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Macro as July Winds Down

Macro as July Winds Down



After a lull in important economic data and major central bank meetings, the calendar picks up next week.  The highlights include the US and EMU's first estimate of Q2 GDP, the FOMC meeting, and China's July PMI.

The investors may be informed by these developments, but they are unlikely to change the investment climate, which is still anchored by the policy response to the pandemic.  Of course, the virus itself is part of that context, and the US, Australia, and Hong Kong reporting record cases.  Some super-high frequency data does suggest some moderation in economic activity may be taking place like daily economic activity indices.  At the same time, there is some optimism about the progress of several vaccines.

Correlations in the foreign exchange market are notoriously unstable, but we experience phases.  For example, the rolling 60-day correlation on the return (percentage change) of the S&P 500 and the Dollar Index was positive from early August last year through the middle of June this year.  It is now negative and by the most in four-years.

This space has argued for about a year that the third large dollar rally since the end of Bretton Woods is over.  The pandemic gave it one more boost, and now it has fallen out of favor.  Indeed, it seems to be a strong consensus view, and the increase in the number of articles warning of a dollar crisis, the end of the dollar's role in the world economy.  The historian Harold James titled his piece on Project Syndicate, "Late Soviet America," that foretold the end of what he called "dollar hegemony."

While we expect a cyclical decline in the dollar, we don't anticipate that the dollar's role in the world economy, as the numeraire is going to change anytime soon.  The primary reason is that there is no compelling alternative to the depth and breadth of the US Treasury market.  The EU's Recovery Plan entails the issuance of a collective bond.  While  ECB President Lagarde has recognized this a critical step to increase the internationalization of the euro, a one-off issue of long-term bonds may be helpful, and it may offer opportunities for investors.  However, for central banks, the market needs both depth and breadth, and not just now in the short-run, but for the long-term.  The lack of a common bill market may also limit the euro's ability to gain a significant market share from the dollar.

In the US, June durable goods orders and the trade figures due out early next week will help economists fine-tune their forecasts for Q2 GDP, where the first estimate will be published on July 30.  The median forecast in the Bloomberg survey was for a 34% annualized contraction, which is close to the Atlanta and St. Louis Fed GDP trackers (34.7% and 31.28%, respectively).  The NY Fed's model has the low bid at a 14.3% decline.

The data, of course, is old news and is unlikely to have much impact aside from headline risk.  The stalled re-openings and reversals are dampening what could have been a more be a robust rebound, as the economy continues to recover.  The New York Fed's GDP tracker projects 13.2% growth here in Q3, while the market (Bloomberg survey) is a near 18.5%.  Presently, the risk looks on the downside rather than the upside.

The GDP report, although subject to statistically significant revisions, renders most of the remaining data for June, including the personal income and consumption figures moot.  It is interesting to note, though, in passing that most of the run-up in savings, which earned so many columns of commentary, was not voluntary. June is likely to have seen another jump in consumer expenditures, a much broader measure than retail sales, and June retails sales surprised on the upside, and May was revised higher.  Personal income may have fallen for the second month.

It doesn't really matter that FOMC meets before the GDP release.  The central bank is forward-looking, and the precise magnitude of the contraction is not really material.  The pandemic and economic shutdown wreaked havoc that will take at least a couple of years to heal.  A good part of the economy, including around a quarter of the workforce, is still getting assistance.  Despite cries that the central bank is bailing out business and allowing "zombie" companies to survive, companies are defaulting at the fastest rate in a decade.   Several Fed officials have expressed concern that although the economy appeared to bounce in May and June, the momentum may be faltering.

The FOMC meeting will likely be about laying the groundwork for a move at the next meeting in September.  There are two moves the Fed may make.  First, a consensus appears to be forming in favor of average inflation target.  This is really part of the forward guidance and signals that it will not raise rates simply because the economy is on track for the PCE deflator to reach the 2% target.  The Fed would be indicating the willingness to tolerate somewhat higher inflation.  Second, officials are still working through the issues, but they appear to be edging toward yield curve control, where a medium-term rate along with the Fed Funds rate would be targeted.   The 3-5 year yields are near-record lows, but a pre-announced cap would also signal its commitment to low-interest rates for some time.  By fixing the yield, the Fed would commit itself to buy as many notes (bonds) as necessary, theoretically open-ended.

There is something else the Fed can do, though few are talking about it.  The Fed can step up its purchases of government bonds.  Back in March, when it was buying $75 bln of Treasuries a day, the purpose was to stabilize the market.  The focus now has shifted to supporting the economy, and yet its balance sheet peaked a month ago. There continues to be a slow take-up of many of the facilities that were launched.

The eurozone reports both the preliminary July CPI and the first look at Q2 GDP.  They are both released at the same time on July 31, the day after the US GDP report.  Economists look for around a 0.5% decline in the headline CPI in July, matching the decline in July 2019.  If so, this would keep the year-over-year rate at a lowly 0.3%  pace.  The core rate has fared a bit better, but it may slip to 0.7% from 0.8% in June.  The disinflation forces remain powerful, and the euro's 3%+ appreciation against the dollar here in July blunts the roughly 6% rise in Brent. 

Talk after the recent ECB meeting that the full Pandemic Emergency Purchase Program funds may not be used is a distraction.  In fact, the odds might favor the opposite scenario, namely that the program gets increased and extended.  At the current pace of buying, the funds will run out around the middle of Q1.  The ECB did not only specify the size of the program, but also its duration.  It was extended to the middle of next year.  It seems probable that the ECB will again lengthen PEPP, perhaps toward the end of the year.

The eurozone economy contracted by 3.6% in the first three months of the year, and it looks like something on the magnitude of 10%-11% in Q2.  It would mean that output is around 13%-14% below a year ago.  The third quarter is off to a considerably better start. At 54.8, the preliminary July is at its highest level since mid-2018.  There was some weakness below the surface in employment and order backlog that will need to be monitored.  

China's data seems nearly universally eyed with suspicion that it is politicized.  Nevertheless, efforts from others to triangulate it find that the official estimates are probably not far off.  Most acknowledge that the world's second-largest economy has turned the corner.  Growth in Q2 was estimated at 11.5% (quarter-over-quarter), leaving H1 output down 1.6% from a year ago.  

The PMI at the end of next week will be the first data for July and Q3.  The composite PMI stood at a heady 54.2 in June, the highest in two years.  This may overstate the case a bit, and investors ought not to be surprised if the momentum slows.  The non-manufacturing PMI is likely to hold up better than the manufacturing PMI, which is more sensitive to the external sector.  

Despite concerns that China may weaponize the yuan, this does not appear to be the case.  From the end of May through late last week, the dollar fell almost 3% against the yuan.  Still, the takeaway is the stability of the yuan against the dollar.  In Q1, it fell by about 1.7% against the dollar, and in Q2, it rose by 0.25%.  So far in July, the yuan has edged up by about 0.8%, leaving it off about 0.65% for the year.   Chinese officials do not want the US to get an edge on it by pushing the dollar down, which has been part of US President Trump's rhetoric.  However, the nominal stability of the yuan-dollar exchange rate, in a weak dollar environment, suggests the yuan will likely depreciate against China's other trading partners.  


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US Confirms 2nd Carrier Group En Route To “Deter Hostile Actions Against Israel”

US Confirms 2nd Carrier Group En Route To "Deter Hostile Actions Against Israel"

Update (2100ET): The Pentagon has ordered a second carrier…



US Confirms 2nd Carrier Group En Route To "Deter Hostile Actions Against Israel"

Update (2100ET): The Pentagon has ordered a second carrier strike group to the eastern Mediterranean Sea, according to two US officials, as Israel prepares to expand its Gaza operations.

The first carrier strike group, led by the USS Gerald R. Ford, arrived off the coast of Israel earlier this week.

US Defense Secretary Lloyd Austin announced on Saturday night that the USS Dwight D. Eisenhower carrying nine aircraft squadrons, as well as two guided-missile destroyers and a guided-missile cruiser, will soon join the USS Gerald R. Ford carrier group in the region to “deter hostile actions against Israel or any efforts toward widening this war following Hamas's attack on Israel.”

The Biden administration made clear that the carrier, and its accompanying force, are not there to engage in combat activities on behalf of Israel but rather to deter others from entering the conflict, including Hezbollah.

“The increases to US force Posture signal the United States' ironclad commitment to Israel’s security and our resolve to deter any state or non-state actor seeking to escalate this war,” Austin stated.


Additionally, the US administration has so far ruled out sending military personnel into Gaza as part of any Israeli ground invasion or attempt to free American hostages there, only aiding the IDF with intelligence and operation planning.

*  *  *

Update (1330ET): The Israeli military has announced it is prepared for a coordinated air, ground and naval offensive in the Gaza Strip "very soon," according to reports from AP.

In a nationally broadcast address Saturday night, Rear Adm. Daniel Hagari issued a new appeal to residents to move to the southern Gaza Strip.

“We are going to broadly attack Gaza City very soon,” he said.

He accused Hamas of trying to use civilians as human shields.

Meanwhile, the social media rhetoric between leaders has gone to '11'...

Iran's Supreme Leader Khamenei expects a "complete victory"...

Calling on all Muslims to join the fight...

Israeli PM Netanyahu made his views very clear:

Live feeds below on Gaza: 

*  *  *

Israeli media is reporting a "greenlight" has been given for the expected major Israeli offensive on the Gaza Strip as massive convoys of Palestinian civilians have been observed fleeing to the southern part of the densely populated strip. So far there has been limited ground incursions by the army into the strip, targeting Hamas operatives and reportedly to gain intelligence on the whereabouts of hostages. 

The United Nations has issued a report saying at least 423,000 Palestinians have already been internally displaced within Gaza and this massive figure is expected to ratchet further. Likely it has surpassed a half-million as of Saturday, following the Israeli-issued evacuation order, which included dropping thousands of leaflets and warnings over Gaza City. 

Via The Guardian

The UN said it "considers it impossible for such a movement to take place without devastating humanitarian consequences." Middle East Eye and other regional sources have said over 700 Palestinian children were killed in one week of fighting. As of Friday Israel authorities tallied that over 1,300 Israelis were killed by the Hamas terror attacks on the southern settlements and the music festival, and rocket fire, with at least 3,200 wounded. 27 among the dead were Americans.

Middle East Eye on Saturday reports the following of the mounting Palestinian death toll in both Gaza and the West bank as follows:

Israel has killed at least 2,215 people in Gaza over the past week, according to the Palestinian health ministry. Of those killed, 724 are children and 458 are women. Some 8,714 people have been wounded in the besieged enclave in that time, it added. 

Meanwhile, Israeli forces have killed 54 people and wounded 1,100 others in the occupied West Bank.

According to a review of the last hours of developments, the population is about to run out of water as the remaining supply dwindles after Israel cut off external supply sources

  • UN agency for Palestinian refugees says its shelters in Gaza “are not safe anymore” as it warns water running our for besieged enclave’s residents.
  • More than 320 Palestinians have been killed in the past 24 hours, including many women and children killed in Israeli air raids on convoys fleeing Gaza City, according to health officials.
  • The rising toll comes as Israel continues bombing Gaza a day after telling 1.1 million residents to head south ahead of a looming ground offensive following Hamas’s attack inside Israel last week.
  • At least 2,215 Palestinians have been killed and 8,714 wounded in Israeli air attacks on Gaza. The number of people killed in Israel has reached 1,300, with more than 3,400 wounded.
  • In the occupied West Bank, the number of Palestinians killed by Israeli fire in the past week has topped 50. More than 1,000 have been wounded and hundreds arrested.

The fate of the estimated 100 to 200 hostages in Hamas captivity still remains largely unknown, but Hamas in statements which have been underreported in Western press has claimed that over two dozen of the hostages have been killed by the IDF's ongoing aerial bombardment of the Gaza Strip

Hamas' Izz al-Din al-Qassam Brigades said nine more captives were killed in indiscriminate Israeli shelling in the last 24 hours, including a number of foreigners

Qassam has previously announced the death of 17 captives in Israeli air stikes in Gaza over the past week. 

Sky News and others are also reporting, based on Israeli sources, that bodies of hostages have been recovered after some of the initial IDF infantry cross-border raids which began Friday into Saturday:

Raids carried out on the Gaza Strip by Israeli forces discovered human remains of those who had been missing since Hamas's attack last weekend, local media is reporting.

According to Haaretz, armed forces entered an enclave where it is thought up to 200 people were being held hostage by Hamas, and retrieved the bodies of several people.

Items belonging to the missing people were also discovered. 

The US said Friday it chartered its first successful evacuation flight, with talk of more to come.

TOI: A military official at the forensic center at the Military Rabbinate's headquarters in Ramle stands in front of the remains of the victims of Hamas's October 7 shock onslaught in Israel, October 13, 2023. Flash90

There are Americans (many of them likely dual nationals) among the population of Gaza, which Washington says it is trying to facilitate safe exit for as Israeli airstrikes continue. Dangerously, the lone Raffah border crossing into Egypt has at this point been bombed several times. 

But regional media is reporting there's been a diplomatic breakthrough on this front, as Israel, Egypt, and the United States have forged an agreement to let foreigners residing in Gaza pass through the Rafah border crossing into Egypt.

Scene from the frontlines as the IDF build-up outside Gaza continues:

Huge civilian convoys have been witnessed fleeing to the southern half of Gaza, creating bottlenecks...

The Times of Israel cites a senior Egyptian official as follows:

The official says Israel has agreed to refrain from striking areas the foreigners would pass through on their way out of the besieged Palestinian territory. He adds that Qatar was involved in the negotiations and the participants received approval from the Palestinian terror groups, Hamas and Islamic Jihad.

The agreement  does not deal with hostages being held by Hamas.

A second official at the Egyptian side of the Rafah crossing point says they received “instructions” to reopen it on Saturday afternoon for foreigners coming from Gaza.

But Egypt is by and large not letting Gazans exit, even erecting bigger concrete barriers of extra border protection, amid what's setting up to be a catastrophic humanitarian crisis as the Israeli pressure ratchets.

The IDF says it is about to attack the northern half of the Gaza Strip with "great force" - while the US and other countries are urging for caution regarding Palestinian civilians. Below is rare footage of an elite Israeli rescue squad in action (intentionally blurred by IDF sources):

Washington has still all the while said it "stands with Israel" - and has not tried to actually halt the unrelenting IDF bombardment of civilian areas.

Meanwhile, things continue ratcheting in south Lebanon, with reports of new strikes being exchanged between Israel and Hezbollah, and other pro-Palestinian factions.

Tyler Durden Sat, 10/14/2023 - 21:00

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Ukraine Vs Israel: Can The West Arm Both?

Ukraine Vs Israel: Can The West Arm Both?

Authored by William Van Wagenen via The Cradle,

Just three days after the Hamas-led Palestinian…



Ukraine Vs Israel: Can The West Arm Both?

Authored by William Van Wagenen via The Cradle,

Just three days after the Hamas-led Palestinian resistance launched an unprecedented military offensive against Israeli military posts and settlements by land, sea, and air, Israeli officials began begging their US sponsors for additional weapons. Politico reported this week that according to a senior Pentagon official, "The Biden administration is surging weapons to Israel, rapidly sending air defenses and munitions in response to Israeli officials’ urgent requests for aid."

“Planes have already taken off,” the senior official told reporters. Amidst this escalating crisis for the occupation state, it's worth pondering a crucial question: Can the US sustain a commitment to two significant existential conflicts involving vital allies in separate geographies simultaneously? 

The answer is likely no. Washington has already devoted over $100 billion in military aid to Ukraine to fight Russia, while facing a national debt spiraling out of control and spiking inflation.

It wasn't supposed to be this way. The Ukraine war was meant to be easier; the isolation and economic unraveling of its Russian adversary, was a cinch. Instead, 18 months on, the US is struggling to support Ukraine in a bloody war of attrition. Worse yet, Kiev’s well-publicized spring offensive that was meant to flip those odds has come to naught in the face of Russia’s overwhelming advantage in artillery and advanced missiles. 

AFP/Getty Images

Little territory has changed hands since Russian forces withdrew from Kharkiv and Kherson in late 2022, but the Ukrainian army has since been decimated by Russian artillery in theatres such as Bakhmut. 

"We think that Ukrainians have lost somewhere between 300 to 350 thousand dead, maybe more, hundreds of thousands of wounded," retired US Colonel Douglas Macgregor bluntly stated in August. "These attacks have utterly bled Ukraine white."

This grim reality has given rise to what the BBC has described as "Ukraine's army of amputees." In the first half of this year alone, some 15,000 soldiers joined their ranks, surpassing the total amputees the UK produced over six years during World War II.

While Ukraine faces a severe manpower shortage, western powers find themselves faced with a dearth of available weaponry to send to Kiev. Admiral Rob Bauer, NATO's highest-ranking military official, candidly admitted on October 3rd, "The bottom of the barrel is now visible" concerning the west's ammunition stockpile.

In a sign of the mounting strain, the US began transferring to Ukraine 300,000 155-millimeter shells it had stored in Israel as part of the War Reserves Stock Allies-Israel (WRSAI) program.

According to one Israeli officer, “Officially, all of this equipment belongs to the US military …. If, however, there is a conflict, the IDF [Israel Defense Forces] can ask for permission to use some of the equipment.”

Pentagon spokesman Brig. Gen. Patrick Ryder claimed the US would replenish these stocks of artillery shells stored in Israel. But the US does not have the ability to do so, as Ukraine has been using between 3,000 and 6,000 rounds per day, a quarter of what Russia has used on the battlefield.

CNN reported at the time that “The strain on weapons stockpiles – and the ability of the US industrial base to keep up with demand – is one of the key challenges facing the Biden administration.”

Israel's plea for US weapons

The US military-industrial complex is heavily geared to produce high-cost weapons systems and hardware, like the $412 billion F-35 warplane. While these programs undoubtedly benefit weapons manufacturers like Lockheed Martin, they fall short in delivering the essential artillery required in vast quantities for a war of attrition against a formidable military.

Now that war has broken out between Israel and the Palestinian resistance, Kiev faces a competitor not only in Moscow, but in Tel Aviv. Ukrainian President Volodymyr Zelensky on 9 October expressed the fear that US and European support would shift away from Ukraine and toward Israel, and claimed on the social media platform X:

“We have data very clearly proving that Russia is interested in inciting war in the Middle East so that a new source of pain and suffering would erode global unity and exacerbate cleavages and controversies, helping Russia in destroying freedom in Europe.”

While the Ukraine lobby enjoys clout in Washington, the Israel lobby reigns supreme. It is unlikely the former will be able to override the efforts of the latter to redirect what few US weapons remain available away from the defense of the Jewish state.

Israel had consistently refused to send weapons to Ukraine...

That Israel is begging for US weapons just days into a conflict with Hamas and Palestinian Islamic Jihad (PIJ) is alarming for the occupation state’s supporters, considering that none of the remaining Axis of Resistance members, including Hezbollah, Syria, Ansarallah, Popular Mobilization Units (PMU) and Iran, have yet formally entered the conflict.

Should Hezbollah fully join the fight, Israeli planners expect the Lebanese resistance movement to fire 4,000 missiles a day from northern Lebanon and send thousands of elite troops into Israel to take over towns or military bases.

Lessons from the 2006 war with Hezbollah 

Israel and Hezbollah fought a major battle in 2006, which forced the Israeli military to wage war against a more “conventional” military opponent, in contrast to the Palestinians it confronts daily in the West Bank and Gaza.

According to Matt Mathews of the US Army’s Combat Studies Institute, Israel was woefully unprepared to fight a “real war” in that conflict. He notes that as a result, Mossad Chief Meir Degan and the head of Shin Bet, Yuval Diskin, pointedly told then-Prime Minister Ehud Olmert “the war was a national catastrophe and Israel suffered a critical blow.”

The 2006 war also exposed Israel’s reliance on US weapons, which nevertheless proved insufficient to defeat Hezbollah. During the war, Israel requested to access the WRSAI stockpile and that the US expedite the delivery of precision-guided munitions to Israel. Within just 10 days of fighting, Israel used most of its ammunition stock.

Years later, in July 2014, during Israeli military operations against Hamas in the Gaza Strip, Israel was again forced to rely on the WRSAI stockpile to replenish 120-mm tank rounds and 40-mm illumination rounds fired from grenade launchers.

The problems Israel faced in 2006 and 2014 will be compounded if the Axis of Resistance now takes the step of initiating its “unification of the fronts” campaign.

David Wurmer, Middle East adviser to former Vice President Dick Cheney, told the Wall Street Journal on 10 October that “The nightmare scenario for the Israelis is that they go a week or two shooting down 6,000 to 10,000 Hamas missiles, and then they have nothing left to stop the Hezbollah missiles.” 

The silent threat of Iran’s missiles 

The situation for Israel becomes even more challenging if Iran joins the conflict, as the Islamic Republic possesses substantial stocks of short-range and medium-range missiles capable of reaching both Israel and US bases in the region.

The US and Israel often warn of the alleged threat posed by Iran’s nuclear program, despite its civilian orientation, but seldom mention the threat posed by Iran’s burgeoning conventional missile program.

Israel’s actions express its worries more clearly than its words: in February of this year, Israel launched a drone attack against an Iranian military facility in Isfahan. According to Danny Yatom, a former head of the Mossad, the attack targeted a facility developing hypersonic missiles, which the New York Times described as “long-range munitions capable of traveling up to 15 times the speed of sound with terrifying accuracy.” 

A very different Palestinian resistance

In 1993, when Palestine Liberation Organization (PLO) Chairman Yasser Arafat signed the Oslo Accords on the White House lawn with President Bill Clinton and Israeli Prime Minister Yitzhak Rabin, the Soviet Union had recently collapsed, while Iran was recovering from a bloody war with US-backed Iraq that killed one million people on both sides.

When Arafat signed the accords, accepting US and Israeli promises that they would pave the way for a future Palestinian state, the Palestinians had few allies they could rely on and were blindsided by Tel Aviv's actual intentions to fragment and destroy the Palestinian nation.

Through Oslo, the US and Israel created the “shared fiction,” to use New York Times columnist Thomas Friedman’s words, that a Palestinian state would be established at some future date. According to Friedman, this allowed Israel to continue to confiscate land to build Jewish settlements, while the US could keep “peace hopes there just barely alive,” as cover.

But now, more than 40 years later, the Palestinians are not alone. They are part of a region-wide Resistance Axis that has defeated US and Israeli agendas in a number of West Asian states, gaining invaluable fighting, organizational, and planning experience alongside reliable allies. 

Meanwhile, the pile of recent US-side failures keeps mounting: Russia's global clout spiked during the US proxy war in Ukraine; US adversaries China and Russia forged a multipolar world when Washington came at them; economic sanctions designed to cripple Russia and Iran only strengthened both states and sparked military collaborations. 

Crucially, Russia and Iran today possess the industrial capabilities to produce the military firepower the US and NATO cannot provide to allies in either Tel Aviv or Kiev.

Israel has already started the fight it may not be able to finish by declaring total war on Gaza’s civilian population, killing over 1,000, including hundreds of women and children, and flattening large swathes of the Gaza Strip in airstrikes. 

For Tel Aviv, Gaza has always been low-hanging fruit - the punching bag it seeks when it needs to look tough. But today, one misstep, one badly aimed missile, or one step too far, and Israel will face a regional war it cannot withstand for any significant period of time.

Tyler Durden Sat, 10/14/2023 - 21:00

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Leftist Media Call Trump-Supporters “Far-Right”… For What?

Leftist Media Call Trump-Supporters "Far-Right"… For What?

Authored by Jack Hellner via,

As far as I can tell, anyone…



Leftist Media Call Trump-Supporters "Far-Right"... For What?

Authored by Jack Hellner via,

As far as I can tell, anyone who supports Trump - say, Jim Jordan - is labeled hard right. 

So which policies made Trump far-right, according to the media and other Democrats?

Enforcing border laws that Congress passed and building a wall?  The public seems to support that, so that would be a middle-of-the-road policy. 

Opposes sanctuary cities and states.  It appears that the leftists who claimed they were sanctuaries are rethinking their disastrous policies.

Being tough on crime instead of supporting soft-on-crime D.A.s.  That is not unpopular. 

Supporting limits on abortion.  Two thirds of Americans support limiting abortion to the first thirteen or fifteen weeks, just like Europe. 

Supporting lower tax rates and fewer regulations.  Those are not unpopular positions.  In fact, they lifted up the people at the bottom of the economic ladder.  Real wages rose rapidly, and poverty hit a record low at the end of 2019.  How can that be hard right? 

Opposing the teaching that the U.S. is a racist country.

Trump repeatedly denounced white supremacists just like almost all Americans. 

Trump didn’t want people to be fired for refusing to take a vaccine just like most Americans. 

Trump moved rapidly to get schools and businesses back open after the initial shutdown.  That is certainly not a far-right position. 

Trump supports school choice for the poor, just like the majority of Americans, especially minorities.  

Trump opposes allowing men to compete against women, just like most Americans.  He opposes allowing men to expose themselves in women’s locker rooms.

Trump supported drilling and energy independence.  That kept inflation low and helped the poor, the middle class, and small businesses. 

Trump does not believe that climate change is the greatest existential threat. 

Trump sought to make NATO pay what they were supposed to.  Why would that be an unpopular policy or far-right? 

Trump moved the U.S. embassy to Jerusalem, just as Congress and previous presidents had promised. 

Trump put a squeeze on Iran.  Why would it be far-right to cut off funding from a country that pledges death to America and death to Israel? 

Trump and his son-in-law made great progress in the Middle East with the Abraham accords.  That certainly is not hard-right. 

Trump challenged the 2020 election, just like how Democrats challenged the 2000, 2004, and 2016 election.  There is nothing far-right about challenging elections. 

Trump told people to march peacefully and patriotically to the capital to protest the election.  What is far-right about peace and patriotism?

Trump told the Germans they were stupid to rely on Russia for their energy.  He was right. 

Putin has attacked Ukraine while Obama and Biden were president, not Trump. 

Trump asked Ukraine to investigate the Bidens for corruption.  It would be a dereliction of duty for a president to learn of corruption and not investigate.  Sadly, the media and other Democrats impeached him for doing his job. 

Basically, Republicans like Trump and Jordan are called far-right by the media and other Democrats to intentionally mislead the public, just as they did with the fictional Russian collusion story. 

Democrats don’t want to debate their leftist policies because they are unpopular so they always go to the same playbook.  Call Republicans sexists, bigots, racists, and far- or hard-right.  They sure don’t care that the corrupt Clintons and Bidens have lined their pockets with illegal kickbacks for years. 

Tyler Durden Sat, 10/14/2023 - 18:40

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