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Victor Davis Hanson: Fiddling America Away

Victor Davis Hanson: Fiddling America Away

Authored by Victor Davis Hanson via AmGreatness.com,

We fixate only on the irrelevant that we…

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Victor Davis Hanson: Fiddling America Away

Authored by Victor Davis Hanson via AmGreatness.com,

We fixate only on the irrelevant that we think we can address while ignoring the existential we know we no longer can solve...

The last few weeks, the world had been writing off the United States as either crazy or irrelevant as it watches America cannibalize itself. 

Friends tremble at our sudden decline. Enemies rejoice. Neutrals make the necessary adjustments to join the ascendant non-American side.

The symptoms of our decline abroad appear everywhere. The more Joe Biden brags about the crippling oil sanctions on Russia, friends like India and allies like Japan ignore them. And why not, when Biden has no idea how long the war in Ukraine will last, or how much wherewithal the United States can, should, or will give Kyiv, or how its on-to-Red-Square blank check will finally end?

Big Biden talks about more solar and wind farms, and green new deals won’t fill the gas tanks in Munich or heat the homes of Kyoto, or lower the price of imported oil in the United Kingdom. Claiming the Afghanistan mess was a success fools no one.

Allies ask who are our leaders.

  • An impaired Joe Biden who never is quite sure where he is, what he is doing, or whom he is with?

  • Kamala Harris, whose only interests appear to be demagoguing racial and social tensions with a shrinking vocabulary? 

  • Senator John Fetterman (D-Penn.), who was elected on the argument it was unkind not to vote for a candidate who was physically and mentally impaired?

  • Energy Department kingpin Sam Brinton, the cross-dresser in lipstick, now charged with felonies for stealing women’s luggage at airport carousels?

  • Pete Buttigieg, our transportation secretary, who virtue signals melodramas of the past when he is clueless how to fix crises in the present?

  • Our Pentagon brass who fixate on saying the correct thing now to ensure the lucrative defense contractor billets later? 

Allies fear that after abandoning billions of dollars in weaponry in Kabul to the terrorist Taliban, and pumping billions of dollars more of arms into the Ukrainian meat grinder, and failing to increase U.S. armaments production, Washington simply does not have the resources to match China in either a looming proxy or head-to-head war.

Browse through any media account of the U.S. military, and the storyline is one of racial, gender, gay, or transgendered wokeism, or a looming manpower shortage—not a new lethal weapon, a new division of veteran soldiers, or a new program to up the level of training, physical prowess, and mental attitude among the ranks.

The men and women, whom Russia and China most fear, feel that they are unwelcome in the U.S. military and so no longer join. Those whom our enemies hope do enlist, sign up to the delight of their quota-driven, identify politics recruitment officers—and our enemies as well.

NATO member Turkey is calling for an ecumenical Islamic effort combining Shiites and Sunnis, Persians and the Arabs, Middle Easterners and all Muslims—to unite against Israel. And why not when Biden had gratuitously insulted and yet begged Saudi Arabia and the Gulf exporting states, ignored the Abraham Accords, ostracized Israel, radically cut back on U.S. energy production capability, and groveled to Iran to reenter the Iran Nuclear Deal?

China now openly talks of war with the United States. Beijing claims the Taiwan Strait as its own de facto territorial waters. It partners with Russia to add to a growing alliance of Iran, and North Korea, and beckons Turkey, ostensibly a NATO ally. 

After refusing to come clean about its birthing in Wuhan of the gain-in-function, engineered COVID-19 virus that killed 1 million Americans, China is unapologetically defiant about sending a spy balloon over key classified sites throughout the continental United States—part of the continual, humiliating follow-up to its inaugural smack down of Biden’s diplomats at the Anchorage mini-summit.

Oil producers, China, hostiles like Russia and Iran, and opportunists like Turkey and India all foresee the end of the dollar as the international currency. After the American humiliation in Afghanistan, the Islamic world, particularly on the West Bank and in Syria, all see the United States as increasingly weak. 

The Biden Administration brags that it has saved NATO by pouring weapons into European Ukraine. But Europe is starving for fossil-fuel energy, about exhausted with emptying its arsenals in aid to Ukraine, and terrified that Biden is just enough a multilateralist to lead the alliance into a confrontation with Russia, but also so incompetent as to ensure either an economic depression or nuclear standoff. 

Mexican President Andrés Manuel López Obrador basks in the publicity of helping an ailing Biden mount stairs, as he brags that 40 million Mexican nationals have entered the United States—the majority of them illegally. He prods Mexican expatriates to vote for Democrats to ensure the border is wide open and a perpetual vehicle for Mexican, not U.S. interests, in ensuring billions of dollars in remittances, defusing social tensions at home, and encouraging them abroad in the United States. Do we help defend the borders of Ukraine because we cannot defend our own? Are 100,000 dead Americans due to imported fentanyl mere collateral damage from open borders? 

The more our chairman of the Joint Chiefs of Staff and secretary of defense tour the world, sound off on contemporary strategic issues, or weigh in on domestic politics, the more apprehensive our allies become, wondering how the once-vaunted U.S. Armed Forces have descended into some bizarre woke commissariat.

The international financial community is terrified of $33 trillion in aggregate U.S. debt, a record 130 percent of annual American GDP. It was aghast as the Biden Administration blundered ahead printing money to encourage labor non-participation during a supply chain crisis, inciting inflation, inviting high interest rates, and all but ensuring bank collapses.

The world abroad will tolerate no more lectures from American grandees about the evils of tribal hatred or the benefits of democracy—not when race relations in America are regressing to Balkan-like venom. Anti-democratic rogue regimes indict their former presidents; they put on trial their current political rivals; and they let criminals go free if they serve ideological ends. Now the United States does the same, driven by the Left’s paranoid and irrational hatred of Donald Trump, and its eagerness to destroy all customs and traditions to vent its antipathy to all things Trump.

Foreigners assume that downtown  Baltimore, Detroit, Los Angeles, Memphis, San Francisco, or Washington are medieval—filthy, unsafe, vacant, and malodorous. Western civilization discovered 2,500 years ago how to remove excrement from its city cores; now it has either lost or forgotten that ability along with the knowledge that crime and disease thrive amid sewage and garbage. 

The U.S. media was once the world’s gold standard. The New York Times claimed it was the paper of record. Network news was liberally slanted but often fair. Crusading independent journalists often kept government honest. But all that has now become a global laughingstock: ridiculously wrong about “Russian collusion,” predictably partisan about “Russian disinformation” and Hunter Biden’s laptop, egging on Alvin Bragg’s pathetic indictment of candidate and former president Trump, and giddy when an ex-president’s home is raided by FBI, or he is tried as a private citizen by a partisan Senate.

So as the military, political, financial, economic, and cultural status of the United States reaches a nadir, what is the reaction of a blinkered America? 

What remedies are Americans preparing, as they totter on the abyss of disasters comparable to the U.S. Civil War, Great Depression, World War II, or 1960s-style cultural madness?

Marshall Plans to balance budgets? A 600-ship navy? Two more crack army divisions? A continental missile-defense system? A restoration of the cores of American cities? Plans to secure the border? To ratchet up oil and gas production? To drop the racial and sexual tribalism and restore a meritocracy? To reform higher education? To begin charging criminals with the felonies they have committed? A cleaning of the FBI, CIA, Justice Department, and IRS?

Hardly.

  • Instead Americans are wondering why a local prosecutor has charged with felonies the first president in history, and currently the leading 2024 presidential candidate, for having a purported liaison 16 years prior and concluding a non-disclosure agreement supposedly to hide it.

  • A man pretending to be a woman is cashing in on his media-created persona, winning million-dollar advertising contracts from woke corporations for hawking their beer and sports bras. Do these corporations believe that America’s women are so un-endowed that CEOs must hire a man without bosoms to become their national spokesperson for best accommodating cleavage he doesn’t have in a competition he doesn’t enter?

  • America’s downtowns are reaching a breaking point of vacancy, vagrancy, and violence that makes life there unsustainable, while the country argues over gender pronouns. As violent crime soars, especially hate crimes, interracial crimes, and inner-city crime, a mostly black woman’s championship basketball team stages a media psychodrama of pouting and hurt feelings—as it claims it was “disrespected” by left-wing First Lady Jill Biden and will not go to the White House but prefers instead to be hosted at one of the Obamas’ three mansion estates—a duo not heretofore known for welcoming in strangers, especially of the poorer sort.

What else rises to America’s fiddling attention as the world burns up abroad?

Students in American universities, whether at Stanford Law School or San Francisco State University, shout obscenities at federal judges or seek to beat up invited speakers. Their disruptions are encouraged by their own deans’ silence or active encouragement. The common denominator in both cases is that the disrupters and attackers freely admit they violate university rules and/or the law, and yet assume their ideology and their claims on victimhood exempt them from any consequences for their atrocious conduct. And they are proven right on both counts.

All know that a few expulsions of the elite and pampered lawbreakers would restore sanity to lectures; all know that administrators either side with the culprits or fear their own careers would suffer should they enforce the rules they are charged to uphold

As transgenderism sweeps the country and wins the attention of the White House, the media do their best to hide the facts that the transgendered mass murderer in Nashville wrote a blueprint of how and why she would soon be killing 9-year-olds, that another would-be transgendered mass killer was stopped just in time in Colorado, that another transgender would-be assassin traveled to the home of Supreme Court Justice Kavanagh to murder him. 

To speak the truth that men not just in cross-dress perform sexualized dance skits for audiences that include children, but remain both exempt from legal ramifications and are in hot demand is nearly felonious. Best-selling novelist J. K. Rowling, tennis great Martina Navratilova, and All-American swimmer Riley Gaines—they all cannot go out in public alone without assuming they will be physically attacked by the “peaceful” transgendered community. Their sin? The mere suggestion that those born as biological men cannot declare themselves women and thus assume thereby they are.

So America suffers the sins of omission—squabbling over the nonessential—and commission—losing wars, going broke, ruining its economy, flirting with civil war. We know these are all self-inflicted wounds. But apparently, we believe their remedies are worse than the original maladies. And so we fixate only on the irrelevant that we think we can address while ignoring the existential we know we no longer can solve.

The world is terrified and stunned at the result—and increasingly looking elsewhere to non-American solutions.

Tyler Durden Mon, 04/10/2023 - 16:20

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Analyst reviews Apple stock price target amid challenges

Here’s what could happen to Apple shares next.

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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 Investing.com

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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International

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…

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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 https://www.ivi.int.

 

CONTACT

Aerie Em, Global Communications & Advocacy Manager
+82 2 881 1386 | aerie.em@ivi.int


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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…

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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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