing.

Tyler Durden Wed, 11/20/2024 - 18:00

Indian Billionaire Gautam Adani Indicted For 'Massive Fraud' And 'Multi-Billion Dollar' Bribery Scheme

Indian billionaire Gautam Adani has been indicted in New York for 'massive fraud' and a 'multi-billion dollar' bribery scheme, according to multiple reports Wednesday afternoon. 

According to NBC, Gautam Adani and others are accused of paying over $250 million in bribes to Indian officials to secure solar energy contracts expected to yield $2 billion in profits over 20 years. Prosecutors allege Adani personally met with officials as part of the scheme.

Adani, his nephew Sagar Adani, and Vneet Jaain, both Adani Green Energy executives, also face wire and securities fraud charges for misleading U.S. investors and lenders to obtain funding, the U.S. Attorney's Office in Brooklyn stated.

U.S. Attorney Breon Peace commented: "The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and Gautam S. Adani, Sagar R. Adani and Vneet S. Jaain lied about the bribery scheme as they sought to raise capital from U.S. and international investors."

A DOJ press release reads: “These offenses were allegedly committed by senior executives and directors to obtain and finance massive state energy supply contracts through corruption and fraud at the expense of U.S. investors.  The Criminal Division will continue to aggressively prosecute corrupt, deceptive, and obstructive conduct that violates U.S. law, no matter where in the world it occurs.” 

“Gautam S. Adani and seven other business executives allegedly bribed the Indian government to finance lucrative contracts designed to benefit their businesses. Adani and other defendants also defrauded investors by raising capital on the basis of false statements about bribery and corruption, while still other defendants allegedly attempted to conceal the bribery conspiracy by obstructing the government’s investigation,” stated FBI Assistant Director in Charge Dennehy.  “The FBI maintains its steadfast mission to expose all corrupt agreements, especially with international governments, and protect investors from related harm.”

The indictment also charges former Azure Power executives Ranjit Gupta and Rupash Agarwal, along with three ex-employees of Canadian investor Caisse de Dépôt et Placement du Québec, with conspiring to violate the Foreign Corrupt Practices Act as part of Adani's bribery scheme.

U.S. short seller Hindenburg Research issued a report in early 2023 claiming Adani Group conducted a "brazen stock manipulation and accounting fraud scheme over the course of decades." Hindenburg called Adani Group "the largest con in corporate history". 

"Today we reveal the findings of our 2-year investigation, presenting evidence that the INR 17.8 trillion (US $218 billion) Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades," the report said in 2023. 

Adani "has amassed a net worth of roughly $120 billion, adding over $100 billion in the past 3 years largely through stock price appreciation in the group's 7 key listed companies, which have spiked an average of 819% in that period," the report said. 

Bloomberg provided a quick snapshot of Hindenburg's main allegations at the time, many of which haven't even been addressed in this indictment (yet?):

• Identified 38 Mauritius shell entities controlled by Adani's brother, Vinod Adani, or his close associates plus entities controlled by him in other tax havens.
• The offshore shell network seems to be used for earnings manipulation
• Adani Group has previously been the focus of 4 major government investigations relating to allegations of fraud
• Adani Enterprises and Adani Total Gas Ltd. appear to be audited by a tiny firm, with no current website, only 4 partners and 11 employees which has audited just one other listed firm
• The auditor "hardly seems capable of complex audit work" when Adani Enterprises alone has 156 subsidiaries and many more joint ventures.

Hindenburg's Nathan Anderson

Hindenburg's report initially led to a $50 billion selloff in Adani's corporate empire. Adani, in response, called Hindenburg's short report "bogus" and threatened legal action. At the time, Adani Group's legal team released a statement that said it was exploring legal action against Hindenburg for its "maliciously mischievous, unresearched" report.

Then, Dan McCrum, famous for helping unveil the fraud at Wirecard, followed up in late 2023 stating Adani "appears to have imported billions of dollars of coal at prices well above market value".

Adani called McCrum's article a "renewed attempt" by the paper to "rehash old and baseless allegations to tarnish the name and standing" of the company. At the time they denied any wrongdoing and said the story was based on an “old, baseless allegation”, and is “a clever recycling and selective misrepresentation of publicly available facts and information”.

"Adani is attacking journalist Dan McCrum at the Financial Times (FT) over an upcoming article," Hindenburg's Anderson wrote late last year after Adani's press release. "The last company that tried that was Wirecard, later found to be the largest fraud in German history."

Tyler Durden Wed, 11/20/2024 - 17:40

Rare Israeli Attack On Syria's Palmyra Launched From US-Controlled Airspace

Huge Israeli airstrikes rocked the outskirts of the central Syrian city of Palmyra on Wednesday, with regional reports saying the attacks were launched by Israeli jets utilizing US-controlled airspace over Al-Tanf military base in eastern Syria. 

"Israeli warplanes launched a number of missiles from the airspace of the [US] base in the Al-Tanf area on the Syrian–Iraqi–Jordanian border, in the far southeastern countryside of Homs, targeting the vicinity of the city of Palmyra," Sputnik’s correspondent reported.

Getty Images

Israeli attacks on Palmyra are rare, if not unheard of, given how deep into central Syria and the eastern desert the town lies. Al-Tanf base is located a little over 200km from Palmyra. The border base has been occupied by US forces for many years now.

Syrian state SANA has cited a large casualty count, reporting at least 36 dead and over 50 wounded. SANA reports, "At approximately 1:30 p.m. today, the Israeli enemy launched an air attack from the direction of al-Tanf area, targeting a number of buildings in Palmyra City in the Syrian Desert, led to the martyrdom of 36 people, the injury of more than 50 others, and significant material damage to the buildings and the surrounding area."

Palmyra before the war attracted tourists from across the globe as it is known for its ancient Roman ruins, and is a UNESCO World Heritage site.

The iconic ruins and temples were partially damaged when the remote outpost was overrun by the Islamic State terror group in 2015, and many Syrian Army personnel were killed trying to defend it.

Syrian government forces with the help of Russian aerial support were able to get Palmyra back from ISIS by March 2016.

Russia and Syria have long accused American forces based out of Al-Tanf of training terrorists and facilitating their movements, in order to keep up pressure on Damascus.

As for Israel, recent months have seen a clear uptick in air raids on Syria, but these strikes on Palmyra appear to be the single deadliest this year.

Israel typically describes its operations as targeting 'Iranian assets'; however, the Syrian government is saying that many among its territorial defense units as well as civilians were killed.

Tyler Durden Wed, 11/20/2024 - 17:20

Waste Of The Day: Nuclear Commission Flies First Class

Authored by Jeremy Portnoy via RealClearInvestigations,

Topline: A recent inspector general audit of the Nuclear Regulatory Commission’s travel expenses found a slew of waste and potential fraud, including nearly $50,000 in unallowed first-class flights between 2020 and 2023.

Key facts: Federal law requires most government employees to fly economy class, with exceptions made for medical or security concerns. To fly first class, employees must submit a written explanation and obtain approval from their supervisor.

Workers at the commission only had proper approval for four of the 19 first-class flights that auditors reviewed. In one instance, an employee paid $12,535 for first class when a $1,134 business-class ticket was available

Some of the first-class trips were approved by employees who had no authority to do so, according to the audit. Others had no justification.

The commission also failed to remove access to travel charge cards for 37 employees that no longer work for the government. Auditors did not find any former employees who used their charge cards, but said there was a “risk” it could have happened.

Federal law requires that charge cards have credit limits of $10,000 to minimize spending and financial risk. Auditors found three commission cards with limits of up to $20,000, with no written explanation for the increase.

The Nuclear Regulatory Commission’s agency-wide credit limit for travel also may be “too high,” increasing the risk for fraud, auditors said. The commission spent an average of $358,190 on travel each month last year, but is technically allowed to spend $5 million in a single month. 

The audit found three transactions on charge cards totaling $9,593 that appeared to be for items unrelated to government business, though further review is needed to confirm the “potential misuse.”

In total, employees put 161,816 charges worth $27 million on their travel charge cards from 2020 to 2023. Almost half of the transactions came last year.

Federal law requires employees to take a refresher course on charge card spending at least every three years. The NRC made the training voluntary and did not track attendance, auditors found.

Search all federal, state and local government salaries and vendor spending with the AI search bot, Benjamin, at OpenTheBooks.com. 

Summary: It’s a bit worrying that the agency tasked with ensuring the safety of nuclear reactors can’t handle the simple process of booking a flight.

The #WasteOfTheDay is brought to you by the forensic auditors at OpenTheBooks.com

Tyler Durden Wed, 11/20/2024 - 17:00

With 63% Of Voters Demanding Her Recall, Soros-Backed Bay Area District Attorney Concedes

Authored by Kimberley Hayek via The Epoch Times,

Alameda County District Attorney Pamela Price conceded her recall election on Monday, nearly a week after Bay Area voters expressed their frustration with crime and homelessness by voting out multiple progressive leaders.

According to unofficial results as of Nov. 20, 63.1 percent of voters in the general election favored replacing Price, who had served in the position for less than two years.

Price is a former defense and civil rights attorney.

She had never prosecuted a single case when she was elected to the prestigious position. On the campaign trail, she promised criminal justice reforms and a “new era at the DA’s Office” if she was elected. She got a big financial boost from billionaire Democratic mega-donor George Soros and Laurene Powell Jobs, widow of Apple co-founder Steve Jobs, when she first ran for the job in 2018.

She lost that race but ran again in 2022 and edged out Terry Wiley, the county’s chief deputy district attorney. 

Soros, who funneled more than $5 million into his fundraising PAC, the California Justice & Public Safety, from 2018 to 2020, turned off the money tap to Price and Los Angeles County District Attorney George Gascon this election cycle.

Alongside Price, Oakland voters also ousted progressive Mayor Sheng Thao.

In San Francisco, Mayor London Breed lost her bid for reelection to a centrist opponent who vowed to crack down on crime and boost small businesses.

In a press conference that ran just under 20 minutes, Price outlined her office’s successes during a time when Gov. Gavin Newsom was forced to deploy additional law enforcement support to Oakland, which is within Alameda County’s jurisdiction.

“In November of 2022 Alameda County took a huge step forward toward a better criminal legal system,” Price said at Monday’s press conference, referring to her election win two years ago. 

“Under my leadership as district attorney, we made incredible strides toward serving the victims in this county.”

She said her office “diversified the workforce for the first time in decades,” hiring speakers of Cantonese, Mandarin, Hmong, as well as more African Americans. 

She said that a public accountability unit, created under her leadership, “exposed decades of prosecutorial misconduct, excluding Jewish, black residents and sometimes LGBTQ+ residents” from juries. She said there is evidence of an attempt to cover up the misconduct dating back nearly 20 years. 

Price also noted that her team prioritized the reduction of gun violence, the fentanyl crisis, and human trafficking.

“We prosecuted murderers and other violent persons throughout Alameda County at a higher rate than my predecessor and we processed more than 12,000 cases,” she said. 

She also said that she would leave with the largest grant portfolio in the history of the district attorney’s office, with more than $21 million in grants received since January 2023.

She credited the portfolio strength to Chief Assistant District Attorney Royl Roberts, who will lead the office as the interim district attorney until a new DA is appointed. 

Before working in the Alameda County DA office, Roberts worked as an executive from the Peralta Community College District, where, among other positions, he served as chief assistant to the chancellor and general counsel of the district. 

“We must not continue to have two systems of justice that are separate and unequal in Alameda County,” Price said during her press conference. “That is the way of the past. It is up to you and me to make sure that future leaders of this office remain independent decision makers and stay the course of holding public officials accountable, and law enforcement officers accountable, for their actions.”

Price initially ran on a platform including offender rehabilitation and police accountability. 

During her tenure, Newsom deployed more law enforcement to Oakland, and recently extended the California Highway Patrol’s increased presence there.

“We will continue this important work as local leadership transitions,” the governor said in a statement.

Newsom had also sent state prosecutors and surveillance cameras to Oakland. 

Tyler Durden Wed, 11/20/2024 - 16:20

Missiles, Michelle, & Missed Targets Spark Stock Dump'n'Pump; Bitcoin & Gold Jump

Geopolitically, more missiles were reported to have been sent into Russia overnight and that dragged stocks down early... and the micro and the macro kept stocks down for most of the day. Late on, buyers appeared as FOMO spread ahead of NVDA's earnings. That lifted The Dow into the green for the day...

On the Micro side, it was all about Target's epic fail...

 

Then, on the Macro side, round 12ET, Fed Governor Michelle Bowman poured some hawkish water on the dovish hopes:

“We have seen considerable progress in lowering inflation since early 2023, but progress seems to have stalled in recent months,” 'Miki' noted.

“I would prefer to proceed cautiously in bringing the policy rate down to better assess how far we are from the end point,” because progress in reducing inflation has slowed.

That sent December rate-cut odds significantly lower (33% now)...

Source: Bloomberg

Mega-Cap tech was slammed at the open, erasing all of yesterday's gains...before the FOMO buyers stormed in late...

Source: Bloomberg

Treasury yields ended the day higher with the short-end hit hardest (but still only 3bps)

Source: Bloomberg

Bitcoin accelerated to yet another new record high today (within a few bucks of $95,000)...

Source: Bloomberg

Gold rose for the third day in a row, back to its initial low from the election...

Source: Bloomberg

Notably gold and bitcoin rose together today amid the geopolitical chaos, but decoupled shortly after the US equity market opened...

Source: Bloomberg

The dollar rallied strongly, erasing Monday's losses...

Source: Bloomberg

Crude prices slipped lower this afternoon to end the day unchanged with WTI hovering around $69...

Source: Bloomberg

Finally, in case you were worried, the 'Trump Trade' continues to work..

Source: Bloomberg

..and will continue - if history is any guide - until the inauguration.

Tyler Durden Wed, 11/20/2024 - 16:00

US Is Lone Veto Of Gaza Ceasefire Call At UN, Citing It Neglects Hostages

The United States has again used its veto, blocking the fourth UN Security Council resolution on Gaza since the war began. The comprehensive resolution called for an "immediate, unconditional and permanent ceasefire." UN News writes:

United States vetoes Security Council draft resolution that would have demanded an immediate, unconditional and permanent ceasefire in Gaza, and the release of all hostages RESULT: In Favor: 14 Against: 1 (US) Abstain: 0

The text of the draft resolution did not link or condition the call for permanent ceasefire on the release on the hostages held by Hamas. The US has identified this as the reason for the veto.

A US official ahead of the vote made clear that the US will only support a resolution explicitly calling for the release of all remaining hostages as a key part of the ceasefire.

"As we stated many times before, we just can’t support an unconditional ceasefire that does not call for the immediate release of hostages," the official said.

The US official also alleged that Russia and China were conspiring to isolate the US, pushing the vote toward forcing Washington into being the lone veto:

Some of the council’s 10 elected members (E10) were more interested in bringing about a US veto than compromising on the resolution, the official said, accusing Russia and China of encouraging those members.

“China kept demanding ‘stronger language’ and Russia appeared to be pulling strings with various [elected] 10 members,” the official said. “This really does undercut the narrative that this was an organic reflection of the E10 and there’s some sense that some E10 members regret that those responsible for the drafting allowed the process to be manipulated for what we consider to be cynical purposes.”

The draft resolution not only demanded "an immediate, unconditional, and permanent ceasefire" but also the "immediate access [to] humanitarian assistance." The resolution mentioned the release of all hostages and prisoners, but failed to specifically condition it as part of a ceasefire.

Israel has long stood accused of blocking the free flow of humanitarian aid into the Strip. More recently, Palestinian groups looted some 100 aid convoy trucks in the south of the Strip. 

A couple of minutes of crossing South from Gaza City today. Beyond human and material loss. What is not as easily visible is the erasure of the markers of people’s memories, of their connection to their family stories and histories, where they took their first steps, the homes… pic.twitter.com/k5YdjGnC5C

— Philippa Greer (@philippa_bear) November 19, 2024

The situation is still desperate, and most estimates say that well over 40,000 Gazans have been killed since the Oct.7 Hamas terror attacks on Israel. Israel's military is showing sights of staying in the Strip for an indefinite period, as whole sections of central and northern Gaza are being bulldozed, and military infrastructure erected in its place.

Tyler Durden Wed, 11/20/2024 - 15:40

Court Dismisses California's Lawsuit Against City's Voter ID Law

Authored by Jill McLaughlin via The Epoch Times (emphasis ours),

California Supreme Court ruled on Nov. 15 to toss out the state’s lawsuit against Huntington Beach’s voter ID law, but they expect the state attorney general to continue fighting it.

People wait to vote at the Joslyn Park center in Santa Monica, Calif. on Nov. 5, 2024. Apu Gomes/Getty Images

“Honestly, it’s a great victory for Huntington Beach, and as I’ve said, I think it’s a black eye to the state,” City Attorney Michael Gates told The Epoch Times on Nov. 18.

The state could refile the lawsuit within 20 days, but Gates confirmed on Monday that the city is “moving forward with the voter ID program.”

The state’s Supreme Court dismissed a lawsuit brought in April by Attorney General Rob Bonta and California Secretary of State Shirley Weber. The lawsuit alleged that the Huntington Beach law passed by voters in March requiring voter ID starting in 2026 violated state election law.

Bonta and Weber also said it conflicted with a state law introduced by former state Sen. Dave Min of Irvine that banned local governments from requiring voter identification in elections.

Min, who is expected to win a seat in the U.S. House to replace former Rep. Katie Porter, introduced the law in February after the state threatened legal action against the city. Gov. Gavin Newsom signed it into law Sept. 29.

Huntington Beach’s request for the court’s dismissal was granted after justices considered the case on Thursday.

“The Court finds that this matter is not ripe for adjudication, as … the City’s Charter is permissive and discretionary in character, and thus currently presents no conflict with state elections law,” the state Supreme Court justices wrote in the order.

The Orange County city, located on the coast about 40 miles south of Los Angeles, is home to about 192,000 residents.

Huntington Beach’s voter ID requirement was an amendment to the city’s charter that voters approved on March 5. The amendment defines voters as citizens of the United States, residents of Huntington Beach, and at least 18 years old.

It also states that if a conflict between the city’s charter and California’s election code arises, the city’s charter “shall prevail.”

The city’s charter serves as a city’s constitution, outlining the local government’s powers and responsibilities.

(L-R) Huntington Beach Mayor Tony Strickland, City Attorney Michael Gates, and Councilman Casey McKeon gather with residents to challenge state housing laws in Huntington Beach, Calif., on Feb. 14, 2023. John Fredricks/The Epoch Times

Bonta and Weber issued a joint letter to the Huntington Beach City Council in September 2023, urging it to reconsider the voter ID amendment and threatened to fight it before the measure was placed on the ballot.

“If the City moves forward and places it on the ballot, we stand ready to take appropriate action to ensure that voters’ rights are protected and state laws are enforced,” they wrote in the letter.

Although Bonta included the new state law in its arguments to the Supreme Court, the court didn’t see a conflict, according to the city attorney.

The California Constitution states charter cities have local jurisdiction over local elections, Gates said.

“We’re invoking our constitutional right.”

Huntington Beach became a charter city in 1937, according to the city. It decided to adopt a charter to ensure the state did not interfere with the city’s affairs or intrude on its oil revenue.

Bonta claimed in a statement issued Sunday about the decision that existing law prohibited cities from implementing voter ID. He claimed the court would eventually side with the state.

California Attorney General Rob Bonta speaks in Los Angeles on April 15, 2024. John Fredricks/The Epoch Times

Bonta asserts in the state lawsuit that under existing state law and Min’s Senate Bill 1174, all local governments—including charter cities like Huntington Beach—are prohibited from implementing voter ID requirements and local laws that conflict with state laws governing a “statewide concern,” he said in the statement.

“Let me be clear: that has not changed. We disagree with the court’s decision that it is too early to bring our lawsuit and remain confident in the strength of our case.”

The decision allows the state to file an amended lawsuit within 20 days. Bonta’s office did not return a request for comment on Monday about whether he planned to refile it.

The city doesn’t plan to back down, according to a statement by Huntington Beach Mayor Gracey Van Der Mark posted on Facebook Friday.

“This is a great day for our City—we have not only successfully defended our City’s Voter ID law but also the rights of our residents from attacks by Governor Newsom and the State. We will not back down and will continue to fight for the City,” Van Der Mark stated.

Tyler Durden Wed, 11/20/2024 - 15:20

The Layaway Presidency: How Alvin Bragg Would Create A New Constitutional Creature

Authored by Jonathan Turley,

Manhattan District Attorney Alvin Bragg pushed Tuesday to create a new constitutional creature: the layaway president.

It was once common for stores to hold expensive items that you really wanted but could not make the payment.

So they were tagged and kept on the shelf until you were ready to redeem your item.

For Bragg, that leaves Donald Trump tagged until 2029.

In a filing before Manhattan Justice Juan Merchan, Bragg suggested that the court should stay the pending criminal case and defer any sentencing “until after the end of defendant’s upcoming presidential term.”

That would allow a city prosecutor to put a leash on a sitting president for four years.

Trump would govern by the grace of this local judge and district attorney.

In the meantime, pundits and politicians could portray the president as free on a type of work release program.

The suggestion is appalling to most of the people in the country, including the majority of voters who voted for Trump.

Vice President Kamala Harris and Democrats ran on this and other cases in the election.

The result was arguably the largest jury decision in history.

That being said, I do not believe that the mere election of a president negates jury verdicts on 34 criminal counts.

But ample reasons exist to overturn those verdicts or to dismiss this case.

For example, after the verdict, the Supreme Court rendered its immunity decision barring the use of certain evidence against a president.

Some of the evidence used in the Manhattan case likely fell within one of the protected categories.

The prosecutors not only elicited testimony from Trump aides in the White House but then doubled down on the significance of that evidence in their closing arguments.

Merchan could declare that the court cannot rule out the impact of such testimony on the final verdict.

Even if Merchan, as expected, does not dismiss the case on the basis for the immunity decision, the trial was rife with reversible error.

This was a raw exercise of lawfare and Merchan did little to ensure fairness toward the defendant.

Yet none of those errors can be likely addressed until Merchan reaches final decisions on the motion to dismiss as well as the sentencing question.

While that will mean that Trump could, upon possible sentencing, formally become a convicted felon, the matter can then be finally pried out of the hands of Merchan and taken to higher courts for review.

The worst possible option is the one suggested by Bragg, who would adopt the popular persona of Trump’s turnkey.

The President would be seen by many as governing on a type of conditional status from one of the most politically compromised prosecutors in the country.

For Bragg and other Trump opponents, that may be far more satisfying than a sentencing now given the unlikelihood of any jail component.

After the years and millions spent on the case, it would be the ultimate buzz kill to have Trump sentenced to some fine or other non-carceral penalty.

Many Democrats want to have Trump govern with an asterisk of a “President pending sentencing.”

Instead, Trump would govern with the clock ticking toward a sentencing date.

It is a dangerous precedent. Such pending sentences can have a coercive impact on a president in dealing with given officials, including a state governor who might be willing to pardon a president.

Consider the effort of the governor of New York in restoring the lucrative state and local tax, or SALT, deductions.

There is no reason to believe that Trump would succumb to such leverage (and he has already indicated that he would consider the change).

However, any decision on policies like SALT would be the subject of speculation of whether a reduction in taxation was made in the hope of a reduction in incarceration.

Critics would suggest that New York is yanking on the leash to achieve policy advantages.

This is the same judge and prosecutor who gagged the leading candidate for the presidency in discussing aspects of the case in the months leading up to the election.

Now, they would allow him to govern pending their own suspended decisions on his future.

The Trump case was always a thrill kill for Bragg.

Under Bragg’s proposal, his supporters would prolong that thrill for four more years.

The cost, however, would be devastating for the country.

This country needs a president, not a president on layaway from the Manhattan District Attorney.

*  *  *

Jonathan Turley is the Shapiro professor of public interest law at George Washington University and the author of “The Indispensable Right: Free Speech in an Age of Rage.”

Tyler Durden Wed, 11/20/2024 - 14:45

Biden Asks Congress To Approve $100 Billion Supplemental For Disaster Relief

Authored by Emel Akan via The Epoch Times (emphasis ours),

WASHINGTON—The Biden administration is urging Congress to allocate $100 billion in disaster relief to assist communities across the Southeast affected by the recent hurricanes Helene and Milton.

President Joe Biden addresses the nation after presidential election results, congratulating President-elect Donald Trump at the Rose Garden of the White House in Washington on Nov. 7, 2024. Madalina Vasiliu/The Epoch Times

“With the Congress now back in session, I write to request urgently needed emergency funding to provide for an expeditious and meaningful Federal response to Hurricanes Helene and Milton and other natural disasters,” President Joe Biden said in a letter to Congress addressed to House Speaker Mike Johnson (R-La.) on Nov. 18.

The administration on Nov. 18 submitted a funding request that included $40 billion for the Federal Emergency Management Agency (FEMA), $24 billion for the Department of Agriculture, and $12 billion for the Department of Housing and Urban Development.

“The last time Congress passed a comprehensive disaster package was in December of 2022 as part of the Consolidated Appropriations Act of 2023,” Shalanda Young, director of the Office of Management and Budget, told reporters during a call.

“Since then, numerous deadly storms and disasters have struck communities across the country. Those, of course, include hurricanes Milton and Helene.”

Biden is seeking funding for a total of 16 agencies, with additional allocations such as $8 billion for the Department of Transportation, $4 billion for the Environmental Protection Agency, $3 billion for the Department of Health and Human Services, and $2 billion for the Small Business Administration (SBA).

The request came after Johnson signaled that the House might delay appropriations bills until early 2025, when Republicans are set to control both Congress and the White House.

“We’re running out of clock; December 20 is the deadline,” Johnson told Shannon Bream on “Fox News Sunday” on Nov. 17. “We’re still hopeful we might be able to get that done, but if not, we will have a temporary measure. I think it would go into the first part of next year and allow us the necessary time to get this done.”

Young said the administration has already allocated funds for a range of other disasters, including the fires in Maui, tornadoes across the Midwest, the collapse of the Francis Scott Key Bridge in Baltimore, and severe storms in Alaska, Connecticut, Louisiana, New Mexico, Virginia, Pennsylvania, Illinois, and other states.

“That is why we need comprehensive disaster relief in order to ensure that our communities can fully recover and rebuild,” she said.

The funding request also includes critical support for the SBA’s disaster loan program for small businesses, which has completely exhausted its funding, according to Young.

“Homeowners also use this funding as a critical source of rebuilding,” she said.

During the call, FEMA Administrator Deanne Criswell also emphasized the importance of the urgent funding, noting that “2024 has been a year of records.”

“For example, in 2023, we had 114 disaster declarations, and as of today, in 2024, we’ve had 172,” she said.

During a visit to Western North Carolina last month, Johnson pledged that Congress would take bipartisan action to support recovery efforts once cost assessments are completed.

When asked about a lawsuit against FEMA in Florida brought because emergency workers allegedly skipped houses with Trump signs in front, a senior administration official stated during a call on Nov. 18: “We’re not able at this time to comment on an open and active investigation. I can tell you that FEMA’s mission is to help people before, during, and after disasters.

“And our core values are fairness, respect, integrity, and compassion. And that is the ethos of the organization.”

Tyler Durden Wed, 11/20/2024 - 14:05

Mike Johnson Bans Transgenders From House Bathrooms After 1st Trans Lawmaker Elected

House Speaker Mike Johnson (R-LA) is banning transgender individuals from bathrooms on the House side of the Capitol Complex regardless of their gender identity.

Trans Rep-elect Sarah McBride (D-DE)

The move comes after the election of Rep-elect Sarah McBride (D-DE), who will become the first transgender member of Congress.

"All single-sex facilities in the Capitol and House Office Buildings (like restrooms, changing rooms, and locker rooms) are reserved only for individuals of that biological sex," Johnson said of women with johnsons, adding "Like all policies, it's enforceable. We have single-sex facilities for a reason. Women deserve women's only spaces."

"We're not anti-anyone. We're pro-woman. I think it's an important policy for us to continue. It's always been, I guess, an unwritten policy, but now it's in writing," Johnson continued.

The move comes after Rep. Nancy Mace (R-SC) introduced a resolution to ban transgender women from women's bathrooms in the House.

Rep Nancy Mace (R-SC) and Speaker Mike Johnson (R-LA)

As Axios notes, Mace pushed Johnson to include her measure, which charges the House sergeant-at-arms with enforcing the ban.

Biological men do not belong in private women’s spaces. Period. Full stop. End of story. pic.twitter.com/IhR7kExkBU

— Rep. Nancy Mace (@RepNancyMace) November 18, 2024

Meanwhile, Rep. Marjorie Taylor Greene (R-GA) told colleagues at a Tuesday closed-door GOP conference meeting that she might get into a "physical altercation" if she's forced to share the bathroom with a trans woman.

In a Monday statement, McBride, a woman with a penis, said "This is a blatant attempt from far right-wing extremists to distract from the fact that they have no real solutions to what Americans are facing."

lol what?

Tyler Durden Wed, 11/20/2024 - 13:45

Founder Of Jersey Mike's Worth $7 Billion After Selling Chain To Blackstone

Who says we don't make things in America anymore?

Not Peter Cancro. He got his start making sandwiches back in 1975 when he began working at Mike’s Subs in Point Pleasant, New Jersey, in 1971 as a 14-year-old high school football player, despite being too young to legally use the meat slicers.

At 17, with his mother's support, he bought the shop for $125,000, financed by his banker-football coach, choosing the business over college plans.

This week he just cashed in after nearly 50 years of hard work and good ole' fashioned American elbow grease.

Now, he's worth $7 billion. Jersey Mike's revealed Tuesday it sold a majority stake to Blackstone Inc. in a deal valuing the chain at $8 billion. This boosts founder and CEO Cancro's net worth to $7 billion, placing him among the world's 500 wealthiest individuals, according to the Bloomberg Billionaires Index.

Jersey Mike’s, with over $3 billion in annual revenue from its signature subs and “the juice” dressing, marks Blackstone’s third restaurant deal this year, following investments in 7 Brew and Tropical Smoothie Cafe, according to Bloomberg.

“We believe we are still in the early innings of Jersey Mike’s growth story and that Blackstone is the right partner to help us reach even greater heights,” Cancro commented.

Yeah, heights like a yacht in the Mediterranean with Eastern European models...

Last November, Cancro outlined plans to grow Jersey Mike’s to over 5,000 stores by 2028, aiming for 10,000 globally, while rival Subway, sold to Roark Capital for $9.6 billion, has nearly 37,000 locations.

Bloomberg writes that as the sole owner, Cancro will retain a minority stake post-sale and continues to personally slice and wrap sandwiches during store visits, despite never earning a college degree.

Cancro concluded: “We always had the Wall Street guys come down from New York to the Jersey Shore, and they’d always say, ‘Peter, what are you doing? You’re making subs? I’d go, ‘Well, yeah, I guess I am.’”

Tyler Durden Wed, 11/20/2024 - 12:25

What Are The Odds California House District 45 Is Stolen?

Authored by Mike Shedlock via MishTalk.com,

CA-45 will come down to the wire, perhaps decided by 10 votes or less...

California House District 45 Image courtesy of the Washington Post, annotations and insets by Mish.

If these percentages hold, and anything remotely close to what’s happening in Pennsylvania happens in California, guess what.

Admittedly, the setups are different so that comparison is gone. But there are other issues such as illegal immigrants voting.

I doubt illegal immigrant voting widespread.

But it doesn’t have to be to steal the election.

If the winning margin is 6 or even 600, this question is going to come up.

Election Fraud by Democrats Must Stop

In Pennsylvania, there is admitted election fraud underway.

The state supreme court had to step in, and did with feeble actions.

In Bucks County one of those counting votes openly stated “I think we all know that precedent by a court doesn’t matter anymore in this country and people violate laws anytime they want. So for me, if I violate this law, it’s because I want the court to pay attention to it.”

For discussion, please see Pennsylvania Supreme Court Rules Election Fraud by Democrats Must Stop

Time to Prosecute

Regardless of how one feels about the 2020 election (and this one), the one and only way to stop this kind of purposeful fraud is to prosecute these cases to the fullest extent of the law.

The governor is missing in action.

And where the heck is the outrage from Democrats?

“No one is above the law”. Yes, hypocrites, tell me about it.

Tyler Durden Wed, 11/20/2024 - 11:25