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Crypto Exchanges Speak Out as Binance Takes CoinMarketCap’s Top Spot

Crypto Exchanges Speak Out as Binance Takes CoinMarketCap’s Top Spot

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Binance taking the top spot on recently purchased CoinMarketCap has raised concerns among executives from other top crypto exchanges.

For an industry that is supposed to be based upon decentralization, it appears to be getting crowded at the top, with a number of companies transforming into unspoken oligarchs, each wielding huge influence — or at least that’s what some critics argue.

One of the most remarkable crypto companies operating today is Binance. In only three short years, Binance has enjoyed a meteoric rise to the top. Criticism of Binance, philosophical or otherwise, can’t fail to take into account the impressive stream of innovation the firm seems to channel. Headed by Changpeng Zhao, the Twitter-happy CEO better known as CZ, Binance has a carefully crafted image of a firm hoping to make crypto a better place.

Such an unspoken narrative also helps set the scene for the company’s expansionist activity. With the firm reporting in 2018 that it had opened an office on the historic Mediterranean fortress island of Malta — known to some as “Crypto Island” — Binance’s struggle against Chinese fiscal policy could be seen by historically minded analysts as a 21st-century sequel to one of Malta’s most defining historical moments: the failed siege of Suleiman the Magnificent against the embattled Knights Hospitaller, in which one small group stood its ground on the tiny island, just beyond the clutches of a fearsome power.

But history is written by the victor, and true to the confusing nature of a post-truth world, it’s hard to tell the same tale as a simple story of good versus evil. In keeping with the natural character arc of any hero becoming a villain in the eyes of their detractors, Binance’s recent actions have strayed into a gray area, putting its fairly clean image under scrutiny following the purchase of exchange ranking platform CoinMarketCap.

Binance and CoinMarketCap become one

Against the backdrop of a global economy existing in a petrified stasis thanks to COVID-19, the two firms announced the deal on April 2. In fitting with the firm’s narrative, CZ championed the collaboration, telling Cointelegraph that the two companies share a mission of bringing crypto to the masses. CZ prophesied that the two companies would play to each other’s strengths and make the industry more transparent.

Almost two months later, it seems that only one of those aspirations has come to fruition. CoinMarketCap is now moored in a safe harbor after Binance’s takeover. Binance, on the other hand, now occupies the precarious position of being a major international exchange and owner of the most prominent ranking platform.

In business, reputation matters. Thanks to the unique development of Big Tech in Silicon Valley, companies now enjoy messianic levels of support from employees and companies alike, and when the companies led by these influential figures reach the top, they begin to shape the agenda in their own favor.

Taking a quick look at how much the so-called “Big Four of Tech” spend on political lobbying confirms this fact. Again, the crypto industry is a microcosm of the wider world around it, with companies, individuals and tokens commanding fierce and partisan support. But for many in the industry, the purchase of CMC was a brazen example of a conflict of interest. Jack Purdy, an analyst for Messari, told Cointelegraph that the takeover sets a negative precedent for the industry, no matter how well either company behaves:

“It does represent a fundamental conflict of interest that has negative externalities for the space. It's like if Joe's Pizza came out with the top 10 pizza slices in New York and everyone that uses that list happens to be those least informed to make the decision on where to go. Even though Binance/CMC can be completely well-intentioned, it's impossible for ratings not to be influenced by the underlying bias of the creators. If there are objective weightings to a system that would hurt Binance's standing, it's more likely than not that it won't be implemented.”

Cryptocurrency’s own origin story is shrouded in mystery, founded by its very own pseudonymous figure, Satoshi Nakamoto. While the arguments justifying this probably number in the thousands, the result is that intrigue and conspiracy are consequently innate to the makeup of the industry. As a result, regardless of how much Binance tries to distance itself from its newly acquired aggregator, it seems that suspicion is likely to remain. Jay Hao, the CEO of major crypto exchange OKEx, outlined his view to Cointelegraph that a company owning any kind of rating agency that oversees its own field of business is unethical:

“Ethical issues tend to arise should there be a participant happened to be owning a ranking/rating company. It's perceived to be inappropriate for a major shareholder of a credit rating agency to also be a shareholder in a bank who handles millions of bond insurance. Not to mention there are lack of sufficient firewall requirement defined by regulator as in crypto space.”

Ciara Sun, the head of global markets at Huobi Group, also voiced her concern to Cointelegraph that the Binance buyout was a conflict of interest:

“Ethics is only a concern when there’s a clear conflict of interest involved. In CMC’s case, Binance’s involvement has compromised its neutrality. I wouldn't go as far as to suggest any malicious intent behind the acquisition but it does raise some ethical concerns given the benefits Binance stands to gain if they were to manipulate the ranking system.”

But criticism of the purchase was not universal, even among Binance’s competitors. Paolo Ardoino, the chief technology officer at Bitfinex, outlined to Cointelegraph that the action, as far as he is aware, is not illegal and could provide an opportunity for Binance to improve the ownership structure and ranking metrics:

“Owning an exchange and a ranking platform raise potential conflict-of-interest concerns, but we are not aware of any illegality and, again, people are free to come up with a better ownership structure and set of metrics if they want.”

Anndy Lian — a blockchain advisor, investor and prolific Twitter commentator — told Cointelegraph that while an exchange owning a rating platform is far from perfect, there are potential benefits to be had if good corporate governance and firm regulations are in place:

“Take Binance for example, people will start to gossip that Binance is on top of the charts because they are the owners. But is this true, we are not sure. I believe as well, if there are proper compliance and governance and also arm length relationship would be good enough too for this example for Binance and Coinmarketcap. They have to properly address this to all the stakeholders to assure them of the independence between the 2 companies. They can also look at having all the data is stored in a decentralised platform to ensure data integrity.”

Traffic jam: CoinMarketCap’s ranking metrics get sticky

As the weeks rolled on, it became apparent that the controversy surrounding CMC and Binance would not be contained to the takeover alone. Just six weeks after its new owners moved in, a high-profile change took place: Binance shot to number one on the exchange rankings.

It meant that CMC was enveloped in its second controversy over its ranking methodology in just over a year. The first instance took place in late March 2019 when research from cryptocurrency index fund provider Bitwise claimed that CMC hosted vastly over-exaggerated volume statistics. According to the report, the volumes deceived investors and inflated the profiles of certain tokens.

CMC quickly issued a statement in which it assured that it was diligently taking note of feedback and working on ways to develop a more effective metric system. The revelation sent shockwaves across the industry, undermining for investors the belief that the sector was evolving at an impressive rate. Many business leaders and prominent industry figures expressed their displeasure at the news. One, in particular, took issue with the fact that this metric allowed individual listings to rapidly climb the ranks, arguing that it would lead experienced investors to be suspicious. His name? Changpeng Zhao.

After months of head-scratching behind closed doors, CMC announced in November 2019 its new metric that compared crypto exchanges and token pairs based on liquidity. What was set to be the default metric for the ranking platform only survived six weeks into its new ownership.

On May 14, CMC announced that it had once again changed its methodology to rank exchanges based on web traffic by default. In an exclusive statement to Cointelegraph, CMC elaborated on the rationale behind the much-discussed “Web Traffic Factor,” stating that it is only one aspect of its overall process:

“Rather than wait for the perfect solution, our team has decided to take an iterative approach. The Web Traffic Factor is only one of many steps that we will continue to take as we iterate on algorithms that will best serve our users. With the faster speed of release, we hope to be able to take more feedback that will factor into the next iteration. This way, we can monitor how well each iteration addresses our users’ concerns, and adapt more optimally for the next iteration, and at the end of the process, produce products that our users believe in and will find most useful.”

While this may go some way toward providing an explanation for the rating change, for some observers the timing of Binance’s rise to the top-ranking spot on CMC is no coincidence. This is a view cautiously put forward by Huobi Group’s Sun:

“Like many in the community, I suspect that it has something to do with CMC’s new ownership. I can’t say for sure that Binance intentionally influenced the new ranking system to its benefit but it’s likely no coincidence that they’re now ranked number one.”

OKEx’s Hao wasn’t afraid to mince his words, telling Cointelegraph that the circumstances clearly pointed to the true reason for Binance’s rise to the most coveted spot on CMC’s index:

“A partnership with a clear conflict of interest. Or just a very convenient coincidence that soon after being bought, the go-to authority on exchange rankings changes its ranking criteria to a metric that happens to favor its buyer.”

In a statement shared with Cointelegraph, CMC sought to assure that it remains a separate entity, despite its new ownership: “CoinMarketCap will continue to be run as an independent entity. The team at CoinMarketCap will continue to make decisions that are in the best interests of CoinMarketCap users.”

But only a few days before on May 14, CZ appeared to admit to some degree of involvement in managing CMC, tweeting that the “ranking is currently heavily biased towards web traffic, not 100% accurate, but better than before. Will continue to iterate.”

While CZ is known for his seemingly unparalleled engagement with customers and critics alike on social media, it begs the question of why he would make public the managerial decisions of CMC, an institution that supposedly operates free of interference from its new owners. Regardless of whether or not this is an Elon Musk-style gaffe or evidence of a lack of separation, it has left the crypto community with further questions.

How should ranking be carried out?

Questions of ownership aside, the whole CMC fracas once again places the role of algorithms and ranking methodologies on center stage. While it’s easy to pass this off as a squabble between competitors in a niche financial sector, this has real consequences for investors and smaller businesses that depend on the crypto infrastructure. So, what do the top exchanges think about CMC’s web traffic metric?

The responses from some of the industry’s leading exchanges have not been overly supportive. Bitfinex’s Ardoino said that liquidity, volume and volatility should take precedence when ranking exchanges:

“We believe that liquidity and the ratio between volume and volatility are the two most important factors both because they are highly relevant for exchange businesses and difficult to fake. Web traffic is interesting but not particularly important.”

OKEx’s Hao maintained that using web traffic as the default for ratings is not effective because the data is easily manipulated, and he echoed Ardoino’s recommendation that volume and liquidity are more reliable:

“The data can be skewed by mobile and VPN-directed traffic. Website traffic is just one metric but can never be the default ranking metric. This is why exchanges have not been ranked by traffic alone but by more robust metrics that can give a far more accurate and transparent score based on volume, liquidity, and market depth.”

Huobi Group’s Sun also added her criticism of CMC’s decision to make web traffic its default methodology, going as far as to label it a “vanity metric” and pointing out that CMC itself had announced it did not think it was effective:

“Ranking exchanges by web traffic is very limiting and CMC seemed to maintain a similar view up until now. At its core, web traffic is not a good indicator of an exchange’s user base, activity, or adoption. It’s a vanity metric that can be easily manipulated and does not factor in other user access points like mobile applications, which account for a significant amount of total user activity.”

But rather than simply taking issue with the fact that CMC favors web traffic, Sun added that “the way CMC measures web traffic is highly flawed,” telling Cointelegraph that the global distribution of service users, search engine optimization and language choice all play an important role in creating a balanced measurement:

“It only measures traffic from a single domain per exchange, which means they’re not presenting an accurate and global standing. We have different domains for different jurisdictions and markets we support all over the world but they aren’t being accounted for. I have a similar issue with the way they measure SEO and keyword searches. Despite CMC supporting multiple languages, they only weigh English keywords so there’s some bias there. If you’re going to use web traffic and SEO as a factor, you should be much more inclusive because all communities matter.”

How can data be made more public/trustworthy?

Now that a light has been shone on how exchanges are ranked on CMC and its struggles to strike the right balance of factors in its algorithms, how much other data is trustworthy, and how can it be made more public? Joshua Frank, the CEO of analytics platform The Tie, outlined his view to Cointelegraph that data remains inflated on the majority of exchanges, as well as that ranking platforms do not seem to be doing a thorough job vetting exchange volumes, citing previous analysis conducted by The Tie that reported 87% of volumes to be suspicious. Frank gave an insight into the motivation for exchanges to inflate or mislead data:

“Exaggerating volume exists as a mechanism for illiquid exchanges to attract new clients to their platform. No one wants to trade on a platform without liquidity. Without liquidity, users can’t execute trades or get the best price for an individual asset. Faking volumes also enables exchanges to rank highly on data sites given the current ranking structure for many data platforms, increasing the exchanges’ referral traffic.”

If so many exchanges are able to get away with fudging the numbers, there is clearly an issue with transparency. For a sector that is supposed to pride itself on the open availability of information, this is not a good indicator of industry health. While acknowledging that transparency is an issue, OKEx’s Hao said that exchanges are improving in this respect: 

“Over the years, Exchanges are getting increasingly transparent. Basically all major exchange's trades, filled orders, orderbook are all publicly retrievable via API. Hence the liquidity and volume dynamics of the exchange can be evaluated by everyone. Some of the major exchanges like OKEX and Kraken would disclose in real-time its status of matching engine or wallet availability.”

For Sun, the way that information is presented can also create problems when trying to analyze it or make it available to the public. Sun said that independent analysis is necessary for exchange data, but not at the expense of compromising sensitive user data:

“There’s already a lot of exchange data that is publicly available but the problem is that the way it’s analyzed and presented can lack transparency. Data can be manipulated to benefit or harm and it can offer a facade of transparency. That’s why we need an impartial analysis of the data that’s already available before we introduce more data into the equation.”

Finding a way back

No matter what measures Binance and CMC claim to have put in place to ensure that they are separate entities, it appears that the damage has been done, as far as critics are concerned. Regardless of whether there is managerial influence between the two, rumors will continue to circle that CMC is simply a proxy for Binance to further its business aims.

For many, the timing of Binance’s leap to the top is far too convenient for it to be anything other than an example of the firm’s invisible hand behind the scenes, which is something that will not be swept under the carpet by the crypto community. But for now, it remains to be seen whether this instance will mark a turning point in an industry that prides itself on transparency and decentralization or pinpoint the moment when a pantomime of good intentions finally falls to pieces.

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Government

Are Voters Recoiling Against Disorder?

Are Voters Recoiling Against Disorder?

Authored by Michael Barone via The Epoch Times (emphasis ours),

The headlines coming out of the Super…

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Are Voters Recoiling Against Disorder?

Authored by Michael Barone via The Epoch Times (emphasis ours),

The headlines coming out of the Super Tuesday primaries have got it right. Barring cataclysmic changes, Donald Trump and Joe Biden will be the Republican and Democratic nominees for president in 2024.

(Left) President Joe Biden delivers remarks on canceling student debt at Culver City Julian Dixon Library in Culver City, Calif., on Feb. 21, 2024. (Right) Republican presidential candidate and former U.S. President Donald Trump stands on stage during a campaign event at Big League Dreams Las Vegas in Las Vegas, Nev., on Jan. 27, 2024. (Mario Tama/Getty Images; David Becker/Getty Images)

With Nikki Haley’s withdrawal, there will be no more significantly contested primaries or caucuses—the earliest both parties’ races have been over since something like the current primary-dominated system was put in place in 1972.

The primary results have spotlighted some of both nominees’ weaknesses.

Donald Trump lost high-income, high-educated constituencies, including the entire metro area—aka the Swamp. Many but by no means all Haley votes there were cast by Biden Democrats. Mr. Trump can’t afford to lose too many of the others in target states like Pennsylvania and Michigan.

Majorities and large minorities of voters in overwhelmingly Latino counties in Texas’s Rio Grande Valley and some in Houston voted against Joe Biden, and even more against Senate nominee Rep. Colin Allred (D-Texas).

Returns from Hispanic precincts in New Hampshire and Massachusetts show the same thing. Mr. Biden can’t afford to lose too many Latino votes in target states like Arizona and Georgia.

When Mr. Trump rode down that escalator in 2015, commentators assumed he’d repel Latinos. Instead, Latino voters nationally, and especially the closest eyewitnesses of Biden’s open-border policy, have been trending heavily Republican.

High-income liberal Democrats may sport lawn signs proclaiming, “In this house, we believe ... no human is illegal.” The logical consequence of that belief is an open border. But modest-income folks in border counties know that flows of illegal immigrants result in disorder, disease, and crime.

There is plenty of impatience with increased disorder in election returns below the presidential level. Consider Los Angeles County, America’s largest county, with nearly 10 million people, more people than 40 of the 50 states. It voted 71 percent for Mr. Biden in 2020.

Current returns show county District Attorney George Gascon winning only 21 percent of the vote in the nonpartisan primary. He’ll apparently face Republican Nathan Hochman, a critic of his liberal policies, in November.

Gascon, elected after the May 2020 death of counterfeit-passing suspect George Floyd in Minneapolis, is one of many county prosecutors supported by billionaire George Soros. His policies include not charging juveniles as adults, not seeking higher penalties for gang membership or use of firearms, and bringing fewer misdemeanor cases.

The predictable result has been increased car thefts, burglaries, and personal robberies. Some 120 assistant district attorneys have left the office, and there’s a backlog of 10,000 unprosecuted cases.

More than a dozen other Soros-backed and similarly liberal prosecutors have faced strong opposition or have left office.

St. Louis prosecutor Kim Gardner resigned last May amid lawsuits seeking her removal, Milwaukee’s John Chisholm retired in January, and Baltimore’s Marilyn Mosby was defeated in July 2022 and convicted of perjury in September 2023. Last November, Loudoun County, Virginia, voters (62 percent Biden) ousted liberal Buta Biberaj, who declined to prosecute a transgender student for assault, and in June 2022 voters in San Francisco (85 percent Biden) recalled famed radical Chesa Boudin.

Similarly, this Tuesday, voters in San Francisco passed ballot measures strengthening police powers and requiring treatment of drug-addicted welfare recipients.

In retrospect, it appears the Floyd video, appearing after three months of COVID-19 confinement, sparked a frenzied, even crazed reaction, especially among the highly educated and articulate. One fatal incident was seen as proof that America’s “systemic racism” was worse than ever and that police forces should be defunded and perhaps abolished.

2020 was “the year America went crazy,” I wrote in January 2021, a year in which police funding was actually cut by Democrats in New York, Los Angeles, San Francisco, Seattle, and Denver. A year in which young New York Times (NYT) staffers claimed they were endangered by the publication of Sen. Tom Cotton’s (R-Ark.) opinion article advocating calling in military forces if necessary to stop rioting, as had been done in Detroit in 1967 and Los Angeles in 1992. A craven NYT publisher even fired the editorial page editor for running the article.

Evidence of visible and tangible discontent with increasing violence and its consequences—barren and locked shelves in Manhattan chain drugstores, skyrocketing carjackings in Washington, D.C.—is as unmistakable in polls and election results as it is in daily life in large metropolitan areas. Maybe 2024 will turn out to be the year even liberal America stopped acting crazy.

Chaos and disorder work against incumbents, as they did in 1968 when Democrats saw their party’s popular vote fall from 61 percent to 43 percent.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

Tyler Durden Sat, 03/09/2024 - 23:20

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Government

Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The…

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Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The U.S. Department of Veterans Affairs (VA) reviewed no data when deciding in 2023 to keep its COVID-19 vaccine mandate in place.

Doses of a COVID-19 vaccine in Washington in a file image. (Jacquelyn Martin/Pool/AFP via Getty Images)

VA Secretary Denis McDonough said on May 1, 2023, that the end of many other federal mandates “will not impact current policies at the Department of Veterans Affairs.”

He said the mandate was remaining for VA health care personnel “to ensure the safety of veterans and our colleagues.”

Mr. McDonough did not cite any studies or other data. A VA spokesperson declined to provide any data that was reviewed when deciding not to rescind the mandate. The Epoch Times submitted a Freedom of Information Act for “all documents outlining which data was relied upon when establishing the mandate when deciding to keep the mandate in place.”

The agency searched for such data and did not find any.

The VA does not even attempt to justify its policies with science, because it can’t,” Leslie Manookian, president and founder of the Health Freedom Defense Fund, told The Epoch Times.

“The VA just trusts that the process and cost of challenging its unfounded policies is so onerous, most people are dissuaded from even trying,” she added.

The VA’s mandate remains in place to this day.

The VA’s website claims that vaccines “help protect you from getting severe illness” and “offer good protection against most COVID-19 variants,” pointing in part to observational data from the U.S. Centers for Disease Control and Prevention (CDC) that estimate the vaccines provide poor protection against symptomatic infection and transient shielding against hospitalization.

There have also been increasing concerns among outside scientists about confirmed side effects like heart inflammation—the VA hid a safety signal it detected for the inflammation—and possible side effects such as tinnitus, which shift the benefit-risk calculus.

President Joe Biden imposed a slate of COVID-19 vaccine mandates in 2021. The VA was the first federal agency to implement a mandate.

President Biden rescinded the mandates in May 2023, citing a drop in COVID-19 cases and hospitalizations. His administration maintains the choice to require vaccines was the right one and saved lives.

“Our administration’s vaccination requirements helped ensure the safety of workers in critical workforces including those in the healthcare and education sectors, protecting themselves and the populations they serve, and strengthening their ability to provide services without disruptions to operations,” the White House said.

Some experts said requiring vaccination meant many younger people were forced to get a vaccine despite the risks potentially outweighing the benefits, leaving fewer doses for older adults.

By mandating the vaccines to younger people and those with natural immunity from having had COVID, older people in the U.S. and other countries did not have access to them, and many people might have died because of that,” Martin Kulldorff, a professor of medicine on leave from Harvard Medical School, told The Epoch Times previously.

The VA was one of just a handful of agencies to keep its mandate in place following the removal of many federal mandates.

“At this time, the vaccine requirement will remain in effect for VA health care personnel, including VA psychologists, pharmacists, social workers, nursing assistants, physical therapists, respiratory therapists, peer specialists, medical support assistants, engineers, housekeepers, and other clinical, administrative, and infrastructure support employees,” Mr. McDonough wrote to VA employees at the time.

This also includes VA volunteers and contractors. Effectively, this means that any Veterans Health Administration (VHA) employee, volunteer, or contractor who works in VHA facilities, visits VHA facilities, or provides direct care to those we serve will still be subject to the vaccine requirement at this time,” he said. “We continue to monitor and discuss this requirement, and we will provide more information about the vaccination requirements for VA health care employees soon. As always, we will process requests for vaccination exceptions in accordance with applicable laws, regulations, and policies.”

The version of the shots cleared in the fall of 2022, and available through the fall of 2023, did not have any clinical trial data supporting them.

A new version was approved in the fall of 2023 because there were indications that the shots not only offered temporary protection but also that the level of protection was lower than what was observed during earlier stages of the pandemic.

Ms. Manookian, whose group has challenged several of the federal mandates, said that the mandate “illustrates the dangers of the administrative state and how these federal agencies have become a law unto themselves.”

Tyler Durden Sat, 03/09/2024 - 22:10

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Spread & Containment

The Coming Of The Police State In America

The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

The National Guard and the State Police are now…

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The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

The National Guard and the State Police are now patrolling the New York City subway system in an attempt to do something about the explosion of crime. As part of this, there are bag checks and new surveillance of all passengers. No legislation, no debate, just an edict from the mayor.

Many citizens who rely on this system for transportation might welcome this. It’s a city of strict gun control, and no one knows for sure if they have the right to defend themselves. Merchants have been harassed and even arrested for trying to stop looting and pillaging in their own shops.

The message has been sent: Only the police can do this job. Whether they do it or not is another matter.

Things on the subway system have gotten crazy. If you know it well, you can manage to travel safely, but visitors to the city who take the wrong train at the wrong time are taking grave risks.

In actual fact, it’s guaranteed that this will only end in confiscating knives and other things that people carry in order to protect themselves while leaving the actual criminals even more free to prey on citizens.

The law-abiding will suffer and the criminals will grow more numerous. It will not end well.

When you step back from the details, what we have is the dawning of a genuine police state in the United States. It only starts in New York City. Where is the Guard going to be deployed next? Anywhere is possible.

If the crime is bad enough, citizens will welcome it. It must have been this way in most times and places that when the police state arrives, the people cheer.

We will all have our own stories of how this came to be. Some might begin with the passage of the Patriot Act and the establishment of the Department of Homeland Security in 2001. Some will focus on gun control and the taking away of citizens’ rights to defend themselves.

My own version of events is closer in time. It began four years ago this month with lockdowns. That’s what shattered the capacity of civil society to function in the United States. Everything that has happened since follows like one domino tumbling after another.

It goes like this:

1) lockdown,

2) loss of moral compass and spreading of loneliness and nihilism,

3) rioting resulting from citizen frustration, 4) police absent because of ideological hectoring,

5) a rise in uncontrolled immigration/refugees,

6) an epidemic of ill health from substance abuse and otherwise,

7) businesses flee the city

8) cities fall into decay, and that results in

9) more surveillance and police state.

The 10th stage is the sacking of liberty and civilization itself.

It doesn’t fall out this way at every point in history, but this seems like a solid outline of what happened in this case. Four years is a very short period of time to see all of this unfold. But it is a fact that New York City was more-or-less civilized only four years ago. No one could have predicted that it would come to this so quickly.

But once the lockdowns happened, all bets were off. Here we had a policy that most directly trampled on all freedoms that we had taken for granted. Schools, businesses, and churches were slammed shut, with various levels of enforcement. The entire workforce was divided between essential and nonessential, and there was widespread confusion about who precisely was in charge of designating and enforcing this.

It felt like martial law at the time, as if all normal civilian law had been displaced by something else. That something had to do with public health, but there was clearly more going on, because suddenly our social media posts were censored and we were being asked to do things that made no sense, such as mask up for a virus that evaded mask protection and walk in only one direction in grocery aisles.

Vast amounts of the white-collar workforce stayed home—and their kids, too—until it became too much to bear. The city became a ghost town. Most U.S. cities were the same.

As the months of disaster rolled on, the captives were let out of their houses for the summer in order to protest racism but no other reason. As a way of excusing this, the same public health authorities said that racism was a virus as bad as COVID-19, so therefore it was permitted.

The protests had turned to riots in many cities, and the police were being defunded and discouraged to do anything about the problem. Citizens watched in horror as downtowns burned and drug-crazed freaks took over whole sections of cities. It was like every standard of decency had been zapped out of an entire swath of the population.

Meanwhile, large checks were arriving in people’s bank accounts, defying every normal economic expectation. How could people not be working and get their bank accounts more flush with cash than ever? There was a new law that didn’t even require that people pay rent. How weird was that? Even student loans didn’t need to be paid.

By the fall, recess from lockdown was over and everyone was told to go home again. But this time they had a job to do: They were supposed to vote. Not at the polling places, because going there would only spread germs, or so the media said. When the voting results finally came in, it was the absentee ballots that swung the election in favor of the opposition party that actually wanted more lockdowns and eventually pushed vaccine mandates on the whole population.

The new party in control took note of the large population movements out of cities and states that they controlled. This would have a large effect on voting patterns in the future. But they had a plan. They would open the borders to millions of people in the guise of caring for refugees. These new warm bodies would become voters in time and certainly count on the census when it came time to reapportion political power.

Meanwhile, the native population had begun to swim in ill health from substance abuse, widespread depression, and demoralization, plus vaccine injury. This increased dependency on the very institutions that had caused the problem in the first place: the medical/scientific establishment.

The rise of crime drove the small businesses out of the city. They had barely survived the lockdowns, but they certainly could not survive the crime epidemic. This undermined the tax base of the city and allowed the criminals to take further control.

The same cities became sanctuaries for the waves of migrants sacking the country, and partisan mayors actually used tax dollars to house these invaders in high-end hotels in the name of having compassion for the stranger. Citizens were pushed out to make way for rampaging migrant hordes, as incredible as this seems.

But with that, of course, crime rose ever further, inciting citizen anger and providing a pretext to bring in the police state in the form of the National Guard, now tasked with cracking down on crime in the transportation system.

What’s the next step? It’s probably already here: mass surveillance and censorship, plus ever-expanding police power. This will be accompanied by further population movements, as those with the means to do so flee the city and even the country and leave it for everyone else to suffer.

As I tell the story, all of this seems inevitable. It is not. It could have been stopped at any point. A wise and prudent political leadership could have admitted the error from the beginning and called on the country to rediscover freedom, decency, and the difference between right and wrong. But ego and pride stopped that from happening, and we are left with the consequences.

The government grows ever bigger and civil society ever less capable of managing itself in large urban centers. Disaster is unfolding in real time, mitigated only by a rising stock market and a financial system that has yet to fall apart completely.

Are we at the middle stages of total collapse, or at the point where the population and people in leadership positions wise up and decide to put an end to the downward slide? It’s hard to know. But this much we do know: There is a growing pocket of resistance out there that is fed up and refuses to sit by and watch this great country be sacked and taken over by everything it was set up to prevent.

Tyler Durden Sat, 03/09/2024 - 16:20

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