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Fauci To Testify In Public Hearing On COVID-19 Response, Origins

Fauci To Testify In Public Hearing On COVID-19 Response, Origins

Authored by Stephen Katte via The Epoch Times,

Dr. Anthony Fauci is locked…

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Fauci To Testify In Public Hearing On COVID-19 Response, Origins

Authored by Stephen Katte via The Epoch Times,

Dr. Anthony Fauci is locked in to testify before the Select Subcommittee on the Coronavirus Pandemic on June 3, his first public hearing since retiring as the president’s chief medical advisor in 2022.

Subcommittee Chair Brad Wenstrup (R-Ohio) announced in an April 24 press release that Dr. Fauci agreed to appear late last year.

“Retirement from public service does not excuse Dr. Fauci from accountability to the American people,” Mr. Wenstrup said.

“On June 3, Americans will have an opportunity to hear directly from Dr. Fauci about his role in overseeing our nation’s pandemic response, shaping pandemic-era policies, and promoting singular questionable narratives about the origins of COVID-19.”

Dr. Fauci testified in a closed door hearing in January.

According to Mr. Wenstrup, Dr. Fauci has already admitted “to serious systemic failures in our public health system,” which he says deserves “further investigation.”

Mr. Wenstrup says among other revelations, Dr. Fauci has said the six feet apart social distancing guidance, recommended by federal health officials and used to shut down small businesses across the country, “’sort of just appeared,” and was likely not based on scientific data.

During the two-day January hearing, Dr. Fauci revealed he signed off on every foreign and domestic NIAID grant without personally reviewing the proposals.

He also admitted that America’s vaccine mandates, which he promoted, could increase the public’s vaccine hesitancy in the future.

Lab Leak—Not So Far-Fetched

At the same time, Dr. Fauci said the lab leak hypothesis around COVID-19’s origins might not be a conspiracy theory, despite his previous very public assertions that it was.

The lab leak theory claims that SARS-CoV-2, the virus that causes COVID-19, was developed at the Wuhan Institute of Virology (WIV) and was accidentally leaked. In the years since COVID first appeared, this hypothesis has been gaining steam, with even the former head of the Chinese Center for Disease Control and Prevention (China CDC) saying it can’t be ruled out as an option.

Mr. Wenstrup claimed that during the previous hearing, Dr. Fauci said he “did not recall” specific COVID-19 information and conversations relevant to the Select Subcommittee’s investigations over 100 times.

A full transcript is expected to be released before the public hearing in June.

Mr. Wenstrup believes the testimony shared so far “raises significant concerns about public health officials and the validity of their policy recommendations during the COVID-19 pandemic.”

“We also learned that he believes the lab leak hypothesis he publicly downplayed should not be dismissed as a conspiracy theory,” he said.

“As the face of America’s public health response to the COVID-19 pandemic, these statements raise serious questions that warrant public scrutiny,” Mr. Wenstrup added.

Following Dr. Fauci’s hearing, the select subcommittee will also hold a public hearing with EcoHealth Alliance president Dr. Peter Daszak on May 1.

Mr. Wenstrup said it “will serve as a crucial component of our investigation into the origins of COVID-19 and provide essential background ahead of Dr. Fauci’s public hearing.”

“We look forward to both Dr. Fauci’s and Dr. Daszak’s forthcoming and honest testimonies, and appreciate their willingness to voluntarily appear before the Select Subcommittee for public hearings.”

Tyler Durden Thu, 04/25/2024 - 15:05

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This island is often called the ‘Hawaii of Europe’ – Is it really?

Madeira is very popular among European sun-seekers but exotic for Americans.

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If you live anywhere on the European continent, Hawaii can seem very far away and exotic. 

Without any direct flights, going to Honolulu from cities like London or Paris will require either flying across an ocean and a continent for a transfer in Los Angeles or going in the other direction with a stopover in Tahiti — in either case, a journey that can take more than 20 hours of travel.

Related: Travelers should really stop doing this annoying thing

As a result, many choose much closer destinations for a weekend away. In the last year, the nickname “Hawaii of Europe” for the Portuguese island of Madeira has increasingly taken off as a popular place to go as Portugal itself has been seeing an explosion in touristic demand post-pandemic.

Every couple of weeks, a travel writer will write about visiting “the Hawaii of Europe” to tap into “where could that be?” reader curiosity among North Americans (the average European will already know Madeira.)

Madeira is a popular tourist destination for Europeans.

Shutterstock

Why Madeira is so often called the ‘Hawaii of Europe’

While only a 90-minute flight from Lisbon, Madeira sits on the African Tectonic plate and so has multiple similarities with the tropical state in the South Pacific — crystal-blue waters interspersed with verdant hills, volcanic zones and a similar culture of farm workers and tourists coming in for the season (in the 1800s, thousands of Madeiran immigrants found their way to Hawaii for economic opportunity.)

More Travel:

“As a large European tourist destination, Madeira welcomes approximately 1.2 million tourists a year,” writes a cross-cultural group. “There are opportunities for Hawaii to learn from Madeira, and vice versa, particularly in the area of eco-tourism and attracting European visitors.” It also touched base on the history of cross-migration and its similar environmental needs as “remote oceanic islands.”

If you’ve been following my writing, you may have read a piece voicing my dislike for calling smaller cities the “Paris of” something or “the Dubai of” something else. It’s simply a matter of geography and, if you live in the UK, you do not need any comparisons to view Madeira as a great place to go (over 330,000 Brits went last year, making up the largest group of international visitors by far) while I grew up on the West Coast of Canada and have been to actual Hawaii enough times to not consider it exotic.

Two places that are beautiful and absolutely worth a visit

“Palermo is not ‘the new Lisbon’ while Curaçao is not a ‘St. Maarten dupe.’ All of these places are beautiful and worth a visit if only funds for frequent travel would allow,” I wrote at the time. “[…] With so much of the travel experience now available on social media for those who cannot go in person to experience, I think we really need to move away from calling smaller cities the ‘something of something else’ and start finding the wonders of different places (the world is large and there are so many out there.)”

Due to the shared history of migration, Madeira is probably closer to Hawaii than most other similar comparisons. But in either case, it looks absolutely stunning. Everyone should visit.

Related: Veteran fund manager picks favorite stocks for 2024

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Falling Bond Yields Show It’s Crunch Time In China

Falling Bond Yields Show It’s Crunch Time In China

Authored by Simon Black, Bloomberg macro strategist,

Sovereign yields in China have been…

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Falling Bond Yields Show It's Crunch Time In China

Authored by Simon Black, Bloomberg macro strategist,

Sovereign yields in China have been falling in recent months, in marked contrast to almost every other major country. This is a key macro variable to watch for signs China is ready to ease policy more comprehensively as its tolerance is tested for an economy that is becoming increasingly deflationary. Further, vigilance should be increased for a yuan devaluation. Though not a base case, the tail-risk of one occurring is rising.

Year of the Dragon in China it may be, but the economy has yet to exhibit the abundance of energy and enthusiasm those born under the symbol are supposed to possess. China failed to exit the pandemic with the resurgence in growth seen in many other countries, and the outlook has been lackluster ever since.

But we are entering the crunch phase, where China needs to respond forcefully, or face the prospect of a protracted debt-deflation. The signal is coming from falling government yields. They have been steadily falling all year, at a faster pace than any other major EM or DM country. Indeed yields have been rising in almost every other country.

That’s a problem for the yuan. The drop in China’s yields is adding pressure on the currency. Widening real-yield differentials show that there remains a strong pull higher on the dollar-yuan pair.

The question is: will this prompt a devaluation in the yuan? The short answer is less likely than not, but it can’t be discounted, and the risks are rising as long as capital outflows continue to climb.

We can’t measure those directly in China as the capital account is nominally closed. But we can proxy for them by looking at the trade surplus, official reserves held at the PBOC, and foreign currency held in bank deposits. The trade surplus is a capital inflow, and whatever portion of it that does not end up either at the PBOC or in foreign-currency bank accounts we can infer is capital outflow.

This measure is rising again, as more capital typically tries to leave the country when growth is sub-par, as it is today.

So far, China appears to be managing the decline in the yuan versus the dollar. USD/CNY has been bumping up against the 2% upper band above the official fix for the pair. But China is stabilizing the yuan’s descent through the state-banking sector. As Brad Setser noted in a recent blog, the PBOC has stated that it has more or less exited from the FX market. Instead, that intervention now takes place unofficially using dollar deposits held at state banks.

China has plenty of foreign-currency reserves to stave off continued yuan weakness (more so than is readily visible, according to Setser), but there is always the possibility policymakers decide to ameliorate the destructive impact on domestic liquidity from capital outflow by allowing a larger, one-time devaluation. There is speculation this is where China is headed, and that it is behind its recent stockpiling of gold, copper and other commodities.

However, there are risks attached to such a move, given it might be detrimental to the more normalized markets that China covets in the name of financial stability, as well potentially prompting a tariff response from the US.

A devaluation is a low, but non-zero, possibility that has risen this year. Either way, the drop in bond yields underscores that China will soon need to do something more dramatic to avert the risk of a debt deflation.

In the past, the current rate of decline in sovereign yields has led to a forthright easing response from China, with a rise in real M1 growth typically seen over the next six-to-nine months.

But M1 growth in China has singularly failed to bounce back so far despite several hints that it was about to. This is likely a deliberate policy choice as rises in narrow money are reflective of broad-based “flood-like” stimulus that policymakers in China have explicitly ruled out as recently as January, in comments from Premier Li Qiang. Policymakers are laser-focused on not re-inflating the shadow-finance sector, which continues to be squeezed.

Shadow finance led to unwanted speculative froth in markets, real estate and investment that China does not want to see reprised. But its curbs have been too successful. Credit remains hard-to-get where it is needed most, typically the non state-owned sectors.

The slowdown this fostered was amplified by China’s response to the pandemic. Rather than supporting household demand, policymakers in China supported the export sector, leading to a surge in outward-bound goods.

Stringent lockdowns prompted households to become exceptionally risk averse, increasing their savings, and being reluctant to spend even after restrictions were lifted, lest the government decided to paralyze the economy again at some future time.

This also caused the real estate sector to implode, prompting multiple piecemeal easing measures to support housing prices and indebted property developers, to little avail so far: leading indicators for real estate such as floor-space started remain muted or weak, while the USD-denominated debt of property companies continues to trade at less than 25 cents in the dollar.

China has a large and growing debt pile that is only set to get worse as its demographics continue to deteriorate. The alarming chart below from the IMF projects public debt (including local government financing vehicles) in China to accelerate way ahead of that in the US in the coming years, to around 150% of GDP by the end of the decade. Total non-financial debt is already closing in on 300% of GDP.

Source: IMF

This raises the risk of a debt-deflation, when the value of assets and the income from them fall in relation to the value of liabilities. Debt becomes increasingly difficult to service and pay back, leading to lower consumption and investment, entrenched deflation and derisory growth that is difficult to escape.

Woody Allen once quipped that mankind is at a crossroads, one road leads to despair and utter hopelessness and the other to total extinction. China’s choices are not yet that stark, but the longer it waits to deliver an emphatic response to its predicament, they may soon become that way.

Tyler Durden Thu, 04/25/2024 - 10:30

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Experts call for global genetic warning system to combat the next pandemic and antimicrobial resistance

The Covid-19 pandemic turned the world upside down. In fighting it, one of our most important weapons was genomic surveillance, based on whole genome sequencing,…

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The Covid-19 pandemic turned the world upside down. In fighting it, one of our most important weapons was genomic surveillance, based on whole genome sequencing, which collects all the genetic data of a given microorganism. This powerful technology tracked the spread and evolution of the virus, helping to guide public health responses and the development of vaccines and treatments.

Credit: Struelens et al/Frontiers

The Covid-19 pandemic turned the world upside down. In fighting it, one of our most important weapons was genomic surveillance, based on whole genome sequencing, which collects all the genetic data of a given microorganism. This powerful technology tracked the spread and evolution of the virus, helping to guide public health responses and the development of vaccines and treatments.

But genomic surveillance could do much more to reduce the toll of disease and death worldwide than just protect us from Covid-19. Writing in Frontiers in Science, an international collective of clinical and public health microbiologists from the European Society for Clinical Microbiology and Infectious Diseases (ESCMID) calls for investment in technology, capacity, expertise, and collaboration to put genomic surveillance of pathogens at the forefront of future pandemic preparedness. 

“Epidemic-prone infectious diseases cross borders as fast as people and trade goods travel around the world,” said lead author Prof Marc Struelens of the Université libre de Bruxelles, Belgium, and formerly Chief Microbiologist at the European Centre for Disease Prevention and Control (ECDC). “A local outbreak today may become the world’s next pandemic crisis tomorrow.”

A vital head start

Most illnesses not seen before in humans are zoonoses—diseases found in animals that infect humans. Many diseases in animals are also treated with antibiotics and other antimicrobials that are used for humans. However, the widespread use of antimicrobials in humans and animals has led to resistance, as microbes evolve to survive. So we face two major, overlapping public health threats: one from new infectious diseases that are zoonoses, and one from rising antimicrobial resistance. Tackling these threats requires a collaborative One Health approach—championed by the World Health Organization (WHO)—which recognizes that human health is dependent on the health of our ecosystem. 

The answer, the scientists say, is to repurpose the increased genomic surveillance technology and capacity brought by Covid-19 to act as sentinels. Genomic surveillance that brings together public health agencies, veterinarians, and doctors need to be used to monitor human and animal diseases and antimicrobial resistance. By integrating epidemiological and clinical data from all these fields, we can get a comprehensive picture of pathogens and the risks they pose. 

“Pathogen genomic surveillance is a tool that looks at the interplay between antimicrobial selective pressure on populations of microbes and the adaptive evolution of those microbes towards drug resistance,” said Struelens. “It lets us detect the emergence and disentangle the transmission dynamics of super-fit, multidrug-resistant epidemic clones—’superbugs’. Genomic surveillance can help track both zoonotic and inter-human transmission of viral variants, strains of bacteria, and signs of drug resistance.”

Rapid response

Real-time genomic surveillance of pathogens can allow us to quickly detect new strains of resistant bacteria and new diseases making the jump between humans and animals, and to monitor their spread and evolution. 

This information can inform vaccination campaigns, help design targeted treatments, and guide public health responses—all of which could help prevent epidemics from flaring up.

Monitoring whole genomes would also allow us to study new diseases and the evolution of known diseases in more depth, to gauge how dangerous they are and identify countermeasures. In a globalized world, where pathogens travel quickly, genomic surveillance would make it possible to diagnose and treat infections equally quickly. 

Struelens and his colleagues highlight how new sequencing technologies, including long-read genomic sequencing, ultra-rapid sequencing, and single-cell sequencing, and artificial intelligence are helping to drive progress in surveillance in some parts of the world.

“There are many places where genomic surveillance is already providing crucial protection against the spread of disease,” said Struelens. “This includes foodborne infections in Europe, North America, and Australia, and epidemic viral diseases like avian influenza across many countries worldwide.”

A connected world

To make genomic surveillance effective, the scientists say, we need worldwide, accessible, real-time data. To achieve this, we need massive investment in capacity and expertise that takes into account different levels of infrastructure and training available around the world. During the Covid-19 pandemic, countries that already had access to genomic surveillance expertise and equipment had a major advantage in monitoring the pandemic and tailoring their response.  The authors provide a framework for the equitable implementation of globally interconnected surveillance systems that include lower- and middle-income countries.

“The article by Struelens et al. is a must-read for anyone interested in genomic surveillance as part of epidemic preparedness,” said Prof Marion Koopmans from the Erasmus Medical Center in Rotterdam, Netherlands, in an accompanying editorial. “The tools and ambition are there—the next step is to build equitable, collaborative surveillance infrastructures for future global health. The proposed WHO ‘Pandemic Treaty’ will be key, defining some of the rules of international engagement for better preparedness. Interesting times ahead!”

We also urgently need to invest in collaboration, to build bridges between disciplines in animal health, human, and public health, and to liaise between countries and health agencies. This will be critical to ensure not just that stakeholders can work together but that we reach agreements over data management and regulation, so that patients’ data is anonymized and safeguarded. 

“To ensure universal participation in collaborative systems of genomic surveillance around the world, our critical challenges are sufficient laboratory and sequencing capacity, the training of an expert workforce, and access to validated genomic data analysis and sharing tools within a comprehensive, secure digital health information infrastructure,” said Struelens. “Integrating epidemic pathogen genomic information with epidemiological information must happen at scale, from the local to global level.”


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