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US REIT Preferred: A potential bright spot in challenging times

US REIT Preferred: A potential bright spot in challenging times



Real estate investment trusts (REITS) have recovered from the coronavirus with the broader market, but real estate investors now face the prospect of persistently low rates, high volatility and slow economic growth.

One potential bright spot in this challenging environment is US REIT preferred securities. This lesser known part of the real estate capital structure has historically offered higher yields and lower volatility than REIT common stock as well as better downside protection and a preferred position in the capital stack. Since average dividend yields are currently above 8%, REIT preferred securities1 could also offer an attractive value opportunity that may generate equity-like total returns with fixed income-like risk.2

Understanding REIT preferreds. REIT preferred stock is a type of hybrid security that exhibits both equity- and bond-like characteristics. Like equities, preferred stocks are a permanent source of capital which does not count as debt on the balance sheet. Within the capital stack, REIT preferreds have a senior claim on assets, earnings and dividends relative to common stock, but are junior to corporate bonds. Like bonds, REIT preferreds typically make fixed payments on a quarterly basis, and the dividends are often considerably higher than those paid on common stock. In addition, most REIT preferreds offer cumulative dividends so that the issuer is obligated to make up any missed payments before issuing a dividend on any common stock. If a preferred security goes six quarters without a dividend payment, the preferred shareholders can elect two new board members who remain in place until all distributions have been paid.

Moreover, REIT preferred shares are generally issued at a par value (often $25) that can rise or fall but have historically remained in a tight range. REIT preferred shares have no voting rights, although the owners can benefit when shares are trading at a discount to par. REIT preferreds are often callable at par five years after issuance. This feature gives the REIT management team flexibility in its financing, while the five-year non-call period gives shareholders the potential for both income and capital appreciation.

Why issue REIT preferred stock? There are several reasons why REIT managers might elect to issue preferred stock instead of common stock or corporate debt.  For example, preferred stock does not fully appear as debt on the company’s balance sheet and there is no requirement of principal repayment. This is a permanent source of financing that, issued in place of debt, allows the company to operate with lower leverage on the balance sheet, an appealing factor for investors, analysts and rating agencies. A wide variety of REITs have issued preferred stock including residential, office, retail, industrial, self-storage, data center, infrastructure, healthcare and lodging sectors. While the investable universe of US REIT preferreds is relatively small by number of issuers and total capitalization, the potential benefits of these securities to both issuers and investors have historically been compelling.

Comparing REIT preferreds to REIT common stock. From the global financial crisis in October 2008 to April 30, 2020, US REIT preferred stock has outperformed US REIT common stock with slightly more than half the volatility (see Figure 1). However, selecting different time periods will generate different performance results, some of which will favor REIT common stock. But choosing any period that includes sharp downdrafts or volatility spikes in the market will generally favor REIT preferreds over REIT common stock. The reason why is that the higher level of income generated by the preferred shares, coupled with better downside risk mitigation and the potential for capital appreciation on discounted securities, has allowed this segment of the capital structure to generate excess returns.

Figure 1: US REIT Preferreds Performance
Competitive Risk-Adjusted Returns

Performance data quoted represents past performance; that past performance does not guarantee future results. An investment cannot be made directly into an index.
Source: Invesco Real Estate, Wells Fargo, and Zephyr StyleADVISOR. US REIT Preferreds represented by Wells Fargo Hybrid and Preferred REIT Index; US REIT Common represented by FTSE Nareit All Equity REITs Index. Data from October 1, 2008 – April 30, 2020.

We recognize that interest rates in the US are extremely low today and the Federal Reserve may not begin raising the Fed Funds rate for quite some time. But higher rates are always a risk for fixed income investors, so it is significant that from the global financial crisis through April 2020, US REIT preferred stock has tended to outperform2 US REIT common stock during periods of rising rates (see Figure 2). We believe that the higher yield spreads versus the 10-year Treasury note and other preferred sectors have insulated these securities and enabled them to outperform on a relative basis during periods of rising rates. At the same time, the subsequent one-year performance of the REIT preferred universe was slightly below REIT common stocks, although REIT preferreds outperformed broader equities and fixed income. As of March 31, the US REIT preferred market had an average yield of 8.82% compared to the 4.66% yield of the FTSE NAREIT All Equity REITs Index.4

Figure 2: US REIT Preferreds and Rising Rates
Real Estate Securities Performance During Rising Rates

Source: Invesco Real Estate, Bloomberg and Wells Fargo.  Average total returns where the cumulative rise in 10-Year US Treasury yields for each full month period is above 50 basis points (bps) and  the one-year subsequent periods from December 2008 through March 2020.  US REIT Preferred represented by Wells Fargo Hybrid and Preferred REIT Index.  US REIT Common represented by FTSE Nareit All Equity REITs Index.  General Equities represented by S&P 500.  US Fixed Income represented by Barclays US Aggregate Bond Index.  

Given the historically elevated yields of US REIT preferred stocks, investors could properly question the sustainability of these distributions. In this regard, financial preferreds have experienced certain periods of double-digit payment defaults. In contrast, the average annual default rate for US REIT preferred stock has been below 0.50% over the last 20 years, reflecting the potentially stable and predictable cashflows generated by real estate-related companies over that period.5

Potentially attractive valuations. Both common and preferred shares of US REITs traded sharply lower during the height of the pandemic-related market turmoil, and both have partially recovered from the market bottom in late March. Regarding the common stock, US REITs over the last 30 years have traded close to net asset value (NAV) on average versus private real estate valuations. As of March 31, 2020, US REITs traded at a discount of -21.9% to NAV.6 Discounts of this magnitude have only historically been observed during the 1990 Gulf War recession and the global financial crisis in 2008/09. These periods have historically provided investors with a window for deeper value opportunities as there was a fragmentation between underlying real estate fundamentals and asymmetrically steep declines in valuation. We may see something similar in this current environment.

US REIT preferred shares also sold off sharply during the recent market turmoil. Investors frequently analyze preferred securities based on their yield spreads to risk-free securities, including the benchmark 10-year US Treasury note. Over the past five years, US REIT preferred securities have traded between 400 to 500 basis points (bps) above 10-year Treasury yields, with occasional and limited excursions outside of that range (see Figure 3).

Figure 3: US REIT Preferred Spreads
As of March 31, 2020

Source: Invesco Real Estate and Wells Fargo as of 31 March 2020. Performance data quoted represents past performance; that past performance does not guarantee future results.  An investment cannot be directly made into an index. US REIT Preferreds represented by Wells Fargo Hybrid & Preferred REIT Index.  Data shown from 1 January 2015 – 31 March 2020.    

However, as news of the coronavirus pandemic started to roil markets, US REIT preferred spreads widened to levels not seen since the global financial crisis. In particular, spreads widened to 900 bps above Treasuries before falling slightly to end the first quarter just below 800 bps. As of March 31, US REIT preferred shares, represented by Wells Fargo Hybrid & Preferred REITs, had an average yield of 8.82% versus 0.67% for the 10-year Treasury note, 1.59% for US Bonds, and 1.22% for Global Bonds.7 By the end of Q1 2020, REIT preferreds were trading over 300 bps wider to 10-year Treasuries than their five-year averages.8 Accordingly, we believe, on both an absolute and relative basis, that yields and spreads for US REIT preferred securities could represent a potentially attractive value opportunity.     

To be clear, there are many uncertainties with respect to the current global health and capital markets environment, and REIT preferreds have their own potential risks as well. For example, many REIT preferred securities are less liquid than REIT common stock. Since a significant portion of the total return for REIT preferreds typically comes from dividends, these securities are subject to interest rate risk. During steep market downturns, they are also subject to potential dividend deferrals. However, we believe that in any forthcoming market recovery, REITs with higher quality assets operating in relatively supply constrained markets, healthier balance sheets and the prospect for above average earnings growth may present a potentially attractive investment opportunity. 

Key takeaways. Looking beyond the current turmoil to a period when the capital markets have stabilized, investors can likely expect structurally lower interest rates, higher levels of volatility and slower economic growth. A low rate and slow growth environment has historically been favorable for commercial real estate and may prove to be so again. In addition, US REIT preferred securities, with their historically higher yields and lower volatility than REIT common stock, may help investors generate attractive levels of income with less downside risk in a low-to-zero-rate world. In the event of another steep downdraft in the market, REIT preferreds reside higher up the capital stack, and they offer the potential for attractive total returns in light of their overall yields and historically attractive spreads. In summary, the Invesco Real Estate team believes that the utilization of US REIT preferred stock (in portfolios allowing these securities) may enhance returns, reduce volatility and generate income over time compared to a pure REIT common stock portfolio.

While the industry has traditionally focused on real estate strategies that invest exclusively in REIT common stock, we believe that by leveraging different parts of the capital structure, investors may be able to generate higher risk-adjusted returns over the long term. By pairing REIT common stock positions with REIT preferred stock (and considering REIT corporate debt and collateralized mortgage-backed securities in select portfolios), investors can pursue the capital appreciation and income they seek in a potentially more risk-controlled fashion. The overall goal is to generate real estate equity-like returns but with lower volatility, higher Sharpe ratios, shallower drawdowns, higher income and lower correlation to the broader equity market. US REIT preferreds can be an important part of achieving that goal.

Investors seeking information about Invesco Global Real Estate Income Fund can find additional information here.


1. Source: Invesco Real Estate and Wells Fargo as of 3/31/20.  US REIT Preferreds represented by Wells Fargo Hybrid & Preferred REIT Index.

2.  Source: Bloomberg L.P. as of 5/13/2020

3. Sources: Wells Fargo and Zephyr Style Advisors as of 4/30/2020

4. Sources: Bloomberg L.P. and Morningstar Direct, 5/8/20; Invesco Real Estate and Wells Fargo, 3/31/20. US REIT Preferreds are represented by the Wells Fargo Hybrid and Preferred REIT Index.

5. Sources: Invesco Real Estate, Bloomberg L.P. and Wells Fargo. Data as of 12/31/19 and updated annually. US REIT Preferred represented by Wells Fargo Hybrid & Preferred Securities REIT Index. US Financial Preferred represented by Wells Fargo Hybrid & Preferred Securities Financial Index.

6. Source: Invesco Real Estate estimates based on consensus data, 4/1/20. Past performance does not guarantee future results. US Real Estate Securities represented by FTSE Nareit All Equity REITs Index.

7. Sources: Bloomberg L.P. and Morningstar Direct, 5/12/20. US Bonds represented by Bloomberg Barclays US Aggregate Bond Index and Global Bonds represented by Bloomberg Barclays Global Aggregate Bond Index. An investment cannot be made directly into an index.

8. Sources: Invesco Real Estate and Wells Fargo as of 3/31/20.  US REIT Preferreds represented by Wells Fargo Hybrid & Preferred REIT Index.

Important Information

Blog Header Image: Hannes Egler / Unsplash

NAREIT is The National Association of Real Estate Investment Trusts

The Sharpe Ratio is the average return earned in excess of the risk-free rate per unit of volatility or total risk

The capital stack refers to the organization of all capital contributed to finance a real estate transaction or a company.

The standard deviation is a statistic that measures the dispersion of a dataset relative to its mean.

Standard deviation is a statistical measurement in finance that, when applied to the annual rate of return of an investment, sheds light on the historical volatility of that investment. 

A yield spread is the difference between yields on differing debt instruments of varying maturities, credit ratings, issuer, or risk level, calculated by deducting the yield of one instrument from the other. 

The S&P 500® Index is an unmanaged index considered representative of the US stock market.

The Barclays US Aggregate Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

The Wells Fargo Hyrbid & Preferred REIT Index is designed to track the performance of preferred securities issued in the US market by Real Estate Investment Trusts. The index is composed of preferred stock and securities that, in Wells Fargos judgment, are functionally equivalent to preferred stock including, but not limited to, depositary preferred securities, perpetual subordinated debt and certain capital securities.

The Wells Fargo Hybrid and Preferred Securities Financial Index is a market capitalization-weighted index that tracks the performance of preferred stocks and securities that are functionally equivalent to preferred stock including, but not limited to, depositary preferred securities, perpetual subordinated debt and certain capital securities issued in the US market by financial institutions.

The Wells Fargo Hybrid and Preferred Securities Index is a market capitalization-weighted index that tracks the performance of preferred stocks, as well as certain types of “hybrid securities” that are functionally equivalent to preferred stocks, that are issued by US-based or foreign issuers and that pay a floating or variable rate dividend or coupon.

Global REITS are represented by FTSE EPRA/NAREIT Global Index is designed to track the performance of listed real estate companies and REITs in both developed and emerging markets

US REITS are represented by FTSE NAREIT All Equity REITs Index is an unmanaged index considered representative of U.S. REITs Forward-looking statements are not guarantees of future results. They involve risks, uncertainties and assumptions, there can be no assurance that actual results will not differ materially from expectations. An investment cannot be made into an index.

Common stocks do not assure dividend payments and the amount of a dividend if any, may vary over time. There can be no guarantee or assurance that companies will declare dividends in the future of that if declared, they will remain at current levels or increase over time.

Preferred securities may include provisions that permit the issuer to defer or omit distributions for a certain period of time, and reporting the distribution for tax purposes may be required, even though the income may not have been received. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments.

Mortgage- and asset-backed securities are subject to prepayment or call risk, which is the risk that the borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. Securities may be prepaid at a price less than the original purchase value.

Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa.

Investments in real estate related instruments may be affected by economic, legal, or environmental factors that affect property values, rents or occupancies of real estate. Real estate companies, including REITs or similar structures, tend to be small and mid-cap companies and their shares may be more volatile and less liquid.

The opinions expressed are those of the author, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.

Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail products and collective trust funds, and is an indirect, wholly owned subsidiary of Invesco Ltd.

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Removing antimicrobial resistance from the WHO’s ‘pandemic treaty’ will leave humanity extremely vulnerable to future pandemics

Drug-resistant microbes are a serious threat for future pandemics, but the new draft of the WHO’s international pandemic agreement may not include provisions…




Antimicrobial resistance is now a leading cause of death worldwide due to drug-resistant infections, including drug-resistant strains of tuberculosis, pneumonia and Staph infections like the methicillin-resistant Staphylococcus aureus shown here. (NIAID, cropped from original), CC BY

In late May, the latest version of the draft Pandemic Instrument, also referred to as the “pandemic treaty,” was shared with Member States at the World Health Assembly. The text was made available online via Health Policy Watch and it quickly became apparent that all mentions of addressing antimicrobial resistance in the Pandemic Instrument were at risk of removal.

Work on the Pandemic Instrument began in December 2021 after the World Health Assembly agreed to a global process to draft and negotiate an international instrument — under the Constitution of the World Health Organization (WHO) — to protect nations and communities from future pandemic emergencies.

Read more: Drug-resistant superbugs: A global threat intensified by the fight against coronavirus

Since the beginning of negotiations on the Pandemic Instrument, there have been calls from civil society and leading experts, including the Global Leaders Group on Antimicrobial Resistance, to include the so-called “silent” pandemic of antimicrobial resistance in the instrument.

Just three years after the onset of a global pandemic, it is understandable why Member States negotiating the Pandemic Instrument have focused on preventing pandemics that resemble COVID-19. But not all pandemics in the past have been caused by viruses and not all pandemics in the future will be caused by viruses. Devastating past pandemics of bacterial diseases have included plague and cholera. The next pandemic could be caused by bacteria or other microbes.

Antimicrobial resistance

Yellow particles on purple spikes
Microscopic view of Yersinia pestis, the bacteria that cause bubonic plague, on a flea. Plague is an example of previous devastating pandemics of bacterial disease. (NIAID), CC BY

Antimicrobial resistance (AMR) is the process by which infections caused by microbes become resistant to the medicines developed to treat them. Microbes include bacteria, fungi, viruses and parasites. Bacterial infections alone cause one in eight deaths globally.

AMR is fueling the rise of drug-resistant infections, including drug-resistant tuberculosis, drug-resistant pneumonia and drug-resistant Staph infections such as methicillin-resistant Staphylococcus aureus (MRSA). These infections are killing and debilitating millions of people annually, and AMR is now a leading cause of death worldwide.

Without knowing what the next pandemic will be, the “pandemic treaty” must plan, prepare and develop effective tools to respond to a wider range of pandemic threats, not solely viruses.

Even if the world faces another viral pandemic, secondary bacterial infections will be a serious issue. During the COVID-19 pandemic for instance, large percentages of those hospitalized with COVID-19 required treatment for secondary bacterial infections.

New research from Northwestern University suggests that many of the deaths among hospitalized COVID-19 patients were associated with pneumonia — a secondary bacterial infection that must be treated with antibiotics.

An illustrative diagram that shows the difference between a drug resistant bacteria and a non-resistant bacteria.
Antimicrobial resistance means infections that were once treatable are much more difficult to treat. (NIAID), CC BY

Treating these bacterial infections requires effective antibiotics, and with AMR increasing, effective antibiotics are becoming a scarce resource. Essentially, safeguarding the remaining effective antibiotics we have is critical to responding to any pandemic.

That’s why the potential removal of measures that would help mitigate AMR and better safeguard antimicrobial effectiveness is so concerning. Sections of the text which may be removed include measures to prevent infections (caused by bacteria, viruses and other microbes), such as:

  • better access to safe water, sanitation and hygiene;
  • higher standards of infection prevention and control;
  • integrated surveillance of infectious disease threats from human, animals and the environment; and
  • strengthening antimicrobial stewardship efforts to optimize how antimicrobial drugs are used and prevent the development of AMR.

The exclusion of these measures would hinder efforts to protect people from future pandemics, and appears to be part of a broader shift to water-down the language in the Pandemic Instrument, making it easier for countries to opt-out of taking recommended actions to prevent future pandemics.

Making the ‘pandemic treaty’ more robust

Measures to address AMR could be easily included and addressed in the “pandemic treaty.”

In September 2022, I was part of a group of civil society and research organizations that specialize in mitigating AMR who were invited the WHO’s Intergovernmental Negotiating Body (INB) to provide an analysis on how AMR should be addressed, within the then-draft text.

They outlined that including bacterial pathogens in the definition of “pandemics” was critical. They also identified specific provisions that should be tweaked to track and address both viral and bacterial threats. These included AMR and recommended harmonizing national AMR stewardship rules.

In March 2023, I joined other leading academic researchers and experts from various fields in publishing a special edition of the Journal of Medicine, Law and Ethics, outlining why the Pandemic Instrument must address AMR.

The researchers of this special issue argued that the Pandemic Instrument was overly focused on viral threats and ignored AMR and bacterial threats, including the need to manage antibiotics as a common-pool resource and revitalize research and development of novel antimicrobial drugs.

Next steps

While earlier drafts of the Pandemic Instrument drew on guidance from AMR policy researchers and civil society organizations, after the first round of closed-door negotiations by Member States, all of these insertions, are now at risk for removal.

The Pandemic Instrument is the best option to mitigate AMR and safeguard lifesaving antimicrobials to treat secondary infections in pandemics. AMR exceeds the capacity of any single country or sector to solve. Global political action is needed to ensure the international community works together to collectively mitigate AMR and support the conservation, development and equitable distribution of safe and effective antimicrobials.

By missing this opportunity to address AMR and safeguard antimicrobials in the Pandemic Instrument, we severely undermine the broader goals of the instrument: to protect nations and communities from future pandemic emergencies.

It is important going forward that Member States recognize the core infrastructural role that antimicrobials play in pandemic response and strengthen, rather than weaken, measures meant to safeguard antimicrobials.

Antimicrobials are an essential resource for responding to pandemic emergencies that must be protected. If governments are serious about pandemic preparedness, they must support bold measures to conserve the effectiveness of antimicrobials within the Pandemic Instrument.

Susan Rogers Van Katwyk is a member of the WHO Collaborating Centre on Global Governance of Antimicrobial Resistance at York University. She receives funding from the Wellcome Trust and the Social Sciences and Humanities Research Council of Canada.

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Repeated COVID-19 Vaccination Weakens Immune System: Study

Repeated COVID-19 Vaccination Weakens Immune System: Study

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

Repeated COVID-19…



Repeated COVID-19 Vaccination Weakens Immune System: Study

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

Repeated COVID-19 vaccination weakens the immune system, potentially making people susceptible to life-threatening conditions such as cancer, according to a new study.

A man is given a COVID-19 vaccine in Chelsea, Mass., on Feb. 16, 2021. (Joseph Prezioso/AFP via Getty Images)

Multiple doses of the Pfizer or Moderna COVID-19 vaccines lead to higher levels of antibodies called IgG4, which can provide a protective effect. But a growing body of evidence indicates that the “abnormally high levels” of the immunoglobulin subclass actually make the immune system more susceptible to the COVID-19 spike protein in the vaccines, researchers said in the paper.

They pointed to experiments performed on mice that found multiple boosters on top of the initial COVID-19 vaccination “significantly decreased” protection against both the Delta and Omicron virus variants and testing that found a spike in IgG4 levels after repeat Pfizer vaccination, suggesting immune exhaustion.

Studies have detected higher levels of IgG4 in people who died with COVID-19 when compared to those who recovered and linked the levels with another known determinant of COVID-19-related mortality, the researchers also noted.

A review of the literature also showed that vaccines against HIV, malaria, and pertussis also induce the production of IgG4.

“In sum, COVID-19 epidemiological studies cited in our work plus the failure of HIV, Malaria, and Pertussis vaccines constitute irrefutable evidence demonstrating that an increase in IgG4 levels impairs immune responses,” Alberto Rubio Casillas, a researcher with the biology laboratory at the University of Guadalajara in Mexico and one of the authors of the new paper, told The Epoch Times via email.

The paper was published by the journal Vaccines in May.

Pfizer and Moderna officials didn’t respond to requests for comment.

Both companies utilize messenger RNA (mRNA) technology in their vaccines.

Dr. Robert Malone, who helped invent the technology, said the paper illustrates why he’s been warning about the negative effects of repeated vaccination.

“I warned that more jabs can result in what’s called high zone tolerance, of which the switch to IgG4 is one of the mechanisms. And now we have data that clearly demonstrate that’s occurring in the case of this as well as some other vaccines,” Malone, who wasn’t involved with the study, told The Epoch Times.

So it’s basically validating that this rush to administer and re-administer without having solid data to back those decisions was highly counterproductive and appears to have resulted in a cohort of people that are actually more susceptible to the disease.”

Possible Problems

The weakened immune systems brought about by repeated vaccination could lead to serious problems, including cancer, the researchers said.

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Tyler Durden Sat, 06/03/2023 - 22:30

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Robert F. Kennedy Jr. Banned By Major Social Media Site, Campaign Pages Blocked

Robert F. Kennedy Jr. Banned By Major Social Media Site, Campaign Pages Blocked

Authored by Jack Phillips via The Epoch Times (emphasis ours),




Robert F. Kennedy Jr. Banned By Major Social Media Site, Campaign Pages Blocked

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Twitter owner Elon Musk invited Democrat presidential candidate Robert F. Kennedy Jr. for a discussion on his Twitter Spaces after Kennedy said his campaign was suspended by Meta-owned Instagram.

Interesting… when we use our TeamKennedy email address to set up @instagram accounts we get an automatic 180-day ban. Can anyone guess why that’s happening?” he wrote on Twitter.

An accompanying image shows that Instagram said it “suspended” his “Team Kennedy” account and that there “are 180 days remaining to disagree” with the company’s decision.

Robert F. Kennedy, Jr. attends Keep it Clean to benefit Waterkeeper Alliance in Los Angeles, Calif., on March 1, 2018. (John Sciulli/Getty Images for Waterkeeper Alliance)

In response to his post, Musk wrote: “Would you like to do a Spaces discussion with me next week?” Kennedy agreed, saying he would do it Monday at 2 p.m. ET.

Hours later, Kennedy wrote that Instagram “still hasn’t reinstated my account, which was banned years ago with more than 900k followers.” He argued that “to silence a major political candidate is profoundly undemocratic.”

“Social media is the modern equivalent of the town square,” the candidate, who is the nephew of former President John F. Kennedy, wrote. “How can democracy function if only some candidates have access to it?”

The Epoch Times approached Instagram for comment.

It’s not the first time that either Facebook or Instagram has taken action against Kennedy. In 2021, Instagram banned him from posting claims about vaccine safety and COVID-19.

After he was banned by the platform, Kennedy said that his Instagram posts raised legitimate concerns about vaccines and were backed by research. His account was banned just days after Facebook and Instagram announced they would block the spread of what they described as misinformation about vaccines, including research saying the shots cause autism, are dangerous, or are ineffective.

“This kind of censorship is counterproductive if our objective is a safe and effective vaccine supply,” he said at the time.

Read more here...

Tyler Durden Sat, 06/03/2023 - 20:30

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