Brittney Griner was found guilty of drug charges by a Russian court on Thursday.Credit…Pool photo by Kirill Kudryavtsev
Brittney Griner offered a glimpse of her personal story while testifying in a Russian court on Thursday in a case in which she faces a possible sentence of up to 10 years in prison. Her legal team de ella has appealed for leniency in the case, arguing that she has contributed to Russian society and that she did not intend to break the law.
“I grew up in a normal house, a normal household in Houston, Texas, with my siblings and my mom and my dad,” Ms. Griner, 31, told the court. “My parents taught me two important things: One, take ownership for your responsibilities and two, work hard for everything that you get. That’s why I pleaded guilty to my charges.”
“I understand everything that has been said against me in the charges against me, but I had no attempt to break Russian law,” added Ms. Griner, who was detained in mid-February in a Moscow airport while on her way to Yekaterinburg, a Russian city near the Ural Mountains where she had been playing for a local team during the WNBA off season.
Customs officials found two vape cartridges containing less than one gram of hashish oil in her luggage.
“I want the court to understand that it was an honest mistake that I made while rushing and in stress trying to recover post-Covid and just trying to get back to my team,” she told the court on Thursday.
Ms. Griner also spoke of her time playing for UMMC Yekaterinburg.
“That hard work that my parents instilled in me is what had brought me to play for the best Russian team,” she said. “I had no idea that the team, the city, the fans and my teammates would make such a great impression on me over the six and a half years that I spent in Yekaterinburg. It became my second home with my friends, my teammates and my fans that I would always interact with.”
The basketball star apologized to her teammates on the Russian squad and the city of Yekaterinburg, her family and her fellow WNBA players, including her Arizona team, the Phoenix Mercury.
Addressing the judge in the case, Anna S. Sotnikova, Ms. Griner said, “I made an honest mistake, and I hope that in your ruling that it doesn’t end my life here.”
She also alluded to the possibility of a prisoner swap that would allow her to return to the United States, an issue that has been the subject of talks between Moscow and Washington, with pressure on President Biden to help secure her release.
“I know that everybody keeps talking about political pawn and politics, but I hope that that is far from that courtroom,” Ms. Griner said.
apex legends continues to hold its players’ attention even after several years on the market, and next week, the battle royale shooter will bring things back to where they started with a new season that revisits the game’s original map. This year, the game already added two new characters (plus two more in the new mobile version), brought upgrades for next-gen consoles, rotated in a well-received Control game mode, and, according to EA’s earnings call this week, notched double-digit income growth again for the last quarter. On the other hand, player complaints over glitches, ranked mode scoring, matchmaking, and practically any other small detail continue to mount.
The last season was particularly troubled, with problems that affected one of the game’s best features — its responsive controls — and enough bugginess that it even popped up during a professional apex legends tournament last month.
I can’t judge the game’s stability until we start playing it, but on a call with reporters, the team confirmed it’s listening to players of all levels about how to adjust gameplay. Design director Evan Nikolich called it ranked “a work in progress,” saying we should expect to see more changes in the full patch notes as the developers try to emphasize being a good team player. Other long-awaited features, like gifting and cross progression, are still coming, but there’s no word yet on when they will be available. When it goes live, players can expect cross progression that allows you to change platforms so PC players can grind out daily challenges on the go on a Switch, for example.
Other changes that will be noticeable to longtime players include a revamped progression system that allows you to rerun the zero to 500-level grind and earn more packs. Players can repeat the process up to four times, earning new badges and unlocking more rewards. If you’re starting from zero, the process would yield enough packs to guarantee receiving an in-game “heirloom” item at some point, but if you’re already at a maximum level, it won’t be enough by itself.
In the actual game, there are almost too many changes to note. The controversial gold knockdown shield that allowed downed players to self-revive, and occasionally win the game without even reviving, has had that feature eliminated. Many professional and high-level players had complained it was unfair, but the team says they’re making changes based on what they see in all levels of the game. Now, that same item has the features that were attached to the gold backpack, allowing players to revive teammates with extra shields and health, while the gold backpack now has a “deep pockets” perk that allows it to hold extra healing items.
Many of the game’s guns that have been present since launch are changing, as the Wingman pistol suddenly takes sniper ammo, and the Spitfire machine gun uses light ammunition instead of heavy. We’re not getting a new weapon to go with this season of apex legendsbut the radical shifts in how they work may be enough to make up for that — the only question is if everything will remain balanced or if an all-sniper / shotgun loadout will rule.
“Relic.”Image: Respawn Entertainment
That brings us to the new character, Vantage, and the old map, Kings Canyon. A recent ranked season split on the OG Apex map revealed how much players have grown since the game launched — on a map that didn’t quite fit how things are played now. For the hunted season, the reforged Kings Canyon is looking a lot different. It’s bigger, many chokepoints have been widened, the iconic Skulltown section is back as a new area dubbed “Relic,” and there are other map changes intended to help fights proceed more quickly instead of the extended engagements that usually drew a third-party’s attention before one team could defeat another. The loot on the map is now positioned differently, and a new skybox is supposed to make things brighter compared to its original dinginess that could wear on you after a while.
Vantage is yet another legend with reconnaissance capabilities, armed with a sniper rifle for her ultimate. She can zoom in on enemies with her lens to see the team size, shield rarity, and Legend names, as well as get additional bullet drop calculations while using sniper sights. She can position her cute winged companion, a bat named Echo (who cannot be damaged or killed), and then launch it with a double jump to quickly reposition.
Her sniper rifle’s ultimate is the first one in the game that works without being fully charged. For her de ella, the charge builds over time, adding extra ammunition for Sniper’s Mark shots. The scope can reveal enemies and successfully highlight the enemy squad for 10 seconds with a diamond marker, with 100 damage per hit and extra damage received from Vantage’s team.
Adding yet another legend with tracking abilities feels a bit risky. Ace Overwatch ran into issues eleven too many characters could stun each other, apex legends is turning into a game where no one can hide. However, of the problems we’ve seen in Apex this year, the new legends have been fairly well-balanced, even if player stats suggest the new additions aren’t getting a lot of use. Player protests like “No Apex August” don’t appear to have caught on, and the gameplay is as addictive as ever. But for the new season, I’m just hoping everything works like it should.
After hearing seven days of evidence and a range of witnesses, jurors have begun deliberations to determine how much money InfoWars host Alex Jones must pay to the parents of 6-year-old Sandy Hook shooting victim Jesse Lewis for his campaign to portray the school attack ace to hoax.
The matter was handed to jurors late Wednesday afternoon, and state District Judge Maya Guerra Gamble said she doubted they would get beyond selecting a foreperson and reading the jury charge before the courthouse closed at 5 pm
The real work begins today.
Neil Heslin and Scarlett Lewis have asked jurors for $150 million in compensation for current damages, saying Jones portrayal of the 2012 Sandy Hook Elementary School shooting as a hoax meant to justify a government crackdown on guns — and parents as liars or collaborators — inspired harassment and death threats from Jones followers and made it impossible to heal from the tragedy.
Jones’ lawyer, Andino Reynal, asked jurors to award a total of $8 — $1 for each of the eight harms the court has already found Jones and his main company, Free Speech Systems, to have inflicted on Jesse’s parents.
More:‘My son existed.’ Mother of Sandy Hook shooting victim speaks directly to Alex Jones
At least 10 of the 12 jurors must agree on a verdict. The four alternates, two more than typical due to the pandemic and the length of the two-week trial, were dismissed Thursday.
Before hearing closing arguments Thursday, jurors were informed that Jones and Free Speech Systems defamed Heslin in two 2017 InfoWars reports that questioned his claim that he held his dead son and saw the bullet wound to his head after the shooting. Heslin testified that he made the statement in an NBC interview in hopes of stopping Jones’ campaign and protecting the legacy of his son from him, who died a hero by yelling “Run!” when the gunman paused. Nine students fled; Jesse did not.
More:Alex Jones says trial is a ‘kangaroo court’
Jurors are to determine the amount of money that would fairly compensate Heslin for past and future damage to his reputation and past and future mental anguish caused by the defamatory reports.
Jurors also were told that Jones and his company affected intentional emotional distress on Heslin and Lewis by repeatedly portraying the Sandy Hook shooting as a hoax from 2012 to 2018, when they filed suit. Each parent can be compensated for past and future mental anguish.
In his closing arguments, parents lawyer Kyle Farrar reminded jurors that they were asked during jury selection whether they could approve a damages award of $100 million or more. Those who could not were weeded out during the selection process, he said.
“This is your opportunity to hold Alex Jones accountable for the harm he did,” Farrar said.
Reynal said the parents, their expert witnesses and their lawyers failed to prove that they were actually and directly harmed by Jones’ words.
Once jurors make their decisions, they will be asked to award punitive damages that are intended as punishment. First, jurors will hear from the parents’ economic expert on the net worth of Jones and his company. Jones will also testify at that phase, Reynal said.
Jones, speaking to reporters outside the courthouse Thursday evening, was asked if he accepted responsibility for causing pain to Jesse’s family.
“I did not kill their son,” Jones said. “And certainly questioning this big public thing that happened probably did cause them some pain, but it wasn’t intentional. And you can’t differentiate their pain from their son being killed with me questioning things, and the idea that I’m the parent that first thought all these anomalies up is simply not true.”
According to InfoWars video played for jurors, on the day of the shooting, Jones questioned whether the attack was a “false flag” operation, saying it had the earmarks of a staged operation.
While Trainers in Japan are participating in Pokemon Go Festival: Sapporo this weekend, you can join in from home by completing a Global Challenge.
Should the Global Challenges prove successful, you and other Trainers will receive upgraded bonuses during the upcoming Bug Out event happening August 10-16.
Plus, additional bonuses will be unlocked for Galarian Zigzagoon Community Day on Saturday, August 13.
The Global Challenge will kick off alongside Pokemon Go Fest: Sapporo on Friday, August 5, and completing it will also unlock 2× Stardust for catching Pokemon during the remainder of the Global Challenge period, ending on Sunday, August 7.
There will also be a special Collection Challenge. From Friday, August 5 to Sunday, August 7, a selection of Pokemon appearing at Pokemon Go Fest: Sapporo will appear in the wild.
So, keep an eye out for Paras, Bellsprout, Hoppip, Sunkern, Sunshine Form Cherrim, and Cottonee during the event. Catch them all and you will complete this Collection Challenge.
Later this month is the Pokemon Go Fest finale. Taking place on Saturday, August 27, the grand finale will feature four Legendary Beasts: Nihilego, Pheromosa, Buzzwole, and Xurkitree.
Four current or former police officers in Louisville, Kentucky, have been charged with violating Breonna Taylor’s civil rights in the 2020 botched raid that led to the young Black woman’s death, federal officials said Thursday.
US Attorney General Merrick Garland, in announcing the charges, said the Justice Department alleges that the violations “resulted in Ms. Taylor’s death.”
Detective Joshua Jaynes, with the Louisville Metropolitan Police Department, obtained the no-knock warrant used in the March 13, 2020, search of Taylor’s apartment.
Jaynes, Kelly Goodlett, who along with Jaynes was a detective in the Place-Based Investigations unit that investigated drug trafficking, and Sgt. Kyle Meany, who supervised the unit, were charged with falsifying an affidavit.
In a separate indictment, Brett Hankison was charged with using excessive force while executing the search warrant.
During the early morning raid, officers opened fire, killing Taylor, after her boyfriend, believing an intruder was trying to break in, fired a gun toward the door.
Taylor’s boyfriend lawfully possessed the gun, Garland said. And after he fired and struck an officer, two officers then fired 22 shots, one of which fatally struck Taylor in the chest, Garland said.
“The federal charges announced today allege that members of the Place-Based Investigations unit falsified the affidavit used to obtain the search warrant of Ms. Taylor’s home,” Garland said, adding “that this act violated federal civil rights laws and that those violations resulted in Ms. Taylor’s death.”
Garland also said the search warrant was sought while officers knew they lacked probable cause for the search. Jaynes and Goodlett, Garland said, falsely claimed officers verified the target of the alleged drug trafficking had received packages at Taylor’s address.
“Defendants Jaynes and Goodlett knew that was not true,” Garland said.
The bungled raid targeted Taylor’s ex-boyfriend, a convicted drug dealer, who was not in the apartment at the time. That man, Jamarcus Glover, has said Taylor had no involvement in the drug trade.
The officers involved in the raid were unaware of the misleading statements in the search warrant affidavit, Garland said.
This is a developing story. Check back for updates.
Antony Planas
Antonio Planas is a breaking news reporter for NBC News Digital.
LDA Capital’s financing model is intriguing and, while it does appear well suited to speculative growth companies that need capital but lack institutional support, it’s not without risks.
The way a typical LDA financing arrangement works is as follows: LDA will agree to provide a set amount of equity financing to a company – say a minimum of $10 million and a maximum of $50 million, over a certain period. The company, at its discretion, can issue periodic capital calls that draw on the funding.
When a call is made, a certain number of shares are issued to LDA Capital, which then sells them into the open market over, say, 10 days.
The number of shares issued to LDA is limited by the average turnover of the stock to avoid it being stuck with more shares than the market can absorb.
LDA does not pay for the shares upfront, only on settlement. The price it pays for the shares (that is, the amount of new capital raised) is based on the volume weighted average price only despues de the call is made, less a discount of about 10 per cent.
It’s an arrangement that appears well suited to small companies that have drummed up solid retail interest through penny stock websites and sharemarket forums, yet haven’t been embraced by the big end of town.
LDA Capital’s most high-profile Australian play certainly fits that brief: Brainchip, which has emerged up the market cap ranks and was newly admitted into the S&F/ASX 200.
brain explosion
Brainchip has had financing arrangements in place with LDA since August 2020 in which it could call on a minimum of $20 million of financing and a maximum of $45 million of capital over a one-year period. LDA was also paid fees and granted over 100 million options, netting tens of millions of dollars of profit.
Interestingly, Brainchip required an extension to draw the minimum amount under the LDA facility, at which point a new financing arrangement that gave it access to a further $35 million became effective.
The latest, and largest, iron ore play Hawsons Iron, which said in December 2021 that it had secured $200 million through an LDA Capital facility.
Both Hawsons Iron and GetSwift touted the financing arrangements as providing continued and reliable access to capital, even when market conditions were prohibitive or volatile.
Perhaps it’s a case of imitation as the highest form of flattery, as Australian hedge fund Regal Funds Management has also embraced the LDA model.
Regal, which knows its way around the smaller end of the market better than most, provided facilities of $5 million and $20.5 million to micro cap stocks Allegiance Coal and Netlinkz.
These arrangements allow small companies to raise new capital on the back of retail enthusiasm, but they are not without risks.
Some traders like them to so-called death spiral financing. The term is used to describe convertible note placements to institutions that can result in a ballooning number of shares being issued to ensure they are fully paid back.
While these situations are different, without a fixed share price, such an arrangement creates the potential for an increased number of shares to be issued per dollar of financing required.
Whether the companies that adopt this financing find themselves in a death spiral or able to achieve escape velocity is what retail punters are betting on all the time.
The bet LDA and Regal are taking is simply that there’s a sufficient supply of punters out there willing to take their stock.
Hot on the heels of Google and iFixit launching a parts store about a month ago, Samsung and iFixit’s self-repair program is now live, too. iFixit hosts an official Samsung parts store that Samsung says sells parts “at the same pricing offered to our affiliated repair providers.” The repair site now has a series of official repair guides written in the usual excellent style, and Samsung will start selling parts and iFixit tools in its retail locations.
The official repair program is a good start, but it’s nowhere near comprehensive. Currently, the parts store ships to the US, and only the S21, S20, and Tab S7 series of devices are covered. With three sizes of each phone, that’s support for seven models total. Samsung releases around 40 devices per year, so there’s a long list of devices left unsupported. That list also doesn’t include the latest flagship models, like the currently-in-production S22 phone and the S8 tablet.
The only way to get a display is to buy this combo package of the display, phone body, and battery. It’s like half a phone!
iFixit
The store’s official guides and parts only cover the back glass, charging port, and a combination “display assembly” that requires you to buy “the phone screen, metal frame, bezel, and battery” in one package. A comprehensive list would look like iFixit’s unofficial iPhone store, which has around 30 individual parts. iFixit has 17 guides for something like the S21, but only three of them are flagged as “official.”
Still, getting companies to care about repairability at all is a major accomplishment. Samsung and iFixit have had a rocky relationship since Samsung abandoned plans for a partnership in 2017, so it’s nice to see the company coming around on the right-to-repair movement. Apple also recently launched a repair program, but again, the details leave a lot to be desired—the system relies on a customer renting an 80-pound repair kit just to open a phone.
iFixit and Samsung both mention plans to expand the program in the future with “more devices and repair options.” Some parts, like the battery/display kit, even come with a return label to ship your old parts back to Samsung for proper recycling.
Brad Pitt returns to the Silver Screen with this Season’s Biggest Blockbuster Bullet Train. Helmed by the director of dead pool 2 and John Wick – David Leitch, the movie promises the best of action, comedy, and entertainment! With larger-than-life visuals and a stellar star cast, the biggest Hollywood flick of the month – Bullet Train, is all set to open this festive season with a host of action-packed performances and roars of laughter-inducing comedy! The movie that promises to entertain viewers has already received rave reviews internationally and will make its way to theaters across India this Thursday, August 4 – a day prior to the movie’s release in the US in languages – English, Hindi, Tamil, and Telugu! Now, we would say that Bullet Train is a must-watch; instead, we will give you reasons why you absolutely cannot miss this film in theaters.
5 Reasons that make the Brad Pitt starrer Bullet Train a must watch
1. Brad Pitt’s return to the big screen after three long years deserves audiences heading to theaters in hordes! It’s been a while since we’ve seen Brad Pitt in a starring role and this time, he returns to do what he does best – power-packed fight scenes and goofy, chaotic comedy. only for Bullet Train, he combines the two to give a praise-worthy performance. And if there’s one thing we know about the bedazzling, bodacious blonde and we know well, Brad Pitt does not give mediocre performances, ever! 2. It has been directed by Dead Pool 2, John Wick and Hobbs and Shaw Director – David Leitch. So, it’s no surprise that the movie that has been touted as an ‘action-comedy flick’ will follow in these footsteps and be loaded with action and comedy like no other. After all, David Leitch was a stuntman himself and after slumming it out as one, he went on to direct some of the most loved action-comedy flicks, which paved the way for the much-awaited Bullet Train. 3. The movie has received glowing reviews since its premiere internationally! From acclaim for the cast performances to the movie’s direction, comic timing, gripping action, outstanding VFX, music, and more, Bullet Train you have garnered a lot of love and appreciation from the world over 4. The cast is mind-blowing! Yes, you read that right. Brad Pitt apart, there are incredibly heavy-duty performers bringing their A-game to the table with Bullet Train. Golden Globe and Primetime Emmy award nominee and actor Joey King, who has earned immense praise for her recent role as The Princess, will play ‘Prince’ in the movie – a British assassin posing as a schoolgirl. She will be joined by Tony and Primetime Emmy award winner, Brian Tyree Henry who shot to popularity with Marvel Studios’ Eternals and plays ‘Lemon’ another British assassin and partner to Aaron Taylor-Johnson’s off-the-rails character ‘Tangerine’. If Lemon and Tangerine as the goofy, funny yet dangerous assassin duo do not make you laugh your socks off, we don’t know what will! Golden Globe and BAFTA award-winning actor Aaron Taylor-Johnson was last seen in Tenet and known for his roles in movies such as kick-assMarvel Studios’ Avengers: Age of Ultron, Nocturnal Animals and will be seen next in Marvel’s Kraventhe hunter as the titular character.
5. Sandra Bullock makes an appearance in the movie – the last one before she temporarily retires from the movies! Sandra Bullock is a splendid actor; in fact, the Academy Award-winning actor has played such versatile roles and won every award under the sun for her roles. Taking a step further, the actor leaves no stone unturned to yet again branching into a role albeit an appearance, one she has not done before, as Maria Beetle – the assassin handler for Brad’s Ladybug!
More Pages: Bullet Train (English) Box Office Collection
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TALLAHASSEE—Gov. Ron DeSantis said Thursday suspended Hillsborough County State Attorney Andrew Warren for not prosecuting certain crimes.
At a news conference flanked by police from around Tampa Bay, DeSantis said Warren has “put himself publicly above the law” by signing letters saying he would not enforce laws prohibiting gender-affirming care for minors or laws limiting abortion.
“Our government is a government of laws, not a government of men,” DeSantis said.
READ THE GOVERNOR’S ORDER HERE
Hillsborough County Sheriff Chad Chronister said police have had long-running frustrations with Warren for not prosecuting particular cases.
“I continue to work with my law enforcement counterparts who are privately frustrated with the state attorney, who seems intently focused on empathy for criminals and less interested in pursuing justice for crime victims,” Chronister said Thursday.
Thursday’s press conference included neighboring other police chiefs, including Pasco County Sheriff Chris Nocco and Polk County Sheriff Grady Judd, and Attorney General Ashley Moody.
“Andrew Warren is a fraud,” former Tampa police Chief Brian Dugan said. “This is a terrible day, that the governor had to come and clean up our mess.”
Warren, a Democrat, has been a frequent critic of DeSantis, including calling the governor’s 2021 “anti-riot” legislation a misguided “solution in search of a problem.”
On Thursday morning, Warren was escorted out of his office. He was set to host a news conference about a “major development” related to the case of Robert DuBoise, who was exonerated in 2020 after serving 37 years in prison for a murder he did not commit. After DeSantis’ suspension, Warren’s office canceled the event.
Warren can appeal DeSantis’ decision.
Under the state constitution, a governor can suspend state officials for misfeasance, malfeasance, neglect of duty, drunkenness, incompetence, permanent inability to perform official duties or commission of a felony.
DeSantis’ order cites neglect of duty and incompetence as the reason for Warren’s suspension, citing, in part, 1937 case law in which a Tampa prosecutor was accused of not charging people for gambling offenses.
Warren, the order states, “demonstrated his incompetence and willful defiance of his duties,” citing:
Warren signing on to a June 2021 “joint statement” with prosecutors around the country “to use our discretion and not promote the criminalization of gender-affirming healthcare or transgender people.” Although the state has not enacted such criminal laws, “these statements prove that Warren thinks he has authority to defy the Florida Legislature,” DeSantis wrote.
Warren enacting a policy not to prosecute “certain criminal violations, including trespassing at a business location, disorderly conduct, disorderly intoxication, and prostitution.”
Warren enacting a policy “against prosecuting crimes where the initial encounter between law enforcement and the defendant results from a non-criminal violation in connection with riding a bicycle or a pedestrian violation.”
“Warren has effectively nullified these Florida criminal laws in the 13th Judicial Circuit, thereby eroding the rule of law, encouraging lawlessness, and usurping the exclusive role of the Florida Legislature to define criminal conduct,” the order states.
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As Warren’s replacement, DeSantis appointed Hillsborough County Judge Susan Lopez, a former county prosecutor whom DeSantis named to the bench last year.
DeSantis said he did not speak with Warren about his concerns before suspending him.
The governor’s decision was a stunning override of the the 369,129 Hillsborough County voters who cast their ballot for Warren in 2020, which made up 53.4 percent of turnout.
It also had echoes of a 2016 clash between former Gov. Rick Scott and Aramis Ayala, the state’s first Black state attorney, representing Orange and Osceola counties.
Ayala stunned many supporters and made national news when, just two months into office, she announced she would not be seeking the death penalty in any cases, including in the case of Markeith Loyd, who was charged with killing police Lt. Debra Clayton and Loyd’s pregnant ex-girlfriend.
Scott reassigned that case and 28 others to a neighboring state attorney’s office, but did not suspend her. Ayala is now running for attorney general.
Before Thursday’s bombshell, DeSantis’ most high-profile suspension of an elected official was Broward County Sheriff Scott Israel, after his department’s failures during the Parkland mass shooting.
After problems in Broward and Palm Beach during the 2018 elections such as failure to meet ballot counting deadlines, DeSantis also suspended Palm Beach Supervisor of Elections Susan Bucher. Technically, it was Gov. Rick Scott who suspended Broward County Supervisor of Elections Brenda Snipes, though DeSantis only rescinded that she so he could accept her letter of resignation from her.
In 2019, DeSantis also suspended the Superintendent of Okaloosa County Schools, citing grand jury reports that teachers were abusing special needs children at two schools in her district, and has suspended other local officials, including Port Richey Mayor Dale Massad, after they were charged with crimes.
Thursday’s news conference brought a jovial crowd, who laughed at Judd’s comments and stood to applaud DeSantis when he announced Warren’s suspension.
On Wednesday, DeSantis’ spokesperson, Christina Pushaw, warned on Twitter that there would be a “MAJOR announcement” by the governor Thursday morning.
“Prepare for the liberal media meltdown of the year,” she wrote.
This is a developing story. Check back for updates.
Times/Herald staff writer Romy Ellenbogen contributed to this report.
The immediate tensions in Taiwan following Pelosi’s visit will probably calm down in the coming days. But the whole episode – from the US administration’s provocative visit to China’s furious reaction – underscores the deep divide between these powerful nations. Throw in the war in Ukraine that will probably leave Russia in the diplomatic deep freeze for decades, and you have a strong reminder that geopolitical tensions will most likely only worsen.
Again, investors sitting in Australia are within their rights to ask: how much does this stuff really matter?
High inflation really matters
The answer may come from Credit Suisse strategist Zoltan Pozsar, who challenges investors to think of geopolitical tensions between the US (and the West more broadly) and China and Russia as part of an economic war destabilizing the low-inflation world we’ve enjoyed for decades.
And higher-for-longer inflation really matters for investors.
Pozsar’s view is that low inflation has simplistically been built on three things: immigration keeping wages low in the US (and arguably other Western countries); cheap goods from China helping to raise living standards despite stagnant wages; and cheap Russian gas powering Europe generally, and Germany specifically.
But the past few years have changed these settings.
Donald Trump’s anti-immigration policies reduced the US labor supply, and wage growth was accelerated by COVID-19-related border closures that further reduced immigration and led many workers to take early retirement.
Amid growing tensions between China and the US, China’s COVID-zero policy has choked the supply of cheap goods to the world.
And Russia’s invasion of Ukraine has prompted the US to weaponize the US dollar to smash Russia’s economy, with Russia weaponizing energy in response.
economic war
It’s widely accepted that this current bout of inflation is supply-driven, caused by the Ukraine war, COVID-19 issues and supply chain disruptions. But it’s also widely accepted that inflation will fade relatively quickly.
Pozsar sees these supply problems as the result of an economic war between increasingly autocratic leaders, particularly in Russia and China.
“Think of the economic war as a fight between the consumer-driven West, where the level of demand has been maximized, and the production-driven East, where the level of supply has been maximized to serve the needs of the West – until East -West relations sourced, and supply snapped back.”
Viewed through this prism, Pozsar says central banks have an extremely difficult task. Rather than trying to get inflation up in a world where globalization was pushing down the cost of labour, commodities and goods, they now have the task of “cleaning up the inflationary impulses coming from a complex economic war”.
He argues political leaders may become more important than central bankers for markets; unpredictable political decisions that affect supply will matter more than monetary policy.
Pozsar emphasizes this is a thought-provoking scenario rather than a forecast, and there are important counterpoints to consider.
For example, China will find it hard to step up any economic war on the US and the West without damaging its own economy. Indeed, the relatively mild sanctions it has announced against Taiwan demonstrate this.
The US can ill afford an economic war, while Russia is already paying the economic price for an actual conflict.
But for investors, Pozsar’s argument is worth chewing on. It’s easy to see inflation coming down sharply in the next 12 months, as markets are clearly doing right now. But as this column has argued before, it’s hard to see inflationary impulses – rising commodity prices amid an energy transition, tighter labor markets as the global population ages, less globalized supply chains in a world of geopolitical tensions – going away.
Or as Pozsar puts it: “Do you see inflation as cyclical (a messy reopening exacerbated by excessive stimulus) or structural (a messy transition to a multipolar world, where two great powers are challenging the hegemony of the US)?
“If it’s the former, inflation has peaked. If it’s the latter, inflation has barely started and could actually be understood as an outright instrument of war.”
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5. Sandra Bullock makes an appearance in the movie – the last one before she temporarily retires from the movies! Sandra Bullock is a splendid actor; in fact, the Academy Award-winning actor has played such versatile roles and won every award under the sun for her roles. Taking a step further, the actor leaves no stone unturned to yet again branching into a role albeit an appearance, one she has not done before, as Maria Beetle – the assassin handler for Brad’s Ladybug!
/cloudfront-us-east-1.images.arcpublishing.com/tbt/A54J3NIPAND7NGKW5DE3WVGIFY.png "Get insights into Florida politics")
