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Germany’s ‘Krisenmodus’ Has No End In Sight

Germany’s ‘Krisenmodus’ Has No End In Sight

Authored by Conor Gallagher via,

The Association for the German Language chose the…



Germany's 'Krisenmodus' Has No End In Sight

Authored by Conor Gallagher via,

The Association for the German Language chose the term Krisenmodus as the ‘Word of the Year’ for 2023. I’m not sure they’ve ever awarded a back-to-back winner, but krisenmodus (crisis mode) looks to have a chance to repeat in 2024.

The current government coalition has lost almost all trust from the public, yet they soldier on determined to make things worse for the vast majority of Germans. The Greens push for more war, the Free Democrats want more social spending cuts, and Chancellor Olaf Scholz and his Social Democratic Party (SPD) are in the middle adopting the worst from both sides and leading Germany to ruin.

The chancellor’s decision making likely won’t get any better after a Christmastime bout with Covid-19 – if he sticks around much longer (more on that below).

On the international front, Deutsche Welle declares that this year “Berlin must find ways to deal with two wars, an increasingly aggressive China, and a world order in transition.”

Led by the ill-equipped and overconfident Green, Annalena Baerbock, Germany’s foreign policy has been disastrous and has spilled over into the domestic arena. Severing itself from Russian energy drained government coffers; at the same time, in addition to the money and weapons already sent to Ukraine, Berlin wants to increase military spending and become more interventionist. After running up the tab in these areas, there are now calls for a renewed fiscal responsibility, which means social spending cuts at home.

A botched energy transition led by the Greens, which has industry collapsing and higher prices for consumers, militarization, and austerity – has proved to be an awful combination for the average citizen. And the data is grim.

Inflation continues to be problematic, the economy is contracting as industry shrinks, exports to China are declining and there is constant pressure from Atlanticists to self-impose a further reduction, living standards are declining, political paralysis reigns on most matters except social cuts and more military spending, wealth inequality grows, and industry continues to leave the country:

Farmer protests are also now taking place across the country in response to the government’s decision to phase out a tax break on agricultural diesel.

Scholz paid homage to the krisenmodus in his New Year’s address (including erroneously blaming blaming Putin for “turn[ing] off the tap on our gas supplies”), centered around the fairytale that Germany’s crises are just a string of bad luck as opposed to the result of government policy. He concluded with the following:

“If we realize this, if we treat each other with this respect, then we don’t need to be afraid of the future, then the year 2024 can be a good year for our country, even if some things turn out differently than we expected today, on the eve of this New Year.”

Such vacuous rhetoric is a sign that Scholz knows the path the country is currently on is doomed and yet plans nothing to change it. If anyone was watching, it was another reminder why Scholz’s approval rating has sunk to a miserable 26 percent and he and/or his government could soon be headed for an early exit.

Will the Government Collapse?

While German law makes the current zombie coalition difficult to kill, it’s not impossible. From POLITICO EU:

In order to avoid a repeat of the helter-skelter politics of the Weimar era, which contributed to the rise of the Nazis, the framers of Germany’s postwar Basic Law sought to ensure stability by creating a political system that required conflicts to be resolved quickly with as little disruption as possible.

As such, they set a high bar for snap elections. Only the chancellor has the power to call a confidence vote in parliament, for example, and only the president can call a new election. That’s why confidence votes in Germany are rare (there have only ever been five) and are usually tactical moves by chancellors seeking to bolster their political standing.

The only case where a chancellor was removed unwillingly was in 1982, when the FDP abandoned its alliance with Chancellor Helmut Schmidt’s Social Democratic Party (SPD), forcing him to call a confidence vote that he lost.

The government led by Scholz just barely cleared a recent hurdle that could have led to its downfall. Members of the supposedly fiscally-conservative FDP recently voted to remain a member of the coalition in an internal party vote on the question. Only 52 percent were in favor of remaining, however. The time in government has been disastrous for the FDP, as its national support has crumbled from 11.5 percent in the 2021 election to around five percent today; if it comes in below five percent in the next vote, that  would mean being left out of the Bundestag altogether. The FDP is now determined to rediscover its opposition to government spending.

That will mean even more friction with the other two parties in the traffic light coalition. While the coalition looks destined to limp along, Scholz might be prepared to abandon ship/his handlers are ready to toss him overboard.

Upheaval Across the Board  – Scholz to Resign?

All bets are off on what comes next. New election laws are currently being challenged, it’s looking more likely that threats of banning a certain party will be carried out, and who knows how much worse (or better if you’re an optimist) the situation is going to look when elections are eventually held.

The latest surprise was the German tabloid Bild reporting that Scholz will soon resign due to his embroilment in scandals that predate his time as chancellor.

This move would be to give voters the illusion of change while doubling down on current policies. The most popular politician in Germany, defense minister Boris Pistorius who is also from the SPD would reportedly be nabbed to replace Scholz. He has support from 55 percent of SPD voters, 58 percent of Greens voters, and 48 percent of FDP voters, but also 56 percent from the conservative opposition CDU/CSU coalition.

The public backing of Pistorius comes despite military problems everywhere. Pistorius hailed the decision to base a brigade of soldiers in Lithuania as a “historic moment.” It was quickly evident, however, that Germany isn’t just low on manpower but also facing shortfalls in everything ranging from artillery shells to tents – a problem that would be worsened by sending an equipped brigade abroad. That could be written off as the military trying to boost its budget numbers, and no wonder:

Pistorius regularly amps up the threat of the Russians and Chinese and says Germany must not just spend more to rearm, but also consider reintroducing conscription. In December he told Die Welt the following:

“I’m looking at models, such as the Swedish model, where all young men and women are conscripted and only a select few end up doing their basic military service. Whether something like this would also be conceivable here is part of these considerations.”

All the money and manpower are necessary for missions in “countries that do not necessarily share our values.” This is the only option, Pistorius says, because “the alternative would be to not have any more contacts with these countries and to simply hand them over to the Russians and Chinese, and that would be a lot more dangerous.”

Germany’s second most popular politician shares the same line of thinking as Pistorius – with a twist. Foreign minister Annelena Baerbock has long argued for a more interventionist approach using her definition of feminism to inform Berlin’s foreign policy. Out of all Baerbock’s frightening statements, her Hillary Cinton-esque efforts to dress up the horrors of war in feminist empowerment might top the list. She devoted an entire speech to it last year, doubling down on that selling point for Ukraine:

Because “if women are not safe, then no one is safe”. That is what a Ukrainian woman said to me as we stood near the contact line in the east of Ukraine – before 24 February 2022.

No doubt the women and all Ukrainians feel much safer now, as do the women of Gaza:

Pistorius and Baerbock’s popularity is confounding because the public opposes their positions. From Deutsche Welle:

According to a survey conducted by the nonprofit Körber Foundation in September, in which 54% of respondents said that Germany should be more restrained when it comes to international crises. Only 38% wanted to see greater involvement — the lowest figure since the surveys began in 2017, when it stood at 52%.

In addition, a whopping 71% of respondents were against Germany taking a leading military role in Europe. It seems Germans want one thing above all else: Respite from the turbulence of world politics.

Pistorius and Baerbock promise the opposite, as does the third most popular politician, opposition leader Friedrich Merz, chairman of the center-right Christian Democratic Union (CDU), which maintains its lead in polls:

Roughly one in three voters would cast their ballot for any of the three parties currently running the government. A CDU-led government, while not much more than a different side of the same coin, could be even worse than the current coalition. They also want to continue to arm Ukrainians to be sent into the meat grinder, and Merz, a former corporate lawyer who has  sat on numerous company boards including BlackRock Germany, would likely opt for even faster financialization of the country.

There are caveats to CDU polling, as well as its potential direction once in government, however. As NC reader Voislav points out:

A couple of things to keep in mind. Germany just passed new electoral law, which is facing a constitutional challenge from CDU. The law is aimed at allocating constituency seats based on the popular vote, which will hurt CSU/CDU as in the past their share of constituency seats exceeded what they would have gotten based on the popular vote. Also, in the last election CSU/CDU was polling in the 30’s as well, but only got 24% of the vote. So it is possible that German polling models overestimate their vote share.

Both these factors may make it difficult for CSU/CDU to form the government, forcing them into a coalition with SDP and Greens (so called traffic light coalition). Last time the grand coalition was formed it hurt CSU/CDU in the next election, so I suspect that there would be a lot of resistance internally to doing this. A coalition with AfD would be more palatable to their base. It could also provide cover to reverse energy policies on Russian gas which are unpopular with their main supporters, West German industrialists and business interests.

Merz has ruled out cooperation of any kind with the Alternative for Germany (AfD), but that position might be softening. In September, the Christian Democrats and the pro-business Free Democrats needed votes to defeat a regional government in a crucial budget bill. They turned to the AfD.

Together they were able to push a tax cut through Thuringia’s parliament against the wishes of the left-wing coalition. CDU General Secretary Carsten Linnemann says that his party remains opposed to forming a coalition with the AfD.

The AfD is an ethno-nationalist party with a neo-Nazi presence that says it wants to pursue a Germany first policy – although their idea of Germany might not involve the millions of immigrants in the country.

I’ve written previous posts on the AfD, but just to summarize: there is a fascist element to the party, but its recent growth is largely due to disenchantment with mainstream parties unresponsive to voter concerns as summarized:

Amongst who count as AfD supporters, people with neo-Nazi attitudes make up roughly 13 percent. Those with far-right authoritarian attitudes account for another 43, which means that 44 percent of those expressing support for the party do so without a general identification with far-right politics.

For about half the AfD’s potential electorate, their vote is a matter of conviction. But on top of that for a large part of the AfD’s electorate their preference is a way of signaling – presumably to what they take to be the mainstream – that they are dissatisfied with the status quo and do not believe that their voices will otherwise be heard. When asked why they might consider voting for the AfD at the next election – as 22 percent of those in survey said they would do – 78 percent said that it would be a sign that they were unhappy with “current policies” with 71 mentioning migration policy, in particular…

Overall, the conclusion of the surveys seems quite clear. There has not been a general shift to the right. In addition to a base of far-right wing support, which makes up 15 percent of the population, the AfD is attracting a protest vote that takes it to slightly more than 20 percent support. This is driven by dissatisfaction with migration policy and a general fear of societal crisis.

This polling supports the conclusions of Manès Weisskircher who researches social movements, political parties, democracy, and the far right at the Institute of Political Science, TU Dresden. He argues that AfD’s support, which is strongest in East Germany, can be primarily traced to three factors:

  1. The neoliberal ‘great transformation,’ which has massively changed the eastern German economy and continues to lead to emigration and anxiety over personal economic prospects.

  2. An ongoing sense of marginalization among East Germans who feel they have never been fully integrated since reunification and resent liberal immigration policies in this context.

  3. Deep dissatisfaction with the functioning of the political system and doubt in political participation.

Rather than trying to confront the rise in AfD’s support with actual policy, the party is under spook surveillance, and the state is inching closer to kicking it off the ballot. At the beginning of December, Germany’s domestic intelligence classified the Saxony state branch of the AfD party as a “threat to democracy.”

Voters refuse to get the message. In a survey conducted Dec. 18 to Jan. 1 by the opinion research institute Civey and the Saxony newspaper, Sächsische Zeitung, the AfD only increased its support, coming in at 37 percent compared to the CDU’s 33 percent.

German elites likely believe that banning the party, which would effectively disenfranchise a quarter of the population, will bring stabilization and allow a continuation of current policies, but it’s just as likely to lead to an accelerated breakdown and Weimar levels of chaos.

And yet such a move would fit entirely with the default response in Germany (as well as across the West nowadays), which is to discredit the voter as stupid, racist, fascist, and oftentimes all three.

Take the farmers’ protests happening now across Germany. Rather than respond to their real grievances, the government’s answer has largely been to smear them as racists or fascists. Economics minister from the Greens, Robert Habeck, said this about the protests: “”Calls are circulating with coup fantasies, extremist groups are forming and ethnic-nationalist symbols are being openly displayed.”

The effort to discredit the farmers is based on the fact the AfD supports the protests and the following:

According to German media outlet Spiegel, members of several right-wing extremist groups, including The Homeland and Third Way, were at a rally in Berlin, as were AfD members. In Dresden, a video on social media showed people carrying flags from the Free Saxony right-wing extremist party clashing with police.

Well, okay. I’m not sure how that invalidates their complaints summed up here: “For a farm like mine, I would lose about 10,000 euros,” said a farmer from Bavaria, Ralf Huber. “For our businesses, it’s a catastrophe.”

What’s crazy about the efforts to smear people with real economic and other policy grievances as Fascists is that there is a pile of evidence suggesting that those grievances ignored can allow fascism’s roots to grow. A 2021 study published in the Journal of Economic History showed that voting data from a thousand districts and a hundred cities for four elections between 1930 and 1933 showed that areas more affected by austerity had more support for the Nazi Party.

Another from 2022 detailed by The Political Costs of Austerity:

Fiscal consolidations lead to a significant increase in extreme parties’ vote share, lower voter turnout, and a rise in political fragmentation. We highlight the close relationship between detrimental economic developments and voters’ support for extreme parties by showing that austerity induces severe economic costs through lowering GDP, employment, private investment, and wages. Austerity-driven recessions amplify the political costs of economic downturns considerably by increasing distrust in the political environment.

Hope on the Left?

On Monday, Sahra Wagenknecht presented her recently announced political party. The “Sarah Wagenknecht Alliance (BSW) — Reason and Fairness” primary focus is on working class issues, which includes repairing ties with Russia and examining whether German interests are congruous with those of Washington. A quick summary of Wagenknecht’s positions from Tagesspiegel:

Wagenknecht has positioned herself as a sharp critic of the federal government’s Ukraine policy and the energy sanctions against Russia. She is for the import of cheap natural gas and against overly strict climate protection policies . She also advocates limiting migration . She has repeatedly described the Greens as the most dangerous party. Additionally, a poll from Bild am Sonntag that shows 27 percent of people in Germany would consider voting for the Wagenknecht-led party.

Other polling shows Wagenknecht’s party already more popular than the war mongering Greens. Should BSW prove popular, Wagenknefcht can expect to pilloried in the media more than she already has. The party is already under fire because out of roughly 1.1 million euros of contributions, 75 euros came from Russia (compared to 7,086 euros from the US).

Wagenknefcht also has detractors on the Left. Oliver Nachtwey writes at New Left Review that, “By juxtaposing ‘globalist’ institutions to national ones, Wagenknecht’s counter-programme offers nothing more than an improbable return to capitalism’s Golden Age.” On the ideas of ‘sovereignty’ and ‘industrial competition’ Nachtwey writes:

Both concepts, which feature heavily in the work of sociologists like Wolfgang Streeck and Anthony Giddens, are dubious from a Marxist point of view, since they substitute internationalism with national-Keynesianism, cooperation with capitalist rivalry. Moreover, if reverting to an embedded national welfare state is difficult in a world where capital flows and productive relations have become transnational, the likelihood is that this project will simply end up producing a regressive form of politics. Wagenknecht exemplifies this danger. Her singular focus on resovereigntization has supplanted a politics of class with one of the nation.

Maybe or maybe that resovereignization is a necessary first step. As Michael Hudson writes in his The Destiny of Civilization:

There is still a tendency to think of nationalism as a retrograde step. But for foreign countries, breaking away from today’s unipolar global system of U.S.-centered financialization is the only way to create a viable alternative that can resist the New Cold War’s attempt to destroy any alternative system and to impose U.S.-client rentier dictatorships on the world.

It’d be a worthwhile experiment for Germany to find out. Of course, the one easiest way for Germany to find a reprieve from its current malaise is to do the unthinkable: make nice with Russia. It might not bring back the past and restore Germany’s economic model, but it would ease the pain. It would at least mean that social spending wouldn’t need to be cut in order to spend more on militarization and energy subsidies.

The fact that both the AfD and Wagenknefcht are still attacked as Putin apologists for suggesting this line of thinking suggests the krisenmodus is going to get worse before it gets better.

Tyler Durden Thu, 01/11/2024 - 02:00

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Analyst reviews Apple stock price target amid challenges

Here’s what could happen to Apple shares next.



They said it was bound to happen.

It was Jan. 11, 2024 when software giant Microsoft  (MSFT)  briefly passed Apple  (AAPL)  as the most valuable company in the world.

Microsoft's stock closed 0.5% higher, giving it a market valuation of $2.859 trillion. 

It rose as much as 2% during the session and the company was briefly worth $2.903 trillion. Apple closed 0.3% lower, giving the company a market capitalization of $2.886 trillion. 

"It was inevitable that Microsoft would overtake Apple since Microsoft is growing faster and has more to benefit from the generative AI revolution," D.A. Davidson analyst Gil Luria said at the time, according to Reuters.

The two tech titans have jostled for top spot over the years and Microsoft was ahead at last check, with a market cap of $3.085 trillion, compared with Apple's value of $2.684 trillion.

Analysts noted that Apple had been dealing with weakening demand, including for the iPhone, the company’s main source of revenue. 

Demand in China, a major market, has slumped as the country's economy makes a slow recovery from the pandemic and competition from Huawei.

Sales in China of Apple's iPhone fell by 24% in the first six weeks of 2024 compared with a year earlier, according to research firm Counterpoint, as the company contended with stiff competition from a resurgent Huawei "while getting squeezed in the middle on aggressive pricing from the likes of OPPO, vivo and Xiaomi," said senior Analyst Mengmeng Zhang.

“Although the iPhone 15 is a great device, it has no significant upgrades from the previous version, so consumers feel fine holding on to the older-generation iPhones for now," he said.

A man scrolling through Netflix on an Apple iPad Pro. Photo by Phil Barker/Future Publishing via Getty Images.

Future Publishing/Getty Images

Big plans for China

Counterpoint said that the first six weeks of 2023 saw abnormally high numbers with significant unit sales being deferred from December 2022 due to production issues.

Apple is planning to open its eighth store in Shanghai – and its 47th across China – on March 21.

Related: Tech News Now: OpenAI says Musk contract 'never existed', Xiaomi's EV, and more

The company also plans to expand its research centre in Shanghai to support all of its product lines and open a new lab in southern tech hub Shenzhen later this year, according to the South China Morning Post.

Meanwhile, over in Europe, Apple announced changes to comply with the European Union's Digital Markets Act (DMA), which went into effect last week, Reuters reported on March 12.

Beginning this spring, software developers operating in Europe will be able to distribute apps to EU customers directly from their own websites instead of through the App Store.

"To reflect the DMA’s changes, users in the EU can install apps from alternative app marketplaces in iOS 17.4 and later," Apple said on its website, referring to the software platform that runs iPhones and iPads. 

"Users will be able to download an alternative marketplace app from the marketplace developer’s website," the company said.

Apple has also said it will appeal a $2 billion EU antitrust fine for thwarting competition from Spotify  (SPOT)  and other music streaming rivals via restrictions on the App Store.

The company's shares have suffered amid all this upheaval, but some analysts still see good things in Apple's future.

Bank of America Securities confirmed its positive stance on Apple, maintaining a buy rating with a steady price target of $225, according to

The firm's analysis highlighted Apple's pricing strategy evolution since the introduction of the first iPhone in 2007, with initial prices set at $499 for the 4GB model and $599 for the 8GB model.

BofA said that Apple has consistently launched new iPhone models, including the Pro/Pro Max versions, to target the premium market. 

Analyst says Apple selloff 'overdone'

Concurrently, prices for previous models are typically reduced by about $100 with each new release. 

This strategy, coupled with installment plans from Apple and carriers, has contributed to the iPhone's installed base reaching a record 1.2 billion in 2023, the firm said.

More Tech Stocks:

Apple has effectively shifted its sales mix toward higher-value units despite experiencing slower unit sales, BofA said.

This trend is expected to persist and could help mitigate potential unit sales weaknesses, particularly in China. 

BofA also noted Apple's dominance in the high-end market, maintaining a market share of over 90% in the $1,000 and above price band for the past three years.

The firm also cited the anticipation of a multi-year iPhone cycle propelled by next-generation AI technology, robust services growth, and the potential for margin expansion.

On Monday, Evercore ISI analysts said they believed that the sell-off in the iPhone maker’s shares may be “overdone.”

The firm said that investors' growing preference for AI-focused stocks like Nvidia  (NVDA)  has led to a reallocation of funds away from Apple. 

In addition, Evercore said concerns over weakening demand in China, where Apple may be losing market share in the smartphone segment, have affected investor sentiment.

And then ongoing regulatory issues continue to have an impact on investor confidence in the world's second-biggest company.

“We think the sell-off is rather overdone, while we suspect there is strong valuation support at current levels to down 10%, there are three distinct drivers that could unlock upside on the stock from here – a) Cap allocation, b) AI inferencing, and c) Risk-off/defensive shift," the firm said in a research note.

Related: Veteran fund manager picks favorite stocks for 2024

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Major typhoid fever surveillance study in sub-Saharan Africa indicates need for the introduction of typhoid conjugate vaccines in endemic countries

There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high…



There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high burden combined with the threat of typhoid strains resistant to antibiotic treatment calls for stronger prevention strategies, including the use and implementation of typhoid conjugate vaccines (TCVs) in endemic settings along with improvements in access to safe water, sanitation, and hygiene.

Credit: IVI

There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high burden combined with the threat of typhoid strains resistant to antibiotic treatment calls for stronger prevention strategies, including the use and implementation of typhoid conjugate vaccines (TCVs) in endemic settings along with improvements in access to safe water, sanitation, and hygiene.


The findings from this 4-year study, the Severe Typhoid in Africa (SETA) program, offers new typhoid fever burden estimates from six countries: Burkina Faso, Democratic Republic of the Congo (DRC), Ethiopia, Ghana, Madagascar, and Nigeria, with four countries recording more than 100 cases for every 100,000 person-years of observation, which is considered a high burden. The highest incidence of typhoid was found in DRC with 315 cases per 100,000 people while children between 2-14 years of age were shown to be at highest risk across all 25 study sites.


There are an estimated 12.5 to 16.3 million cases of typhoid every year with 140,000 deaths. However, with generic symptoms such as fever, fatigue, and abdominal pain, and the need for blood culture sampling to make a definitive diagnosis, it is difficult for governments to capture the true burden of typhoid in their countries.


“Our goal through SETA was to address these gaps in typhoid disease burden data,” said lead author Dr. Florian Marks, Deputy Director General of the International Vaccine Institute (IVI). “Our estimates indicate that introduction of TCV in endemic settings would go to lengths in protecting communities, especially school-aged children, against this potentially deadly—but preventable—disease.”


In addition to disease incidence, this study also showed that the emergence of antimicrobial resistance (AMR) in Salmonella Typhi, the bacteria that causes typhoid fever, has led to more reliance beyond the traditional first line of antibiotic treatment. If left untreated, severe cases of the disease can lead to intestinal perforation and even death. This suggests that prevention through vaccination may play a critical role in not only protecting against typhoid fever but reducing the spread of drug-resistant strains of the bacteria.


There are two TCVs prequalified by the World Health Organization (WHO) and available through Gavi, the Vaccine Alliance. In February 2024, IVI and SK bioscience announced that a third TCV, SKYTyphoid™, also achieved WHO PQ, paving the way for public procurement and increasing the global supply.


Alongside the SETA disease burden study, IVI has been working with colleagues in three African countries to show the real-world impact of TCV vaccination. These studies include a cluster-randomized trial in Agogo, Ghana and two effectiveness studies following mass vaccination in Kisantu, DRC and Imerintsiatosika, Madagascar.


Dr. Birkneh Tilahun Tadesse, Associate Director General at IVI and Head of the Real-World Evidence Department, explains, “Through these vaccine effectiveness studies, we aim to show the full public health value of TCV in settings that are directly impacted by a high burden of typhoid fever.” He adds, “Our final objective of course is to eliminate typhoid or to at least reduce the burden to low incidence levels, and that’s what we are attempting in Fiji with an island-wide vaccination campaign.”


As more countries in typhoid endemic countries, namely in sub-Saharan Africa and South Asia, consider TCV in national immunization programs, these data will help inform evidence-based policy decisions around typhoid prevention and control.




About the International Vaccine Institute (IVI)
The International Vaccine Institute (IVI) is a non-profit international organization established in 1997 at the initiative of the United Nations Development Programme with a mission to discover, develop, and deliver safe, effective, and affordable vaccines for global health.

IVI’s current portfolio includes vaccines at all stages of pre-clinical and clinical development for infectious diseases that disproportionately affect low- and middle-income countries, such as cholera, typhoid, chikungunya, shigella, salmonella, schistosomiasis, hepatitis E, HPV, COVID-19, and more. IVI developed the world’s first low-cost oral cholera vaccine, pre-qualified by the World Health Organization (WHO) and developed a new-generation typhoid conjugate vaccine that is recently pre-qualified by WHO.

IVI is headquartered in Seoul, Republic of Korea with a Europe Regional Office in Sweden, a Country Office in Austria, and Collaborating Centers in Ghana, Ethiopia, and Madagascar. 39 countries and the WHO are members of IVI, and the governments of the Republic of Korea, Sweden, India, Finland, and Thailand provide state funding. For more information, please visit



Aerie Em, Global Communications & Advocacy Manager
+82 2 881 1386 |

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US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever… And Debt Explodes

US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever… And Debt Explodes

Earlier today, CNBC’s…



US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever... And Debt Explodes

Earlier today, CNBC's Brian Sullivan took a horse dose of Red Pills when, about six months after our readers, he learned that the US is issuing $1 trillion in debt every 100 days, which prompted him to rage tweet, (or rageX, not sure what the proper term is here) the following:

We’ve added 60% to national debt since 2018. Germany - a country with major economic woes - added ‘just’ 32%.   

Maybe it will never matter.   Maybe MMT is real.   Maybe we just cancel or inflate it out. Maybe career real estate borrowers or career politicians aren’t the answer.

I have no idea.  Only time will tell.   But it’s going to be fascinating to watch it play out.

He is right: it will be fascinating, and the latest budget deficit data simply confirmed that the day of reckoning will come very soon, certainly sooner than the two years that One River's Eric Peters predicted this weekend for the coming "US debt sustainability crisis."

According to the US Treasury, in February, the US collected $271 billion in various tax receipts, and spent $567 billion, more than double what it collected.

The two charts below show the divergence in US tax receipts which have flatlined (on a trailing 6M basis) since the covid pandemic in 2020 (with occasional stimmy-driven surges)...

... and spending which is about 50% higher compared to where it was in 2020.

The end result is that in February, the budget deficit rose to $296.3 billion, up 12.9% from a year prior, and the second highest February deficit on record.

And the punchline: on a cumulative basis, the budget deficit in fiscal 2024 which began on October 1, 2023 is now $828 billion, the second largest cumulative deficit through February on record, surpassed only by the peak covid year of 2021.

But wait there's more: because in a world where the US is spending more than twice what it is collecting, the endgame is clear: debt collapse, and while it won't be tomorrow, or the week after, it is coming... and it's also why the US is now selling $1 trillion in debt every 100 days just to keep operating (and absorbing all those millions of illegal immigrants who will keep voting democrat to preserve the socialist system of the US, so beloved by the Soros clan).

And it gets even worse, because we are now in the ponzi finance stage of the Minsky cycle, with total interest on the debt annualizing well above $1 trillion, and rising every day

... having already surpassed total US defense spending and soon to surpass total health spending and, finally all social security spending, the largest spending category of all, which means that US debt will now rise exponentially higher until the inevitable moment when the US dollar loses its reserve status and it all comes crashing down.

We conclude with another observation by CNBC's Brian Sullivan, who quotes an email by a DC strategist...

.. which lays out the proposed Biden budget as follows:

The budget deficit will growth another $16 TRILLION over next 10 years. Thats *with* the proposed massive tax hikes.

Without them the deficit will grow $19 trillion.

That's why you will hear the "deficit is being reduced by $3 trillion" over the decade.

No family budget or business could exist with this kind of math.

Of course, in the long run, neither can the US... and since neither party will ever cut the spending which everyone by now is so addicted to, the best anyone can do is start planning for the endgame.

Tyler Durden Tue, 03/12/2024 - 18:40

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