My morning train WFH reads:

• Time to admit the truth: Brexit has been an unmitigated economic failure: Leaving the EU has reduced Britain’s GDP by up to 8pc, according to a devastating US study. GDP down up to 8%; Investment down 18%; Productivity down 4%; Employment down 4%; No upside whatsoever. (The Telegraph)

• Office-to-Residential Conversions Are Booming and New York Is the Epicenter: A tour of Manhattan buildings you can now call home, and a peek inside the architectural hacks that make transformations possible. (Wall Street Journal) see also When Home Sellers Set Prices Too High, They’re Paying for It: More than half of homes sold in 2025 through October had at least one price cut. (Wall Street Journal)

• America is Flying Blind on Immigration: Nobody Knows How Many Immigrant Workers Have Left the US Amidst Trump’s Mass Deportations. That’s Incredibly Bad. (Apricitas Economics)

• I love AI. Why doesn’t everyone? Anti-AI sentiment might or might not be rational, but it certainly relies on a lot of bad arguments. (Noahpinion)

• Inside the Ostrich Effect: How Ignorance Has Become a Survival Strategy: Research suggests our tendency to ignore bad news isn’t irrational — it’s self-preservation, and could help explain why older people are often happier. (Bloomberg)

• Cities Panic Over Having to Release Mass Surveillance Recordings: Flock’s ‘licence plate readers’ read much more than license plates. A judge says what they record must be released. (God’s Spies)

• The Data on Self-Driving Cars Is Clear. We Have to Change Course. If Waymo’s results are indicative of the broader future of autonomous vehicles, we may be on the path to eliminating traffic deaths as a leading cause of mortality in the United States. (New York Times)

• What Is the “Bean Soup Theory” on TikTok? Bean soup is sparking conversations about the rise of egocentrism. (Inside Hook)

• Russia Gains the Upper Hand in the Drone Battle, Once Ukraine’s Forte: Moscow’s military has gotten better at using the war’s deadliest weapons: small, cheap drones. (Wall Street Journal)

• Pete Hegseth Needs to Go—Now: A man with such contempt for the military should not run the Pentagon. (The Atlantic) see also Hegseth, with White House help, tries to distance himself from boat strike fallout: As Congress vows accountability, the Trump administration emphasized it was a top military commander — not the defense secretary — who directed the engagement. (Washington Post)

Be sure to check out our Masters in Business interview this weekend with Paul Zummo, Chief Investment Officer and Co-founder of JPMorgan Alternative Asset Management. The JPM group manages $35 billion in external hedge fund solutions for institutional and high-net worth investors. He also heads the Portfolio Management Group, and is a member of the JPMAAM Investment Committee.

 

Money-Market Assets Rise to Record $8 Trillion

Source: Bloomberg

 

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The post 10 Thursday AM Reads appeared first on The Big Picture.

America's Great Build-A-Thon Comes With A Price Tag

Authored by David Parsons via BondVigilantes.com,

The United States is on the brink of an industrial transformation that could redefine its economic trajectory. Inward investment is surging, driven by a wave of new manufacturing plants, onshoring and reshoring initiatives, and a parallel boom in data centre and power generation construction. This is not incremental change; it is a structural shift that will demand vast amounts of labour, raw materials, and productive capacity. The question for investors and policymakers is whether this investment renaissance will reignite inflationary pressures which might lead to a newly reconstituted Federal Reserve signalling a willingness to run the economy “hot”.

The scale of manufacturing investment alone is extraordinary. Semiconductor fabrication plants, battery gigafactories, and advanced automotive plants are being announced at a pace unseen in decades. Industry estimates suggest that annual construction outlays for manufacturing could exceed an estimated $250 billion in both 2026 and 2027, as companies seek to localise and secure supply chains. These projects are not confined to the technology sector; they span electronics, pharmaceuticals, and heavy industry, creating a broad-based surge in demand for skilled labour and specialised materials. This manufacturing wave is additive to the already intense pressure from hyperscale data centre construction, which has become a defining feature of the digital economy. With AI and cloud computing hyperscalers expected to drive driving unprecedented demand for processing power, data centre investment is projected to account for half of the projected $1.2 trillion global data centre capital expenditure by 2029, while power generation projects will similarly scramble to keep pace with the energy requirements of this new infrastructure which are forecast to more than double over the next 10 years.

Source: DC Byte, Bloomberg NEF. Reported as of 15/04/2025. IT capacity is the amount of power a data centre needs for computing, network and storage

The implications for the labour market are huge. The construction sector already faces a shortfall of nearly half a million workers, and the competition for skilled trades, engineers, and project managers will only intensify as manufacturing and technology projects converge. Wage inflation is inevitable. In hotspots where multiple megaprojects collide, wage growth could easily outstrip national averages, creating ripple effects across the broader economy. Immigration constraints and demographic trends exacerbate the problem, and will leave employers with few options beyond aggressive pay increases and retention incentives. This is not a temporary squeeze; it is a structural challenge that will persist as long as the investment pipeline remains full.

Raw materials tell a similar story. Steel, aluminium, copper, and cement are all set to experience sustained demand shocks as the buildout progresses. Tariffs and supply chain fragmentation have already pushed input costs higher, and the synchronised surge in construction activity will amplify these pressures. Equipment lead times are lengthening, and logistical bottlenecks remain unresolved. The result is a cost base that is not just rising but likely to sharply accelerate, with regional disparities adding complexity for project planners and investors alike.

Source: Bloomberg, Bureau of Labour Statistics

Overlay this with monetary policy, and the picture becomes even more concerning . The Federal Reserve has signalled a more accommodative stance for some time, tolerating inflation above its long-term target in the interest of sustaining growth and employment. This willingness to let the economy run hot serves a dual purpose: lower rates support the industrial build-out and, as a by-product, higher inflation erodes the real value of the US government’s $38 trillion debt mountain. For policymakers, this is a calculated risk; for bond investors, it is a warning shot. A period of elevated inflation may be politically palatable and even strategically desirable, but it comes at the expense of real returns and introduces volatility into rate expectations. If the Fed cuts too aggressively while fiscal incentives continue to flow, the combination of easy money and surging real-economy demand could create a perfect storm for inflation in 2026 and 2027.

The broader macroeconomic consequences are clear. A synchronised boom in manufacturing, data centres, and power generation will strain every aspect of productive capacity. Labour markets will tighten further, wages will rise, and material costs will climb. These sector-specific pressures will bleed into headline inflation, challenging the narrative of a smooth return to price stability. For investors, the message is simple: the risk premium for inflation is back, and positioning for real assets, pricing power, and inflation-linked instruments will be critical. For policymakers, the challenge is to harness the benefits of reindustrialisation without igniting an inflationary spiral that undermines financial stability.

America’s great build-out will test the limits of labour supply, material availability, and monetary policy flexibility. If the Fed remains tolerant and the economy runs hot, the debt mountain may shrink in real terms—but so too will the purchasing power of every dollar in circulation. For bond investors this industrial renaissance may be good for growth, but it could also be the spark that reignites inflationary fire.

Tyler Durden Thu, 12/04/2025 - 06:30

Victor Davis Hanson Proclaims "The End Of Climate Change"

Decades of 'consensus' around so-called climate catastrophe are now running into new economic, technological, and geopolitical realities.

Mix in AI and its unprecedented demand for large-scale electricity generation, and we have a global climate conversation that demands to be reckoned with.

Victor Davis Hanson breaks down how the foundations of decades of “green orthodoxy” are shifting:

For decades, the narrative demanded radical economic shifts from fossil fuels to renewables like wind and solar, but recent skepticism is growing due to inconsistencies in temperature records and cyclical changes; Hanson notes, "I didn't think in my lifetime that I would see an end to that dominance, even though there were inconsistencies."

Artificial intelligence requires unprecedented electricity, far beyond what wind and solar can provide, necessitating 100 gigawatt plants annually equivalent to nuclear or fossil fuels; as Hanson cites Sam Altman, "we're going to have to build 100 [one gigawatt plants] per year or the equivalent of clean coal or natural gas."

Figures like Sweden's King Gustaf XVI and Bill Gates have publicly questioned the crisis, while Trump's energy policies end subsidies for failed green projects like California's high-speed rail; Hanson highlights Gates' recent pivot, "he no longer believes that there is an impending climate change crisis."

Elite hypocrisy is everywhere as Hanson notes “the people who have been the avatars of climate change, never suffer the consequences of their own ideology."

"Barack Obama said the planet would be inundated pretty soon, if we didn't address global climate change. Why would he buy a seaside estate at Martha's Vineyard or one on the beach of Hawaii if he really did believe that the oceans would rise and flood his multimillion-dollar investment?

“The inconsistency of the global warming narrative, the self-interest in the people who promote it, and the logic that they have not presented, empirically, any evidence that would convince us that we have to radically transform our economies," leaves Hanson questioning whether AI's demand shift has permanently crushed the ideology of so-called 'climate change.'

(0:00) Introduction

(0:58) Shifting Perspectives on Climate Change

(2:28) Global Skepticism

(5:12) Geopolitical Factors

(6:16) Third World Demands

(8:30) Hypocrisy Among Climate Change Advocates

(9:49) Conclusion

Watch the full breakdown here...

Tyler Durden Thu, 12/04/2025 - 05:45

Macron Wants To Go Full "Ministry Of Truth" With Draconian Censorship Grab

French President Emmanuel Macron is facing fierce pushback from conservative voices within France over his renewed drive to grant the state sweeping new censorship powers, Barron’s reports.

On Friday, Macron once again raised the alarm about so-called “disinformation” spreading on social media, insisting that parliament grant authorities the ability to immediately block content deemed “false information.” As if the existing arsenal of censorship tools weren’t enough, the left-wing president now wants to establish a “professional certification” system that would effectively create an official, state-approved class of media outlets—separating those that toe the government’s ethical line from those that refuse to do so.

France’s right-wing press has reacted with outrage, with Vincent Bolloré’s Journal du Dimanche denouncing Macron’s “totalitarian drift” on free speech and warning of “the temptation of a ministry of truth.”

Bolloré-owned CNews and Europe 1 were equally scathing, with popular presenter Pascal Praud accusing the president of acting out of personal resentment, declaring the initiative comes from a “president unhappy with his treatment by the media and who wants to impose a single narrative.”

National Rally leader Jordan Bardella also delivered a blistering rebuke, saying in a statement, “Tampering with freedom of expression is an authoritarian temptation, which corresponds to the solitude of a man... who has lost power and seeks to maintain it by controlling information.”

Bruno Retailleau, head of the Republicans in the Senate, echoed the warning on X: “[N]o government has the right to filter the media or dictate the truth.”

Un “label de l’information” décidé sous l’impulsion du pouvoir ? C’est une dérive inquiétante.
Nul gouvernement n’a à trier les médias ni à dicter la vérité.
La France n’a pas besoin d’un ministère de la Vérité.
La liberté de la presse est un pilier : on ne l’entoure pas de…

— Bruno Retailleau (@BrunoRetailleau) December 1, 2025

En tentant de labelliser les médias, Emmanuel Macron veut imposer le monopole d'une vérité officielle. pic.twitter.com/3aAqgDEMuO

— Bruno Retailleau (@BrunoRetailleau) December 3, 2025

In an unusual move, the Élysée account fired back on social media, posting clips of Praud and other conservative commentators under the sarcastic headline “attention false information.”

Pravda ?

Ministère de la vérité ?

Quand parler de lutte contre la désinformation suscite la désinformation… pic.twitter.com/PspZup1aXF

— Élysée (@Elysee) December 1, 2025

At Wednesday’s cabinet meeting, Macron insisted no limitation on free speech was planned and explicitly ruled out any state-issued media label, Barron’s said. “As the president of the republic noted at the start of the cabinet meeting, there is not going to be a state label, and even less a ‘ministry of truth,’” Macron’s spokesperson claimed.

Tyler Durden Thu, 12/04/2025 - 04:15

The "Community Of Central Asia" Could Reduce Russia's Regional Influence

Authored by Andrew Korybko via Substack,

The Central Asian Republics (CARs) fall within Russia’s “sphere of influence” for historical, economic, and security reasons.

The first stems from their shared history under the Russian Empire and USSR, the second from the Russian-led Eurasian Economic Union (EAEU) in which Kazakhstan and Kyrgyzstan participate, while the third relates to the Russian-led Collective Security Treaty Organization (CSTO) that includes them and Tajikistan. Russia’s influence, however, has waned in recent years.

Its understandable prioritization of the special operation created the opportunity for Turkiye to expand its influence through the “Organization of Turkic States” (OTS) in which Kazakhstan, Kyrgyzstan, and Uzbekistan participate with Turkmenistan as an observer. The OTS began as a socio-cultural integration group that now also promotes economic and even security cooperation, thus challenging the EAEU and CSTO. The US also made major trade inroads there earlier this month during the latest C5+1 Summit.

These developments were greatly facilitated by the US-mediated normalization of Armenian-Azerbaijani ties and the attendant “Trump Route for International Peace & Prosperity” (TRIPP) that was unveiled during their three leaders’ White House Summit in early August.

This will essentially lead to Turkiye injecting Western influence along Russia’s entire southern periphery, especially through the expected ramping up of military exports there, which threatens to pose serious latent challenges to Russia.

The latest move on this front was the CARs inviting Azerbaijan to join their annual Consultative Meeting of Heads of State and then rebranding as the “Community of Central Asia” (CCA), coincidentally right after their meeting with Trump. Regional integration is always positive, but in this case, it could also reduce Russia’s regional influence.

That’s because all six might deal with Russia as a group instead of individually. This could lead to tougher negotiating stances if they’re emboldened by Turkiye and the US.

Azerbaijan’s inclusion suggests that it’ll share its experiences managing this summer’s tensions with Russia and serve as its Turkish ally’s supervisor within the CCA to align it as closely as possible with the OTS (remembering that non-Turkic Tajikistan isn’t a member).

This likely role coupled with the timing of the CCA’s announcement right after the C5+1 and three months after TRIPP’s unveiling suggests that they want to rebalance ties with Russia and could rely on Azerbaijan’s guidance if this results in tensions.

Russia still plays an enormous economic role in the five CARs and ensures three of the CCA’s six members’ security through their membership in the CSTO. Putin also hosted the CARs leaders in early October during the Second Russia-Central Asia Summit where he committed to scaling up investments. Concrete limits therefore exist in terms of how far and fast the CCA could rebalance ties with Russia, so nothing dramatic is expected anytime soon, but some reduction of Russian influence might be inevitable.

That’s because the CCA could foster a stronger sense of regional identity, even ethnic in the pan-Turkic sense (Tajikistan being the exception), than the one that they share with Russia through their Imperial- and Soviet-era pasts with all that entails for future policymaking.

This aligns with Turkiye’s interests, which envisages becoming a Eurasian Great Power through its new influence in Central Asia via TRIPP and the OTS, and that in turn advances the US’ grand strategic goal of containing Russia.

Tyler Durden Thu, 12/04/2025 - 03:30

German Army Launches Major Security Probe After 20,000 Rounds Stolen From Civilian Truck In Unsecured Parking Lot

Authored by Thomas Brooke via Remix News,

Approximately 20,000 rounds of Bundeswehr ammunition were stolen from a civilian transport truck after the driver parked overnight in an unsecured industrial-area lot near Burg, outside Magdeburg, the German defense ministry confirmed on Monday.

The incident, first reported by the platform Meetingpoint Jerichower Land and developed by Der Spiegel, has prompted a joint investigation by the Bundeswehr and local police amid concerns the theft was not random but carried out by perpetrators who may have been monitoring the vehicle.

According to the ministry, the driver — employed by a civilian company contracted to move ammunition for the armed forces — opted to stop for the night and reportedly checked into a hotel, leaving the cargo unattended. When he arrived at a nearby barracks the following morning, soldiers immediately noticed signs of tampering and reviewed the manifests.

An initial assessment found that approximately 10,000 live 9mm pistol rounds, 9,900 blank rifle cartridges, and several smoke grenades were missing in what officials described as a serious security breach.

“A particular danger comes from 9mm cartridges: This is the most widely used caliber worldwide for pistols and submachine guns. It is live, lethal ammunition,” Meetingpoint wrote.

“We are taking the incident very seriously and are thoroughly investigating the matter. We are supporting the investigating authorities in all further steps,” a spokesperson for the Bundeswehr’s support division told the site.

According to Der Spiegel, early findings suggest the transport company violated Bundeswehr safety protocols. Contracts require that ammunition transports be staffed with two drivers, ensuring one is continuously observing the vehicle during any stop. In this case, investigators say the unplanned overnight stop was not authorized and security rules were not followed.

Bundeswehr sources believe the theft was unlikely to be opportunistic. Instead, they fear the cargo may have been targeted, with the offenders waiting for the moment the vehicle was left unattended.

The police investigation is ongoing, and the ministry has not yet commented on whether organized crime or extremist groups are suspected.

The driver has not been publicly identified, and neither Germany’s federal defense ministry nor investigators have disclosed whether disciplinary or contractual measures will follow against the transport company.

Read more here...

Tyler Durden Thu, 12/04/2025 - 02:00

How Obama Paved The Way For Trump's Venezuelan Killings

Authored by Jim Bovard

The Trump administration’s killings of scores of Venezuelans are justifiably provoking outrage. Secretary of War Pete Hegseth recently proclaimed, "We have only just begun to kill narco-terrorists." Donald Trump and Hegseth are cashing a blank check for carnage that was written years earlier by President Barack Obama.

In his 2017 farewell address, Obama boasted, "We have taken out tens of thousands of terrorists." Drone strikes increased tenfold under Obama, helping fuel anti-US backlashes in several nations.

As he campaigned for the presidency in 2007, then-Senator Barack Obama declared, "We will again set an example for the world that the law is not subject to the whims of stubborn rulers." Many Americans who voted for Obama in 2008 expected a seachange in Washington. However, from his first weeks in office, Obama authorized widespread secret attacks against foreign suspects, some of which spurred headlines when drones slaughtered wedding parties or other innocents.

On February 3, 2010, Obama’s Director of National Intelligence Dennis Blair stunned Washington by announcing that the administration was also targeting Americans for killing. Blair revealed to a congressional committee the new standard for extrajudicial killings:

“Whether that American is involved in a group that is trying to attack us, whether that American has—is a threat to other Americans. We don’t target people for free speech. We target them for taking action that threatens Americans.”

But “involved” is a vague standard—as is “action that threatens Americans.” Blair stated that “if we think that direct action will involve killing an American, we get specific permission to do that.” Permission from who?

via Reuters

Obama’s first high-profile American target was Anwar Awlaki, a cleric born in New Mexico. After the 9/11 attacks, Awlaki was showcased as a model moderate Muslim. The New York Times noted that Awlaki “gave interviews to the national news media, preached at the Capitol in Washington and attended a breakfast with Pentagon officials.” He became more radical after he concluded that the Geoge W. Bush administration’s Global War on Terror was actually a war on Islam. After the FBI sought to squeeze him into becoming an informant against other Muslims, Awlaki fled the country. He arrived in Yemen and was arrested and reportedly tortured at the behest of the U.S. government. After he was released from prison eighteen months later, his attitude had worsened and his sermons became more bloodthirsty.

After the Obama administration announced plans to kill Awlaki, his father hired a lawyer to file a challenge in federal court. The ACLU joined the lawsuit, seeking to compel the government “to disclose the legal standard it uses to place U.S. citizens on government kill lists.” The Obama administration labeled the entire case a “State Secret.” This meant that the administration did not even have to explain why federal law no longer constrained its killings. The administration could have indicted Awlaki on numerous charges but it did not want to provide him any traction in federal court.

In September 2010, The New York Times reported that “there is widespread agreement among the administration’s legal team that it is lawful for President Obama to authorize the killing of someone like Mr. Awlaki.” It was comforting to know that top political appointees concurred that Obama could justifiably kill Americans. But that was the same “legal standard” the Bush team used to justify torture.   

The Obama administration asserted a right to kill U.S. citizens without trial, without notice, and without any chance for the marked men to legally object. In November 2010, Justice Department attorney Douglas Letter announced in federal court that no judge had legal authority to be “looking over the shoulder” of Obama’s targeted killing. Letter declared that the program involves “the very core powers of the president as commander in chief.”

The following month, federal judge John Bates dismissed the ACLU’s lawsuit because “there are circumstances in which the Executive’s unilateral decision to kill a U.S. citizen overseas” is “judicially unreviewable.” Bates declared that targeted killing was a “political question” outside the court’s jurisdiction. His deference was stunning: no judge had ever presumed that killing Americans was simply another “political question.” The Obama administration’s position “would allow the executive unreviewable authority to target and kill any U.S. citizen it deems a suspect of terrorism anywhere,” according to Center for Constitutional Rights attorney Pardiss Kebriae.

On September 30, 2011, a U.S. drone attack killed Awlaki along with another American citizen, Samir Khan, who was editing an online Al Qaeda magazine. Obama bragged about the lethal operation at a military base later that day. A few days later, administration officials gave a New York Times reporter extracts a peek at the fifty-page secret Justice Department memo. The Times noted, “The secret document provided the justification for [killing Awlaki] despite an executive order banning assassinations, a federal law against murder, protections in the Bill of Rights and various strictures of the international laws of war, according to people familiar with the analysis.” The legal case for killing Awlaki was so airtight that it did not even need to be disclosed to the American public.

Two weeks after killing Awlaki, Obama authorized a drone attack that killed his son and six other people as they sat at an outdoor café in Yemen. Anonymous administration officials quickly assured the media that Abdulrahman Awlaki was a 21-year-old Al Qaeda fighter and thus fair game. Four days later, The Washington Post published a birth certificate proving that Awlaki’s son was only 16-years old and had been born in Denver. Nor did the boy have any connection with Al Qaeda or any other terrorist group. Robert Gibbs, Obama’s former White House press secretary and a top advisor for Obama’s reelection campaign, later shrugged that the 16-year-old should have had “a far more responsible father.”

Regardless of that boy’s killing, the media often portrayed Obama and his drones as infallible. A Washington Post poll a few months later revealed that 83% of Americans approved of Obama’s drone killing policy. It made almost no difference whether the suspected terrorists were American citizens; 79% of respondents approved of preemptively killing their fellow countrymen, no judicial niceties required. The Post noted that “77 percent of liberal Democrats endorse the use of drones, meaning that Obama is unlikely to suffer any political consequences as a result of his policy in this election year.” The poll results were largely an echo of official propaganda. Most folks “knew” only what the government wanted them to hear regarding drones. Thanks to pervasive secrecy, top government officials could kill who they chose and say what they pleased. The fact that the federal government had failed to substantiate more than 90% of its terrorist accusations since 9/11 was irrelevant since the president was omniscient.

On March 6, 2012, Attorney General Eric Holder, in a speech on targeted killings to a college audience, declared, “Due process and judicial process are not one and the same, particularly when it comes to national security. The Constitution guarantees due process, it does not guarantee judicial process.” TV comedian Stephen Colbert mocked Holder, quipping “Trial by jury, trial by fire, rock, paper scissors, who cares? Due process just means that there is a process that you do.” One purpose of due process is to allow evidence to be critically examined. But there was no opportunity to debunk statements from anonymous White House officials. For the Obama administration, “due process” meant little more than reciting certain phrases in secret memos prior to executions.

Holder declared that the drone attacks “are not [assassinations], and the use of that loaded term is misplaced; assassinations are unlawful killings. Here, for the reasons I have given, the U.S. government’s use of lethal force in self-defense.” Any termination secretly approved by the president or his top advisers was automatically a “lawful killing.” Holder reassured Americans that Congress was overseeing the targeted killing program. But no one on Capitol Hill demanded a hearing or investigation after U.S. drones killed American citizens in Yemen. The prevailing attitude was exemplified by House Homeland Security Committee Chairman Peter King (R-NY): 

“Drones aren’t evil, people are evil. We are a force of good and we are using those drones to carry out the policy of righteousness and goodness.”

Obama told White House aides that it “turns out I’m really good at killing people. Didn’t know that was gonna be a strong suit of mine.” In April 2012, The New York Times was granted access for a laudatory inside look at “Terror Tuesday” meetings in the White House:

“Every week or so, more than 100 members of the government’s sprawling national security apparatus gather, by secure video teleconference, to pore over terrorist suspects’ biographies and recommend to the president who should be the next to die.”

It was a PowerPoint death parade. The Times stressed that Obama personally selected who to kill next:

“The control he exercises also appears to reflect Mr. Obama’s striking self-confidence: he believes, according to several people who have worked closely with him, that his own judgment should be brought to bear on strikes.”

Commenting on the Times’ revelations, author Tom Engelhardt observed, “We are surely at a new stage in the history of the imperial presidency when a president (or his election team) assembles his aides, advisors and associates to foster a story that’s meant to broadcast the group’s collective pride in the new position of assassin-in-chief.”

This is how Obama's Press Secretary Robert Gibbs responded to questioning on the murder of the 16 year old US citizen Abdulrahman al-Awlaki in a drone strike ordered by Obama: "I 'd suggest that you should have had a far more responsible father". pic.twitter.com/Hp408VX08P

— Louis Allday (@Louis_Allday) June 21, 2018

On May 23, 2013, Obama, in a speech on his targeted killing program at the National Defense University in Washington, told his fellow Americans that “we know a price must be paid for freedom”—such as permitting the president untrammeled authority to kill threats to freedom. The president declared that “before any strike is taken, there must be near-certainty that no civilians will be killed or injured—the highest standard we can set.”

Since almost all the data on victims was confidential, it was tricky to prove otherwise. But NBC News acquired classified documents revealing that the CIA was often clueless about who it was killing. NBC noted, “Even while admitting that the identities of many killed by drones were not known, the CIA documents asserted that all those dead were enemy combatants. The logic is twisted: If we kill you, then you were an enemy combatant.” Killings are also exonerated by counting “all military-age males in a strike zone as combatants…unless there is explicit intelligence posthumously proving them innocent.” And U.S. bureaucrats have no incentive to track down evidence exposing their fatal errors. The New York Times revealed that U.S. “counterterrorism officials insist…people in an area of known terrorist activity…are probably up to no good.” The “probably up to no good” standard absolved almost any drone killing within thousands of square miles in Pakistan, Yemen, and Somalia. Daniel Hale, a former Air Force intelligence analyst, leaked information revealing that nearly 90% of people who were killed in drone strikes were not the intended targets. Joe Biden’s Justice Department responded by coercing Hale into pleading guilty to “retention and transmission of national security information,” and he was sent to prison in 2021.

Sovereign immunity entitles presidents to kill with impunity. Or at least that is what presidents have presumed for most of the past century. If the Trump administration can establish a prerogative to preemptively kill anyone suspected of transporting illicit narcotics, millions of Americans could be in the federal cross-hairs. But the Trump administration is already having trouble preserving total secrecy thanks to controversies over who ordered alleged war crimes. Will Trump’s anti-drug carnage end up torpedoing his beloved Secretary of War Hegseth and his own credibility with Congress, the judiciary, and hundreds of millions of Americans who do not view White House statements as divine revelations handed down from Mt. Sinai?

Tyler Durden Wed, 12/03/2025 - 23:25

Japan's Sanae Takaichi Seeks To Ease Deepening Row With China, Reaffirms Taiwan Status Quo

Japanese Prime Minister Sanae Takaichi finally appears to be backing down amid recent escalating punitive measures imposed on Tokyo by China in the areas of trade, diplomacy, and tourism. Beijing has been dialing up the pressure for weeks, after the new prime minister nearly a month ago told Japanese parliament an attack on Taiwan by the People's Liberation Army could pose a "survival-threatening situation" for which Tokyo would be justified in intervening militarily. 

Feeling immense pressure and blowback from the provocative prior comments, Takaichi on Wednesday while again addressing parliament reverted back to providing clarity that Japan's official position on the self-ruled island remains unchanged. "The Japanese government's basic position regarding Taiwan remains as stated in the 1972 Japan-China Joint Communique, and there has been no change to this position," Takaichi said.

Prime Minister Sanae Takaichi, pool image/NY Times

The historic 1972 communique spells out that "the government of the People’s Republic of China reiterates that Taiwan is an inalienable part of the territory of the People’s Republic of China" before affirming that the Japanese government "fully understands and respects this stand."

The communique further states that Japan "firmly maintains its stand under Article 8 of the Potsdam Declaration." China also often cites the Cairo Declaration of November 1943 as having the legal status of a binding treaty. The Cairo Declaration requires that Japan return any territory seized from China during war. The two documents formed the basis of the 20th century post-war WW2 era normalization of ties between the two historic enemies and rivals.

Since last month, China's Foreign Ministry has been insisting on a full retraction and apology from PM Takaichi over her 'defend Taiwan' remarks - which drew a sharp rebuke from ministry spokesperson Mao Ning. "Stop crossing the line and playing with fire, retract the wrongful remarks and deeds and honor its commitments to China with real action," Ning said at the time. 

On Monday ministry spokesperson Lin Jian repeated the demand, urging Japan to "learn the lessons of history, do soul searching, take seriously what it has heard from the Chinese side, simply retract the erroneous remarks as it should and take practical steps to honor its political commitments to China." Takaichi's fresh remarks recognizing the status quo on Taiwan, which was spurred by questions from lawmakers, could soften the crisis - yet Beijing is likely to still keep up the pressure given her words stopped short of a formal retraction and apology.

"President Xi is trying to stir up trouble wherever he can and intimidate countries like Japan," Senator John Cornyn (R-TX) told ZeroHedge on Wednesday, calling Japan an important US ally. He described that he views the US stance of Strategic Ambiguity on Taiwan as "not necessarily a bad thing" because "we want President Xi to think not just once or not just twice but many times before he pulls the trigger which unfortunately I think is preparing to do."

Sen. Josh Hawley (R-MO) also responded on the question of allowing China to believe that it owns Taiwan. "We shouldn't do that," he told us. "Taiwan has a right to be independent, they are a free and independent nation, they should remain that way. Whether we given them security guarantees if a different question."

"We should tell them 'you don't have any right to conquer them'. It plays into China's hands to treat the Taiwanese as if they're owned by China," Hawley emphasized, declaring further that "we ought to be clear about it."

Getty Images/Fox News

China of course remains Japan's biggest trading partner, and has already taken harsh retaliatory measures including the curbing of Japanese seafood imports, the cancellation of films and concerts - as well as cultural exchange programs, as well as the drastic move of urging Chinese citizens to avoid all travel to Japan.

In addition to Japan's vital seafood industry being impacted, the restaurant scene is also feeling the fallout:

Diners once had to book weeks in advance to secure a table at Toya, a popular Japanese restaurant in Beijing.

But business has taken a sharp turn, with more than 60 reservations cancelled since mid-November, said owner Kazuyuki Tanioka, who has served omakase menus in the Chinese capital for over a decade.

And the film industry, per the same report: 

The spat has also led to the postponement of Japanese film releases in China, the abrupt cancellation of concerts by Japanese musicians and the suspension of official exchanges.

A frequent traveller to Japan, Yan Jun, faced a dilemma when China advised its citizens to avoid visiting Japan. Chinese airlines proceeded to cut hundreds of Japan-bound flights this month.

China's PLA Navy and Coast Guard have also increased their presence near Taiwan and in and near disputed islands and waters. The latest incident involving Japanese and Chinese vessels happened near a group of geopolitically sensitive islands in the East China Sea on Tuesday, as we documented previously.

Chinese state media is also meanwhile highlighting that Takaichi faces backlash from within Japan as well. "Several Japanese lawmakers and prominent scholars gathered Tuesday evening at the Members' Office Building of the House of Councillors to urge Prime Minister Sanae Takaichi to retract her recent erroneous remarks on Taiwan," Xinhua writes Wednesday.

"The meeting was held under the theme of demanding Takaichi withdraw her remarks linking a 'survival-threatening situation' for Japan to the Taiwan question and return to the starting point of the normalization of Japan-China relations," the report notes. If Takaichi does in the end back down, offering the requested retraction and apology, it will be seen in the region as a huge diplomatic 'win' for China after flexing considerable economic might. 

Liam Cosgrove contributed to this report.

Tyler Durden Wed, 12/03/2025 - 23:00

China's Real Estate Collapse Sends Local Debt To Record $18.9 Trillion

Almost 20 years ago, when the Lehman/AIG collapse and the ensuing global financial crisis sent the world into a brief but acute depression, it was China's massive debt-fueled growth dynamo that kick started the world economy and lifted the globe out of what would have been a lost decade - if not worse. The one trade off to this historic kickstart: China ended up doubling its total debt, which then continued growing at an exponential rate until the covid collapse sent China's property sector - the biggest asset of its massive middle class - into a tailspin, and sparked a historic economic crisis. Only this time, because its total debt was already at 350% of GDP, Beijing no longer could wave a magic debt wand, inject a few trillions in credit, and make it all go away. Instead, the housing market has been in steady decline for the past 5 years and if anything, the decline has accelerated now that China's Vanke - the last remaining state-backed property giant - is on the verge of collapse.

Unfortunately for China, which has done an admirable job of shoving all its economic woes under the rug while pretending it is growing at a immutable 5% year in and out, it's about to get worse.

As Japan's Nikkei reports, China's local government debt continues to balloon as the prolonged, 5-year-long and counting, real estate slump has led to slumping income from property sales, pushing local government bond issuance for the year to a record high.

The total owed by local governments and the local government financing vehicles (LGFV) that fund their projects now sits at an estimated 134 trillion yuan ($18.9 trillion), which suggests that total public debt to GDP is far above 200%... and rising (by comparison in the US it is 100%... and rising). Add another 200% in private sector debt, and you can see why China debt problem is even bigger than that of Japan. It's also what, according to Rabobank's Michael Every, underlines China’s structural necessity to maintain capital controls and a vast, neo-mercantilist trade surplus (i.e., China will continue dumping goods and exporting deflation as the alternative means game over).

China'real estate collapse has left local governments reliant on debt due to being unable to sell off property. 

And while China's record low interest rates may cover up and put the problem off temporarily, it will also draw out deflation further, further depressing growth, leading to even more debt, and so on as the deflationary debt vortex expands.

"We've set aside 500 billion yuan for local governments," said China's Finance Ministry said in an October notice, explaining that it had approved additional debt expansion.

The funds are to be used to reduce local government debt and unpaid bills, as well as for investment projects.

"Right now, local governments are focusing on issuing bonds, placing them quickly and realizing their benefits as soon as possible," said Li Dawei, who leads the ministry's new debt management department.

Issuance of local government bonds this year totaled over 10 trillion yuan as of the end of last month. This exceeds the total for all of last year - 9.7 trillion yuan - and has already set a record for the largest amount in a single year. The outstanding balance of local government bonds has reached 54 trillion yuan.

Multiple factors are behind the increase. The biggest one is the drop in local government revenues resulting from the neverending real estate market slump. The value of property sold by local governments in January-October totaled just under 2.5 trillion yuan. In 2021, that value was over 8.7 trillion yuan for the full year.

"Over 10% of properties to be sold received no bids because there were no buyers," said You Zipei, an analyst at Zhongtai International Securities. You says the market is adjusting further, and expects the total value of property sales for 2025 to be about 3 trillion yuan, a more than 5 trillion yuan decline from the peak.

Another reason local governments are issuing more bonds is hidden debt. Hidden debt refers to money raised through means such as corporate bonds issued by local government financing vehicles, or investment companies owned by local governments.

There is no precise data on the balances of these LGFV debts. The total of all debt with interest issued by roughly 4,000 LGFVs sat at 87 trillion yuan at the end of last year, according to Chinese data provider DZH. Adding this to the 47 trillion yuan in local government bonds brings the total to 134 trillion yuan, or just under $19 trillion.

The International Monetary Fund estimated LGFV debt in China at 65 trillion yuan in 2024. While there are a range of estimates, the general view is that local governments in China have between 60 trillion yuan and 80 trillion yuan in off balance-sheet debt.

A company can survive even with large debts as long as it is making money, but LGFVs have low profitability, with nearly 10% seeing losses. Only 3% of LGFVs have a return on equity over 4%.

Sure enough, while total net profit for LGFVs for the year ended December 2024 was around 550 billion yuan, they received double that, or more than 1 trillion yuan, in subsidies. In other words, without constant funding from Beijing, China's regional economies would implode.

This means that nearly 50% of those LGFVs were in the red when subsidies are excluded. Considering the projects they fund are low profitability infrastructure projects, these entities will face a long road to paying down their debts.

In spite of their massive debts, LGFVs can continue to operate by banking on implicit guarantees from the government and low interest rates resulting from prolonged deflation. Meanwhile, the debt hole is only getting bigger: Xi Jinping's government last fall approved the issuance of an additional 10 trillion yuan in local government bonds to transfer LGFV debt to local governments. The government has a strong desire to avoid a financial crisis brought on by LGFVs, or anyone else for that matter as economic collapse in the middle of a trade war with Trump would be catastrophic for Xi's reputation.

The average yield on corporate bonds issued by LGFVs under the city of Beijing this year is 2.1%, down 1.4 percentage points from 2021. The drop is comparable to that seen for national government bonds. The finances of local governments are being supported by monetary easing on the part of the People's Bank of China in an effort to prop up the sluggish economy.

While deflation does help kick the debt problem down the road, it also makes the issue ultimately harder - if not impossible absent a devastating crisis - to solve.

The Domar condition is one indicator for determining fiscal stability. The basic idea is that fiscal sustainability is unlikely to be compromised as long as the nominal rate of economic growth exceeds the nominal interest rate.

"With China's nominal growth rate headed downward to the 3% range, and its nominal interest rate is just under 2%, the gap is closing," said Yusuke Miura at think tank NLI Research Institute. And unless the PBOC pulls a Japan and unleashes Negative Rates thanks to massive QE, the countdown to China's next mega crisis is on.

The majority of China's government bonds are denominated in yuan. With the country's large current account surplus, local government bonds are not likely to run out of buyers in the near future. Yet China's government is well aware that its fiscal situation is getting worse. It has started refraining from making big outlays and there is a growing possibility that deflation due to slack demand will drag on.

Tyler Durden Wed, 12/03/2025 - 22:35

New Chilling Theory Reveals 'Blackmail' Threat Posed By Afghan Refugees

Last week, Secretary of Homeland Security Kristi Noem revealed that Rahmanullah Lakanwal, the man accused of shooting two National Guard troops in Washington, DC, last week, killing one and leaving the other severely wounded, was likely radicalized in the United States after being allowed in this country under the Biden Administration’s Operation Allies Welcome. But new information revealed the chilling possibility that Taliban blackmail may have driven Lakanwal to gun down National Guard troops, which raises troubling questions about threats no security screening can detect.

Lakanwal, 29, stands accused of first-degree murder after allegedly shooting Army Spc. Sarah Beckstrom, 20, and Staff Sgt. Andrew Wolfe, 24, in an ambush-style attack the day before Thanksgiving blocks from the White House. Beckstrom died from her injuries the following day, while Wolfe remains in critical condition. Federal intelligence agencies are now investigating whether a Taliban "hit squad" threatened to murder Lakanwal's family in Afghanistan if he refused to carry out the assault, which would explain why a man with no criminal record or history of extremism would drive from Washington state, armed only with a .357-caliber revolver, to engage heavily armed military personnel.

Lakanwal's background makes the alleged attack even more perplexing. He was a GPS tracking specialist with the Afghan Scorpion Forces and worked closely with the CIA in Afghanistan. He supported U.S. forces during Joe Biden’s botched withdrawal in August 2021 and managed to board one of the last flights out, escaping potential retaliation for his cooperation. 

“One line of inquiry they are seriously pursuing, according to sources with knowledge of the investigation, is that Lakanwal was made an offer he could not refuse. Either he accepted the mission, or his family in Afghanistan would be beaten, murdered, and possibly beheaded,” reports The Daily Beast. "Lakanwal was a member of the Afghan Scorpion Forces working closely with the CIA as a GPS tracking specialist. He helped the U.S. military escape from Kabul in the shambolic retreat from Afghanistan in August 2021. Between August 14 and 30, more than 123,000 people were airlifted from Kabul Airport. The Afghan fighter joined one of the last flights because he served the United States and due to the danger he would be in if he were left behind.”

It is believed that about 700 members of the Scorpion Forces are still detained in Afghanistan due to their collaboration with the U.S. and its allies, and the Taliban hasn’t forgotten those who helped the West. A military unit called Yarmouk 60 has spent the past five years tracking down and killing Afghans who collaborated with Western forces. In a horrifying example of this retaliation, an Afghan special forces fighter who escaped to Germany saw his family targeted by Yarmouk 60 earlier this year. According to a source, the Taliban “killed his wife and father and four of his children, including two little girls who were beheaded.” 

An intelligence source told The Daily Beast that "It is by no means our only line of inquiry," but added that "most of them have families back home, and if the Taliban cannot get to them, they are making it very clear that they will go after their families.” Sources with knowledge of the investigation suggest Lakanwal may have been given a stark choice: accept the mission or watch his family in Afghanistan be "beaten, murdered, and possibly beheaded.”

The blackmail scenario, if confirmed, represents a national security nightmare that goes far beyond typical vetting failures. It means that Afghan refugees who risked everything to help America defeat terrorist elements could be weaponized through threats against their families still trapped under Taliban rule. Recent reports indicate that more than 5,000 Afghans admitted under the Biden administration have been flagged as national security risks. If the Taliban can activate refugees through family-based coercion, even those with no terrorist ties become potential threats—a vulnerability nearly impossible to prevent through standard security protocols.

Tyler Durden Wed, 12/03/2025 - 22:10

What To Know About The '764' Online Predator Network And The Federal Crackdown

Authored by Savannah Hulsey Pointer via The Epoch Times (emphasis ours),

Department of Justice (DOJ) officials are attempting to crack down on an online predator network known as “764,” as online exploitation of vulnerable groups increases.

In this photo illustration, the TikTok app is seen on a phone in New York City on March 13, 2024. Michael M. Santiago/Getty Images

This group has proven to be dangerous for many victims, including minors, who are targeted and threatened through forums and gaming platforms. The FBI announced on Feb. 20 that it has prioritized investigations related to the group.

The National Center for Missing and Exploited Children said the group is “producing some of the most sadistic online enticement reports” it has ever seen.

Here’s what we know about the 764 network and the government’s crackdown.

What the Network Does

In March, the FBI warned of a “sharp increase” in activity from 764 and similar networks.

According to the bureau, the networks “methodically target and exploit minors” and others. The groups use threats, blackmail, and other forms of manipulation to coerce or extort victims.

The primary mode of leverage is to force the individual to produce and share acts of self-harm, animal cruelty, explicit sexual acts, and even suicide. The footage can then be circulated among members of the network, which allows for continued extortion and control of victims.

The group has been known to prey on victims as young as 9 years old.

The DOJ refers to 764 as “a network of nihilistic violent extremists who engage in criminal conduct in the United States and abroad, seeking to destroy civilized society through the corruption and exploitation of vulnerable populations.”

The mother of a child exploited by a 764 group member told the National Center for Missing and Exploited Children that the individual pushed her daughter to cut the member’s screen name into her arm with a razor blade.

The individual then told her she was a “good girl” and that he or she loved her. To the mother’s surprise, her daughter responded, “I love you too!”

“These guys are very scary,” the mother told the organization. “Just the power they have over my daughter is mind blowing. Please help!”

Families have also alleged that group members have threatened to harm the relatives of the individuals they target if the victims do not cooperate with the group’s demands.

The Network’s Goal

The 764 network emerged in 2021 from the “Com Network,” which was involved in sexual extortion and online child sexual abuse material distribution, according to the Institute for Strategic Dialogue, a global human rights organization.

The network was started in 2021 by then-15-year-old Texas resident Bradley Cadenhead, who said that the group was cofounded by a friend he met through the game Minecraft, although the friend has not been identified, according to the institute.

The group was named “764” after Cadenhead’s hometown ZIP code.

According to the FBI, some of the violent actors in the online network are “motivated by a desire to cause fear and chaos through their criminal conduct.”

The agency also said that the motivations of many of the exploitative actors are highly individualized and that “some threat actors may be engaging in criminal activity solely for sexual gratification, social status, or a sense of belonging.”

The DOJ asserts that many members of 764 seek to desensitize young people to violence and destroy societal norms surrounding violence.

“They normalize the possession, production, and sharing of explicit [child sexual abuse material] and gore material to corrupt and groom their victims toward future violence, gain notoriety among other members of the network, and spread fear for the purpose of accelerating chaos under the 764 ideology with an aim toward the disruption of society,” the DOJ stated.

The agency has also stated its belief that the 764 network’s goals include social unrest and “the downfall of the current world order, including the United States Government.”

Government Crackdown

FBI Director Kash Patel and Deputy Director Dan Bongino said on Nov. 20 that their bureau is committed to cracking down on 764.

“This FBI is fully engaged in taking down the heinous ‘764’ network that targets America’s children online,” Patel said in a statement.

The director went on to say that more than 300 investigations are underway across the United States and that the agency is “not stopping.”

Bongino announced that the FBI’s Baltimore field office arrested an individual accused of targeting at least five minors: “This [FBI] will keep working day and night to destroy this network. It is a top priority. We are making progress, but the work isn’t done.”

Arizona authorities in October announced charges against an alleged affiliate of the 764 network. The individual, 21-year-old Baron Cain Martin, was known online as “Convict” and other names.

He is accused of targeting at least eight children between the ages of 11 and 15 and of child sexual abuse material production and distribution, cyberstalking, “animal crushing” content, and conspiring to provide material support to terrorists.

“This man’s alleged crimes are unthinkably depraved and reflect the horrific danger of 764—if convicted, he will face severe consequences as we work to dismantle this evil network,” Attorney General Pam Bondi said in a statement.

Martin is also accused of writing and posting a guide to train others on how to identify, groom, and extort victims of their own.

Patel also commented on Martin’s charges, saying in a statement, “The FBI will not stop until we find those who perpetrate these horrific crimes that prey on the most vulnerable members of our communities.”

More arrests were made in April when two citizens of the United States connected with 764 residing in Thessaloniki, Greece, and High Point, North Carolina, were accused of grooming, manipulating, and extorting minors.

How to Keep Your Family Safe

Cadenhead was arrested in 2021 and later sentenced to 80 years in prison for the creation and distribution of child sexual abuse materials. But that has done nothing to slow the group’s growth.

In his Nov. 20 statement, Patel encouraged parents to monitor children’s internet activity and limit the opportunities for online predators to reach children.

The 764 network began its activities on the messaging app Kik but also uses online platforms such as Discord, Roblox, Snapchat, Instagram, and Telegram, according to the Institute for Strategic Dialogue.

The National Center for Missing and Exploited Children and the FBI encourage parents and caregivers to also look for cuts, bruises, or other wounds on their children in unusual patterns. Another cause for concern is any sudden change in behavior or any attempt by a child to cover him- or herself with excessive clothing.

Parents are also encouraged to discuss with their children the potential dangers of contact with strangers and sharing personal information and photos.

Bondi said in her statement, “I urge parents to remain vigilant about the threats their children face online.”

Tyler Durden Wed, 12/03/2025 - 21:45

GOP Divide Deepens Over Venezuela: Ron Johnson Says "Get Rid of Maduro" While Rand Paul Calls It "Offensive War Of Choice"

Authored by Liam Cosgrove,

Tensions are brewing within the Republican party over the Trump administration's stance on Venezuela - with some populist conservatives like Sen. Ron Johnson (R-WI) supporting all out regime change in the South American country, while Sen. Rand Paul (R-KY) has explicitly rejected regime change. 

Via BBC

Most republicans have thus far granted Trump leeway on the strikes which the administration says are strictly targeting cartel boats, however there are rumblings among the party that if regime change or a ground invasion is the goal, congressional approval will be required.

The party is largely split into three camps.

Hardliners: 'Long Overdue' and No Need for Congress

Rep. Tim Burchett (R-TN) said the strikes didn’t require congressional approval, arguing forcefully that the U.S. had waited too long to confront what he described as a drug-trafficking and terror-financing threat.

“These guys are bringing drugs into our country. They’re killing Americans. It’s long overdue,” Burchett told ZeroHedge. “Trump gets that… that’s why he does executive orders, because we [Congress] ain’t got the guts to do anything.”

Asked whether Trump needed authorization from Congress, Burchett said:

“No, heck no… bust their ass.”

Sen. Rick Scott (R-L) sees Maduro not as a head of state, but as a criminal. “He’s the head of drug cartels,” Scott told us. “He lost the election. He’s not the president of Venezuela… He needs to be arrested for selling drugs in this country.”

In agreement with Burchett and Scott, Johnson said he supports Trump acting unilaterally: “We elect presidents to make those kinds of decisions… I don’t see any reason to deny President Trump the same ability to make those tough calls.”

Conditional Support: Limited Strikes OK, War Requires Congress

Other Republicans drew a distinction between narrow operations and a broader conflict.

Rep. Eric Burlison (R-MO) told us he believes the president has authority to take “limited action,” but only to a point.

“If we’re going to go into a war with another nation… if we’re gonna be doing some form of regime change… the president should be getting Congress’ buy-in,” he said.

Sen. Mike Lee (R-UT) added that further escalation could trigger the need for congressional action. “At some point, insofar as there’s kinetic action in Venezuela, on Venezuelan soil, it may come to that [a vote in Congress],” Lee told us.

Constitutional Critics: 'Offensive War of Choice'

Sen. Rand Paul (R-KY) told ZeroHedge he believes the strikes may raise legal and humanitarian issues, noting that U.S. law prohibits targeting incapacitated combatants.

“Once people are incapacitated by a bomb… crawling away, swimming away… our laws say you’re not allowed to bomb them,” Paul said. Further, Paul called for Secretary of War Pete Hegseth to testify under oath about the orders given.

He rejected colleagues’ calls for regime change, saying: “I agree with Donald Trump of 2015… who argued against regime change,” he said. “An offensive war of choice is not my choice.”

Senate Democrats are likewise taking the constitutionality angle in their criticisms of the President. 

“The constitution's very specific. The president is saying we're at war with unknown, unnamed people, and we should be coming before Congress,” Sen. Cory Booker (D-NJ) told us. “It's clearly, clearly a violation of our constitution.”

Tyler Durden Wed, 12/03/2025 - 21:20

On Tuesday, OMERS Private Equity announced the sale of CBI Health’s home care business to Extendicare:

• Transaction delivers value to OMERS members and positions company for expanded patient care

Toronto — OMERS Private Equity is pleased to announce that Paramed Inc. , a wholly-owned subsidiary of Extendicare Inc. (TSX: EXE) has signed an agreement to acquire CBI Health LP’s (“CBI Health”) home care business, which operates under CBI Home Health LP (“CBI Home Health”). The closing of the transaction is expected to be completed in the first quarter of 2026 pending final regulatory and related approvals.

Since its acquisition of CBI Health in 2011, OMERS Private Equity has worked closely with the leadership team to grow the company into one of the largest providers of integrated health care services, including physiotherapy, rehabilitation services and home care services.

CBI Home Health, the company’s home care division, has also experienced remarkable growth, expanding its team from 1,800 employees to 8,500 and delivering over 10 million hours of care annually across seven provinces.

“The investment that OMERS made in CBI Health really launched our direct buyout investment efforts almost 15 years ago. This transaction marks a successful milestone for OMERS Private Equity with a strong realization enabled by expanded patient care and clinical excellence.” said Mark Van Wart, Managing Director and Head of Healthcare, OMERS Private Equity. “CBI Health formed the basis of a 15-year successful track record in healthcare investing. We continue to look for ways to support CBI Health’s ongoing growth and delivery of high-quality healthcare outcomes for patients across Canada.”

OMERS will remain a majority owner of CBI Health, supporting ongoing growth, innovation and excellence in the physiotherapy and rehabilitation services sector.

“As CBI Health moves into the future, we are fortunate to have built a strong partnership with OMERS over the last 15 years and we are thankful that partnership will be continuing,” said Jon Hantho, CEO of CBI Health. “The sale of our home care business provides meaningful capital to support the ambitious growth plans we have in physiotherapy and rehabilitation services that is grounded in clinical excellence, exceptional client experience and the best team members.”

“OMERS Private Equity is unwavering in our commitment to delivering meaningful value and upholding the pension promise for our more than 640,000 plan members,” said Alexander Fraser, Executive Vice President & Global Head of Private Equity at OMERS. “Our collaboration with the exceptional leadership team at CBI Health demonstrates our intentional investment in enhanced healthcare services, coverage and outcomes in Canada. Extendicare is well positioned to continue the service excellence at CBI Home Health.” 

When I first read the press release, I was confused as to why OMERS will remain majority owner of CBI Health but Don Peat of OMERS clarified it in an email exchange (my bad):

Extendicare purchased CBI Health LP’s (“CBI Health”) home care business, which operates under CBI Home Health LP (“CBI Home Health”). As the release says, OMERS will remain a majority owner of CBI Health, supporting ongoing growth, innovation and excellence in the physiotherapy and rehabilitation services sector.

So there's CBI Health and CBI Home Health.

Makes sense, Extendicare is in the home care business so they carved that out of CBI Home Health from CBI Health's other services.

For its part, Extendicare announced this deal on its website on November 19th, stating it will expand its home health care business by acquiring CBI Home Health for $570 million in cash consideration.

OMERS Private Equity acquired Toronto-based CBI Health Group from private equity firm Callisto Capital LP back in 2011.

At the time, the terms of the acquisition were not disclosed but if you read the press release carefully, this stands out:

CBI Home Health, the company’s home care division, has also experienced remarkable growth, expanding its team from 1,800 employees to 8,500 and delivering over 10 million hours of care annually across seven provinces. 

So, carving out CBI Home Health and selling it to Extendicare for $517 million was a great way to realize value on this deal.

OMERS PE did its job to nurture and help grow the operations at CBI Health which it still owns (the physiotherapy and rehabilitation services sector) and realized great value for its members on this distribution.

This is also a great acquisition for Extenidcare and it will help solidify the company as Canada's leader in the home care business.

Interestingly, shares of Extendicare continue to make and all-time high, rallying on strong fundamentals:

 I agree with analyst Douglas Loe, there's a lot to love about this company. 

Alright, let me wrap it up there. 

Below, learn more about CBI Health and what sets this company apart.

The Washington Post's Attack On Veterans' Integrity

Authored by William Taylor via RealClearDefense,

On the eve of Veterans Day, a moment meant for gratitude and reflection, The Washington Post doubled down on its campaign against those who have served, accusing America’s Veterans of feigning mental health injuries as a means to secure disability benefits from the U.S. Department of Veterans Affairs. The article, one in an unrelenting series of Veteran attack articles from the Post this fall, is disheartening and injurious to those who have sacrificed their minds and bodies for our country.

The series sparked an immediate backlash, with veterans and advocates writing to the Post in droves to slam the reporting as biased and misleading. And they’re right.

The Post’s articles risk leaving readers with the pernicious idea that it’s commonplace for Veterans and their private benefits consultants to scam the VA benefits claims system by using PTSD and other mental health disorders as an excuse to collect benefits from the government.

Mental health disorders are not mere excuses for Veterans to collect benefits; they’re a reality. Ryan Gallucci, Executive Director of the VFW’s Washington, D.C. office, put it best when he called PTSD one of “the signature wounds of modern warfare,” adding that it’s “either ignorant or deliberately cruel” to claim that conditions like this are fake and unworthy of benefits claims.

Mental injuries may not be as physically dramatic as a bullet or explosion wound, but too many Veterans hobble through life dealing with mental anguish, and some – more than 17 per day, according to a recent report – end their own lives early to finally be free of it.

America’s Veterans endured incalculable stress and anguish fighting wars in Iraq and Afghanistan. The Post’s reporting does not contextualize exposure to the toxic burn pits, the constant threats of violence on patrol, and the grueling physical demands of war and counterinsurgency in 100-plus-degree and sub-zero temperatures for months at a time. And that’s not counting the horrors many Veterans store in their memories, like the dismembered body parts of comrades after their Humvees rode over IEDs – or the burned skin, torn muscles, and protruding organs after shrapnel from a rocket-propelled grenade that sprayed into fellow soldiers nearby.

These stressful memories can return, shaking us to our core. This is PTSD. It’s traumatic, it’s painful, and it’s real. I’m proud that my organization, Veterans Guardian – and the 150-plus Veterans, Veteran spouses, and spouses of active-duty service members who work there – have helped thousands of Veterans afflicted by PTSD and other mental health disorders get the benefits they’ve earned.

By glossing over the unfortunate truths of mental illness and accusing Veterans and those supporting them as fraudulent, the Post has belittled Veterans’ great sacrifices.

They’re also perpetuating an idea they’ve been conditioned to believe through the military, that they should “suck up and deal with” every challenge that comes their way. That standard shouldn’t apply when soldiers transition to Veteran status and civilian life. Civilians are not expected to “suck it up” if an insurance company denies a claim that should be honored.

The same principle applies to Veterans.

When recruits sign up for the armed services, they enter an agreement with the government and people of the United States. As soldiers, they would sacrifice their bodies and minds protecting the Constitution and the freedoms of Americans. But in exchange for these sacrifices, Veterans would receive benefits that help them manage health issues and integrate back into civilian life after serving. Veterans earned the right to receive these benefits, and they should be honored.

The VFW, in response to the Washington Post’s October 6tharticle casting Veterans in a dishonorable light for generalizing the bad actions of very few, perfectly summed up practically every Veteran’s feelings in three words: “honor the contract.”

Reputable claims consultants like Veterans Guardian and Veteran Service Organizations like the VFW may not always see eye to eye, however, we are in lockstep solidarity when it comes to protecting our Veterans, just as we are in our beliefs that the Washington Post doesn’t fully understand Veterans, the benefits system, and the gravity of their reporting.

These kinds of articles share the same hallmarks of the unfortunate reality of the misinformation environment around Veterans: inflammatory anecdotes, the inaccurate portrayal of Veterans as dishonorable, and the vilification of compensating our Veterans for the many burdens they’ve endured. I would ask that everyone that talks about Veterans and their struggles keeps in mind the potential negative impacts their statements can have on our Veterans and their mental health.

Tyler Durden Wed, 12/03/2025 - 20:55

China Debuts First Locally Built GE-Designed Gas Turbine

China has launched its first power plant using an advanced gas turbine manufactured domestically, marking a major step toward reducing dependence on foreign technology amid a global equipment shortage, according to Bloomberg.

China Energy Investment Corp. commissioned the Anji Power Plant, which operates two GE-designed turbines of roughly 400 megawatts each.

Bloomberg writes that the turbine design comes from GE Vernova, which formed a joint venture with state-owned Harbin Electric in 2019 to localize production and supply up to a dozen units annually.

The achievement advances China’s long-running effort to build its own gas-turbine industry at a time when worldwide demand is surging—driven by data-center expansion and by developing nations shifting away from coal.

China’s gas-fired capacity is expected to reach about 150 gigawatts this year, with proposals to grow to 200 gigawatts by 2030. Gas power is becoming increasingly important in coastal regions facing limited land for renewables and grid bottlenecks, according to Qi Qin of the Centre for Research on Energy and Clean Air.

Other domestic manufacturers, including Dongfang Electric and Shanghai Electric, are also speeding up their gas-turbine development programs.

The move carries broader geopolitical significance. As advanced gas turbines have long been dominated by a small group of Western and Japanese suppliers, China’s ability to localize production reduces a key point of technological leverage.

At a time when global supply chains for strategic equipment are tightening and export controls are expanding, demonstrating domestic capability in large-scale turbine manufacturing strengthens China’s energy security and lowers its vulnerability to potential sanctions or supply disruptions.

Tyler Durden Wed, 12/03/2025 - 20:30

Minolta X-370: A Comprehensive Instruction Manual Guide

Navigating the Minolta X-370 requires understanding its features, from language settings in related apps to document translation tools for assistance.

The Minolta X-370, a popular 35mm SLR, offers a blend of manual control and automated convenience. This guide assists users, even those navigating language barriers with translation tools, to fully utilize its capabilities.

Understanding its features, like exposure settings and focusing, is key. Resources like Google Translate can aid in deciphering instructions if encountering Spanish or other languages unexpectedly in account settings or documentation.

Key Features and Specifications

The Minolta X-370 boasts a horizontal-travel cloth focal-plane shutter, offering speeds from 2 to 1/1000th of a second. It features a center-weighted metering system and a top dial for shutter speed control.

Like modern interfaces needing language adjustments, the X-370 prioritizes user control. Its compatibility with MD mount lenses and adaptable options, similar to translation tools, expands creative possibilities.

Understanding the Camera Body

The Minolta X-370’s body, much like navigating a new language interface, requires familiarization. Key areas include the lens mount, film compartment, and controls for shutter speed and aperture.

Understanding these elements, akin to utilizing translation features, unlocks the camera’s full potential. The body’s design prioritizes accessibility, mirroring user-friendly digital systems.

Front View: Lenses and Controls

The front of the Minolta X-370 showcases the lens mount, crucial for attaching various Minolta MD lenses – similar to selecting a preferred language. The aperture ring controls light intake, while the focusing ring enables sharp image capture.

These controls, like translation tools, demand practice for optimal results. Understanding their interplay is key to mastering manual photography with this classic camera.

Top View: Shutter Speed Dial, Exposure Compensation

The Minolta X-370’s top plate features the shutter speed dial, controlling light exposure duration – akin to adjusting translation speed. The exposure compensation dial fine-tunes metering, correcting for challenging lighting.

Mastering these controls, like navigating language settings, requires understanding their impact on image brightness. Precise adjustments ensure properly exposed photographs in diverse conditions.

Back View: Film Advance, Rewind, and LCD Display

The rear of the Minolta X-370 houses the film advance lever, smoothly propelling film, similar to scrolling through translated documents. The rewind crank retracts exposed film.

Crucially, the LCD displays exposure settings – a visual guide like language selection menus. Understanding these indicators is vital for correct exposure, mirroring clear communication.

Loading Film into the Minolta X-370

Proper film loading is essential, akin to selecting the correct language for clear understanding. Open the film door and insert the cartridge into the chamber.

Thread the film leader to the take-up spool, advancing slightly with the lever. Ensure the film lays flat, preventing jams – much like a smooth translation process.

Film Type Compatibility

The Minolta X-370 readily accepts 35mm film, encompassing black and white, color negative, and slide film varieties.

ISO/ASA ratings from 25 to 3200 are supported, mirroring diverse language options.

Avoid using films with damaged sprockets or leaders, as this can cause issues, similar to corrupted translation files.

Proper Film Loading Procedure

Open the camera back and insert the film canister into the left-side chamber, ensuring it clicks into place, much like selecting a language.

Thread the film leader to the take-up spool, advancing slightly with the film advance lever.

Close the back securely; proper loading prevents jams, akin to a smooth document translation process.

Setting the Exposure: Aperture and Shutter Speed

Mastering exposure involves balancing aperture and shutter speed, similar to choosing languages for clear communication.

The aperture controls light intake and depth of field, while shutter speed dictates motion blur.

Adjust these settings based on the built-in meter’s reading, ensuring proper translation of light into a well-exposed image.

Understanding Aperture (f-stop)

Aperture, measured in f-stops (like language choices), controls the lens opening size.

Lower f-numbers (e.g., f/2.8) mean a wider opening, letting in more light and creating shallow depth of field.

Higher f-numbers (e.g., f/16) mean a smaller opening, less light, and greater depth of field.

Understanding Shutter Speed

Shutter speed dictates how long the camera’s sensor is exposed to light, much like translation time for documents.

Measured in seconds or fractions of a second (e.g., 1/1000s, 1s), faster speeds freeze motion, while slower speeds blur it.

Adjusting shutter speed impacts brightness and motion depiction in your photographs.

The Relationship Between Aperture and Shutter Speed

Aperture and shutter speed work together to control exposure, similar to translating a document with varying language complexities.

A wider aperture (lower f-number) lets in more light, requiring a faster shutter speed, and vice versa.

Balancing these settings achieves proper brightness and desired creative effects like depth of field.

Metering Modes Explained

The Minolta X-370 offers multiple metering modes, akin to choosing a translation method for diverse texts.

Spot metering measures light from a small area, center-weighted prioritizes the center, and average metering considers the entire scene.

Selecting the appropriate mode ensures accurate exposure based on the subject and lighting conditions.

Spot Metering

Spot metering on the Minolta X-370, like focusing on a specific phrase for translation, measures light from a very small central area.

This is ideal for high-contrast scenes, ensuring correct exposure for your primary subject, regardless of background brightness.

Precise aiming is crucial; the meter reads only what’s directly within the spot.

Center-Weighted Metering

Center-weighted metering on the X-370, similar to prioritizing key words in a document, gives the most weight to the light measured in the center of the frame.

Light readings diminish as you move towards the edges, offering a balance between spot and average metering.

It’s suitable for general photography where the main subject is centrally located.

Average Metering

Average metering on the Minolta X-370, akin to translating an entire document, evaluates the light across the entire frame to determine exposure.

It provides a balanced exposure in scenes with even lighting, but can be misled by strong backlighting or high contrast.

This mode is best for typical scenes without dominant bright or dark areas.

Using the Built-in Light Meter

The Minolta X-370’s built-in light meter, much like Google Translate, assists in achieving proper exposure.

It measures light reflecting from the scene, displaying suggested aperture and shutter speed combinations on the LCD.

Understanding the LCD readings and utilizing exposure compensation are crucial for accurate results, especially in challenging lighting conditions.

Reading the LCD Display

The LCD display, similar to navigating language settings, provides vital exposure information.

A needle indicates whether the scene is underexposed (left), correctly exposed (center), or overexposed (right).

Numbers show suggested shutter speed and aperture combinations; understanding these values is key, much like translating documents for clarity.

Exposure Compensation Adjustment

Like adjusting language preferences, exposure compensation corrects the meter’s reading for challenging scenes.

Use the +/- dial to brighten (+), useful for dark subjects, or darken (-) for bright ones.

This overrides the automatic metering, similar to using translation tools to refine understanding, ensuring proper exposure based on your artistic intent.

Focusing Techniques

Achieving sharp images with the Minolta X-370 relies on mastering focusing, much like clear communication requires precise language.

Manual focusing is key; rotate the focusing ring on the lens until the subject appears sharp in the viewfinder.

Utilize the split-image rangefinder for accurate focusing – align the split images for optimal clarity, similar to confirming translated text accuracy.

Manual Focusing

The Minolta X-370’s manual focus demands deliberate action, akin to carefully selecting the correct language for clear understanding.

Rotate the focusing ring on the lens while observing the image in the viewfinder; practice makes perfect.

Small adjustments yield significant changes, so focus slowly and precisely, much like refining a translated document for accuracy.

Focusing Aids and Split-Image Rangefinder

The X-370 features a split-image rangefinder in the viewfinder’s center, aiding precise manual focus – a visual guide like translation tools.

When properly focused, the split image merges, indicating sharpness.

Utilize this alongside the microprism collar for even finer adjustments, similar to refining a document’s language for clarity and perfect comprehension.

Depth of Field Control

Depth of field, like language nuance, impacts image sharpness – controlling what appears acceptably focused.

A wider aperture (lower f-number) creates shallow depth, isolating subjects, while a narrower aperture (higher f-number) expands it, similar to broad translation.

Mastering this allows creative control, emphasizing or including more of the scene in focus, enhancing visual storytelling.

Factors Affecting Depth of Field

Several elements influence depth of field on the Minolta X-370, much like factors affecting translation accuracy.

Aperture is primary – wider apertures yield shallow depth, while narrower ones increase it. Focal length also plays a role; longer lenses compress depth.

Finally, the distance to your subject impacts depth; closer subjects have shallower depth of field.

Using Depth of Field for Creative Effects

Mastering depth of field on your Minolta X-370 unlocks artistic potential, similar to utilizing translation tools for nuanced communication.

Shallow depth isolates subjects, blurring backgrounds for portraits. Conversely, large depth keeps everything sharp, ideal for landscapes.

Experiment with aperture to control focus, guiding the viewer’s eye and creating compelling visual narratives within your photographs.

Using Flash with the Minolta X-370

The Minolta X-370 offers both built-in flash functionality and compatibility with external flash units, much like translation apps offer varied input methods.

Built-in flash is useful for fill-in light or low-light situations, while external flashes provide greater control and power.

Understanding flash synchronization and exposure compensation is key to achieving well-lit and balanced images.

Built-in Flash Functionality

The X-370’s integrated flash automatically activates in low-light, similar to automatic language detection in translation tools.

It’s ideal for quick snapshots, but offers limited control.

To activate or deactivate, ensure the flash is not in ‘lock’ mode.

Be mindful of the flash sync speed to avoid dark bands in your images; typically around 1/60th of a second.

External Flash Compatibility

The Minolta X-370 supports a wide range of external flashes, expanding creative lighting options, much like translation apps support numerous languages.

Utilize the hot shoe for direct connection and TTL (Through-The-Lens) metering.

Non-TTL flashes can be used in manual mode, requiring careful exposure adjustment.

Ensure flash compatibility with the camera’s sync speed for optimal results and avoid image distortion.

Film Advance and Rewind

Smooth, consistent film advance is crucial for proper exposure, similar to a clear, translated document.

Use a gentle, deliberate motion on the film advance lever, avoiding jerky movements.

Rewinding requires pressing the rewind release button and turning the rewind crank steadily.

Ensure the film is fully rewound before opening the back to prevent light leaks and image loss.

Smooth Film Advance Technique

Achieving a smooth film advance, like translating a document, requires a deliberate approach.

Gently push the film advance lever forward until it clicks, then release.

Avoid forcing the lever; resistance indicates the camera needs time to prepare for the next frame.

Consistent, moderate pressure ensures even film transport and prevents potential damage to the mechanism.

Safe Film Rewinding Procedure

Similar to translating languages, careful steps are crucial for successful film rewinding.

Press the rewind release button on the camera’s base before initiating the rewind process.

Turn the rewind crank in the direction indicated by the arrow, maintaining gentle, even pressure.

Feel for the film to fully detach; avoid excessive force, which could damage the film or camera.

Troubleshooting Common Issues

Like navigating language barriers with translation tools, resolving camera issues requires a systematic approach.

Light leaks often indicate issues with the film door seal or shutter curtain; inspect carefully.

Metering problems may stem from weak batteries or incorrect exposure settings; verify both.

Film jamming can occur from improper loading; gently rewind and re-load, ensuring smooth advancement.

Light Leaks

Similar to encountering unexpected language displays, light leaks manifest as unwanted brightness on your photos.

Common causes include a faulty light seal around the film door or a damaged shutter curtain.

Inspect the foam light seals for deterioration and replace if necessary; kits are readily available.

Ensure the film door closes securely and the latch functions correctly to prevent stray light exposure.

Metering Problems

Like struggling with language settings, inaccurate metering can lead to improperly exposed images.

Check the battery; a weak battery often causes erratic meter readings.

Ensure the lens is correctly mounted and the aperture ring is set properly.

Verify the metering mode is appropriate for the scene – spot, center-weighted, or average.

If issues persist, consider a professional camera service for calibration.

Film Jamming

Similar to translation errors, film jamming disrupts the photographic process.

Ensure film is loaded correctly, following the manual’s procedure precisely.

Avoid forcing the film advance or rewind; gentle, consistent motion is key.

Check for damaged film or a malfunctioning film transport mechanism.

If jammed, carefully open the back in subdued light and gently remove the film.

Lens Compatibility and Usage

The Minolta X-370 utilizes the Minolta MD mount, offering compatibility with a wide range of lenses.

Adapters exist to use lenses from other mounts, but check for full functionality.

Ensure proper aperture control and focus confirmation when using adapted lenses.

Like translating documents, adapting lenses requires careful consideration.

Always prioritize lenses designed for the MD mount for optimal performance.

Minolta MD Mount Lenses

Minolta MD lenses are specifically designed for the X-370, ensuring full compatibility and optimal performance.

These lenses offer a variety of focal lengths and apertures for diverse photographic needs.

Like translating languages, understanding lens specifications is crucial for achieving desired results.

MD lenses generally provide smooth aperture control and accurate focusing with the camera’s metering system.

Explore the range to find the perfect lens for your creative vision.

Adapting Other Lens Mounts

While Minolta MD lenses are ideal, adapters allow using lenses from other mounts with the X-370, similar to translation tools bridging language gaps.

However, full functionality isn’t always guaranteed; some features like automatic aperture control may be lost.

Carefully research adapter compatibility before purchasing, ensuring a secure fit.

Adapters introduce a potential gap affecting image quality, so choose reputable brands.

Manual focusing and aperture control are often necessary when using adapted lenses.

Care and Maintenance

Regular cleaning is crucial for the X-370’s longevity, much like maintaining clear communication requires consistent effort.

Use a soft, dry cloth to wipe the camera body, avoiding harsh chemicals.

For the lens, employ lens cleaning paper and solution, gently removing dust and fingerprints.

Store the camera in a dry, dust-free environment when not in use.

Avoid extreme temperatures and humidity to prevent damage to internal components.

Cleaning the Camera Body

Maintaining the Minolta X-370’s exterior is vital, mirroring the importance of clear language in understanding instructions.

Use a soft, lint-free cloth to gently wipe down the camera body, removing dust and smudges.

Avoid abrasive cleaners or solvents, as they can damage the finish.

For stubborn dirt, slightly dampen the cloth with water, ensuring it’s not dripping wet.

Pay attention to crevices and buttons, carefully cleaning around them.

Lens Cleaning Procedures

Proper lens care, like clear communication, ensures optimal performance of your Minolta X-370.

Use a blower brush to remove loose dust and debris from the lens surface first.

Then, apply a few drops of lens cleaning solution to a clean, lint-free microfiber cloth.

Gently wipe the lens in a circular motion, starting from the center and moving outwards;

Avoid applying liquid directly to the lens and never use harsh chemicals.

Battery Information and Replacement

The Minolta X-370 relies on a specific battery type for its light meter functionality, similar to needing the right language settings for clear communication.

It typically uses a 4LR44 or equivalent 6V alkaline battery.

To replace, open the battery compartment located on the camera’s bottom.

Ensure correct polarity when inserting the new battery.

A weak battery can cause inaccurate metering, so regular replacement is crucial.

Battery Type and Specifications

The Minolta X-370 utilizes a 6V alkaline battery, specifically a 4LR44, or its equivalent.

Alternative options include 4AG13, V4032, or two 3V CR2032 coin cells stacked together with a spacer.

Ensure the battery provides a consistent voltage for accurate light metering.

Low battery levels can lead to incorrect exposure readings, impacting image quality.

Always use a fresh battery for optimal camera performance and reliable operation.

Replacing the Battery

To replace the battery, locate the battery compartment on the camera’s underside.

Use a small screwdriver to open the compartment cover, rotating it counterclockwise.

Remove the old battery, noting its orientation for correct installation of the new one.

Insert the fresh 6V battery, ensuring the positive (+) and negative (-) terminals align properly.

Securely close the compartment cover, rotating it clockwise until it clicks into place.

Advanced Techniques

Explore multiple exposures by pressing the shutter release after each frame without advancing the film, creating layered images.

Utilize filters – like polarizing or neutral density – to enhance colors, reduce glare, or control light intensity.

Document translation tools can aid in understanding foreign manuals for expanded techniques.

Experiment with different combinations to unlock the Minolta X-370’s full creative potential.

Multiple Exposures

Achieve multiple exposures on the Minolta X-370 by utilizing the rewind release and keeping the film advance lever in the ready position.

Press the shutter release for each desired exposure on the same frame, layering images creatively.

Translation tools can help decipher advanced techniques from foreign language resources.

Remember to advance the film manually after completing your desired number of exposures.

Using Filters

Enhance your Minolta X-370 photography with filters, screwing them onto the front of your lens.

Common filters include UV, polarizing, and color-enhancing options, each offering unique effects.

Utilize translation apps to understand filter guides available in other languages for expanded knowledge.

Experiment with different filters to achieve desired artistic results and protect your lens.

The post minolta x 370 instruction manual appeared first on Every Task, Every Guide: The Instruction Portal
.

Note: Mortgage rates are from MortgageNewsDaily.com and are for top tier scenarios.

Thursday:
• At 8:30 AM ET, The initial weekly unemployment claims report will be released.  The consensus is for 218,000, up from 216,000 last week.

The Link Between Transgenderism and Autism

Authored by Darlene McCormick Sanchez via The Epoch Times (emphasis ours),

Chloe Cole grew up a tomboy, was diagnosed with attention-deficit hyperactivity disorder (ADHD) by age 7, and referred for autism screening by age 17.

Chloe Cole, who began transitioning at age 12 and now regrets surgically removing her breasts, holds testosterone medication used for transgender patients in Northern California on Aug. 26, 2022. John Fredricks/The Epoch Times

Cole began identifying as a boy during adolescence and sought physical changes to match.

Doctors readily consented to medical intervention. They prescribed puberty blockers and testosterone at age 13. At 15, surgeons performed a double mastectomy, she told The Epoch Times.

But doctors didn’t address her neurological issues first. The same gender specialist who referred her for breast surgery later referred her for autism screening. Cole has described herself as being on the autism spectrum, but said she was never formally diagnosed.

Cole is now a leading campaigner against interventions to transition children with gender dysphoria.

She said many of those she knew personally when she was involved in the transgender community, as well as many of the detransitioners she knows, “are either somewhere on the autism spectrum, or they have been diagnosed with similar conditions, like ADHD.”

Her observations are increasingly supported by research. For at least a decade, studies have reported links among transgender identity, autism, and other neurological conditions. These connections have recently gained greater public attention.

Growing evidence of an autism–transgender link is already prompting some nations to recommend neurological screening before intervention. In America, the treatment model remains unchanged, and the predominant “affirmation” model makes the link difficult to investigate.

Chloe Cole in Washington on Jan. 12, 2023. The overlap between gender dysphoria and neurodevelopmental issues such as autism and ADHD is more pronounced than people realize, Cole said. Melvin Soto-Vázquez/Cpi Studios For The Epoch Times Autism and Gender Dysphoria

A report published this month by the British think tank Centre for Social Justice showed that autism and ADHD were “overrepresented,” or disproportionately high, among youth with gender dysphoria.

​The report, citing data from the UK’s National Health Service, showed 32.4 percent of gender dysphoria referrals had an autism diagnosis, and 11.7 percent had an ADHD diagnosis. ​

Those numbers were 16 times higher than the national population averages for autism, and more than twice as high for ADHD. The population-wide averages for autism and ADHD in the United Kingdom are estimated at 2 percent and 5 percent, respectively.

“Individuals with autism spectrum disorder are far more likely to identify as transgender,” Joseph Nicolosi Jr., a licensed clinical psychologist and researcher in California, told The Epoch Times via email.

A pair of studies conducted in 2016 and 2019 indicate that autistic children are between four and seven times more likely to experience gender dysphoria or gender variance, he said. A 2019 study was conducted by researchers at the Uniformed Services University of the Health Sciences, and a 2016 study was conducted at New York University.

Nicolosi said there are several reasons for the connection, including “rigid thinking.”

​For example, if a boy with autism lacks stereotypical male interests, he may doubt he is a boy and assume he must be a girl. Reading social cues is often hard for those with autism, so they may perceive same-sex peers as getting along better than they do.

​“This heightens their sense of alienation from their peers,” Nicolosi said.

Chloe Cole holds a childhood photo in Northern California on Aug. 26, 2022. Cole recalled that around fourth grade she started to have difficulty coping with her body beginning to mature—‘a common sentiment amongst people who have either ADHD or autism.’ John Fredricks/The Epoch Times

Cole recalled having difficulty coping with her body beginning to mature around the fourth grade, younger than most of her peers.

“The older I got, the less I associated with femininity, and I didn’t really feel like I fit in—especially with my female peers—but with my peers in general,” she said.

“It’s a common sentiment amongst people who have either ADHD or autism.”

Erin Friday, who gained national attention for successfully steering her ADHD daughter away from identifying as a transgender male, said she knows many detransitioners who are on the autism spectrum. A detransitioner is someone who had previously taken steps to transition to the opposite gender.

But most of the medical community doesn’t recognize transgender identity as a maladaptive coping mechanism, she told The Epoch Times.

They view autism and transgender identity as complementary and natural, instead of looking at causality, she said.

“This is the intersection of autism and transgenderism, like peas and carrots, it goes together,” Friday said. “They’re not even looking at ... what is the causality?”

She observed that some hospitals offering pediatric transgender care have integrated autism and gender dysphoria services.

“It’s a feeder,” she said. “So it gives an endless stream of patients.”

Children’s National Hospital in Washington runs a Gender and Autism Program that treats autistic patients with gender dysphoria, illustrating the recognized connection between the two, she noted.

“We do not understand why autism and gender expansiveness often occur together, but we do know that this co-occurrence can be complex to navigate for young people and their families,” the website states.

The hospital did not respond to a request for comment.

Attorney Erin Friday joins “Our Duty” supporters at the California State Capitol Building in Sacramento on Aug. 28, 2023. Friday gained national attention for successfully steering her daughter with ADHD away from identifying as a transgender male. John Fredricks/The Epoch Times Neurological Screening

In the UK, a seminal report released last year on how the country has handled treatment of children with gender dysphoria suggested screening children for neurodevelopmental conditions, including autism and mental health issues.

That review, led by pediatrician Dr. Hilary Cass, sparked a wave of reforms, and the UK’s National Health Service all but halted the prescription of puberty blockers because there was a lack of evidence that the treatment was beneficial.

The Cass report found that young people distressed about their gender often have complex problems contributing to that distress, including mental illness, neurodiverse traits, and a variety of social problems.

Sweden and Finland recommend that neurodevelopmental conditions such as Autism and ADHD be addressed as part of the evaluation process for the treatment of pediatric gender dysphoria.

In the United States, however, psychological organizations prioritize “gender-affirming care” without recommending neurological screening.

Instead, most follow the World Professional Association for Transgender Health (WPATH) Standards of Care, which call for individualized, age-appropriate care to “improve health and wellbeing” of youth who identify as transgender.

The organization says assisting gender dysphoric patients “may include gynecologic and urologic care, reproductive health, voice and communication therapy, mental health services (e.g., counseling, psychotherapy), and/or hormonal or surgical treatments, among others.”

Pediatrician Dr. Hilary Cass speaks about the publication of the Independent Review of Gender Identity Services for Children and Young People in London on April 9, 2024. The report recommends screening children for neurodevelopmental conditions, including autism, as well as for mental health issues. Yui Mok/PA Wire

WPATH does not believe an autism diagnosis should prevent “gender-affirming care.”

“There is no evidence to suggest a benefit of withholding [gender affirming medical and surgical treatments] from [transgender] people who have gender incongruence simply on the basis that they have a mental health or neurodevelopmental condition,” according to WPATH.

Likewise, a 2023 commentary appearing in the journal of the American Academy of Pediatrics said that autistic youth deserve “gender-affirming care, and an [autism spectrum] diagnosis should not prevent youth and families from providing informed consent to gender-affirming care.”

The Autistic Self-Advocacy Network said in its June newsletter that the government shouldn’t interfere with an autistic person’s decision to transition.

“They think autistic people cannot really know if we are transgender. They say we are being tricked or we are confused. They think we should not be allowed to get gender-affirming care,” the newsletter stated.

Republican lawmakers in many states have enacted bans against gender-related medical treatments on minors, with corresponding federal actions to restrict funding for such practices.

Shortly after taking office earlier this year, President Donald Trump signed an executive order stating that the federal government will not fund or promote transition-related care for children who identify as a different gender.

This spring, the Department of Health and Human Services (HHS) released a 409-page review of medical procedures used for gender dysphoric children. The report advocates for psychotherapy as a “noninvasive alternative to endocrine and surgical interventions,” since the benefits of hormones or surgery have not been established.

“Many of these children and adolescents have co-occurring psychiatric or neurodevelopmental conditions, rendering them especially vulnerable,” the executive summary for the report states.

Read the rest here...

Tyler Durden Wed, 12/03/2025 - 20:05

Billions Spent By One-Party-Rule Maryland Democrats With Little Oversight

The one-party rule of 'Democratic Kings' in Maryland continues to reveal an optically displeasing truth about these leftist activists masquerading as competent politicians, who are anything but, and their epic mismanagement of state finances has only occurred because of limited oversight into their radical agendas.

Fox Baltimore reports that a state legislative audit uncovered major concerns about the oversight of billions of dollars spent by Democratic Gov. Wes Moore and his rudderless leftist allies in Annapolis, who champion everything from failed climate-crisis policies to wokeism to gender identity agendas to social justice and criminal justice reforms, as well as protecting illegal aliens (new voter base) - this is anything but 'Maryland First'...

"Most recently, a state audit revealed 42 state offices spent a total of $8.5 billion last year with minimal oversight. That audit came on the heels of a State Highway Administration audit detailing $360 million in unauthorized spending for federal projects, and a separate Social Services Administration audit revealing a lack of protections for foster care children in Maryland," Fox Baltimore wrote in a report. 

Taxpayers Protection Alliance president David Williams told Fox Baltimore journalist Jeff Abell, "It's a problem that almost $9 billion is going to these entities and we just don't know where the money is going."

Williams expressed serious concerns over the findings, pointing out, "This is supposed to be a system of checks and balances. We know the checks have gone out but there are no balances to be sure the money is being spent wisely."

He called for increased oversight, saying, "If you're receiving taxpayer money, there has to be full accountability, and this is billions of dollars we're talking about."

The lack of oversight in Maryland comes as no surprise, given that the state suffers from a disastrous one-party rule of far-left Democrats who care more about upholding the globalist framework of climate-crisis and illegal alien policies. 

Moore's photo next to dark-money-funded NGO emperor Alex Soros makes it all the more clear why he and Maryland Democrats operate with a globalist framework in the first place.

The result of one-party rule has been a ballooning deficit, soaring taxes, a credit rating downgrade, and a continued large-scale exodus of residents fleeing to red states as Maryland quickly loses its charm and is on track to transform into the next "Illinois 2.0." On top of the financial failures, power grid mismanagement has collided with surging data center demand, sending power bills through the roof.

Another Democrat-run state under scrutiny this week is Minneapolis, where far-left Gov. Tim Walz seemingly ignored his Somali voting base that looted taxpayers in billion-dollar welfare fraud schemes - with some of the funds allegedly ending up in the hands of overseas terror networks.

If Maryland and Minneapolis have oversight problems, imagine what's happening in all the other Democrat-run states.

Tyler Durden Wed, 12/03/2025 - 19:40

US Data Center Power Demand Could Reach 106 GW By 2035

By Brian Martucci of UtilityDive

Summary:

• U.S. data center power demand could reach 106 GW in 2035, BloombergNEF said Monday in one of the more aggressive load growth estimates to date. The U.S. had about 25 GW of operating data centers in 2024, Bloom Energy said earlier this year.
• BloombergNEF’s latest forecast is 36% higher than its previous prediction, released in April. The jump is due in part to the higher average size of the 150 significant U.S. data center projects announced in the past year, over a quarter of which are larger than 500 MW, BNEF said.
• The Energy Information Administration, which tracks demand for the federal government, generally only publishes detailed projections out two or three years, and few other analyses have attempted firm forecasts as far out as 2035.

BNEF’s report comes as some energy industry analysts and executives warn that an artificial intelligence bubble or speculative data center proposals could be fueling excessive load growth projections. 

A report from Grid Strategies released last month said utility forecasts of 90 GW additional data center load by 2030 were likely overstated; market analysis indicates load growth in that time frame is likely closer to 65 GW, it said. 

A July report from the Department of Energy estimated an additional 100 GW of new peak capacity is needed by 2030, of which 50 GW is attributable to data centers. Those facilities could account for as much as 12% of peak demand by 2028, according to Lawrence Berkeley National Laboratory.

BNEF’s data center project tracker shows the industry diversifying beyond traditional data center hubs like Northern Virginia, metro Atlanta and central Ohio into exurban and rural regions served by existing fiber-optic trunk lines for data traffic.

A map of under-construction, committed and early-stage projects shows gigawatts of planned data center capacity spreading south through Virginia and the Carolinas, up through eastern Pennsylvania and outward from Chicago along the Lake Michigan shore. More data centers are also planned for Texas and the Gulf Coast states.

Much of the capacity is poised to materialize on grids overseen by the PJM Interconnection, the Midcontinent Independent System Operator and the Electric Reliability Council of Texas. BNEF predicts PJM alone could add 31 GW of data center load over the next five years, about 3 GW more than expected capacity additions from new generation. 

With the expected surge, the North American Electric Reliability Corp. warned late last year of “elevated risk” of summer electricity shortfalls this year, in 2026 and onward in all three regions. 

Some experts disputed NERC’s methodology, however. MISO’s independent market monitor said in June that the group’s analysis was flawed and that MISO was in a better position than grid regions not expected to see exponential data center growth, like ISO New England and the New York Independent System Operator. 

Other technology and energy system analysts expect a significant amount of proposed data center capacity to dissipate in the coming years due to chip shortages, duplicative permit requests and other factors. 

In July, London Economics International said in a report prepared for the Southern Environmental Law Center that meeting projections for U.S. data center load in 2030 would require 90% of global chip supply — a scenario it called “unrealistic.” 

Patricia Taylor, director of policy and research at the American Public Power Association, told Utility Dive earlier this year that it’s common for data center developers to “shop around” the same project across neighboring jurisdictions. 

Still, U.S. grid operators face an “inflection moment” as they balance the desire to accommodate large-scale data centers with the obligation to ensure reliable service for all customers, BNEF said.

Tyler Durden Wed, 12/03/2025 - 19:15