Spread & Containment
The real estate sector might be a winner of the post-COVID recovery
The real estate sector might be a winner of the post-COVID recovery


The major indices all surged higher this morning thanks to a positive coronavirus vaccine trial and the continued global reopening push. The shares of Moderna (MRNA, +25%) exploded higher in the wake of the firm’s promising trial results, but risk assets have been gaining ground across the board, with the price of crude oil, copper, and global equities all pushing higher. The battered financial sector has also been making bulls smile, as the XLF ETF erasing most of last week’s losses after the open, thanks to the uptick in Treasury yields, and the tightening credit spreads in the corporate bond market.
[reit]
Q1 2020 hedge fund letters, conferences and more
The Real Estate Sector And The Post-COVID Recovery
In economic news, the NAHB Housing Market Index came in at 37 above both the consensus estimate of 35 and last month’s reading of 30. The report gave a boost to the real estate sector and since mortgage rates remain near their all-time lows, the sector could be among the winners of the post-COVID recovery. Energy-related issues have also been favored this morning, amid signals that Chinese demand for crude oil is nearing its pre-pandemic levels and thanks to the reopening of the Asian giant’s economy.
Market Wrap
Dow: 24,525, + 840 or 3.6%
S&P 500: 2,954 + 91 or 3.2%
Nasdaq: 9,248, + 233 or 2.6%
Russell 2000: 1,322, + 65 or 5.2%
Market breadth has been the strongest in weeks this morning thanks to the broad rally, with decliners advancing issues outnumbering decliners by a whopping 19-to-1 ratio on the NYSE at midday. Only 3 stocks hit new 52-week lows on the NYSE and the Nasdaq, while 103 stocks hit new 52-week highs. The major indices have been trading above their daily VWAPs (Volume-Weighted Average Price) throughout the morning session, pointing to intraday buying pressure. The most lockdown-sensitive industries have been leading the charge this morning following last week’s poor showing, but cyclical issues have all been screaming higher. Even the relatively weaker defensive sectors have been enjoying inflows, and that bodes very well for bulls ahead of the afternoon session. Stay tuned!
The post The real estate sector might be a winner of the post-COVID recovery appeared first on .
Government
“True Stories… Could Fuel Hesitancy”: Stanford Project Worked To Censor Even True Stories On Social Media
"True Stories… Could Fuel Hesitancy": Stanford Project Worked To Censor Even True Stories On Social Media
Authored by Jonathan Turley,
While…

While lost in the explosive news about Donald Trump’s expected arrest, journalist Matt Taibbi released new details on previously undisclosed censorship efforts on social media. The latest Twitter Files revealed a breathtaking effort from Stanford’s Virality Project to censor even true stories. After all, the project insisted “true stories … could fuel hesitancy” over taking the vaccine or other measures. The effort included suppressing stories that we now know are legitimate such as natural immunity defenses, the exaggerated value of masks, and questions over vaccine efficacy in preventing second illnesses. The work of the Virality Project to censor even true stories should result in the severance of any connection with Stanford University.
We have learned of an ever-expanding coalition of groups working with the government and social media to target and censor Americans, including government-funded organizations.
However, the new files are chilling in the details allegedly showing how the Virality Project labeled even true stories as “anti-vaccine” and, therefore, subject to censorship. These files would suggest that the Project eagerly worked to limit free speech and suppress alternative scientific viewpoints.
Taibbi describes the Virality Project as “a sweeping, cross-platform effort to monitor billions of social media posts by Stanford University, federal agencies, and a slew of (often state-funded) NGOs.”
1.TWITTER FILES #19
— Matt Taibbi (@mtaibbi) March 17, 2023
The Great Covid-19 Lie Machine
Stanford, the Virality Project, and the Censorship of “True Stories” pic.twitter.com/v41dyC26ZR
He added: “We’ve since learned the Virality Project in 2021 worked with government to launch a pan-industry monitoring plan for Covid-related content. At least six major Internet platforms were ‘onboarded’ to the same JIRA ticketing system, daily sending millions of items for review.”
5.Just before @ShellenbergerMD and I testified in the House last week, Virality Project emails were found in the #TwitterFiles describing “stories of true vaccine side effects” as actionable content. pic.twitter.com/dKxTnxDc3a
— Matt Taibbi (@mtaibbi) March 17, 2023
According to Taibbi, it targeted anyone who did not robotically fall in line with the CDC and media narratives, including targeting postings that shared “Reports of vaccinated individuals contracting Covid-19 anyway,” research on “natural immunity,” suggesting Covid-19 “leaked from a lab,” and even “worrisome jokes.”
That included evidence that it “knowingly targeted true material and legitimate political opinion, while often being factually wrong itself.”
The Virality Project warned Twitter that “true stories … could fuel hesitancy,” including stories on “celebrity deaths after vaccine” and the closure of a central New York school due to reports of post-vaccine illness.
The Project is part of the Cyber Policy Center at Stanford and bills itself as “a joint initiative of the Freeman Spogli Institute for International Studies and Stanford Law School, connects academia, the legal and tech industry and civil society with policymakers around the country to address the most pressing cyber policy concerns.”
The Center launched the Project as a “a global study aimed at understanding the disinformation dynamics specific to the COVID-19 crisis.”
As with many disinformation projects, it became a source of its own disinformation in the effort to suppress alternative views.
It is being funded by Craig Newmark Philanthropies and the Hewlett Foundation.
On its website, it proclaims: “At the Stanford Internet Observatory our mission is to study the misuse of the internet to cause harm, and to help create policy and technical mitigations to those harms.” It defines its mission to maintain the truth as it sees it:
“The global COVID-19 crisis has significantly shifted the landscape for mis- and disinformation as the pandemic has become the primary concern of almost every nation on the planet. This has perhaps never happened before; few topics have commanded and sustained attention at a global level simultaneously, or provided such a wealth of opportunities for governments, economically motivated actors, and domestic activists alike to spread malign narratives in service to their interests.”
What is even more disconcerting is that groups like the Virality Project worked against public health by suppressing such stories that are now considered legitimate from the efficacy of masks to the lab origin theory. It was declaring dissenting scientific views to be dangerous disinformation. Nothing could be more inimical to the academic mission. Yet, Stanford still heralds the work of the Project on its website.
There is nothing more inherently in conflict with academic values than censorship. Stanford’s association with this censorship effort is disgraceful and should be a matter for faculty action. This is a project that sought to censor true stories that undermined government or media narratives.
I am not hopeful that Stanford will sever its connection to the Project. Censorship is now the rage on campuses and the Project is the perfect embodiment of this movement. Cloaking censorship efforts in self-righteous rhetoric, the Project sought to silence those who failed to adhere to a certain orthodoxy, including scientific and public health claims that were later found flawed or wrong. The Project itself is an example of what it called “media and social media capabilities – overt and covert – to spread particular narratives.”
Stanford should fulfill its pledge in creating the Virality Project in fighting disinformation by eliminating the Virality Project.
Spread & Containment
“The New Normal”: New York To Lower Math And English Proficiency Standards Due To Poor Test Result
"The New Normal": New York To Lower Math And English Proficiency Standards Due To Poor Test Result
Authored by Jonathan Turley,
I recently…

I recently wrote how public educators and unions were methodically killing public education. The best example this week comes from New York where a school board committee has solved the dismal math and reading scores for children in the system . . . they lowered the standards. This is not the first system to gut its standards rather than improve its quality of education.
As teachers and unions object to school choice, they continue to make the case for private education.
Parents are increasingly voting with their feet.
The board is simply calling the lack of proficiency “the new normal” and changing the standards. Done.
New York will permanently lower the math and reading proficiency standards after embarrassing results in state testing. It is akin to shortening the 100 yards dash to 50 yards to stay competitive on speed.
The media reported that
“A scoring committee that reports to the Board of Regents said Monday that they must take into account the results of last year’s tests for students in grades three through eight. Some schools posted shocking results — in Schenectady, no eighth grader who took the math test scored as proficient. And the scores for the third through eighth grade tests throughout the state were much lower in 2022 than in 2019, a result no doubt of the absence of in-person learning during the first year and beyond of the COVID-19 pandemic.”
This may seem insane to anyone with a proficiency in logic, but it is being shrugged off by many in New York. There is now an acceptance that the public schools cannot actually educate students to proficiency levels needed to succeed in the modern world. In the meantime, some districts are moving to a four-day work week for teachers to reduce stress.
We previously discussed the elimination of gifted and talented programs to achieve equity by artificially lowering everyone to the same level.
Other schools have eliminated the “F” to guarantee 100 percent passage rates.
Still others have suspended proficiency standards to simply graduate students who cannot reach required levels in writing, math, and English.
There is also a move to end standardized testing.
In a prior column, I was particularly moved by the frustration of a mother in Baltimore recently who complained that her son was in the top half of his class despite failing all but three of his classes. Graduating students without proficiency in English or Math is the worst possible path for these students, schools and society.
It is the dumbing down of America but administrators, boards, and unions insist that it is better for these students, who face dismal prospects for future employment. In the meantime, we are pouring billions into schools that cannot produce a single proficient student in basic subjects. If this were a business, there would be criminal fraud charges across the nation.
Government
Is The US Funding An Experiment In Digital Control In Ukraine?
Is The US Funding An Experiment In Digital Control In Ukraine?
Authored by Marie Hawthorne via The Organic Prepper blog,
Fighting between…

Authored by Marie Hawthorne via The Organic Prepper blog,
Fighting between Russia and Ukraine has been going on for a little over a year now, ending the lives of hundreds of thousands of young men and displacing millions. Ukraine’s Defense Minister, Oleksii Reznikov, invited Western arms manufacturers to test their newest weapons against Russians in 2022. And indeed, all kinds of weaponry have been flowing into Ukraine. It is truly a testing ground.
So, this begs the question, is anything else getting tested there? The Ukrainian government seems pretty willing to use its own citizens as guinea pigs, and the American government seems pretty willing to foot the bill. Are American tax dollars going to any other interesting projects?
Here’s what the US is funding in Ukraine.
Yes, actually. Volodymyr Zelensky became president of Ukraine in May 2019, and almost immediately he introduced his idea of a “country in a smartphone.”
In early September 2019, Ukraine launched its Ministry of Digital Transformation, headed by a World Economic Forum participant, Mykhailo Fedorov According to Federov, the goal of this new government department was to streamline government services, making it easier to apply for driver’s licenses, passports, and so on. Ukraine has long held the reputation as Europe’s most corrupt country, and young politicians like Federov want to take advantage of new technology to make changes.
So, in early February 2020, the Ukrainian government launched its Diia app for smartphones. Developed by volunteers from EPAM Systems, Diia has been touted as a way to streamline government services. By 2021 it had allowed Ukraine to become the first European nation to accord digital passports and one of the first to issue digital drivers’ licenses. Federov reported in 2021 that about one-fourth of the Ukrainian population was using it, and it was gaining in popularity. As of January 2023, about half the adult Ukrainian population was using it.
There is a positive side to streamlining government services. Diia has allowed Ukrainians to easily start new businesses, making all the required government paperwork easily available. I can see this being helpful for young entrepreneurs.
However, negative consequences became readily apparent, too.
Within a year of its launch, millions of Ukrainians found that their personal data, such as driver’s licenses, social media information, and banking information, were being traded online. There’s always been the risk of losing your wallet and your driver’s license, but with everything online, the risks of fraud and identity theft increase astronomically.
Early on in his presidency, Zelensky talked about streamlining the voting process via the app. Aside from the fact that experts have never agreed about the safety of online voting, by July 2022, Zelensky had banned political opposition parties and shut down media companies with alternative views. Having one central app that controls everyone’s important documents makes it far easier for any ruling party to maintain its power.
Controlling elections is only the beginning. Diia launched in February 2020, and by March 2020, Diia was helping the Ukrainian government enforce its lockdown policies, as discussed in the recent report by Redacted.
The Redacted report shows portions of various WEF summits and at 2:06 has a clip of a WEF paper saying, “This digital identity determines what products, services, and information we can access—or conversely, what is closed off to us.” Diia (and other digital identity products) have been marketed as a convenience, but don’t be fooled. Developers of this technology have seen their potential as a control mechanism from the beginning.
The Redacted report also shows clips of Federov speaking at the 2021 WEF summit, and at 5:40 he openly admits that the pandemic allowed the Ukrainian government to speed up Ukraine’s digital transformation. “The pandemic has accelerated our progress,” says Federov. “People are really now demanding digital online services. People have no choice but to trust technology.”
The Redacted report traces Diia’s transformation from a convenient service to a military tool. At 6:39, they discuss an interview in Wired with Anton Melnyk, an adviser in Ukraine’s Ministry for Digital Transformation. In March 2022, Dr. Melnyk stated, “We have restructured the Ministry of Digital Transformation into a clear military organization.”
Wartime features in an app
Shortly after the Russian invasion, Diia added all kinds of new wartime features. Ukrainians can report Russian troop movements through Diia’s chatbot, eVorog (eEnemy). Ukrainians can receive government payments even if they’re displaced. But Diia doesn’t stop there.
Diia encourages citizens to snitch on their neighbors. The wartime features allow any citizen to anonymously accuse any other citizen of being a Russian collaborator. Stalin’s rule in the Soviet Union demonstrated how wrong this can go. Ukrainians hate Stalin, and rightfully so. But using cutting-edge technology to encourage the exact same kind of community-destroying snitching is a page right out of his playbook. Between the snitching and its one official, government-approved news station, Diia is rapidly becoming Stalin in a smartphone.
Here’s why Americans should care.
In case you’re wondering why we should care about the ins and outs of Ukrainian bureaucracy, there are two big reasons worth paying attention to this. The first is that Americans have been paying for much of the technical development. The second is that the “government in a smartphone” concept is rapidly spreading around the world.
USAID has been supporting Ukraine’s digital transformation since 2016. The volunteers that developed Diia were Ukrainians working with EPAM Systems, a software engineering company based in Pennsylvania. And EPAM Systems may be a private company, but USAID isn’t. It’s taxpayer-funded.
After the Russian invasion, USAID donated another $8.5 million to Ukraine to help develop Diia’s wartime features. USAID director Samantha Power spoke at the World Economic Forum in 2023, touting Diia’s success. She and Federov both talked about the huge successes and discussed sharing Diia’s model with other countries. Incidentally, Samantha Power is married to Cass Sunstein, the author of Nudge and a number of other books that some might consider pro-social-manipulation.
Power has stated that USAID intends to look for leaders in developing nations that have been running on anti-corruption platforms and sharing Diia-like technology with them to help modernize their countries. She specifically cited Zambia, the Dominican Republic, and Ecuador. In January, Estonia announced that they would begin trial runs of their mRiik app, modeled after Ukraine’s Diia.
And, of course, all of this sounds very loving and charitable. However, it’s impossible to ignore the financial incentives.
The digital shift in America
The U.S. got a giant shove online when lockdowns were enforced in 2020 and 2021. The U.S.’s “digital transformation,” even though it was only partial, still made already-wealthy tech companies even wealthier. Even though billionaire wealth can fluctuate pretty dramatically, by the end of 2022, American billionaires were still 50% richer than pre-pandemic.
Lovers of free-market economics will point out that increased technological ability is a rising wave that lifts everyone. That can be true, but ask yourself, are most people you know 50% richer than before the pandemic? Probably not. Our lives have been getting pushed online over the past few years. Some people profited, but the quality of life of the average citizen decreased.
Combine the shift to a digital world with the reconstruction after wartime destruction, and you see huge opportunities for profit. It’s estimated that rebuilding Ukraine, so far, will cost over $1 trillion. Zelensky and BlackRock CEO Larry Fink have already come to an agreement about managing the rebuilding of Ukraine. USAID may be charitable, but BlackRock isn’t. Ukraine is in the process of being destroyed and being rebuilt. This is going to be hugely profitable for certain people, and Big Tech seems to be intent on getting their slice of the pie.
This kind of thing isn’t new. Brigadier General Smedley Butler, combat veteran and Medal of Honor recipient, wrote War Is a Racket back in the 1930s. The book is full of examples of industries generating huge wartime profits in conflicts a hundred years ago. War profiteering isn’t new. It isn’t a conspiracy. It’s human nature.
There’s no reason not to think that the same powerful Big Tech figures will not continue to push the expansion of their businesses by pushing life around the world online, with or without violent conflict.
Will we all be pushed into government-by-smartphone?
Maybe some emerging markets will be helped by Diia-like apps. But what about countries that already had reasonably safe and secure government services? Will functional governments be pushed onto a smartphone?
It’s likely, though not imminent. The Improving Digital Identity Act of 2021 is in Congress right now. There are a few versions of it under review. The Senate version actually states that the government cannot require digital identity for any kind of transaction.
Americans are still, on average, relatively concerned about privacy and the concentration of power. The many concerns surrounding Centralized Bank Digital Currencies apply to digital identification, as well. The OP ran an article last month discussing the total loss of anonymity that will occur when CBDCs become implemented.
And there are other, less discussed applications. Look at geofencing. A federal district judge just issued a first-ever “geofencing” warrant for anyone in the vicinity of the Capitol on January 6. This gave police the authority to search the cell phone data of every American whose coordinates happened to be in the area, regardless of whether or not they had anything to do with the shenanigans at the Capitol.
Imagine if they could pull your driver’s license or freeze your bank account, too. Right now, that’s not possible. With all of your important documents linked to something like Diia, it could be.
Here’s how it could unfold.
I don’t think we will all be forced onto something like Diia in the space of a year, but I think we’re at the beginning of a certain chain of events. Digital IDs begin to be offered as a convenience, they become popular, they begin to be preferred by businesses and governments, and we eventually lose the option of physical IDs. And, of course, some kind of crisis (climate change, another pandemic, a hot war) could speed this up more quickly, as happened in Ukraine.
The tools to implement a CBDC linked to a digital identity are already out there. Look at China’s social credit system. It’s technically possible for us, too. It sounds crazy, but conspiracy theorists have been proven correct so consistently lately I don’t think skepticism regarding these new, profitable technologies is unreasonable.
How to retain our privacy
We need to remember that life’s about more than convenience. It’s about the freedom to try new things, some of which will fail spectacularly and some of which will lead to resounding successes. That combination of failure and success is what leads to the deeper insights that make most of us into interesting people. If we continue to trade privacy for convenience, we may find we don’t have much freedom left, either.
If we want to retain some measure of privacy and control over our own lives, if we want to avoid the techno-prison currently being constructed for us, if Americans don’t want our own “Stalin in a smartphone,” we need to avoid feeding the digital beast. Yes, it’s hard, and no, it’s not going to be realistic for 99.9% of us to live completely offline. But we can keep our friendships and purchases offline as much as possible. We can drag our feet when it comes to getting the newest smart gadgets. Perhaps most importantly, those of us with teenagers and young adults can spend time explaining our privacy concerns to the younger generation, so they try to live life offline, as well.
The digital prison is being constructed, but it’s by no means done yet. Grand plans like “government in a smartphone” always fall apart at some point. The problems with Diia are obvious to anyone paying attention. If enough of us can postpone moving everything online, hopefully, this impetus will collapse on its own.
-
Government11 hours ago
“True Stories… Could Fuel Hesitancy”: Stanford Project Worked To Censor Even True Stories On Social Media
-
Uncategorized7 hours ago
Fed, central banks enhance ‘swap lines’ to combat banking crisis
-
International5 hours ago
What Follows US Hegemony
-
International21 hours ago
The limits of expert judgment: Lessons from social science forecasting during the pandemic
-
Government18 hours ago
Royal Caribbean Officially Makes Controversial Change
-
Government21 hours ago
Is The US Funding An Experiment In Digital Control In Ukraine?
-
Spread & Containment13 hours ago
“The New Normal”: New York To Lower Math And English Proficiency Standards Due To Poor Test Result