Connect with us

Futures Jump With Treasury Yields As NATO Says It’s Preparing For “Risk Of Nuclear Incidents”

Futures Jump With Treasury Yields As NATO Says It’s Preparing For "Risk Of Nuclear Incidents"

After the recent torrid stock delta/gamma-squeeze…

Published

on

Futures Jump With Treasury Yields As NATO Says It's Preparing For "Risk Of Nuclear Incidents"

After the recent torrid stock delta/gamma-squeeze rally took a breather on Wednesday, overnight U.S. index futures resumed advancing even as yields jumped as investors continued to monitor rising inflation and the escalating situation in Ukraine. U.S. equity futures pointed higher after the S&P 500 closed 1.2% lower Wednesday: Emini S&P futures were up 0.65% or 28.75 to 4,476 while Nasdaq 100 futures were up 0.72% or 104 points.

The rally stumbled a bit moments ago when headlines hit that NATO was preparing for a potential incident...

  • *U.S., NATO PREPARING FOR RISK OF RUSSIAN NUCLEAR INCIDENTS
  • *U.S., NATO PREPARATIONS INCLUDE DETERRENCE POSTURES: OFFICIALS

... but promptly resumed the grind higher as algos decided that WW3 is bullish.

Europe's Stoxx 600 Index fell 0.3%, erasing earlier gains as manufacturing data underscored the threat to economic growth from soaring raw material prices. Shares in Russia advanced as they partially resumed trading after being closed for almost a month.  Treasuries declined, while oil fluctuated and the dollar gained. President Joe Biden is meeting NATO and G-7 allies in Brussels Thursday to discuss ways of pressuring Russian President Vladimir Putin into withdrawing his forces from Ukraine and ending the war, which has already lasted a month. 

“Event risk is back today, with what should be a lively trading session,” said Peter Chatwell, head of multi-asset strategy at Mizuho. “The EU Council summit may bring a new round of sanctions against Russia, which would increase the upside pressure that energy markets are already under.”

In premarket trading, Spotify shares rose as analysts turned positive on the music streaming firm’s agreement with Alphabet’s Google to allow the company to bill users directly. Analysts said that the sign-up process should become more straightforward for Spotify users, while other companies like dating app operators could also benefit longer-term. KB Home shares declined in premarket after the homebuilder reported first-quarter results that missed the average analyst estimate, with analysts flagging lower deliveries and supply-chain disruption. Here are some other notable premarket movers:

  • Nikola’s (NKLA US) shares rise 13% in U.S. premarket trading following the electric-vehicle maker’s Analyst Day, with JPMorgan analysts saying they had come away with a “positive impression” from the manufacturing site visit.
  • Phunware (PHUN US) shares drop 8.7% in U.S. premarket trading after the software firm reports results late Wednesday, with the company’s net loss for the year widening to $53.5m in 2021 from $22.2m in 2020.
  • Infinera (INFN US) rose 5% in extended trading after Rosenblatt Securities starts coverage of the communications equipment company with a buy rating and $12 price target, saying it’s the firm’s top pick in the optical systems space.
  • Steelcase (SCS US) shares dropped in postmarket trading after the company warned that supply chain problems are persisting and projected fiscal 2023 EPS that was a penny short of the average analyst estimate at the midpoint.
  • Traeger (COOK US) dropped 18% in extended trading after the grillmaker gives full-year forecasts for revenue and adjusted Ebitda that fall short of analysts’ projections. Peer Weber follows Traeger lower, declining 3.3% postmarket.

In Europe, the Stoxx 600 Index was slightly higher, with retail, financial services and real estate the worst performers while Russian stocks partially reopened after a record shutdown. European bourses were relatively flat at the open but saw bout of impetus amid above-forecast PMIs; however, this was short-lived. Here are some of the biggest European movers today:

  • Bridgepoint shares rise as much as 28%, the most since the U.K. private equity firm listed last year, after FY earnings that analysts say topped expectations.
  • Daimler Truck gains as much as 9.1% after reporting a forecast revenue for 2022 that beat the average analyst estimate. Daimler Truck outlook “still relatively bullish,” writes analyst Klas Bergelind (buy) in a note, with a market outlook for Trucks NA for “slight growth and for slight decline in Trucks Europe”
  • Games Workshop jumps as much as 11%, the most intra-day since September 2020, after increasing its quarterly dividend. Jefferies analysts say they were “encouraged” by the level of dividend.
  • Glencore shares drop as much as 3.8% after Qatar’s sovereign wealth fund sold 158.8m shares at a price of 497p, cashing in after strong commodity prices spurred a rally in the stock. The price represent a 2.8% discount to Wednesday’s close.
  • Next shares drop as much as 4.4%, worst performer in the FTSE 100 Index, after the U.K. retailer lowered its profit and sales outlook for the year. RBC says Next cut its guidance because of the impact from Russia’s invasion of Ukraine, which is bigger than the broker had expected.
  • L’Oreal shares fall as much as 2.4% after Jefferies cuts its recommendation to underperform from hold, citing downside risk to consensus estimates and to the stock’s valuation premium.
  • Renault shares fell as much as 3.4% after the automaker said it is preparing for an exit from Russia amid mounting pressure on the French automaker to stop doing business in the country over its invasion of Ukraine.

The MOEX Russia Index rose more than 4% after Moscow Exchange resumed shortened four-hour trading in 33 out of 50 equities listed on the benchmark. Russian government intervention to prop up the stock market helped lift shares on the first day of trading since Feb. 28.

Earlier in the session, Asian equities snapped a two-day gain as China’s tech shares fell and investors assessed the risks from rising interest rates. The MSCI Asia Pacific Index declined as much as 1%, with the technology and communication services sectors weighing down the measure. Tencent was the biggest drag as its shares fell almost 6% after the gaming giant reported fourth-quarter results that missed earnings-per-share and revenue estimates. Tencent Declares ‘Reckless’ Tech Era Over as Growth Tanks This comes as Federal Reserve officials backed Chair Jerome Powell’s call for a 50-basis-point rate hike at the next meeting amid further increases in commodity prices. Benchmark indexes in Hong Kong and China were among the worst performers in Asia. “With most Fed board members appearing to back the 50-basis-point hike, a 50-basis-point hike no longer seems to be a minority opinion, which is dragging down stocks along with some profit-taking,” said Han Jiyoung, an analyst at Kiwoom Securities Co. in Seoul. Asian equities “will likely move in a range until more data and earnings releases in April,” Han said. The Straits Times Index was the biggest gainer in the region on Thursday as reopening stocks jumped after the Singapore government significantly eased Covid rules. Japan’s Topix rose for an eighth straight day.  The MSCI Asia Pacific Index has climbed more than 1% since March 18 and is still on course for a second-straight week of gains. The resilience has confounded some analysts as the war in Ukraine and the hottest U.S. inflation in four decades threaten to undermine growth.

Japanese equities closed higher, erasing an earlier loss as the recent surge in oil cooled, providing some relief from concerns over commodities-led inflation. Automakers were the biggest boost to the Topix, which rose 0.1%, wiping out a morning drop of as much as 1.3%. Tokyo Electron and SoftBank were the biggest contributors to a 0.3% gain in the Nikkei 225.  The yen fell 0.2% against the dollar, extending its recent decline. Global benchmark Brent crude swung between gains and losses near $121 a barrel, pausing its recent rally as investors weighed threats to supplies from the war in Ukraine.

India’s key equity gauges were little changed on Thursday as lenders extended losses as accelerating inflation hurt the growth outlook. The S&P BSE Sensex held at 57,672.06 as of 10:07 a.m. in Mumbai, while the NSE Nifty 50 Index was also little changed. All except three of the 19 sector sub-indexes compiled by BSE Ltd. rose, led by a gauge of metal companies, while consumer durables stocks were the worst performers. India imports about three fourths of its oil needs, with the more than 50% increase in the cost of Brent this year fanning inflation in the South Asian nation. Kotak Mahindra fell 2.8% and was among key decliners in Sensex after 1.6% of equity changed hands in a block deal. Of 30 shares in the Sensex index, 22 rose, while 7 fell.

In rates, treasuries resumed their slide, with the 10-year benchmark yield rising as much as 10 basis points to 2.39%. The inversion of parts of the yield curve point to a mounting risk of a growth downturn as surging commodities exacerbate Europe’s energy crisis. The belly of the Germany curve underperformed during the selloff: 10y Germany breaches 0.5%, CT10s richen 9bps, heading back toward 2.4%. Peripheral spreads tighten at the margin with short-end Portugal outperforming.

Investors have been dumping bonds as Federal Reserve officials warn steeper rate hikes may be necessary to subdue the hottest inflation in four decades. According to Pimco, that tightening cycle may end with the the Fed hoisting its key rate to 2.75% by the end of 2023 -- despite distress signals from the bond market.

“We’ve been in a difficult situation we haven’t been in for a long time where you have an energy price shock,” Andrew Balls, CIO of global fixed income at Pacific Investment Management Co., said in an interview with Bloomberg TV. “That is negative for growth as it pushes inflation higher. It’s the first time in more than 20 years during a period of growth shock that we are not going to have a central bank providing a cushion because they have to focus on the inflation impact.”

Meanwhile, the European Central Bank said it will begin phasing out collateral-easing measures linked to the pandemic starting in July this year, while continuing to accept Greek bonds until the reinvestment period of its coronavirus bond-buying program ends.

In FX, the dollar advanced against most of its Group-of-10 peers as an increasingly hawkish tone among Federal Reserve officials boosted the currency’s yield appeal. Leveraged accounts snapped up USD/JPY after Japan’s 10-year yield rose to a level that last prompted the central bank to intervene in the debt market, traders said.  “Speculation of Fed rate hikes continues to underpin strength in the dollar amid a series of hawkish comments from Fed officials,” said Shinsuke Kajita, chief strategist at Resona Holdings in Tokyo. “But, there’s some room for correction given the dollar looks overbought technically.” The Swiss franc was 0.3% lower after the SNB kep policy rates steady but warned it will intervene in currency markets if necessary. The Norwegian krone outperformed peers after the central bank raised its key policy rate 25bps to 0.75% as expected and flagged a faster pace of future rate hikes.

In commodities, European natural gas rises ahead of today’s European Council meeting to discuss Russian military aggression. WTI is little changed near $115. Base metals are mixed; LME lead falls 1.6% while LME nickel trades limit up. Spot gold is little changed at $1,946/oz. Bitcoin is firmer though off best levels after it briefly printed a new peak for the week at USD 43,488.

Looking at the day ahead now, and as mentioned there’ll be a number of summits taking place including between NATO leaders, G7 leaders and EU leaders. Otherwise, data releases include the flash PMIs for March from various countries, as well as the US weekly initial jobless claims, along with preliminary durable goods orders and core capital goods orders for February. Finally from central banks, we’ll hear from the Fed’s Kashkari, Waller, Evans and Bostic, the ECB’s Elderson and Schnabel, and the BoE’s Mann. In addition, the ECB will be publishing its Economic Bulletin.

Market Snapshot

  • S&P 500 futures up 0.6% to 4,474.50
  • STOXX Europe 600 up 0.2% to 455.05
  • MXAP down 0.4% to 180.83
  • MXAPJ down 0.5% to 588.79
  • Nikkei up 0.3% to 28,110.39
  • Topix up 0.1% to 1,981.56
  • Hang Seng Index down 0.9% to 21,945.95
  • Shanghai Composite down 0.6% to 3,250.26
  • Sensex down 0.3% to 57,530.38
  • Australia S&P/ASX 200 up 0.1% to 7,387.07
  • Kospi down 0.2% to 2,729.66
  • German 10Y yield little changed at 0.49%
  • Euro little changed at $1.0996
  • Brent Futures up 0.7% to $122.41/bbl
  • Gold spot down 0.1% to $1,942.31
  • U.S. Dollar Index up 0.11% to 98.74

Top Overnight News from Bloomberg

  • Europe’s two largest economies are facing a sharp increase in price pressures along with new supply problems due to Russia’s invasion of Ukraine, with the impact expected to develop further in the coming months.
  • Switzerland’s central bank refrained from sounding the alarm about the exchange rate despite the first breach of parity with the euro since 2015, as it warned that the war in Ukraine could hurt economic growth.
  • Norges Bank raised its interest rate for the third time since the onset of the pandemic and flagged a faster timetable for future increases, just as NATO determines who will be the central bank chief to enact that tightening.
  • Russian stocks gained after the sanctioned nation stepped in to halt the selloff in its equity market with a flurry of support measures as shares partially reopened following the record long shutdown.
  • North Korea launched what appeared to be its first intercontinental ballistic missile in more than four years, as Kim Jong Un seeks to bolster his ability to strike across the Pacific and deter any U.S. attack.

A more detailed look at global markets courtesy of Newqsuawk

 

 

Top Asian News

  • Sunac Said to Plan Meeting With Bond’s Holders on Extension Bid
  • Brookfield Joins Morrison as Bidding for Uniti Heats Up
  • China Envoy Says Xi-Putin Friendship Actually Does Have a Limit
  • Prosecutors Charge SMBC Nikko, Staff With Market Manipulation

European bourses were relatively flat at the open but saw bout of impetus amid above-forecast PMIs; however, this was short-lived with bourses now negative, Euro Stoxx 50 -0.6%. US futures are in-fitting directionally but diverging in terms of magnitudes, posting gains of circa. 0.4% ahead of multiple risk events. Back to Europe, as the session progressing a defensive sectoral bias has become more pronounced.

Top European News

  • NATO’s Stoltenberg Set to Stay, Confusing Norges Bank Future
  • SNB Keeps Interest Rates Unchanged, Repeats Intervention Pledge
  • Germany March Flash Manufacturing PMI 57.6; Est 56
  • Germany March Flash Services PMI 55; Est 53.7

In FX, the DXY nudges closer to 99.000 as risk tone remains tentative and Treasuries return to bear flattening mode. Yen slides through remaining 2016 lows to 121.75, breaching option barriers on the way at 121.50. Euro gets some support from above forecast PMIs in stark contrast to Sterling, EUR/USD limits losses under 1.1000, as Cable lets go of 1.3200 and EUR/GBP eyes 0.8350 to the upside. Norwegian Krona derives traction via hawkish Norges Bank rate path and commentary from the Governor, but Franc finds little new in latest SNB Quarterly Policy Review; EUR/NOK sub-9.5000, USD/CHF back over 0.9300and EUR/CHF straddling 1.0250.

In Fixed Income, bonds back under siege after short-lived Wednesday revival. US Treasuries resume bear-steepening trend following scant positive reaction to a well covered and stop-through 20-year note sale. Gilts hand back more post-DMO remit recovery gains.

In commodities, WTI and Brent are modestly firmer but choppy in around UD 3.00/bbl ranges, ahead of multiple key meetings where energy will be a focal point. On this, Eurasia’s Rahman suggested, “The threshold for energy import bans is very high”, though the EU and US are reportedly close to a deal cutting Russian oil dependence. German coalition parties agreed all tax-paying employed people to receive on-off energy price allowance of EUR 300 as supplement to their homes, shut down of coal-fired power plants can be suspended, ideally continuing with a 2030 phase-out. Spot gold/silver are rangebound but picking up back towards overnight highs as broader equity performance continues to pull back. Finally, once again hit the 15% limit up mark following similar gains in China – with market contactsLME Nickel pointing to supply-disruption positioning.

 

Tyler Durden Thu, 03/24/2022 - 07:52

Read More

Continue Reading

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…

Published

on

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

Read More

Continue Reading

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…

Published

on

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

Read More

Continue Reading

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…

Published

on

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

Read More

Continue Reading

Trending