Strike on central Israel wounds 19

A missile strike in Israel’s Sharon area wounded 19 people, police said early Saturday, after the army reported three projectiles were fired from Lebanon into central Israel.

All 19, four of whom were “in moderate condition”, were taken to hospitals for treatment, the Israeli police added.

Israel’s Magen David Adom (MDA) emergency medical service earlier said that several people had been wounded in a strike on the central city of Tira, including “a male around 20 with shrapnel injuries”.

Videos posted by the Israeli Foreign Ministry on social media showed fire and smoke spilling from a building into the street and emergency responders swarming the site.

“This is the result of a direct hit of a Hezbollah rocket on a building in the Israeli Arab town of Tira, injuring 19 civilians,” the ministry said in the post.

“We cannot and will not rest until Hezbollah is dismantled,” it added.

The Israeli army said on Telegram that it had intercepted some of the three projectiles fired from Lebanon.

Tira, a predominantly Arab town, is located around 25 kilometres (15 miles) northeast of Tel Aviv, near the border with the occupied West Bank.

The war raging in the Gaza Strip has spread to Lebanon, where Israel has been carrying out air strikes against Hezbollah, an ally of Palestinian group Hamas.

According to Israeli figures, at least 63 people have been killed on the Israeli side since cross-border exchanges with Hezbollah erupted following Hamas’s deadly attack on Israel on October 7, 2023.

On Thursday, rocket fire from Lebanon killed seven people in Metula, northern Israel, including four Thai farmers.

Hamas’s October attack on Israel resulted in 1,206 deaths, mostly civilians, according to an AFP tally of Israeli official figures.

Israel’s response has killed 43,259 Palestinians in Gaza, most of them civilians, according to figures from the Hamas-run territory’s health ministry, which are considered reliable by the United Nations.



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    Authored by Jeffrey Tucker via The Epoch Times,

    It’s a reasonable supposition that a recession will become obvious to all by next summer. It will then be declared by year’s end. The following year it could become backdated with data revisions that take us to 2022. At that point, it will become obvious to people that we have a major problem. Money velocity will freeze up and banks will start failing.

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    Consider history. In October 1929, the stock market crashed. Many people on Wall Street suffered but Main Street was largely unaffected. The Hoover Administration got busy with some efforts to loosen credit but without success as credit markets slowly dried up. Throughout 1931, public sentiment toggled between pessimism and denial. Many people thought it was a temporary blip that would go away.

    No one called it the Great Depression. That came much later.

    By the election of 1932, enough people were concerned about the economic situation but the campaigns did not really focus entirely on that. The big issue was Prohibition. Hoover did not have a strong opinion but Franklin Delano Roosevelt spoke out loudly for repeal. His fiscal policy pushed frugality and balanced budgets, and he decried Hoover as a big spender.

    FDR won of course. But before the inauguration, the economic environment became dramatically worse. A banking crisis developed, and FDR used emergency powers to impose a bank holiday and repeal the gold standard. As part of this, he imposed a ban on private gold ownership. It was enforced with fines and jail terms.

    Central planning then ensued with massive fiscal stimulus, crazed agricultural policies that required digging up crops to create artificial shortages, and price and wage controls.

    All of this unfolded over the course of four years, the first three of which were not at the time thought to be much of a crisis generally speaking. Today it is obvious that 1929 marked the beginning but that was not apparent at the time.

    It is not discernible in our time that we are already in recession but that is due to some brittle statistical measures. If you extend the inflation numbers to include housing and interest, plus extra fees and shrinkflation, minus hedonic adjustments, and then adjust the output numbers by the result, you end up in a recession now.

    Do you remember the two successive quarters of declining GDP in 2022? At the time, it was said that this was not a recession, even though every definition of recession was two declining quarters of GDP. It was said at the time that the data was not enough to declare it because labor markets were strong.

    Trouble was that this too was an illusion. Most of the job gains were in fact in part-time jobs and multiple job holders, and those gains went to foreign-born workers and not natives. Overall, jobs held by native-born workers that are full-time are down relative to four years ago. No one in the mainstream press admitted this.

    The jobs report that came out last week was the first glimpse of truth because it was brazenly awful, underperforming every prediction. It also chronicled major job losses in manufacturing and professional services. Those are hard-core recession signs that are likely going to worsen.

    All this data will start to be revised next year as the conventional wisdom will change. It will be widely admitted that the economy is weaker than we previously supposed. This will happen regardless of who wins. For one winner, it will serve as an attack and for another winner, it will serve as pretext for extreme intervention like the promised price controls on rents and groceries.

    Meanwhile, we will be revisiting the inflation problem. The Fed has already added $1.1 trillion to the money stock over the last 12 months plus lowered interest rates. The effect of this easing has not affected mortgage rates because investors are expecting higher rates in the future. The Fed can control overnight lending but the shape of the yield curve is determined on the bond market.

    If major changes are proposed in terms of spending cuts, the bond market will freak out and the United States could repeat the experience of the UK just a few years ago. New prime minister Liz Truss was quickly hounded out of office on grounds that her spending cuts had spooked the bond markets.

    U.S. creditworthiness is already on a hair trigger as the debt pileup has reached astronomical levels. The entire purpose of this wild spending has been to balloon the GDP as much as possible to prevent a recession from being declared already. The debt-to-GDP level is now higher than it was in the Second World War, and getting worse by the day.

    (Data: Federal Reserve Economic Data (FRED), St. Louis Fed; Chart: Jeffrey A. Tucker)

    The easy solution is dramatic spending cuts but that won’t happen if the bond market starts panicking with quality downgrades. There are only two private institutions that grade U.S. bonds and both are subject to being muscled by political concerns. Such an event could easily overwhelm a new administration. The political people will go into overdrive and demand that the Fed accommodate the bond market, fueling more inflation.

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    Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

    Tyler Durden
    Thu, 11/07/2024 – 06:30

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