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Overview: The yen and sterling are trading quietly after the recent drama, but with the Party Congress ending, the Chinese yuan has been permitted to fall…



Overview: The yen and sterling are trading quietly after the recent drama, but with the Party Congress ending, the Chinese yuan has been permitted to fall faster. It approached the 2% band today and its loss of about 0.65% today makes it the weakest among the emerging market currencies. Most of the major currencies seem to be consolidating. Chinese stocks pared earlier losses as foreign buying via the Hong Kong link returned after large sales yesterday. Asia Pacific equities were mixed, while Europe’s Stoxx 600 is slightly firmer after yesterday’s 1.4% gain. US futures are softer. Benchmark 10-year yields are mostly 5-8 bp lower in Europe. The 10-year Gilt is off about 3 bp and the 30-year yield is down four basis points bringing both to about 3.70%. The 10-year US Treasury yield is about six basis points low near 4.18%. Gold was turned back yesterday after briefly trading above its 20-day moving average (~$1667) and settled slightly below $1650. It is straddling $1640 in the European morning. December WTI is soft at the lower end of yesterday’s range. It is now changing hands around $83.40. Last week’s low was closer to $81.30. Bargain hunting helped lift US natgas prices yesterday to snap a six-day sharp drop. Today it is flat. Europe’s natgas benchmark is up 2.5% today after dropping by around a quarter in the past two sessions. EU energy ministers meet today, and capping gas prices still seems quite difficult without encouraging demand and giving others a free ride. Iron ore fell 2% today, while December copper is off 1.7%. Lastly, December wheat is off 1% after falling 1.4% yesterday. It is at new lows for the month near $8.30 a bushel. 

Asia Pacific

While the BOJ's intervention and its policy meeting at the end of the week is the main focus, do not forget about fiscal policy. Capital might have struck the UK, protesting the unfunded deficit that Truss was pursuing, but Japan is different. Prime Minister Kishida's new spending bill is expected to be announced toward the end of the week. The package is expected to be between JPY20-JPY30 trillion (or roughly $134-$200 bln). It will include some local government spending as well, and may use some unspent funds from earlier budgets, especially last year, when tax revenues were stronger than expected. It is an awkward time for the Economic Minister Yamagiwa to resign (over ties to the Unification Church). He will be replaced by former health minister Goto.

Foreign investors have been net sellers of Japanese stocks and bonds this year (weekly average of JPY113.4 bln and JPY51 bln, respectively or ~$870 mln and ~$400 mln). Last year, through mid-October, foreigners were net buyers of Japanese bonds and stocks (JPY117 bln and JPY51 bln, respectively. For their part, Japanese investors have been sellers of foreign bonds this year (~JPY436 bln weekly average) and but buyers of foreign stocks (~JPY88.5 bln weekly average). During this period last year, Japanese investors for buyers of foreign bonds (~JPY145.5 bln weekly average) and small sellers of foreign equities (~JPY98 bln weekly average).

The dollar has been confined to half a yen range today above JPY148.60. The volatility of the past two sessions has evaporated. There are options for around $1.3 bln at JPY150 that expire today but we suspect that the hedging helped the dollar rise to nearly JPY152 at the end of last week. The market will likely probe for a new range, and it could be JPY148-JPY150. News that the Australian government projects the fiscal deficit to be half of what it had been projected in the year ending in June appears to have had little impact on the Australian dollar. It too is consolidating after two sessions of dramatic swings that saw it traded roughly $0.6200-$0.6400. It is trading quietly today between $0.6300 and $0.6340. The Chinese yuan slumped even though officials tweaked the rules to make it allow companies to repatriate more funds raises offshore. The dollar gapped higher and reached nearly CNY7.31, the upper end of 2% band. The reference rate, which had been set around CNY before and during the Congress, was set at CNY7.1668 (median in Bloomberg's survey was CNY7.2198). Against the offshore yuan, the dollar traded to nearly CNH7.37.


Here is a narrative of the UK events. After numerous miscues and petty scandals, Johnson resigned. A party leadership contest began and under the rules in the early 2000s, the Tory MPs would narrow the field to two and let the members of the party decide. Sunak led among the MPs and Truss came in second. Sunak lost the vote among the party members. Truss campaigned on pro-growth, tax cut platform. It should hardly be surprising that she was implementing her strategy, which shunned by capital, and reflected in a sharp sell-off in sterling and dramatic rise in rates. Large, levered pools of capital, especially pension funds and insurance companies faced destabilizing margin calls and the central bank had to step in buying what amounted to be relatively small amounts of Gilts. The Tory MPs threatened to fire Truss (vote of no confidence) and she resigned. A new leadership contest ensued. There was no credible opposition so Sunak to the head of the party, yet the party is anything but united. He is the third prime minister in about seven weeks.

By overturning the rank-and-file decision, the Tories have jumped from one horn of the problem to the other. From a Prime Minister that carried the Tory voters but not the MPs to a Prime Minister who has the support of the MPs but not necessarily of the Tory voters. The UK economy already headed for a recession, if not in it already, will have another dose of austerity. The Bank of England threatened a sizable rate hike. In the turmoil in late September, the swaps market thought this could be as much as a 150 bp rate hike. The swing back toward orthodoxy has seen expectations roughly halved. The market seems comfortable with a 75 bp hike and has about a 25% chance of a 100 bp move next week. 

The euro reached its best level against the Swiss franc in three months today (~CHF0.9900). It has now met the (38.2%) retracement objective of its losses from the year's high set in February slightly above CHF1.06. What is counter-intuitive about the euro's gain (~4.5%) since late September's 7-year low (~CHF0.9410) is as Russia threatens the use of nuclear weapons and the new Italian government was bickering as the government was being formed. On a trade-weighted basis, the franc is trading at three-month lows. Moreover, sight deposits are collapsing in Switzerland as the SNB mops up extra liquidity. Total sight deposits have fallen 11% already this month after an 11% decline last month. They have fallen by more than CHF150 bln over the past five weeks. Meanwhile, for the past four week, banks have borrowed dollars from the SNB's swap line with the Fed. At least week's auction, the banks too about $11.1 bln after roughly $6.3 bln the previous week. Last week 17 banks took dollars, and in the previous week 15 did. While there could be a systemic issue here, we continue to think the more likely explanation is a type of financial arbitrage, where the dollars are swapped for Swiss franc and put in the SNB's repo facility or on deposit with the SNB.

The euro has drawn little comfort from the German IFO survey that held up better than expected. The overall business climate was little changed at 84.3 (from a revised 84.4 in September). While the current assessment softer slightly (94.1 vs. 94.5, but better than the 92.5 expected), the expectations component rose (to 75.6 from a revised 75.3). The euro held just below $0.9900 and found support near $0.9850. The intraday momentum indicators suggest another try at $0.9900 is likely today. Sterling is firm but unable to scale the heights that saw it test the $1.1400 area yesterday. It appears that support is being tentatively formed around $1.1250-$1.1275. The push to session highs in the European morning near $1.1330 is stretching the momentum indicators.


The disappointingly weak flash PMI played into talk that after next month's 75 bp hike, the Federal Reserve will slow the pace of its hikes. The US economy has been losing momentum if that makes sense after it contracted in the first two quarters. It was the fourth consecutive month that the composite was below the 50 boom/bust levels. New orders in manufacturing and new business in services are both below 50. The employment sub-index of the services PMI fell to 49.4, the lowest level since the early days of the pandemic. Manufacturing prices (input/output) fell but in services prices (input/charged) ticked up. The pipeline also thinned, with backlogs falling in manufacturing and services.

Today the US reports August house prices. The FHFA purchase price index is expected to have fallen for the second consecutive month for the first time since 2011. The S&P Corelogic Case-Shiller 20-city price metric is also expected to have fallen for the second month in a row. Given the slowdown in activity, spurred primarily by higher rates and less confidence, the weakening of prices will not surprise. When the Fed tightens financial conditions, among other things, it means downward pressure on asset prices, including houses.

There was some suggestion that Saudi Arabia would consider selling its Treasury holdings if the US went forward with its bill that would allow OPEC to be challenged in US courts for being a cartel. US Treasury figures suggest that it held a little less than $120 bln of Treasuries at the end of June, which might understate the case a bit. Is this much of a threat?  Probably not. First, Saudi Arabia's chief export is denominated in US dollar, and the Saudi currency is pegged to the dollar, which among other things, means that when the Fed hikes next week, so will the Saudi Monetary Authority. Second, to sell US Treasuries means to give up yield, liquidity, and security. Third, the amount is modest. Consider that the BOJ's recent intervention (last month and this month's operation) may be close to $60 bln and the impact on the Treasury market has been minimal. The same could be said when Russia reduced its Treasury holdings by around $90 bln. The NOPEC bill may not be a good idea, but not because the Saudi's Treasury holdings give it leverage on US policy. 

Mexico's CPI for the first half of October was mixed. The headline and core rates rose by a little more than 0.4% from 8.5% and 8.4% year-over-year readings, respectively. That was less than expected for the headline and a little more for the core, however, not sufficiently to signal anything new. Today, Mexico report the IGAE economic activity report, which is a bit like a monthly GDP proxy. The median forecast of the 11 economists in Bloomberg's survey is for a flat number, though the average is for a small decline. Net-net it has been flat for the May-July period. The week's highlights include the September jobs report on Thursday and the trade figures on Friday.

Meanwhile, Brazil reported a larger than expected September current account deficit ($5.68 bln vs. $5.43 bln in August and median forecasts for $3.04 bln). However, the current account is being more than covered by long-term capital flows, direct investment. The current account deficit has averaged $3.29 bln a month this year, while direct investment has averaged more than twice that (~$7.85 bln). Tensions are rising ahead of this weekend's presidential run-off contest. Both Bolsonaro and Lula were critical of former lower house deputy Jefferson who shot at police who tried to arrest him. The latest polls show Lula with a few percentage-point lead. The dollar fell 3% against the Brazilian real last week and rose almost 2.5% yesterday. The dollar tested the BRL5.30 area. This month's high was set on October 13 near BRL5.38. The monetary policy committee of the central bank (COPOM) meets on Wednesday and is expected to keep the Selic rate steady at 13.75%. 

The US dollar is trading quietly against the Canadian dollar in a 20-25 tick range on either side of the CAD1.3705 settlement. The intraday momentum indicators are stretched, suggesting, the greenback may pullback in the North American session, ahead of tomorrow Bank of Canada meeting. The pendulum of market sentiment has swung from not even fully discounting a 50 bp hike earlier this month to now when the swaps market has about a 1-in-3 chance of a 100 bp move, which seems a bit much. The greenback fell recorded the month's low against the Mexican peso before the weekend near MXN19.8860. Yesterday's bounce stalled slightly above MXN20.00 and it is back near its lows today. If last week's low is taken out today, we suspect it will be minimal.


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Fauci And The CIA: A New Explanation Emerges

Fauci And The CIA: A New Explanation Emerges

Authored by Jeffrey A. Tucker via Brownstone Institute,

Jeremy Farrar’s book from August 2021…



Fauci And The CIA: A New Explanation Emerges

Authored by Jeffrey A. Tucker via Brownstone Institute,

Jeremy Farrar’s book from August 2021 is relatively more candid than most accounts of the initial decision to lock down in the US and UK. “It’s hard to come off nocturnal calls about the possibility of a lab leak and go back to bed,” he wrote of the clandestine phone calls he was getting from January 27-31, 2020. They had already alerted the FBI and MI5. 

“I’d never had trouble sleeping before, something that comes from spending a career working as a doctor in critical care and medicine. But the situation with this new virus and the dark question marks over its origins felt emotionally overwhelming. None of us knew what was going to happen but things had already escalated into an international emergency. On top of that, just a few of us – Eddie [Holmes], Kristian [Anderson], Tony [Fauci] and I – were now privy to sensitive information that, if proved to be true, might set off a whole series of events that would be far bigger than any of us. It felt as if a storm was gathering, of forces beyond anything I had experienced and over which none of us had any control.”

At that point in the trajectory of events, intelligence services on both sides of the Atlantic had been put on notice. Anthony Fauci also received confirmation that money from the National Institutes of Health had been channeled to the offending lab in Wuhan, which meant that his career was on the line. Working at a furious pace, the famed “Proximal Origin” paper was produced in record time. It concluded that there was no lab leak. 

In a remarkable series of revelations this week, we’ve learned that the CIA was involved in trying to make payments to those authors (thank you whistleblower), plus it appears that Fauci made visits to the CIA’s headquarters, most likely around the same time. 

Suddenly we get some possible clarity in what has otherwise been a very blurry picture. The anomaly that has heretofore cried out for explanation is how it is that Fauci changed his mind so dramatically and precisely on the merit of lockdowns for the virus. One day he was counseling calm because this was flu-like, and the next day he was drumming up awareness of the coming lockdown. That day was February 27, 2020, the same day that the New York Times joined with alarmist propaganda from its lead virus reporter Donald G. McNeil

On February 26, Fauci was writing: “Do not let the fear of the unknown… distort your evaluation of the risk of the pandemic to you relative to the risks that you face every day… do not yield to unreasonable fear.”

The next day, February 27, Fauci wrote actress Morgan Fairchild – likely the most high-profile influencer he knew from the firmament – that “be prepared to mitigate an outbreak in this country by measures that include social distancing, teleworking, temporary closure of schools, etc.”

To be sure, twenty-plus days had passed between the time Fauci alerted intelligence and when he decided to become the voice for lockdowns. We don’t know the exact date of the meetings with the CIA. But generally until now, most of February 2020 has been a blur in terms of the timeline. Something was going on but we hadn’t known just what. 

Let’s distinguish between a proximate and distal cause of the lockdowns.

The proximate cause is the fear of a lab leak and an aping of the Wuhan strategy of keeping everyone in their homes to stop the spread. They might have believed this would work, based on the legend of how SARS-1 was controlled. The CIA had dealings with Wuhan and so did Fauci. They both had an interest in denying the lab leak and stopping the spread. The WHO gave them cover. 

The distal reasons are more complicated. What stands out here is the possibility of a quid pro quo. The CIA pays scientists to say there was no lab leak and otherwise instructs its kept media sources (New York Times) to call the lab leak a conspiracy theory of the far right. Every measure would be deployed to keep Fauci off the hot seat for his funding of the Wuhan lab. But this cooperation would need to come at a price. Fauci would need to participate in a real-life version of the germ games (Event 201 and Crimson Contagion). 

It would be the biggest role of Fauci’s long career. He would need to throw out his principles and medical knowledge of, for example, natural immunity and standard epidemiology concerning the spread of viruses and mitigation strategies. The old pandemic playbook would need to be shredded in favor of lockdown theory as invented in 2005 and then tried in Wuhan. The WHO could be relied upon to say that this strategy worked. 

Fauci would need to be on TV daily to somehow persuade Americans to give up their precious rights and liberties. This would need to go on for a long time, maybe all the way to the election, however implausible this sounds. He would need to push the vaccine for which he had already made a deal with Moderna in late January. 

Above all else, he would need to convince Trump to go along. That was the hardest part. They considered Trump’s weaknesses. He was a germaphobe so that’s good. He hated Chinese imports so it was merely a matter of describing the virus this way. But he also has a well-known weakness for deferring to highly competent and articulate professional women. That’s where the highly reliable Deborah Birx comes in: Fauci would be her wingman to convince Trump to green-light the lockdowns. 

What does the CIA get out of this? The vast intelligence community would have to be put in charge of the pandemic response as the rule maker, the lead agency. Its outposts such as CISA would handle labor-related issues and use its contacts in social media to curate the public mind. This would allow the intelligence community finally to crack down on information flows that had begun 20 years earlier that they had heretofore failed to manage. 

The CIA would hobble and hamstring the US president, whom they hated. And importantly, there was his China problem. He had wrecked relations through his tariff wars. So far as they were concerned, this was treason because he did it all on his own. This man was completely out of control. He needed to be put in his place. To convince the president to destroy the US economy with his own hand would be the ultimate coup de grace for the CIA. 

A lockdown would restart trade with China. It did in fact achieve that. 

How would Fauci and the CIA convince Trump to lock down and restart trade with China? By exploiting these weaknesses and others too: his vulnerability to flattery, his desire for presidential aggrandizement, and his longing for Xi-like powers over all to turn off and then turn on a whole country. Then they would push Trump to buy the much-needed personal protective equipment from China. 

They finally got their way: somewhere between March 10 or possibly as late as March 14, Trump gave the go ahead. The press conference of March 16, especially those magical 70 seconds in which Fauci read the words mandating lockdowns because Birx turned out to be too squeamish, was the great turning point. A few days later, Trump was on the phone with Xi asking for equipment. 

In addition, such a lockdown would greatly please the digital tech industry, which would experience a huge boost in demand, plus large corporations like Amazon and WalMart, which would stay open as their competitors were closed. Finally, it would be a massive subsidy to pharma and especially the mRNA platform technology itself, which would enjoy the credit for ending the pandemic. 

If this whole scenario is true, it means that all along Fauci was merely playing a role, a front man for much deeper interests and priorities in the CIA-led intelligence community. This broad outline makes sense of why Fauci changed his mind on lockdowns, including the timing of the change. There are still many more details to know, but these new fragments of new information take our understanding in a new and more coherent direction. 

Jeffrey A. Tucker is Founder and President of the Brownstone Institute. He is also Senior Economics Columnist for Epoch Times, author of 10 books, including Liberty or Lockdown, and thousands of articles in the scholarly and popular press. He speaks widely on topics of economics, technology, social philosophy, and culture.

Tyler Durden Thu, 09/28/2023 - 17:40

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North Korea Enshrines “Permanent” Nuclear Power Status In Constitution

North Korea Enshrines "Permanent" Nuclear Power Status In Constitution

On Thursday North Korean state media quoted leader Kim Jong Un as saying…



North Korea Enshrines "Permanent" Nuclear Power Status In Constitution

On Thursday North Korean state media quoted leader Kim Jong Un as saying more advanced atomic weapons are needed to counter the threat from the United States.

This signals the death knell for Washington's long stated policy goal of denuclearization of the Korean peninsula, given that the remarks came as Kim enshrined the DPRK's status as a permanent nuclear power in its constitution.

North Korea's "nuclear force-building policy has been made permanent as the basic law of the state, which no one is allowed to flout," Kim told the State People's Assembly, according to state-run KCNA.


Starting last year he declared the north as an "irreversible" nuclear weapons state, and has in the last couple months ramped up ballistic missile tests in response to intermittent, ongoing joint US military drills with the south. This has already been a record year in terms of the number of Pyongyang's missile tests.

The north's rubber-stamp parliament, which met Tuesday and Wednesday, has approved the nuclear update to the constitution. Kim described that this was necessary as the United States has "maximized its nuclear war threats to our Republic by resuming the large-scale nuclear war joint drills with clear aggressive nature and putting the deployment of its strategic nuclear assets near the Korean peninsula on a permanent basis."

In July, the nuclear-armed USS Kentucky Navy ballistic missile submarine made a port call in South Korea, which marked a first in decades. It has stayed there since, enraging Pyongyang.

Kim in his Thursday address also blasted growing defense cooperation between Washington, Seoul and Tokyo as the "worst actual threat," saying that as a result "it is very important for the DPRK to accelerate the modernization of nuclear weapons in order to hold the definite edge of strategic deterrence."

A similar message was delivered in New York on Tuesday by Kim Song, North Korea's representative at the UN, who said in an address to the UN General Assembly that the region is close to the "brink of a nuclear war"

"Owing to the reckless and continued hysteria of nuclear showdown on the part of the US and its following forces, the year 2023 has been recorded as an extremely dangerous year that the military security situation in and around the Korean peninsula was driven closer to the brink of a nuclear war," he said.

"Due to [Seoul’s] sycophantic and humiliating policy of depending on outside forces, the Korean peninsula is in a hair-trigger situation with imminent danger of nuclear war," the ambassador continued. He further blasted the US for attempting to erect an "Asian NATO" that will bring a "new Cold War structure to northeast Asia."

Tyler Durden Thu, 09/28/2023 - 17:20

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Our Society Is Melting Down Even Faster Than Most People Thought That It Would

Our Society Is Melting Down Even Faster Than Most People Thought That It Would

Authored by Michael Snyder via The End of The American Dream…



Our Society Is Melting Down Even Faster Than Most People Thought That It Would

Authored by Michael Snyder via The End of The American Dream blog,

It can be difficult to believe that the wild scenes that we are witnessing on the streets of America are actually real.  Earlier this week, I wrote an article entitled “What Life Is Really Like In America’s Hellish Inner Cities”.  I wrote that article before the widespread looting that just erupted in Philadelphia.  Just when I think that conditions in our core urban areas have reached a low point, they seem to find a way to get even worse.  Unfortunately, this is just the beginning of this crisis.  As economic conditions continue to deteriorate, countless numbers of people will become very desperate.  And when countless numbers of people become very desperate, our society will descend into a permanent state of chaos.

On Tuesday night, dozens of young people went on a rampage in the city of Philadelphia.

It is being reported that “stores in several areas of Philadelphia” were hit…

Dozens of people faced criminal charges Wednesday after a night of social media-fueled mayhem in which groups of thieves, apparently working together, smashed their way into stores in several areas of Philadelphia, stuffing plastic bags with merchandise and fleeing, authorities said.

A total of 52 arrests have been made so far, police said Wednesday.

Burglary, theft and other counts have been filed so far against at least 30 people, all but three of them adults, according to Jane Roh, spokesperson for the Philadelphia district attorney’s office.

The largest group consisted of approximately 100 young people, and there was violence when the police finally confronted that group outside of a Lululemon store

Police in the city said that a large group of around 100 juveniles kept moving from store to store and looting them.

Videos shared on social media show officers attempting to grab thieves, some of whom are wearing Halloween masks, as they run riot through a Lululemon store.

One officer manages to hit one of the looters with a punch after tackling them to the ground.

Many on social media seem to be quite entertained by videos of the looting, but the truth is that this footage should break all of our hearts.

Our society is literally coming apart at the seams all around us.

I had warned my readers that total retail theft would exceed 100 billion dollars this year, but now it is being reported that total retail theft already broke that threshold in 2022

Last year, total losses tied to theft amounted to $112.1 billion, according to data from the 2023 National Retail Security Survey. That is up from $93.9 billion in losses in 2021 and $90.8 billion in 2020.

Retailers within metros including Los Angeles, San Francisco and Oakland as well as Houston, New York and Seattle were hit the hardest last year.

So if last year’s number was 112 billion, what will the final number be for 2023?

130 billion?

140 billion?

150 billion?

Major retail chains all over America are shutting down stores due to rampant theft.

As I discussed yesterday, Target has decided to permanently shutter nine stores in high crime areas…

Target Corp. will shutter nine stores across four states on Oct. 21 because of theft and threats to safety, the company announced Tuesday, the latest — and loudest —example of a retailer exiting urban locations because of crime.

Target said it made the “difficult decision” to close the stores — which include locations in the Harlem neighborhood of New York City, Seattle, Portland and the San Francisco Bay area — after the Minneapolis-based company determined that theft-preventive measures had proved ineffective. The company said it had tried adding more security, including third-party guards, and using deterrents such as locking up merchandise.

“We cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests and contributing to unsustainable business performance,” the company said.

But nine stores is just a drop in the bucket compared to what other retailers are doing.

For example, it is being reported that Rite Aid will close approximately 500 stores

One of the largest U.S. drugstores chains Rite Aid is set to close around 500 stores nationwide as it negotiates a plan to file for Chapter 11 bankruptcy.

The Wall Street Journal reported that the firm, which is the third largest in the country, is looking to close branches and either sell or let creditors take over their remaining operations.

And CVS is in the process of closing a total of 900 stores by 2024

Drugstore chain CVS is set to close hundreds of stores across the US as it undergoes a major reform to adjust to the needs of modern online shoppers.

The retail giant is coming to the end of a policy launched in 2021 which will see 300 stores closed each year – meaning 900 will have shuttered by 2024.

In the announcement, which has hit headlines again recently amid rampant shoplifting at the store, bosses they said that they were undergoing a new ‘retail footprint strategy.’

Drugstores used to be all over the place in our core urban areas.

But now our inner cities are littered with scores of boarded up establishments with “space available” signs on them.

This is what the future of America looks like, and it isn’t good.

Once upon a time, we could be proud of the shiny new cities that we had built from coast to coast.

Those cities were safe and they were clean.

But now our major cities have degenerated into crime-ridden hellholes that are absolutely filthy.  In New York City, the millions of rats that live there are constantly making headlines

This is the moment a group of horrified New Yorkers is forced to hop over scores of vermin scurrying across their path from bins outside a pizzeria.

Footage shows a few rats brazenly scurry across the pavement before scores of them emerge from an overflowing bin.

Taryn Brady, 29, who was with a group of friends when she filmed the rat encounter, said she was left in ‘fear and disgust’ after she and her friends had to hop over the rodents running towards them.

This is our country now.

I know that I keep saying that, but it is such an important point.

We don’t have the same nation that previous generations passed down to us.

Over the past 50 to 60 years, we have literally ruined America.

From the White House all the way down to the kids that are looting retailers in our major cities, we have become a laughingstock to the rest of the world.

And if we don’t find a way to turn things around, our story is going to have an absolutely tragic ending.

*  *  *

Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on, and you can check out his new Substack newsletter right here.

Tyler Durden Thu, 09/28/2023 - 18:20

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