Author: zerohedge

Update(1315ET): Several hours into a massive search and rescue operation, things are not looking good as Iranian officials have been issuing ‘thoughts and prayers’ statements amid reports that severe fog and bad weather have prevented a proper aerial search for the downed helicopter of President Raisi and those with him. Deep uncertainty looms as Iran’s supreme leader, Ayatollah Khamenei, was reported as holding an emergency meeting with the National Security Council in Tehran (follow-up reports from state sources have downplayed or contracted this, however). The Iranian population is on edge as speculation grows that the president is feared dead:

“Nobody knows what exactly has happened and how the president and other local officials, because the situation is quite complicated,” he told Al Jazeera.

“As time goes on, hopes are decreasing because the conditions are getting much worse and it’s getting darker,” Aslani, a senior research fellow at the Center for Middle East Strategic Studies, noted.

“What is being felt here in Tehran [Iran’s capital] is mostly that feeling of uncertainty.”

At this moment, the president and his foreign minister, along with other officials are officially missing. Iran has mobilized the armed forces, including the IRGC, amid unconfirmed reports that even some of the search and rescue units are also possibly missing…

Three search and rescue members searching for Raisi’s helicopter are now also missing, sources say. https://t.co/O0luwyXq0T

— The Intel Crab (@IntelCrab) May 19, 2024

Initial footage from the far northern border region with Azerbaijan shows fog so thick that it’s hard to see just dozens of meters ahead.

One independent regional monitor has said: “This is hardly a surprise. First responders and rescue crews are being dispatched en-masse without proper briefing/delegation of command.”

⚡️Searches continue for the helicopter carrying the Iranian president. pic.twitter.com/S3RJeZTE83

— War Monitor (@WarMonitors) May 19, 2024

More footage showing a difficult terrain and weather situation. Visibility at a distance is near zero…

ISRAELI NEWS SAYS THE IRANIAN PRESIDENT IS DEAD pic.twitter.com/qmcYR2wWCm

— The_Real_Fly (@The_Real_Fly) May 19, 2024

Speculation that Raisi could be dead has begun to hit foreign media, including in Israel:

Iran official: Lives of president, FM ‘at risk’ after crash landing in wooded area

There has also been speculation of possible foreign interference as the search and rescue extends into hours, involving a massive military and security response, with drones and other deployed assets over the region…

If Raisi is confirmed dead and foul play was found to be involved (a strong possibility given the geopolitical context), this has the potential to turn into an archduke Ferdinand of the Middle East scenario, especially given Raisi was rumored to be Khameini’s successor. https://t.co/RIgNm0sYER

— Arnaud Bertrand (@RnaudBertrand) May 19, 2024

STATEMENT FROM PRESIDENT OF AZERBAIJAN:

“Today, after a friendly meeting with the President of the Islamic Republic of Iran, Ebrahim Raisi, the news of the emergency landing of the helicopter carrying the Iranian high delegation caused great concern. Our prayers to Almighty God are with President Ebrahim Raisi and his accompanying delegation. As a neighbor, friend and brother country, the Republic of Azerbaijan is ready to provide all kinds of support.”

The official Instagram of the Iranian president is calling on all citizens to pray for his safety.

BREAKING: UPDATE ON PRESIDENT RAISI RESCUE:

The presence of 3 ministers at the accident site for the president’s helicopter

The Ministers of Oil, Roads, Urban Development, and Energy are now present at the accident site for the President’s helicopter, and the Minister of… pic.twitter.com/xLrtHl55h5

— Sulaiman Ahmed (@ShaykhSulaiman) May 19, 2024

* * *

There are breaking reports that Iranian President Ebrahim Raisi has been in a helicopter crash in a remote northern area of the country and that rescuers are trying to reach him and his crew. 

State media is currently calling it a “hard landing” – suggesting that the president is alive and well, however no other details on the precise nature of the helicopter incident have been revealed. According to the NYT, 16 rescue teams have been dispatched to locate the helicopter, however inclement weather are hampering the effort, according to the reports. The teams have failed to locate the crash after nearly five hours. According to the latest via Al Jazeera citing state media:

• Adverse weather conditions, including heavy fog, are hampering rescue efforts and the helicopter is still missing.
• Iran’s Fars News Agency calls on Iranians to pray for President Raisi.

What is known is that Raisi’s helicopter went down while in the country’s East Azerbaijan province and that it happened near the border city of Jolfa, and up to three helicopters total made up the air convoy at the time.

“Given the complexities of the region, connection has been difficult, and we are hoping that the rescue teams reach the helicopter and can give us more information,” said Iran’s interior minister, Ahmad Vahidi on state television.

State-run IRNA news agency indicated that among the officials aboard the aircraft included Iran’s Foreign Minister Hossein Amirabdollahian.

The Associated Press has quoted at least one Iranian official to say it was a “crash” and that there’s an urgent rescue mission currently underway in a forested area:

One local government official used the word “crash” to describe the incident, but he acknowledged to an Iranian newspaper that he had yet to reach the site himself.

Rescuers were attempting to reach the site, state TV said, but had been hampered by poor weather conditions. There had been heavy rain and fog reported with some wind. IRNA called the area a “forest.”

It appears Raisi was traveling in connection with a trip to Azerbaijan earlier in the day, where he had overseen the inauguration of a dam with Azerbaijan’s President Ilham Aliyev this morning. Iran’s semi-official Tasnim news agency has stated on X Sunday:

“Some of the president’s companions on this helicopter were able to communicate with Central Headquarters, raising hopes that the incident could have ended without casualties.”

Iran President Raisi was flying from a meeting with Ilham Aliyev in Tehran when the incident occurred.

Video footage shows the head of the Islamic Republic on board shortly before the helicopter made a hard landing in mountainous terrain due to foggy conditions. pic.twitter.com/ofWEP0cL2D

— Russian Market (@runews) May 19, 2024

Thus far initial reports indicate that Raisi has survived the incident, but again the ‘hard landing’ appears to be significant – and possibly far worse – than what state media is letting on.

The fact that a rescue team has yet to even reach the location of the downed helicopter means this could be a potential casualty situation involving top officials.

Iranian Interior Minister Ahmad Vahidi confirms: Rescue teams have not yet arrived at the scene of the helicopter accident due to bad weather and fog.

President Raisi’s helicopter made a hard landing. pic.twitter.com/WRelcekVNy

— Clash Report (@clashreport) May 19, 2024

Almost immediately, a number of online commenters raised the question of potential foreign involvement… “Israel?” some asked. However, it’s also well understood that helicopters become more prone to incidents in foggy or inclement weather, and over mountainous difficult terrain. Iran’s aviation industry has also long languished under Washington-led sanctions.

⚡️The four Iranian officials who were in the helicopter according to the reports:
Ibrahim Raisi – President of Iran
Hussein Amir Abdel-Lahyan – Minister of Foreign Affairs (bottom left)
Malek Rahmati – Governor of East Azerbaijan Province (below right)
Muhammad Ali al-Hashem -… pic.twitter.com/XNZjEUQ2Nf

— War Monitor (@WarMonitors) May 19, 2024

developing…

By Brian McGlinchey at Stark Realities 

As war rages in Gaza, the intensifying debate over the US-Israel relationship spotlights a political paradox: Those Americans who view George Washington with deepest reverence — that is, would-be “conservatives” — are often the ones who most zealously violate the central tenet of his foreign policy philosophy.

Specifically, their fierce devotion to the State of Israel defies Washington’s admonition against “passionate attachments” to other countries — attachments that, he said, inevitably lead America “astray from its duty and its interest.”

That’s not to say that excessive advocacy for Israel is confined to the American right: As demonstrated by President Biden’s backing of Israel’s destruction of Gaza, the championing of policies that serve Israel to America’s detriment also runs rampant among establishment Democrats.

Regardless of your position on the political spectrum, Washington’s foreign policy advice merits your attention, and the US-Israel relationship serves as a case study that validates his warnings about the many evils that spring from “habitual fondness” for a foreign nation…including one that didn’t exist when his warnings were issued.

After deciding not to pursue a third term as America’s first president, Washington gave the country a parting gift: a farewell address delivered not from a podium, but from the front page of Philadelphia’s Daily American Advertiser.

Washington’s 7,641-word address reads like an owner’s manual for the young republic. He asked Americans to give “solemn contemplation” and “frequent review” to his guidance, which was “the result of much reflection, and no inconsiderable observation.”

Let’s review some key excerpts of Washington’s foreign policy guidance, starting with the principle he put above all others:

“Nothing is more essential than that permanent, inveterate antipathies against particular nations, and passionate attachments for others, should be excluded; and that, in place of them, just and amicable feelings towards all should be cultivated.”

With this guidance, Washington echoed the wisdom of other American founders. Thomas Jefferson urged “peace, commerce, and honest friendship with all nations, entangling alliances with none.” John Quincy Adams approvingly said, “[America] has abstained from interference in the concerns of others, even when conflict has been for principles to which she clings…She is the well-wisher to the freedom and independence of all. She is the champion and vindicator only of her own.”

In addition to “passionate attachments,” Washington denounced habitual hostility toward other countries. As we’ll discuss later, the US government’s passionate attachment to Israel is itself the font of hostilities equally unrooted in American interest.

“The nation which indulges towards another an habitual hatred or an habitual fondness is in some degree a slave. It is a slave to its animosity or to its affection, either of which is sufficient to lead it astray from its duty and its interest.”

While it’s a little less universal these days, “habitual fondness” for Israel remains widespread in American politics, particularly on the right and center-left, and more so among government officials than citizens.

That habitual fondness is routinely manifested by pronouncements that would make Washington, Jefferson and Madison cringe. Drawing from a common well of fawning rhetoric, politicians frequently refer to a supposedly “unbreakable bond” between America and Israel. Another cliche sees officials stating there must be “no daylight” between the two countries. Endorsing DC’s unconditional backing of Israel, and showing utter disregard for future contingencies, President Obama proclaimed that “our alliance is eternal, it is forever.”

Many politicians go so far as to say Israel is America’s “greatest ally.” One can only imagine reactions in the UK, Canada, Australia and many other countries that have gone to war alongside the United States on multiple occasions in this century, sacrificing lives and limbs as Israel offers little more than encouragement.

Taking things to mind-bending extremes, you’ll even encounter declarations that “real Americans stand with Israel” — perversely measuring American patriotism by the extent to which one is devoted to a foreign country.

For many — especially evangelical Christians — habitual fondness for Israel has a religious dynamic. Viewed through religious, rose-colored glasses, the State of Israel is transformed from a modern, man-made political entity — led, like all governments, by manipulative, power-hungry politicians who pursue all manner of ungodly policies — into something sacred that supposedly represents and carries out God’s will.

Exploiting the religious angle, Israel’s advocates — even a US representative speaking in a recent congressional hearing — claim that America is compelled to serve the State of Israel because the bible says God will bless those who bless the nation of Abraham and curse those who curse it — as if today’s modern political entity and what’s referenced in the bible are one and the same.

Validating Washington’s warning that habitual fondness for a foreign country makes one an unthinking slave to that affection, these same people ignore the Israeli government’s killing of Christians in Gaza and the mistreatment endured by West Bank Christians — to say nothing of recurring incidents of ultra-orthodox Israeli Jews spitting on followers of Christ.

Especially where government officials are concerned, passionate attachments to Israel can bring enormous financial rewards.

Case in point: Arkansas Sen. Tom Cotton, who’s arguably the most extreme advancer of Israeli interests on Capitol Hill. When he ascended to the Senate in 2014, Cotton benefitted from $960,000 in spending on his behalf by the Emergency Committee for Israel, in addition to $250,000 contributed to a Cotton-backing PAC by New York hedge fund billionaire and Israel-backer Paul Singer, and $100,000 from pro-Israel Boston billionaire Seth Klarman.

Then there’s Donald Trump, who’s not only made pandering to Israel a staple of his speeches, but, as president, took a variety of actions that had long been on the Israeli agenda. His reward: $20 million for his 2020 re-election bid from Las Vegas casino billionaire Sheldon Adelson, in what was reportedly a quid pro quo for moving the US embassy from Tel Aviv to Jerusalem.

Israeli Prime Minister Benjamin Netanyahu has personally affirmed the idea that habitual fondness has made America “in some degree a slave” to Israel. In a moment of candid conversation with West Bank settlers, Netanyahu was caught on video as he boasted, “I know what America is. America is a thing you can move very easily.”

Those who champion Israel’s interest on Capitol Hill do their own bragging. American Israel Public Affairs Committee (AIPAC) lobbyist Steven Rosen famously pushed a napkin across a table and said, “You see this napkin? In 24 hours, we could have the signatures of 70 senators on this napkin.”

Patriotic Americans aren’t the only ones put off by that kind of influence. Marveling at the extraordinary sway his tiny country holds over the world’s foremost power, Israeli journalist and author Gideon Levy wrote:

“A new chapter is being written in the history of nations. Never before has a small country dictated to a superpower; never before has the chirp of the cricket sounded like a roar; never has the elephant resembled the ant – and vice versa. No Roman province dared tell Julius Caesar what to do, no tribe ever dreamed of forcing Genghis Khan to act in accordance with its own tribal interests.”

President Clinton used a different kind of colorful language as he confronted the upside-down power dynamic. After being lectured by Netanyahu during his first meeting with the Israeli prime minister, an angry Clinton exploded, asking his aides, “Who the fuck does he think he is? Who’s the fucking superpower here?!”

Read the rest at Stark Realities

Stark Realities undermines official narratives, demolishes conventional wisdom and exposes fundamental myths across the political spectrum. Read more and subscribe at starkrealities.substack.com  

* * *

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

Authored by Tom Ozimek via The Epoch Times (emphasis ours),

Dr. Robert Redfield, former director of the Centers for Disease Control and Prevention (CDC), said Thursday that many officials who tried to warn the public about potential problems with COVID-19 vaccines were pressured into silence and that it’s high time to admit that there were “significant” side effects that made people sick.

Dr. Redfield made the remarks in a May 16 interview with Chris Cuomo on NewsNation, during which he lamented the loss of public confidence in public health agencies because of a lack of transparency around the vaccines, which he said “saved a lot of lives” but also made some people “quite ill.”

“Those of us that tried to suggest there may be significant side effects from vaccines … we kind of got canceled because no one wanted to talk about the potential that there was a problem from the vaccines, because they were afraid that that would cause people not to want to get vaccinated,” Dr. Redfield said.

In his role as head of the CDC, Dr. Redfield was part of the Trump administration’s Operation Warp Speed, a project to surge COVID-19 vaccine development at a time during the pandemic when little was known about the virus and rapid vaccine rollout was widely seen as key to getting the outbreak under control and lockdowns lifted.

In September 2020, a few months before the first COVID-19 vaccines were given in the United States, Dr. Redfield testified before the Senate that COVID-19 represented the “most significant public health challenge to face our nation in more than a century,” and that the prevailing view among scientists at the time was that the overall case fatality rate of the disease was somewhere between 0.4 and 0.6 percent in the United States.

“If you were to look right now, individuals under the age of 18, it’s about 0.01 percent, 19 to say 69, it’s more like 0.3 percent. And if you’re over the age of 70, it’s about 5 percent now,” he testified at the time.

While there’s lingering controversy about the severity of COVID-19, a recent study estimates that the global case fatality rate was 8.5 percent in February 2020 but had plunged to 0.27 percent in August 2022, meaning that the estimated relative risk reduction over that time was a whopping 96.8 percent.

In his interview on NewsNation, Dr. Redfield said that the vaccines that were developed as part of Operation Warp Speed were “important” and saved “a lot of lives.” However, despite their benefits, the drawbacks of the vaccines must be a matter of open discussion, he said.

“They’re important for the most vulnerable people, those over 60, 65 years of age. They really aren’t that critical for those that are under 50 or younger. But those vaccines saved a lot of lives, but they also—we have to be honest, some people got significant side effects from the vaccine,” he said.

“I have a number of people that are quite ill and they never had COVID, but they are ill from the vaccine,” he continued. “And we just have to acknowledge that.”

Vaccine Controversy

The severity of COVID-19 remains a matter of debate because it’s unclear whether deaths were overcounted or undercounted due to various factors, such as lack of clarity around the role of underlying medical conditions in fatalities in cases where COVID-19 was listed as the primary cause, or underreporting of asymptomatic infections. Aside from the issue of whether people died “from” COVID-19 or “with” a positive test for SARS-CoV-2, there have also been questions about the role of secondary pneumonia caused by mechanical ventilation.

Either way, a study from January 2023 indicates that the global case fatality rate from COVID-19 has dropped dramatically over the course of the pandemic. Global case fatalities ranged from 1.7 to 39.0 percent in February to March of 2020, according to the study—but fell to below 0.3 percent in July to August 2022.

The researchers estimate that the risk of death from COVID-19 has dropped by 96.8 percent over the course of the pandemic.

Along with a decline in COVID-19 fatalities, there have been growing concerns about vaccine side effects, given that a significant number of vaccinated people have reported various adverse reactions.

The most common COVID-19 vaccine adverse events are those that affect the body generally, with fever, fatigue, and overall discomfort being the top three, according to the U.S. Vaccine Adverse Event Reporting System (VAERS). But there are others.

For instance, heart muscle inflammation (myocarditis) and inflammation of the lining outside the heart (pericarditis) have both officially been acknowledged by the CDC as a known side effect of Moderna’s and Pfizer’s mRNA COVID-19 vaccines.

Nervous system disorders have also been reported, with such disorders being the third most common in the Pfizer trials, coming after general and muscle-related adverse events.

There have also been papers linking spike-protein-based COVID-19 vaccines to skin problems, a dull ringing in the ears known as tinnitus, visual impairments, blood clotting, and even death. Recent reporting from EpochTV’s “American Thought Leaders“ program indicates that the likelihood of death associated with COVID-19 vaccines (in close proximity to the shot rather than proven as caused by it) was over 100 times greater than for flu vaccines.

There are also concerns about a post-vaccination jump in excess deaths and disability.

The CDC still recommends that people of all ages receive a COVID-19 vaccine, saying that the potential side effects do not outweigh the potential harms of getting sick with COVID-19.

In a notice published in late April, the agency again called for adults aged 65 and older to get the latest version of the vaccines.

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

Republicans on the House Homeland Security subcommittee expressed concern as the surge of illegal Chinese migrants hit an all-time high in April after the Biden administration relaxed vetting rules last year.

House Homeland Security Subcommittee on Oversight, Investigations, and Accountability Chairman Dan Bishop (R-N.C.) held the hearing on May 16 to address the “unprecedented flow of Chinese nationals” illegally crossing the U.S. southern border, which has topped 27,000 since Oct. 1.

The latest CBP numbers show that 3,324 Chinese nationals crossed the southwest border in April alone—more than the total crossings for the entire 2022 fiscal year.

This year’s total tops 27,000 encounters, surpassing the 24,000 illegal southwest border crossings during the entire 2023 fiscal year.

That’s a massive jump from recent years. In 2022, the number of Chinese migrant encounters was slightly more than  2,000 at the U.S. southern border. In 2021, that number was 450.

Nationwide encounters of Chinese migrants entering unlawfully are even higher.

When looking at encounters across the country this fiscal year, CBP data shows more than 48,000 encounters so far with illegal Chinese migrants, which includes migrants coming through ports of entry.

Mr. Bishop said during the hearing he is concerned that the vetting process, which has been decreased from 40 to five questions for Chinese migrants, does little to protect America’s national security. 

“As the Chinese Communist Party (CCP) continues its quest for geopolitical dominance and threatens our sovereignty, we must examine the risks presented by releasing ever-increasing numbers of minimally vetted Chinese nationals into our communities,” Mr. Bishop said in a statement.

The Democrats’ Homeland Security website dismissed those concerns, characterizing it as “another Republican Border ‘hearing’ with invasion rhetoric and fear-mongering.”

Mr. Bishop said Chinese migrants crossing illegally into the U.S. could have “nefarious motives,” noting federal indictments in North Carolina last month showed partnerships between Mexican drug cartels and Chinese transnational criminal organizations engaged in money laundering operations throughout the United States. 

Experts invited to testify indicated that the vetting process was unlikely to find any criminal background information on Chinese nationals who have never been in the United States because China does not readily share that information with American authorities. Border Patrol officers must rely on foreign nationals to answer questions truthfully.

Simon Hankinson, senior research fellow with the Heritage Foundation’s Border Security and Immigration Center, told the committee that the vetting process was insufficient.

“At best, this is a mockery of U.S. immigration law and sovereignty, and at worst, it is a huge national security and community safety risk. In addition to many Chinese with connections to the Communist Party, People’s Liberation Army, and other state entities, it is statistically probable that [Department of Homeland Security] DHS is releasing people with criminal records,” he said.

Todd Bensman, a national security fellow with the Center for Immigration Studies, brought along passports and identification cards he found near the border. The stamps inside the passports prove their holders traveled through safe countries that would have granted protection, therefore disqualifying them for U.S. asylum, he said.

While most Chinese nationals were likely coming to work, Mr. Bensman said there was little doubt that “Beijing spymasters” also noticed a new opportunity at the wide open U.S. southern border.

However, Meredith Owen, an associate history professor at the University of Maryland, testified that most Chinese are coming to the United States to flee oppression and find jobs.

She highlighted past actions by the U.S. government targeting Chinese immigrants, which had dire consequences. The Chinese became the first and only nation to be singled out by U.S. immigration law with the 1882 Chinese Exclusion Act, she said.

The anti-Chinese movement that drove the creation of the act cited Chinese migration as a unique threat to the United States, she said.

“These fears led to extreme violence against Chinese immigrants, including mob violence and the burning of Chinatowns,” she said.

Committee member Yvette Clarke (D-N.Y.) said during the hearing she is concerned about how to fix America’s “broken“ immigration system and implied racism was the reason behind opposition to migration.

“We’re here today because Republicans are demagoguing and exploiting the xenophobic and white supremacist ideologies that are fueling the immigration debate in this nation,“ she said.

Since President Joe Biden took office, there have been more than 9 million encounters nationwide and some 7.6 million encounters at the southwest border alone.

House Republicans blame Department of Homeland Security Secretary Alejandro Mayorka’s policies under the Biden administration for the border crisis. 

The House voted Feb. 13 to impeach the secretary for “willful and systemic refusal to comply with the law“ and for the “breach of public trust.”

However, the Democrat-controlled Senate dismissed impeachment charges against him before holding a trial, leaving Mr. Mayorkas in office.

Democrats have pointed out that America was built on immigrants and benefits from their labor.

Jerry Nadler (D-N.Y.) said during an immigration subcommittee hearing in January that “many illegal immigrants“ were needed for agriculture production or “our vegetables would rot in the ground.”

Republicans, however, question the surge of Chinese nationals coming across the U.S. southern border.

In April 2023, the Department of Homeland Security (DHS) instructed Border Patrol agents to reduce the number of questions they asked Chinese migrants.

At the time, agents were facing a record number of illegal crossings from all nationalities.

The hearing became contentious at times, with committee member Delia Ramirez (D-Ill.) saying Mr. Bensman’s organization had been labeled as a hate group by the Southern Poverty Law Center. 

This leftwing group has listed many conservative organizations as “hate” groups, such as parental rights groups headed by moms.

Ms. Ramirez accused Mr. Bensman of “uplifting the same invasion rhetoric central to the white nationalist and antisemitic Great Replacement conspiracy theory” on social media.

“There is no hateful antisemitic speech in my Twitter [now called X] feed,“ Mr. Bensman responded. “I am Jewish, and we don’t really get with white nationalists; that’s not our thing, so get your facts straight.”

Mr. Bensman also suggested she read a book titled, “Making Hate Pay: The Corruption of the Southern Poverty Law Center.” 

In 2023, Republican senators led by Roger Marshall (R-Kansas) wrote to Department of Homeland Security Secretary Alejandro Mayorka, suggesting some Chinese migrants entering the U.S. illegally may be tied to the CCP.

“There have been numerous documented instances of Chinese nationals, at the direction of the CCP, engaging in espionage, stealing military and economic secrets,“ according to the letter.

 The letter also noted that China is a significant source of drugs such as fentanyl being trafficked across the U.S. southern border.

Authored by Susan Crabtree via RealClearPolitics.com,

For President Biden and congressional Democrats, the fierce party division over the campus protests and the war in Gaza is full of warning signs during the 2024 election year. The unrest is unlikely to stop when universities break for the summer; protesters are pledging to disrupt the August Democratic National Convention planned to be held in Chicago. 

Most House Democrats have been reticent on the antisemitic protests and encampments roiling college graduations this month, while a handful have vocally defended or even celebrated the student protests as displays of protected free speech. 

Rep. Ilhan Omar, a Minnesota Democrat, said she was proud of her daughter, a Barnard College student who was suspended for participating in illegal protests and who was among 100 people arrested after demonstrations at Columbia University in April. Throughout the months of campus protests, members of the progressive “squad,” Reps. Rashida Tlaib of Michigan and Cori Bush of Missouri have applauded “courageous” anti-Israel student protestors while condemning efforts by university administrators and police to dismantle the encampments. 

A RealClearPolitics analysis of Federal Election Commission data shows one possible reason most Democrats are trying to avoid the campus fray: House Democrats’ reelection campaigns have accepted $6.5 million from three major political families, which have helped bankroll several student groups participating in the protests. The family members cut most of those checks over the last two years, although some of the donations to longstanding House members came over the last decade.

The names are well-known among Democratic funding circles: Soros, Rockefeller, and Pritzker. Yet before the anti-Jewish protests swept college campuses over the last few months, their financial ties to the student groups were not widely known. Illinois Gov. J.B. Pritzker, a member of the same wealthy Pritzker family, is not among the donors. 

Several investigative media reports over the last month have uncovered the extensive financial ties between these families and student groups involved in organizing anti-Israel protests and activism across the country predating the Oct. 7 Hamas terrorist attacks on Israel and in its aftermath and during Israel’s war against Hamas in Gaza. 

The donors to student groups include George Soros, a billionaire philanthropist and Democratic campaign contributor who helms the Open Society Foundation and his family members; the Pritzkers, the owners of Hyatt Hotels Corporation; and members of the famed Rockefeller family, including relatives of the wealthy American Banker and philanthropist David Rockefeller. The donations have either gone directly to student groups involved in campus demonstrations or to umbrella foundations and organizations, which have, in turn, channeled the funds to the protestors. 

The House Democratic Congressional Committee and the House Majority PAC, which was founded by former Speaker Nancy Pelosi and is directly affiliated with the House Democratic leadership, collected most of those funds, nearly $5.5 million by those two Democratic campaign entities alone, FEC records show. 

Meanwhile, 30 House Democrats, including Democratic Leader Hakeem Jeffries and other members of the leadership, received a combined total of $856,858 from the Soros, Pritzker, and Rockefeller families, while a dozen Democratic candidates in competitive races received a total of $139,000. RCP did not examine Senate recipients. 

The House members in competitive races who received funds from at least one of the three families include Reps. Mary Peltola of Alaska, Mike Levin of California, Yadira Caraveo of Colorado, Johana Hayes of Connecticut, Eric Sorensen of Illinois, Frank Mrvan of Indiana, Sharice Davids, Jared Golden, Hillary Scholten, Angie Craig of Minnesota, Don Davis, Chris Pappas of New Hampshire, Gabe Vasquez, of New Mexico, Susie Lee of Nevada, Steven Horsford of Nevada, Paty Ryan of New York, Marcy Kaptur of Ohio, Andrea Salinas of Oregon, Susan Wild of Pennsylvania, and Matt Cartwright of Pennsylvania. 

Craig’s campaigns have received the most of any other House member from the three families: $96,490 since 2018. Lee’s campaign received the second most: $75,000 since 2017. 

The Democratic candidates who accepted donations from at least one of the three families include Kirsten Engel in Arizona; Adam Gray, Rudy Salas, George Whitesides, and Will Rollins in California; Lanon Baccam in Iowa; Tony Vargas in Nebraska; Lauren Gillen, Mondaire Jones, and Josh Riley in New York; Ashley Ehasz in Pennsylvania; and Michelle Vallejo in Texas.

Neither the DCCC nor any of the House members and candidates responded to RealClearPolitics’ questions about whether they had any concerns about the financial ties between the Soros, Pritzker, and Rockefeller families to these student groups. 

Several organizations have played key roles in pro-Palestinian student activism and protests and have received donations from Soros, Pritzker, and Rockefeller family members. The U.S. Campaign for Palestinian Rights, a pro-Palestinian advocacy group, has received at least $700,000 in Open Society Foundation grants since 2018 and $355,000 from the Rockefeller Brothers since 2019. 

In 2023, the USCPR had three fellows – Nidaa Lafi, Craig Birckhead-Morton, and Malak Afaneh – all of whom have figured prominently in the nationwide protests, the New York Post reported in late April. The group provides up to $7,800 for its community-based fellows and between $2,880 and $3,660 for its campus-based fellows for spending at least eight hours a week organizing campaigns led by Palestinian organizations.

While all were involved in student protests over the last several months, the University of California at Berkeley’s Afanah, co-president of Law Students for Justice in Palestine, made the most headlines. Afanah commandeered a microphone during a graduation dinner at the law school dean’s home to speak out against Israel’s war in Gaza. She claimed a First Amendment right to disrupt the gathering and then accused the dean’s wife of assaulting her when she forcefully asked her to leave. 

The Open Society Foundations defended its funding of these groups and their right to “peacefully protest” in an April 26 X.com post. 

“We have a long history of fighting antisemitism, Islamophobia, and all forms of racism and hate, and have advocated for the rights of Palestinians and Israelis and for peaceful resolution to the conflict in Israel and the Occupied Palestinian Territories,” the Foundations said. 

“Our funding is a matter of public record, disclosed on our website, fully compliant with U.S. laws, and is part of our commitment to continuing open debate that is ultimately the only hope for peace in the region,” the organization asserted. 

Jewish Voice for Peace and IfNotNow are two additional organizations deeply involved in the student protests and backed by the Tides Foundations, which is Soros-funded. Jewish Voice for Peace, which openly describes itself as anti-Zionist, has also received $500,000 in funds from the Rockefeller Brothers Fund over the last five years. David Rockefeller Jr. sits on the Rockefeller Brothers’ board. The group has separately provided grants to both the Tides Foundation and the Tides Center, as Politico reported in early May. 

The Pritzkers founded the Libra Foundation, which seeds smaller nonprofits, many of which have participated in pro-Palestinian marches, according to the same Politico report. One of them is the Climate Justice Alliance, which has labeled President Biden “Genocide Joe” for his handling of Israel’s war against Hamas in Gaza. 

Others benefitting from Pritzker largesse include Black Organizing for Leadership and Dignity, which has helped promote anti-Israel protests, and the Immigrant Defense Project, which participated in a protest in D.C. earlier this year in which police arrested a number of participants. The Pritzkers also help financially support the Tides Foundation, which funds other small left-wing groups, including Adalah Justice Project, a prominent participant in the Columbia University protests and encampment, which police disbanded in early May. 

House Republicans have launched multiple investigations into the funding of the campus protests and encampments. Earlier this week, the chairs of two GOP-led House committees, the Education and the Workforce and the House Oversight and Accountability panels, sent Treasury Secretary Janet Yellen a letter requesting all suspicious activity reports, or SARs, connected to 20 organizations that have reportedly led, financed, and participated in the antisemitic protests on college campuses. SARs are documents that financial institutions and other professionals file with the Treasury’s Financial Crimes Enforcement Network to flag law enforcement to potential instances of money laundering or terrorist financing. 

“It’s no coincidence that the day after the October 7 Hamas terrorist attack, antisemitic mobs began springing up on college campuses across the country,” Rep. Virginia Foxx, who chairs the Education and the Workforce Committee, said in a statement.

 “These protests have been coordinated and well-organized, indicating that outside groups or influences may be at play. American education is under attack. It’s critical that Congress investigates how these groups, who are tearing apart our institutions, are being funded before it’s too late.” 

House Oversight Chairman James Comer pledged that his committee would follow the money trail and stressed that the antisemitism “thriving” on many college campuses “must not go unchecked.” 

Topping the list that Foxx and Comer sent Yellen is Students for Justice in Palestine, or SJP, which has close ties to several anti-Israel organizations. After the Oct. 7 attacks, Students for Justice in Palestine’s national steering committee distributed a “tool kit” for activists that proclaimed, “glory to our resistance” and included a template for an advertisement showing protesters beneath a Palestinian flag. The image contained a paraglider, an apparent tribute to Hamas’ use of paragliders who slaughtered 360 youthful concert-goers, raped others, and took 44 people hostage during the Oct. 7 attack. That tool kit drew criticism from the Anti-Defamation League, which accused it of “celebrating terrorism.” 

Students for Palestine has since been banned or suspended by Brandeis, Columbia, and George Washington University, among other colleges and universities. During his presidential campaign, Florida Gov. Ron DeSantis banned the group from state campuses, referring to their alleged ties to Hamas.

“We had a group of Students for Justice in Palestine,” DeSantis said. 

“They claimed solidarity with Hamas. We deactivated them. We were not going to use tax dollars to fund jihad.”

A 2016 report from the Cohen Center for Modern Jewish Studies at Brandeis stated that having a chapter on campus is “one of the strongest predictors of perceiving a hostile climate toward Israel and Jews.” 

The Foundation for Defense of Democracies’ Jonathan Schanzer, a former Treasury official responsible for designating numerous terrorist financiers, said his organization has been watching the financial network behind Students for Justice in Palestine for several years. The group, he said, has an umbrella organization known as Americans Muslims for Palestine, or AMP, a nonprofit that was previously based in Chicago but more recently moved to Falls Church, Virginia. For the last several years, AMP has been embroiled in litigation, accusing it of being an “alter-ego” or shell organization for the Islamic Association for Palestine, or IAP, a disbanded organization linked to Hamas. 

In 2023, Schanzer testified before the House Ways and Means Committee that IAP had received numerous checks and deposited them into Hamas’ bank account, information uncovered during the litigation. In some cases, the deposits included the memo line “for Palestinian martyrs only,” Schanzer noted. 

Hatem Bazian, AMP’s founder, was a frequent speaker at IAP forums, and Osama Abuirshaid, who edited IAP’s newspaper, is now AMP’s executive director, Schanzer said. In addition, Abuirshaid has published articles in English and Arabic praising Hamas, noting in them that he has communicated with Hamas leader Mousa Abu Marzook. 

AMP created Students for Justice in Palestine, which started with just a handful of schools and has now expanded to 200 U.S. campuses with chapters. The group is a loosely connected network of autonomous chapters with no named leader. The structure allows it to avoid registering as a nonprofit and filing tax documents. Bazian, who founded the first chapter 30 years ago at the University of California at Berkeley, has described the student organization as “a symbolic franchise without a franchise fee.” 

Bazian, who is now the chairman of American Muslims for Palestine’s board and a lecturer at Berkeley, has downplayed its ties to the student organization. He says AMP has only provided printed materials and offered grants for students to attend conferences or host speakers but has no supervisory role or control over the Students for Justice in Palestine. 

Schanzer, however, strongly disagrees. While he stresses that FDD has not produced any evidence of present criminal wrongdoing implicating AMP, he argues that AMP and its organizers deserve intense scrutiny from members of Congress. AMP, he said, has, over the last two decades, provided checks to students at Northwestern, DePaul, and Loyola universities, among others. 

Last year, Bazian curiously criticized CNN’s Jake Tapper’s “racist” coverage of Rep. Tlaib, arguing in a post from his own X.com account that, “As Jews who believe in human rights and justice, we demand you do better.” Schanzer notes that Bazian is Muslim, not Jewish, and the tweet has led to suspicion that Bazian thought he was logged into Jewish Voice for Peace’s account but mistakenly tweeted from his personal account. 

Nine Americans and Israeli survivors and victims of the Oct. 7 Hamas attacks are suing AMP and Students for Justice in Palestine, alleging that groups collaborated with Hamas to legitimize the Hamas attacks and provide public relations services for the terrorist organization. Meanwhile, the University of Florida chapter of Students for Justice in Palestine sued the state, challenging the Chancellor of the State University System’s order to state universities to deactivate the student group. 

Authored by Simon Hankinson via The Epoch Times,

This is a lightly edited excerpt from Simon Hankinson’s testimony before the House Homeland Security Subcommittee on Oversight, Investigations, and Accountability at a hearing on “Security Risk: The Unprecedented Surge in Chinese Illegal Immigration,” on Thursday, May 16.

I served as a Foreign Service officer in seven countries. I have adjudicated thousands of visa applications to facilitate lawful visits, commerce, and immigration to the United States while excluding aliens who were legally inadmissible. The visa process I worked with overseas stands in total contrast to what happens at the U.S. border today.

Over the past two years, I have visited the border in Arizona, California, New York, and Texas. On those visits, I saw nationals of many countries apprehended by the Border Patrol. In San Diego last March, I watched Border Patrol dropping off dozens of aliens, including Chinese, at a bus stop to release them into the country.

Mass release of people who entered the country illegally happens nearly every day, multiple times, at multiple locations. At best, this is a mockery of U.S. immigration law and sovereignty. At worst, it is a huge national security and community safety risk. In addition to many Chinese aliens with connections to the Chinese Communist Party (CCP), People’s Liberation Army (PLA), and other state entities, it is statistically probable that the Department of Homeland Security (DHS) is releasing people with serious criminal records.

According to U.S. law, DHS is supposed to detain aliens who enter the country illegally. But the Biden administration has replaced border control with mass processing, parole, and release. DHS has also abused immigration parole at an unprecedented scale.

In January 2021, which included the first 11 days of the new Biden administration, the Border Patrol encountered 17 Chinese aliens between ports of entry. By January 2024, it was 3,700 in that one month alone. As of April 30 this year, DHS had already encountered 48,501 inadmissible Chinese aliens in fiscal year 2024 (which began Oct. 1, 2023); 27,583 of them between ports of entry.

Nearly all are being released into an asylum process that will take years to conclude. At the end of that process, those ordered removed are extremely unlikely to be deported, because the Chinese government does not cooperate in accepting their nationals back.

In fiscal year 2023, Immigration and Customs Enforcement (ICE) removed only 288 Chinese aliens, leaving up to 100,000 still in the United States, despite final orders of removal.

Most Chinese entering illegally are seeking employment. They use asylum claims to enter, remain, and work in the United States. Illegal immigration ebbs and flows corresponding to a risk-reward calculation. Today, Chinese are coming in great numbers simply because they can. Worldwide awareness of our open border, spread by social media, shows them how.

For example, Chinese citizens do not need a visa to fly to Ecuador, after which they can continue by land north to the United States. And starting on May 17, Air China will begin direct flights from Beijing to Havana. If Chinese aliens are willing to take the dangerous trek by land from Ecuador to the United States via the Darien Gap, why wouldn’t they also be willing to traverse the 90 miles by water to Florida

Overseas, an in-person interview by a U.S. consular officer is the first line of “vetting” for foreign visa applicants wanting to come to the United States. This is buttressed by consular staff who know local languages, customs, and news. Larger embassies host other federal agencies that can assist with vetting investigations.

The second line of vetting is through automatic checks of U.S. government databases. Applicants are frequently refused entry based on adverse information that would not have been discovered had the person arrived illegally with no identity documents at the border.

Meanwhile, at the border today, most “national security decisions” of who gets into our country are no longer made by American officers. Under President Joe Biden’s policies, what was once a privilege for aliens has become a right.

Despite what the Biden administration wishes the public to believe, there is no real “vetting” of those released at the border, nor of those allowed in under parole programs, much less of the “gotaways” who enter covertly between ports of entry without inspection. The official visa “front door” competes with a wide-open back door at the border, where there are no routine criminal background checks using records from the person’s home country. Unless a foreign national has a record held by U.S. agencies, DHS is flying blind.

Concerning China specifically, Customs and Border Protection (CBP) agents have reportedly reduced the number of standard questions asked of inadmissible Chinese aliens at the border from 40 to five.

But, however many questions, the process relies on an alien telling the truth and agents taking them at their word. Even if CBP requests additional information on an individual, China routinely ignores U.S. requests for verification of nationality, and they reportedly hide records of criminal and corruption cases.

DHS releases most aliens caught at the border with a Notice to Appear in immigration court—at a date far into the future. Aliens are then free to go wherever they want, with no way for ICE to easily find them.

There are more than 6 million aliens on ICE’s Non-Detained Docket, of whom only about 184,000 are tracked using what’s called Alternatives to Detention, which uses passive methods to track them, such as having the alien check in with ICE by phone every day. Only 2 percent of aliens tracked using Alternatives to Detention have actual GPS monitors.

To close this dangerous loophole, the United States needs to re-implement agreements with Mexico and Northern Triangle countries of Central America so that inadmissible aliens are not released into the interior of the United States pending the decision in their asylum cases, but instead remain in those countries as they await their determinations (the vast majority of which will result in their asylum applications being rejected).

Given the population, economy, and politics of China, the United States can never meet the demand for those seeking to enter our country illegally. The United States will at some point have to remove those who are ineligible to enter or remain, or else abandon the rule of law that made this country so attractive for so many immigrants in the first place.

*  *  *

Reprinted by permission from The Daily Signal, a publication of The Heritage Foundation. Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

Authored by Ryan Morgan via The Epoch Times,

Sen. Ted Cruz (R-Texas) has called for U.S. federal authorities to investigate whether foreign actors are promoting contentions within the United States, including recent protests over the war in Gaza taking place on U.S. college campuses and other venues around the country.

During a Wednesday, May 15 episode of his personal podcast “The Verdict,” Mr. Cruz noted a recent report by the Network Contagion Research Institute (NCRI) alleging connections between the the “Shut It Down for Palestine” (SID4P) movement and the Chinese Communist Party (CCP).

The NCRI report specifically alleges that convenor organizations that formed the SID4P protest movement, People’s Forum, the International People’s Assembly, and ANSWER Coalition, “serve as the conduit through which CCP-affiliated entities have effectively co-opted pro-Palestinian activism in the U.S., advancing a broader anti-American, anti-democratic, and anti-capitalist agenda.”

“If you look at this report from NCRI, it details how China is spending millions upwards of potentially $100 million funding these protests that are occurring on campuses that are shutting down bridges that are shutting down airports,” Mr. Cruz said.

“And you might think, okay, ‘What does China care about Hamas? What does China care about Israel?’ And the truth of the matter is they don’t, but they care about America, they care about tearing our country apart, they care about chaos and fomenting dissent and dissension that paralyzes our country.”

During the podcast episode, Mr. Cruz also noted a recent article by the New York Post alleging ties between Manolo De Los Santos, a 35-year-old New York-based activist involved in recent pro-Palestinian activism, and Cuba. Mr. De Los Santos was born in the Dominican Republic and now works with The People’s Forum.

Report Says Protest Group May Be Tied to Terrorist Group

The NCRI report also states some Western intelligence assessments indicate Samidoun, an organization that has endorsed SID4P, is connected to the Popular Front for the Liberation of Palestine (PFLP). The U.S. government has designated PFLP as a foreign terrorist organization.

The German government banned Samidoun from operating in the country in October.

The NCRI report derives its claims that Samidoun may be linked to PFLP from a November article in the German newspaper Deutsche Welle, which itself cites unnamed intelligence sources for the alleged PFLP connection.

NTD News reached out to Samidoun for comment on these allegations but did not receive a response by press time. The group did, however, publish a statement criticizing the German government’s decision to ban them in October.

“If the German Chancellor and his government support the genocidal war on Gaza being carried out as we speak, it can be no surprise that they also seek to criminalize the ability of Palestinians and people of conscience to act against that war, to speak out, to organize, and to express support for the Palestinian people’s drive and struggle for freedom, justice and liberation,” Samidoun’s October statement reads.

Samidoun said in October that it was committed to challenging the German government’s ban.

Cruz: DOJ and FBI Should Investigate

Mr. Cruz and 15 other Republican U.S. senators signed a letter last week, calling on the Internal Revenue Service (IRS) to begin investigating whether various nonprofit organizations involved in organizing protests over the war in Gaza should lose their tax-exempt status on the grounds that their activities may constitute prohibit support for terrorist organizations.

The Republican Texas senator took his calls for investigation a step further during the Wednesday podcast, urging the U.S. Department of Justice to also begin investigating these activist groups.

“The Department of Justice should be investigating this. The FBI should be investigating this,” Mr. Cruz said. “We’ve got money coming from communist China, behind these protests, behind these anti-American anti-Israel protests. We’ve got money coming from organizations that have close ties to designated terrorist organizations. And so, whether it is Hamas and Hezbollah pushing this, whether it is affiliated allies of theirs pushing this, whether it is Iran pushing this, or whether it’s Communist China pushing this, the FBI ought to be all over it.”

NTD News reached out to the SID4P convenor organizations for comment about the NCRI report and Mr. Cruz’s calls for investigation but they did not respond by press time.

NTD News also reached out for comment from Mr. De Los Santos but did not receive a response.

In addition to his calls for FBI investigations, Mr. Cruz also advocated for deporting foreign nationals engaged in certain protest activities.

“As far as I’m concerned, if you have a student on a student visa, who gets out there and is burning an American flag and chanting Death to America, you should deport him that day,” Mr. Cruz said. “We have no obligation to allow people to come on student visas, which is permissive, and it is a choice that is a discretionary choice if they are going to tear down this country.”

More than four years ago, when China first launched its latest “deleveraging” campaign targeted at bursting the country’s housing bubble in a controlled fashion, which coincidentally was the single largest asset for China’s massive middle class, we – and many others – said that this experiment was doomed and that all China is doing is delaying the inevitable bailout of the property sector with another metric asston of new debt. Well, as the news overnight confirmed, we were right… but not before China saw all of its largest domestic real estate developers collapse, push its housing market into a deflationary tailspin from which the country has not yet recovered, and suffered five years where its economy stagnated and pushed social tension to the edge.

So what happened?

On Friday, Chinese policymakers unveiled a fresh batch of easing measures for the housing market, including:

1. clear top-down guidance for local governments to purchase existing housing inventory for public housing provision,
2. an RMB300bn relending quota for destocking the housing market,
3. reductions in downpayment ratios and mortgage rates,
4. more policy support to secure the delivery of pre-sold homes.

Needless to say, local government (which is really just an extension of the central government) purchases of existing housing inventory is for lack of a better word, nationalization, and as Goldman writes in its post-mortem (pdf available to pro subs), if implemented at scale, can help stabilize home sales, prices and completions, but the boost to new starts and land purchase would be limited.

And while lower downpayment ratios and mortgage rates may boost home sales to some degree, the magnitude of downpayment ratio reductions was relatively small this time, and the pace of cuts to effective mortgage rates could be somewhat constrained by bank net interest margins.

In total, Goldman expects more housing easing efforts down the road — especially on the demand-side — and view funding and implementation as key for the effectiveness of any property market rescue plan. Besides the RMB300bn relending quota, the PBOC’s pledged supplementary lending (PSL), local government special bonds (LGSB), policy bank bonds and commercial bank loans could be potential funding sources for housing destocking. Upcoming policy events will be worth monitoring closely, especially on solutions to address funding and implementation bottlenecks.

1. What’s new today? Following the April Politburo meeting, Chinese policymakers have significantly stepped up their easing efforts to help stabilize the property sector, on both funding and policy solutions. There were a batch of fresh housing easing measures unveiled today (17 May):

• At a video conference today on securing home completions, Vice Premier He Lifeng required to clearly understand the people nature (“人民性”) and political nature (“政治性”) of real estate work, and called for more forceful policy measures to secure the delivery of pre-sold homes and digest unsold commodity housing. He specifically mentioned that for cities with high housing inventory, local governments can purchase part of commodity housing to convert into public housing, based on the local situation and at reasonable prices. He required continued policy efforts on the risk disposal of property developer debt, and the “Three Major Projects” for the property sector (i.e., urban village renovation, public housing provision, and emergency public facilities).
• At the State Council press conference this afternoon, a PBOC spokesman announced an RMB300bn relending program to support local government purchase of existing housing inventory and converting into public housing (“保障性住房再贷款”). The relending interest rate will be set at 1.75%, and the tenor will be 1yr, eligible for rolling over four times if necessary. As banks will receive relending funds amounting to 60% of the principal of their loans to qualified projects, PBOC expects the RMB300bn relending quota to support RMB500bn in bank lending for housing destocking. On the implementation, PBOC highlighted that local governments should appoint local SOEs as agents to purchase housing inventory, but these agents should not engage in local government implicit debt (LGFVs are not qualified). Housing inventory purchase eligible for the relending support should be completed but unsold commodity housing, per the PBOC’s requirement.
• According to the PBOC’s announcements released today, the nationwide floor for mortgage interest rates will be removed, implying local governments have more discretion to lower their local effective mortgage rates if needed. If there is any major change in the supply-demand dynamics of the property market, PBOC would consider resuming the nationwide floor for mortgage rates. PBOC also lowered the minimum down-payment ratio by 5pp, to 15% for first-time buyers and to 25% for second-home buyers. Housing provident fund loan rates will also be lowered by 25bp, effective 18 May.
• National Financial Regulatory Administration (NFRA) pledged to support property projects in the “whitelist” through both new loan issuance and existing loan extensions, with due risk management. Ministry of Housing and Urban-Rural Development (MOHURD) required local governments to push forward the implementation of “whitelist” projects, and commercial banks to increase lending to these projects.

2. Why now? Despite the previous round of housing easing measures, property headwinds are still strong: new home sales have remained around 30% below year-ago levels in recent months…

…  housing inventory has stayed elevated, secondary home prices declined further in April…

… and some private developers (e.g., Vanke, Agile) continue to face challenging funding conditions. Here, Goldman asserts that “recent developments suggest to us that the prolonged property sector weakness has likely breached policymakers’ pain threshold, pushing them to step up housing easing and to shift the strategic focus towards digesting existing housing inventory.”

3. What’s the likely impact? Local government purchase of existing housing inventory, if implemented at scale, can help stabilize home sales, prices and housing consumer sentiment, improve property developers funding conditions to some degree, and thus facilitate home completions and property sector rebalancing. However, the boost to new starts and investment will likely be limited, as property developers’ funding conditions will remain tight, given falling new home sales, potential price discounts during local government housing purchases, and the policy priority on ensuring completions (implying less funding for land purchases and new starts). Lower downpayment ratios and mortgage rates may also boost home sales to some degree (a 10pps cut to downpayment ratio raises sales by around 7%), although the magnitude of downpayment ratio reductions was relatively small this time, and the pace of cuts to effective mortgage rates could be somewhat constrained by bank net interest margins (NIM). Furthermore, though it’s crucial to prevent significant risk spillovers from the property sector to the banking sector and the real economy, policymakers appear to have no intention to turn the sector from a growth drag to a driver, given the shift in their policy focus towards high-quality growth. PBOC’s highlight on a potential exit mechanism for the effective mortgage rate cuts underpins this view

4. Examples from recent local pilot programs. While some cities (e.g., Chongqing, Jinan) have already experimented pilot programs to clear excess housing inventory with the help of state funding, the amount of previous purchase was at a very small scale. Recent pilot programs, including in Lin’an district of Hangzhou city, indicate local governments appear more willing to purchase small and medium-sized housing units with little completion risk at lower-than-average prices, and mostly in large cities (with net population inflows). Specifically, Lin’an district announced that the total floor space to be purchased this round will be capped at 10,000 sqm; housing units eligible for the purchase include completed housing and uncompleted ones able to be delivered in one year, with floor space no higher than 70 sqm per unit; the purchase price will not exceed comparable market rates; it would purchase housing units and car parking spots on an entire building basis.

5. What to watch next? Expect more housing easing efforts down the road — especially on the demand side — with funding and implementation as key for the effectiveness of the property rescue plan. On the funding, a recent Goldman analysis suggests any game-changing housing easing measures (including those for housing destocking) would require significantly more funding than available thus far, while many inland local governments remain financially stretched after the three years of zero-Covid policy and amid the prolonged property downturn. This will require a larger top-down funding scheme from the central government, beyond the RMB300bn relending quota. Moreover, strengthened fiscal discipline and financial regulation may dampen some officials’ incentives for more concerted and forceful policy efforts. Upcoming policy events — such as the July Politburo meeting, the Third Plenum, and ad hoc meetings/announcements by major authorities (e.g., the State Council, NDRC, MOF, MOHURD, PBOC, SASAC) — will be worth monitoring closely, especially on solutions to address funding and implementation bottlenecks (Exhibit 3).

6. Other potential funding sources. Besides the RMB300bn relending quota, PBOC’s pledged supplementary lending (PSL), local government special bonds (LGSB), policy bank bonds and commercial bank loans could be potential funding sources for housing destocking:

• PSL is designated to fund property-related stimulus packages, including the large-scale shantytown renovation during 2015-18, and the “Three Major Projects” for the property sector most recently. Goldman assumes PSL net issuance will rise to RMB700bn in 2024 from RMB99bn in 2023, although there are some uncertainties if policymakers prefer to use more relending (funding costs at 1.75% pa) relative to PSL (2.25%) to fund housing destocking.

• LGSB was a funding source for shantytown renovation and land reserves in 2018-19, although there was a temporary ban on LGSB proceeds spending in these areas in late 2019 and early 2020. Local governments have only used ~RMB900bn out of the RMB3.9tn full-year LGSB issuance quota so far this year (as of late May), much slower than previous years. This implies an RMB3tn quota available for the remainder of this year, part of which could be used for supporting the ongoing housing easing package. In early 2024, policymakers allowed LGSB proceeds to be used as equity capital to fund public housing related projects, which suggests a likely larger multiplier effect if implemented well.
• Policy banks were major players in the 2015-18 PSL-backed shantytown renovation, and in theory they have no explicit constraint for external financing. Hence, more policy bank bond issuance and related lending could be possible.
• Commercial banks, especially the large ones, may also provide more funding support if needed. Moreover, there is a possibility for the PBOC to increase the relending quota for housing destocking if needed.

By comparison, the ongoing issuance of ultra-long-term central government special bonds (ULT CGSB; 超长期特别国债), which are designated for funding key projects in strategically important areas (e.g., high-tech manufacturing), may not be a financing tool customized for the property sector. That said, purchasing housing inventory well below market prices and requiring banks to increase lending to projects launched by some troubled POEs could lead to increased burden for banks, which in turn could require the government to enhance support to the banking system.

In a follow up post this weekend, we will look specifically at what it would take to clear China’s housing inventory, and why the proposed program falls short.

More in the full Goldman report available to pro subs.

Authored by Zachary Stieber via The Epoch Times,

A doctor in Washington state has been fined for prescribing ivermectin against COVID-19. He must also take continuing education classes, according to newly filed documents.

Dr. Wei-Hsung Lin must pay $5,000, according to an order signed by the Washington Medical Commission on May 2.

Ivermectin is approved by the U.S. Food and Drug Administration for treating several conditions, including parasitic worms. Prescribing medicine for unapproved usage is common in the United States, but administration officials have warned against prescribing and using ivermectin as a COVID-19 treatment. Regulators have pointed to a database of clinical trials, some of which found ivermectin did not confer a benefit against COVID-19 and some of which found ivermectin was beneficial against the illness.

Dr. Lin, who also signed the order, admitted to prescribing ivermectin to five people without detailing how the prescriptions were off-label, the risks involved, and alternative treatments.

One patient, a 71-year-old female, tested positive for COVID-19 at the emergency room on June 23, 2021. She saw Dr. Lin in a telemedicine visit the following day. He prescribed her 12 milligrams of ivermectin daily for five days after stating that a “substantial body of literature” showed ivermectin was “effective as a one-day therapy or five-day therapy.”

The woman went back to the hospital after taking ivermectin for four days but not seeing improvement. She was ultimately discharged and recovered.

In another case, Dr. Lin prescribed ivermectin to a 69-year-old male for COVID-19. Dr. Lin prescribed extra ivermectin because the man’s wife also had COVID-19. Neither the husband nor wife ended up taking the ivermectin because they went online and “observed the warnings about ivermectin for COVID-19 as well as the possible negative effects for those with heart conditions,” the order states.

Dr. Lin’s treatment was “below standard of care” in part because he did not discuss alternative treatments, according to the document. No alternatives are listed in the document. In 2021, remdesivir was the primary government-approved treatment for some COVID-19 patients.

Authorities also faulted Dr. Lin for not discussing COVID-19 vaccines with his patients.

According to the order, Dr. Lin’s actions constituted unprofessional conduct, defined in state law as “any act involving moral turpitude, dishonesty, or corruption relating to the practice of the person’s profession, whether the act constitutes a crime or not.”

The order prohibits Dr. Lin from prescribing ivermectin off-label to patients in Washington state and from prescribing any medication or providing care for patients without first establishing a doctor-patient relationship.

It also requires him to review the U.S. Centers for Disease Control and Prevention (CDC) and UpToDate websites for current COVID-19 guidelines, take continuing medical education classes on preventing, treating, and managing COVID-19 and establishing a doctor-patient relationship, and write two papers of at least 1,000 words describing what he learned from the websites and classes.

The commission or its designee is also going to make annual compliance visits, including reviewing a random selection of records, and says Dr. Lin must appear within 12 months, and subsequently on an annual basis, at a date and location determined by the commission as part of compliance oversight.

Dr. Jane Orient, executive director of the Association of American Physicians and Surgeons, said that the conditions are “extremely onerous” and require work that would “enormously increase the burden of practice and probably drive most physicians out of practice altogether.”

“Ivermectin is an extremely safe drug—much safer than most drugs physicians prescribe without all the ‘informed consent’ discussions demanded here,” Dr. Orient told The Epoch Times in an email.

“As to informing patients of alternatives, the reasons patients were calling this doctor was likely that no alternatives were available. It was ‘isolate and go to ER if you get worse.’”

She recommended doctors avoid Washington state if they’re able.

The Washington Medical Commission did not return an inquiry.

Dr. Lin is employed by the Kadlec Regional Medical Center clinic in Richland.

“After being made aware of an alleged violation by one of our providers, we fully cooperated with the Washington State Department of Health throughout their investigation. While Kadlec does not recommend or allow ivermectin for the prevention or treatment of COVID-19, we respect the rights of patients and physicians to discuss and explore all available treatment options, based on patients’ unique health and medical situations,” a spokesperson for Kadlec told The Epoch Times in an email.

“We remain dedicated to providing high-quality care for all patients we serve, and we are pleased this matter has been resolved.”

If Dr. Lin had contested the allegations, the commission would have heard arguments and then ruled, potentially suspending his license. The commission has already ruled against several doctors who prescribed ivermectin for COVID-19, most recently forbidding pathologist Dr. Ryan Cole from practicing medicine in the state for five years.

“Dr. Lin was willing to fight this all the way but when we looked the risk-reward matrix we felt—and he felt—it was in his best interest to go ahead and settle,” Pete Serrano, an attorney with the Silent Majority Foundation representing Dr. Lin, told The Epoch Times.

“He was ready to kind of close the chapter and move on with his life,” Mr. Serrano added later.

Dr. Lin was initially facing a $25,000 fine and harsher repercussions but negotiations on the settlement ended up reducing some of the penalties.

Dr. Lin can petition to terminate the order in three years.

Authored by Michael Snyder via The Economic Collapse blog,

I never imagined that we would ever see a time when it takes $177,798 for a family of four to live comfortably in the United States.  Unfortunately, that day has arrived.  Our leaders have been pursuing highly inflationary policies for many years, and now we have reached a point where inflation is wildly out of control.  In fact, the latest wholesale inflation figure that was released on Tuesday came in much higher than expected.  Sadly, this is just the beginning and we are in far more trouble than most people realize.

According to an incredibly shocking new study, most Americans do not make enough money to “live comfortably” in the highly inflationary environment that we find ourselves in today…

A recent study has revealed the incomes needed for families to live comfortably across the United States – and the stark contrast in the cost of living between states is startling.

The study revealed that in the most expensive states, families need nearly $300,000 to simply live ‘comfortably.’

The least expensive state requires about half that salary – still over $100,000.

Meanwhile, the average annual salary in the US is $59,428, or $28.34 per hour, as of May 2024.

The study determined that Massachusetts is the most expensive state.

It takes a whopping $301,184 a year for a family of four to “live comfortably” there.

The least expensive state is Mississippi.

In the Magnolia State, it only takes $177,798 a year for a family of four “to cover their expenses and maintain a satisfactory quality of life”.

This is our country now.

I feel like I have been banging my head into a wall.  For more than a decade I have warned that this would happen, and now it is here.

And even more inflation is on the way…

Americans already contending with persistent and stubbornly high inflation just got more unwelcome news on Tuesday: There are more price hikes likely coming down the pike.

Wholesale inflation picked up in April to its highest rate in a year, according to Bureau of Labor Statistics data released Tuesday.

In April, inflation at the wholesale level jumped 0.5 percent in just one month…

Inflation at the wholesale level rose much more than expected in April, the latest sign that price pressures within the economy remain elevated and difficult to tame.

The Labor Department said Tuesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, rose 0.5% in April from the previous month.

If you multiply that figure by 12 months, you get 6 percent.

And of course you need to approximately double any number that the Biden administration gives us in order to come up with a figure that is anywhere close to accurate.

By now, just about everyone realizes that the rate of inflation in this country is massively understated.

For example, Joe Biden insists that the rate of inflation has been “low” for quite some time, but home prices have risen by more than 47 percent since the start of this decade…

Home prices have surged 47.1% since the start of 2020, easily outstripping the gains seen in recent decades.

That’s according to a recent analysis by ResiClub of the Case-Shiller National Home Price Index, which showed that house prices in the 1990s and 2010s grew a respective 30.1% and 44.7%.

Let’s all be honest with one another.

The truth is that we are in the midst of a raging cost of living crisis that has no end in sight.

And this should not surprise any of us.  Our politicians continue to borrow and spend trillions upon trillions of dollars, and all of this borrowing and spending is extremely inflationary…

An economic specter haunts America. It’s also one that many American politicians – Republican and Democrat – say a great deal about but are reluctant to address.

The name of that shadow is the United States National Debt: what the US Treasury Department defines as “the amount of money the Federal Government has borrowed to cover the outstanding balance of expenses incurred over time.”

If you go to the Treasury’s website, you can see just how big that debt is. In mid-May, it was 34.5 trillion dollars. The pace of the growth in that debt is equally stunning. Approximately 1 trillion dollars is being added to America’s National Debt every 100 days.

Borrowing and spending another trillion dollars every 100 days is a completely and utterly insane thing to do.

We really are in the endgame.

Earlier this week, Fed Chair Jerome Powell warned that interest rates may have to stay high for an extended period of time in order to fight inflation…

Federal Reserve Chair Jerome Powell said Tuesday that “it may take longer than expected” for high interest rates to lower inflation and gave no hint that a recently slowing labor market could mean earlier rate cuts.

“We’ll need to be patient and let restrictive policy do its work,” Powell said during a session at a Foreign Bankers Association meeting in Amsterdam. “It may be that (high interest rates) take longer than expected to do its work and bring inflation down.”

So far, higher rates have not solved our cost of living crisis, and that is because our politicians continue to spend money like drunken sailors.

But higher rates are crushing the overall economy.

Yesterday, I wrote about the “restaurant apocalypse” that is starting to sweep across America.

This week, it got even worse.

We just learned that at least 99 Red Lobster locations have been shut down and will be auctioned off…

At least 99 locations of Red Lobster are being auctioned off amid questions about the stalwart seafood chain’s long-term future.

In a post Monday on LinkedIn, Neal Sherman, founder and CEO of TAGeX Brands, a liquidation firm, announced he was leading the closure of more than 50 Red Lobster locations, with the restaurants’ equipment to be auctioned off.

A web page dedicated to the liquidations showed closure locations across the U.S. including in Denver; Indianapolis; Rochester, New York; Sacramento, California; San Antonio; and San Diego.

On Tuesday, Restaurant Business Magazine reported 99 locations were closing.

For the Red Lobster workers that just lost their jobs, the end came very suddenly…

A third Red Lobster employee took the news in stride, posting: ‘red lobster just laid all of us off without notice and closed for good LMAOO.’

The employee added in replied that Red Lobster didn’t tell managers until 8am yesterday.

Of course it isn’t just restaurant chains that are closing locations.

In fact, even Walmart is closing stores and auctioning off inventory…

After announcing that it would be shutting its doors for good, one Ohio Walmart auctioned off its remaining inventory, including flat-screen televisions, laptops and furniture, for a bargain.

The Walmart at 3579 S. High St. in Columbus opted not to renew its lease in a once-bustling strip plaza. Representatives announced the closure in February, claiming the store had failed to ‘meet financial expectations’.

Last week, the store offloaded its merchandise through a liquidation auction. Bidding closed the morning of May 10, with some items like laptops going for under $20.

If interest rates stay high, we are going to see a lot more of this sort of thing.

But the Federal Reserve is very hesitant to cut rates at this point because of the cost of living crisis.

Officials at the Fed really are caught in a “deer in the headlights” moment right now.

But no matter which way they ultimately choose to go, in the short-term more “stagflation” is ahead.

And in the long-term, the exceedingly foolish policies that our leaders have been pursuing are going to result in a systemic collapse of absolutely epic proportions.

*  *  *

Michael’s new book entitled “Chaos” is available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.