Ted Cruz Rage-Tweets ‘Fact-Check’ Of “Lefty Press” & Sen. Durbin’s “Lies” About Stimmies For Illegal Immigrants

Ted Cruz Rage-Tweets ‘Fact-Check’ Of “Lefty Press” & Sen. Durbin’s “Lies” About Stimmies For Illegal Immigrants

The passing, by The Senate, of the Biden admin’s $1.9 trillion package of pork and payoffs has apparently triggered Senator Ted Cruz. Having attempted to insert an amendment that would disallow the $1400 handouts to illegal immigrants (paid for by legal US taxpaying residents), he was attacked as a “liar” by Senator Dick Durbin

Cruz had asked, “The question for the American people to answer is, should your money, should taxpayer money, be sent, $1,400, to every illegal alien in America?”

Durbin said, “Undocumented immigrants do not have social security numbers. And they do not qualify for stimulus relief checks, period. And just in case you didn’t notice, they didn’t qualify in December… To stand up there and say the opposite is just to rile people up.”

As is clear by the Twitter thread below – Cruz was none too happy about Durbin’s lies (which were dutifully repeated by the mainstream media)…

Cruz begins by asking (rhetorically): “Want to understand why we’re so divided? Why each side seems to live in alternate universes?”

Take a moment & examine the misinformation here (both deliberate & inadvertent)…

FACT 1: Dem spending bill sends $1400 to each adult in US.

FACT 2: Dems voted against my amendment to prohibit sending those $$ to criminals (murderers, rapists, child molesters) currently IN PRISON. EVERY Dem voted to send criminals the $$.

FACT 3: I then called up my amendment to prohibit illegal aliens from getting the $1400 checks.

FACT 4: Durbin then screamed “liar!” and insisted no illegal immigrants would get $$ because the bill requires social security numbers.

FACT 5: Lefty “press” outlets, like Daily Beast, dutifully repeated Durbin’s charge. They did ZERO fact checking of their own, just said that my claim that illegal immigrants would get the $$ was “false.”

FACT 6: Lefty pundits & celebrities like Morgan Fairchild happily repeat the charge that I “lied.” They know none of the facts, but in this politically charged world, the other side must always be wrong.

FACT 7: As it so happens, it was Durbin who was lying, and he knew it. Why?

FACT 8: There are 12mm or more illegal immigrants. 60% of them are from visa overstays. Many (if not most) of them have social security numbers.

FACT 9: When Durbin said “illegal immigrants don’t have social security numbers,” he was deliberately saying something false, knowing it would be repeated.

FACT 10: Under the bill’s language, MILLIONS OF ILLEGAL IMMIGRANTS will get the $1400 checks.

FACT 11: My amendment required that recipients would be “lawfully present,” i.e., legal.

FACT 12: When Durbin falsely said ZERO illegal immigrants would get $$, I asked if he would yield for a question. Schumer, sitting next to him, bellowed “no!!”

FACT 13: If Durbin had taken my Q, I would have asked, “if you’re right that no illegal aliens will get $$ under this bill…WHY ARE YOU AND EVERY DEM OPPOSING MY AMENDMENT TO DO JUST THAT?”

The answer is that Durbin was lying, and he knew that Lefty partisans would reflexively believe his gals charge that I was the one lying.

FACT 14: When the checks go out, millions of illegal immigrants WILL GET $1400 checks.

PREDICTION: the Lefty press & pundits won’t cover it, and won’t care.

Cruz ended by rather ominously – but accurately – pointing out that:

“Sadly, that’s why we’re so divided. Facts don’t matter.

Journalists don’t care about truth.

Everyone is a partisan warrior.

And we only believe news from our own side.”

Unity?

For America to come together, this must change.

Tyler Durden
Sun, 03/07/2021 – 21:30

PIMCO Rings The Alarm Over China’s Sliding Credit Impulse

PIMCO Rings The Alarm Over China’s Sliding Credit Impulse

Three months after Zero Hedge subscribers were first made aware of the biggest risk for the global economy, Pimco has finally caught up and is ringing the alarm as noted in the latest observations from Bloomberg macro commentator Ye Xie titled “Pimco Warns of Risks From Beijing’s Credit Curtail.”

1. Beijing sounds less sanguine about 2021.

The government set the growth target this year at “above 6%,” well below economists’ forecasts of 8%. A 6% year-on-year GDP expansion implies zero growth from Q4 2020. Meanwhile, the budget deficit is pegged at 3.2% of GDP, lower than the record 3.6% last year, but higher than the 3% consensus. Taken together, the government seems less upbeat than most economists.

Granted, 6% is the floor, not the ceiling for growth. Beijing may have intentionally set a low bar this year so that it could target a similar growth rate in 2022 to project the image of stability. The economy may turn out to be stronger.

In any case, even if the government ensures it won’t yank stimulus abruptly, gradual tapering in credit growth is already well under way. As first discussed in December in “In Historic Reversal, China’s Credit Impulse Just Peaked: What This Means For Global Markets“, China’s credit impulse, or the change of new credit as a percentage of GDP, peaked in October and is following the similar downward path of the previous two credit cycles in 2013 and 2016. At this rate, the gauge could turn negative in the second half of the year.

In a note on Friday, Pimco estimated that the credit impulse will fall to -3.5% of GDP by year-end, from a peak above 9% in 2020. All else equal, it may slow China’s economy to below-trend levels by late 2022, the firm’s Gene Frieda and Carol Liao wrote.

What does this mean? Tighter liquidity is likely to lead to stress in China’s corporate debt market, they wrote (echoing what Zero Hedge wrote in December). While a soft-landing is achievable and the yuan remains attractive, the drag from China’s economy next year suggests that “developed economies may require stimulus for longer than currently appreciated.”

2. The path of least resistance is for bond yields to move higher.

Jerome Powell reiterated that the Fed is in no rush to reduce stimulus, but declined to say that rising bond yields are inconsistent with the central bank’s objective. That essentially gives the market a free rein to push yields higher, keeping Treasuries as the potential source of volatility for other markets.

Chinese bonds remain insulated from the global bond rout, given they have largely priced in economic normalization.

3. The trade-weighted yuan rose amid a stronger dollar.

While rising yields lifted the dollar, the yuan managed to outperform other currencies, sending the trade-weighted yuan close to the highest since 2018. The foreign bond inflows continue to be supportive. “Real money” investors, such as pension funds, have boosted their overweight on the yuan to the highest level since JPMorgan included Chinese bond in its benchmarks in February 2020, according to Bank of America.

Tyler Durden
Sun, 03/07/2021 – 21:00

“We’ll Level Tel Aviv”: Iran Responds To Israel ‘Preparing’ Strike Plans Against Nuclear Sites

“We’ll Level Tel Aviv”: Iran Responds To Israel ‘Preparing’ Strike Plans Against Nuclear Sites

Iran has responded to Fox News interview from late last week wherein Israeli Defense Minister Benny Gantz said that Israel is currently updating its plans to strike Iran’s nuclear program and is prepared to act independently if the United States is not willing. The interview was unusually blunt even for Israel in terms of the defense chief openly stating war plans.

Iranian Defense Minister Amir Hatami promptly fired back with a counterthreat on Sunday. He said Iran’s military will level Tel Aviv and Haifa should Israel do anything “out of desperation”.

Iranian Defense Minister Amir Hatami, via Wiki Commons

“Sometimes, the Zionist regime [Israel] out of desperation makes big claims against the Islamic Republic of Iran to allegedly threaten it,” Hatami said as cited in The Times of Israel via Iranian state media.

“It must know that if it does a damn thing, we will raze Tel Aviv and Haifa to the ground,” he followed up with according to an English translation. Hatami was addressing a military ceremony.

He further assured that Iran possesses all the power it needs to “maintain the stability of the country” and said the Islamic Republic can strike close to Israel also via “resistance groups” – which is no doubt a reference to Lebanese Hezbollah and militia groups that have been fighting in Syria.

During Gantz’s Fox News statements two days ago, the defense chief had spelled out to the American correspondent that “If the world stops them [Iran] before, it’s much the better. But if not, we must stand independently and we must defend ourselves by ourselves.”

“The Iranian nuclear aspiration must be stopped… We must defend ourselves by ourselves,” Gantz had asserted.

Prime Minister Netanyahu has also issued similar warnings recently, however, Gantz’s words were the most specific and forceful thus far. He had even handed the Fox reporter what was purported to be a classified target list against Iranian assets that Israel prepared.

Gantz had also touted that Israel stands ready to attack Hezbollah positions throughout Lebanon and Syria – the latter country has been on the receiving end of Israeli airstrikes on a near weekly basis for much of the past year. The defense minister claimed that Hezbollah has “hundreds of thousands” of missiles aimed at Israel and is bent on the Jewish state’s destruction.

Tyler Durden
Sun, 03/07/2021 – 20:30

Hedge Fund CIO: The 1929 Crash Sparked A Chain Reaction That Led To WWII In 1939

Hedge Fund CIO: The 1929 Crash Sparked A Chain Reaction That Led To WWII In 1939

By Eric Peters, CIO of One River Asset Management

Lost Arks

“Illiquidity is creeping into credit markets,” said Indiana, the industry’s leading archaeologist, explorer. “Credit risks of the type Minsky identified have migrated from the banking system into capital markets.”

Corporate borrowings through bond issuance, in turn captured in exchange traded funds, are an important part of that risk migration. “Even with the stability of credit spreads, this rate rise battered credit funds.” LQD is -6% YTD. “Fund outflows are $6.8bln YTD – the pandemic outflow from mid-Feb to mid-Mar 2020 was just $4.5bln.”

“This week saw the return of credit ETFs trading at a discount to net asset values,” continued Indiana. “Small for now, averaging less than 20 basis points in the past three days.” As liquidity in underlying assets lessens, so too does the ability of participants to provide that liquidity through ETFs. “The discounts are capturing a marginal fray in liquidity conditions, an early warning,” said Indy.

“And the crown jewels of global financial markets – Treasuries – saw a surge in the cost of borrowing securities this week. Illiquidity in Treasuries rose sharply.”

Rapid Unplanned Disassembly (RUD)

The 1929 market crash sparked a chain reaction that lasted a decade, a rapid unplanned disassembly, leading humanity to WWII in 1939. US unemployment averaged 18.2% in the 1930s, CPI averaged -2.0%. The S&P 500 lost 42% in the decade (real return was -29%). The 1970s RUD produced two brutal recessions, US unemployment averaged 6.4% and CPI averaged +7.25%. The S&P 500 gave the illusion of health with a 17% gain. The real return was worse than the 1930s, with a 42% decline.
 

  • In 1930, the US CPI was -2.7%, the S&P 500 inflation-adjusted return was -23% (the inflation adjusted 10yr Treasury note return was +7.4%). In 1931, CPI was -8.9%, S&P 500 real return -38%, 10yr note real return 7.0%. In 1932 (CPI -10.3%, S&P 2%, 10yr 21.3%). 1933 (CPI -5.2%, S&P 58%, 10yr 7.4%). 1934 (CPI 3.5%, S&P -5%, 10yr 4.3%). 1935 (CPI 2.6%, S&P 43%, 10yr 1.9%). 1936 (CPI 1.0%, S&P 31%, 10yr 3.9%). 1937 (CPI 3.7%, S&P -38%, 10yr -2.3). 1938 (CPI -2.0%, S&P 32%, 10yr 6.4%). 1939 (CPI -1.3%, S&P flat, 10yr 5.8%).
  •  In 1970, the US CPI was +5.8%, the S&P 500 inflation-adjusted return was -2% (the inflation adjusted 10yr Treasury note return was +10.3%). In 1971, CPI was 4.3%, S&P 500 real return 10%, 10yr note real return 5.3%. In 1972 (CPI 3.3%, S&P 15%, 10yr -0.4%). 1973 (CPI 6.8%, S&P -19%, 10y -2.4%). 1974 (CPI 11.1%, S&P -33%, 10yr -8.2%). 1975 (CPI 9.1%, S&P 25%, 10yr -5.0%). 1976 (CPI 5.7%, S&P 17%, 10yr 9.7%). 1977 (CPI 6.5%, S&P -13%, 10yr -4.9). 1978 (CPI 7.6%, S&P -1%, 10yr -7.8%). 1979 (CPI 11.3%, S&P +6.5, 10yr -9.5%).

In both the 1940s and 1980s, investors who had emerged from the preceding decade with their capital intact made vast fortunes, equity markets boomed.

Anecdote

“The 19th century was defined by the formation of nation states. The US had just emerged from its UK ties, the treaty of Vienna created countries such as the Netherlands, France just had its revolution and rid itself of Napoleon, Germany unified and Italy became a nation state,” said the Dutchman, a private investor, his fortune built in the markets, trade, finance.

“The 20th century was the era of the establishment of institutions, alliances, internal, global, the US Federal Reserve, the United Nations, many others in between.” International Monetary Fund, World Bank, World Health Organization, NATO, the list goes on. Programs too: Social security, Medicare, Medicaid, state pensions. Countless agencies: CIA, FBI, NSA, NASA, EPA, FDA and so on.

“A number of those institutions have come under siege in recent times and the level of trust embedded in them has eroded,” said the Dutchman, images of America’s horned Shaman seared in the global consciousness.

History moves slowly, then fast, all at once. We read books, watch movies, and they compress years, even decades, into tight chapters, creating the illusion that periods of great change are apparent as they unfold, obvious to those living through them. And this then allows us to ignore today’s seismic shifts even as the ground beneath our feet trembles.

“This erosion of trust can also be said about the Fed at a time when the need for credibility is perhaps greater than it has ever been, which makes the trajectory for financial markets going forward particularly difficult and potentially very volatile,” he said.

“And it appears that forces are now in motion that will redistribute wealth, shifting it from capitalists to the workers,” said the Dutchman, taking a moment to consider it all.

“There tend to be couple decades each century when it is a victory to have preserved your real wealth. This looks to be one of them.”

Tyler Durden
Sun, 03/07/2021 – 20:00

Outrage Mob Goes After Cartoon Skunk Pepe Le Pew For “Normalizing Rape Culture” 

Outrage Mob Goes After Cartoon Skunk Pepe Le Pew For “Normalizing Rape Culture” 

The woke cancel culture mob continues trucking along with their crusade against free speech, targeting popular Dr. Seuss books last week as they said some of these beloved children’s books contain racist imagery. As the mob continues to look for stuff to burn figuratively, cartoon characters like Pepé Le Pew, a character from the Warner Bros. Looney Tunes and Merrie Melodies series of cartoons from the 1940s, is the next target. 

New York Times liberal columnist Charles Blow recently argued in an op-ed and in a series of tweets how Pepé Le Pew “normalized rape culture.” He tweeted Saturday a scene from the cartoon: “Let’s see, he grabs/kisses a girl/stranger repeatedly, without consent and against her will. She struggles mightily to get away from him, but he won’t release her. He locks a door to prevent her from escaping.”

In a separate tweet, Blow continued: “This helped teach boys that “no” didn’t really mean no, that it was a part of “the game,” the starting line of a power struggle. It taught overcoming a woman’s strenuous, even physical objections was normal, adorable, funny. They didn’t even give the woman the ability to SPEAK.” 

The Media Research Center, a top media watchdog, responded to Blow’s op-ed following the recent cancel mob’s assault on Dr. Seuss, who said: 

“Congrats to anyone who had “liberals try to cancel Looney Tunes” on their 2021 bingo card.” 

In his op-ed, Blow said, “racism must be exorcised from culture, including, or maybe especially, from children’s culture. Teaching a child to hate or be ashamed of themselves is a sin against their innocence and weight against their possibilities.” He wrote that he “cheered” when he heard the news six of Dr. Seuss’ books were discontinued by its publisher because of “racist and insensitive imagery.” 

Some social media users were not thrilled with Bow’s op-ed and tweets:

One Twitter user said: 1. “It’s…a…f**king…cartoon. 2. It was made in the 1950s, when this society’s values and mores were a wee bit different. 3. Pepe always gets clowned by the cat in the end…every time. 4. It’s a fucking cartoon. 5. For those of you unclear on the point, see #1 and #4 above.”

“I’ve never gotten relationship advice from a cartoon. Not now, and for damned sure, not when I was six. Jesus H. Christ,” someone said

“Wait until people realize that Frosty The Snowman is naked and smokes a pipe in front of children. This never ends. Cancel culture is internet cancer,” another user said

… and there’s this. 

This Twitter user makes an interesting point:

“Yeah, this was on TV. it was normal to show it to children in an ‘evolving society’ it’s easy (for most of us) to see how messed up and wrong a cartoon from 80 years ago feels today, but few of us will imagine how what we are doing TODAY may look like 80 years from now.” 

Perhaps, what the future will show is today’s mob-canceling crowd as “the digital equivalent of the medieval mob roaming the streets looking for someone to burn,” said Rowan Atkinson, famous for portraying the characters Mr. Bean and Blackadder. 

The former secretary of Housing and Urban Development, Ben Carson, calls the left’s attempt to cancel culture a “poison.” 

So every week, the left will cancel a book, cartoon, or anything that displeases them? 

How about for a change, the left does something constructive – such as – cancel violent video games. Today’s youth are playing games such as “Grand Theft Auto” and or “Call of Duty” – teaching them murder and destruction is okay. While on the streets of America, millennial anarchists, for almost a year, have been destroying tens of millions of dollars in property through destructive riots. 

Focus on today not what happened decades ago… 

Tyler Durden
Sun, 03/07/2021 – 19:30

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