Zero Hedge – Right Report https://right.report There's a thin line between ringing alarm bells and fearmongering. Wed, 23 Oct 2024 16:47:01 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://right.report/wp-content/uploads/2024/10/cropped-Favicon-32x32.png Zero Hedge – Right Report https://right.report 32 32 237554330 The Global Clout of the New BRICS https://right.report/the-global-clout-of-the-new-brics/ https://right.report/the-global-clout-of-the-new-brics/#respond Wed, 23 Oct 2024 14:08:31 +0000 https://right.report/the-global-clout-of-the-new-brics/ (Zero Hedge)Leaders of China, Russia, India and other BRICS nations gathered in Kazan, Russia on Tuesday for the bloc’s first annual summit since its major expansion last year. In August 2023, the group decided to invite six nations to join. Four of these nations – Egypt, Ethiopia, Iran and the United Arab Emirates – formally joined the bloc on January 1, 2024. Argentina rejected the offer and Saudi Arabia is still considering it.

As Statista’s Felix Richter reportsthe expansion of BRICS beyond founding members Brazil, Russia, India and China as well as South Africa, which joined in 2010, aims to strengthen its influence as a global economic and political force, providing a counterweight to the G7 and other Western-led institutions.

The group seeks to promote a more multipolar world, reducing the dominance of the United States and its allies.

Speaking on the expansion of the BRICS, South African president Cyril Ramaphosa said at a press briefing last year: “We shared our vision of BRICS as a champion of the needs and concerns of the peoples of the Global South. These include the need for beneficial economic growth, sustainable development and reform of multilateral systems.”

As Richter shows in the chart below, the new, expanded BRICS represent roughly 45 percent of the world’s population and 35 percent of global GDP when measured at purchasing power parity.

You will find more infographics at Statista

With the addition of Iran and the United Arab Emirates, the bloc has grown its combined oil production by nearly 50 percent and now accounts for almost 30 percent of global oil output, according to the Energy Institute.

In terms of exports, the group’s footprint is relatively small.

Last year, its nine members accounted for just 22 percent of global merchandise exports, with China alone accounting for nearly two thirds of the bloc’s exports.

Speaking of China: despite all claims of BRICS being “an equal partnership of countries that have differing views but have a shared vision for a better world,” as South Africa’s president Cyril Ramaphosa put it last year, it’s hard to ignore China’s outsized role within the group, both in terms of economic and political power.

Measured at purchasing power parity, China’s GDP is larger than the combined GDP of the remaining eight BRICS members, making it hard to imagine the country not wielding that power in negotiations within the bloc.

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Boeing Explores Asset Sales in Potential Shrinking of Corporate Footprint https://right.report/boeing-explores-asset-sales-in-potential-shrinking-of-corporate-footprint/ https://right.report/boeing-explores-asset-sales-in-potential-shrinking-of-corporate-footprint/#respond Mon, 21 Oct 2024 06:11:31 +0000 https://right.report/boeing-explores-asset-sales-in-potential-shrinking-of-corporate-footprint/ (Zero Hedge)—The Wall Street Journal reported Sunday morning that Boeing is mulling over asset sales to raise cash levels for its struggling business. On Saturday, Boeing and union heads reached a tentative labor contract agreement that could soon end the money-draining months-long labor strike, while early last week, the planemaker filed a $25 billion shelf registration to provide a “variety of capital options as needed to support the company’s balance sheet over a three-year period.”

The new report cites a person familiar with a recent discussion between Boeing’s board and executives at its headquarters in Arlington, Virginia. The meeting centered around potential asset sales, as executives and board members combed through internal reports on the state of each of the planemaker’s units.

Just weeks ago, Boeing CEO Kelly Ortberg told employees, “We need to be clear-eyed about the work we face,” adding, “We also need to focus our resources on performing and innovating in the areas that are core to who we are.”

Ortberg replaced Dave Calhoun as the president and CEO of Boeing on August 8. He is expected to comment publicly for the first time as CEO on Wednesday, following the International Association of Machinists and Aerospace Workers’ vote on the new labor contract. The company estimated the strike to cost $1 billion. It warned of a $6 billion quarterly loss for the period ending September 30.

On Tuesday, just days after Boeing announced plans to cut 10% of its workforce due to intensifying financial pressure, such as dwindling cash reserves and mounting risk of a credit downgrade, as well as prolonged strike, the beleaguered planemaker filed a $25 billion shelf registration.

“This universal shelf registration provides flexibility for the company to seek a variety of capital options as needed to support the company’s balance sheet over a three-year period,” Boeing wrote in the filing.

Separately, Boeing entered into a $10 billion “supplemental credit agreement” with a consortium of lenders. It noted that the credit facility provides “additional short-term access to liquidity as we navigate through a challenging environment,” adding that it has not drawn down on this facility or its existing credit revolver.

Boeing has already considered selling its rocket-launching joint venture, United Launch Alliance, with Lockheed Martin to Sierra Space for $2-$3 billion. Also, Boeing’s space division is in crisis following the malfunctioning of the Starliner spacecraft.

Separately, Boeing’s competitor, Airbus, laid off 2,500 jobs in its space division, as Elon Musk’s SpaceX dominates rocket launches and leads the space race in this solar system.

Boeing’s obsession (Wall Street’s obsession) with DEI, climate, and gender justice ultimately dealt the fatal blow. It’s time to refocus on the fundamentals, like building planes that actually stay in the sky. Is that a hard ask, Boeing?

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“Consumers Running Out of Money”: Former Target Exec Offers Dire Warning Ahead of Christmas https://right.report/consumers-running-out-of-money-former-target-exec-offers-dire-warning-ahead-of-christmas/ https://right.report/consumers-running-out-of-money-former-target-exec-offers-dire-warning-ahead-of-christmas/#respond Sun, 20 Oct 2024 11:31:15 +0000 https://right.report/consumers-running-out-of-money-former-target-exec-offers-dire-warning-ahead-of-christmas/ (Zero Hedge)—US corporate media outlets continue to push propaganda that the economy thrives ahead of the presidential elections, cheerleading the most recent retail sales print. However, most Americans know MSM is full of ‘malarkey’ because inflation and interest rates force many to spend more but receive less. Many folks have depleted their personal savings and racked up insurmountable credit card debt just to keep up with rising food, energy, insurance, and shelter costs. This toxic mix of inflation, sparked by failed Bidenomics, has hit low- and middle-income families the hardest, potentially leading to a breaking point this upcoming holiday shopping season.

“It’s very clear that consumers are running out of money. They’re increasingly stressed by inflation and the exhaustion of their pandemic-era savings. When you take a look over the last several years, what you see month after month, everyone talks about, the consumer’s still spending. They might be, but they’re spending less than the growth of inflation,” Storch Advisors CEO Gerald Storch told Fox Bussiness’ Maria Bartiromo on Thursday during an interview.

This chart sums up the consumer’s dire state.

We noted earlier this week that the National Retail Federation’s annual Prosper Insights & Analytics survey showed lower forecasted spending trends for Halloween among consumers nationwide. The last time this happened was just before the Covid crash. All eyes should be on upcoming Black Friday and Cyber Monday to gauge holiday shopping trends.

One last thing: perhaps mounting economic hardships are some of the drivers as to why US drinking rates have surged to the highest levels since the 1970s inflation storm.

Millions of Americans feel stressed in this disastrous Bidenomics era—it’s only a matter of time before something gives.

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Elon Musk Warns “Car Industry Very Difficult” as “Ford and Tesla” Only “US Car Companies That Haven’t Gone Bankrupt” https://right.report/elon-musk-warns-car-industry-very-difficult-as-ford-and-tesla-only-us-car-companies-that-havent-gone-bankrupt/ https://right.report/elon-musk-warns-car-industry-very-difficult-as-ford-and-tesla-only-us-car-companies-that-havent-gone-bankrupt/#respond Sat, 19 Oct 2024 23:23:03 +0000 https://right.report/elon-musk-warns-car-industry-very-difficult-as-ford-and-tesla-only-us-car-companies-that-havent-gone-bankrupt/ (Zero Hedge)—Elon Musk appeared at the Greater Philadelphia Expo Center in Montgomery County on Friday night for his second town hall in the battleground state of Pennsylvania. With just 16 days until the election, Musk – and his pro-Trump America PAC – are holding town halls statewide to support the former president.

In an off-topic conversation, an audience member asked Musk why Tesla had not purchased the struggling EV competitor Rivian.

Musk responded:

“I wish them the best. I hope they do well. The car industry is a very difficult industry. There’s only two US car companies that haven’t gone bankrupt, and that’s Ford and Tesla. Rivian’s going to have a hard time. It’s insanely difficult to compete in the car industry. If it were not for two technology discontinuities, one being electrification and the other being autonomy, I think Tesla could not succeed without solving both.”

Earlier this month, Rivian announced that third-quarter vehicle deliveries missed forecasts and lowered its full-year production guidance amid continued “component shortage.”

Rivian said it delivered 10,018 vehicles in the quarter and produced 13,157 units. This missed FactSet estimates of 12,670 deliveries.

The problem with Rivian is the limited affordability options for most models—they’re out of reach for the average consumer. The company expects to launch a smaller Tesla Model Y-rivaling R2, which won’t roll out onto US highways until late 2026 or even 2027.

Last month, Morgan Stanley’s Adam Jonas downgraded names like GM, Ford, Rivian, Magna International, and Phinia amid the slowdown in the auto market.

It doesn’t help when high interest rates and elevated vehicle prices have sent new monthly car payments skyrocketing higher in several years.

In a separate note earlier this year, MS Jonas pointed out that struggling EV companies could develop partnerships with legacy automakers.

Rivian recently partnered with Volkswagen, validating the analyst’s consolidation forecast in the space.

Here’s what X users are saying about Musk’s comments last night about Rivian:

Shares of Rivian are down 57% this year – near record lows. Short interest is about 16.5% or about 122.3 million shares.

The price war Telsa started just a few short years ago to crush competition shows that Musk continues to win.

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The Kids Aren’t Alright: Local Washington Police Report 350% Increase in Juvenile Fights https://right.report/the-kids-arent-alright-local-washington-police-report-350-increase-in-juvenile-fights/ https://right.report/the-kids-arent-alright-local-washington-police-report-350-increase-in-juvenile-fights/#respond Fri, 18 Oct 2024 03:38:14 +0000 https://right.report/the-kids-arent-alright-local-washington-police-report-350-increase-in-juvenile-fights/ (Zero Hedge)—New data coming out of the Issaquah Police Department in Washington have revealed a 350% increase in fights among juveniles since the start of August this year, compared to last year.

The data, highlighted by KOMO News, was driven by “juveniles in middle school”, according to the report.

Between August 1 and October 15, Issaquah police received 18 reports of juvenile fights, up from 4 during the same period in 2023.

Officers noted these incidents occurred in public settings and reported a pattern of increased fights at the start of the school year, with most reports coming from adult witnesses, parents, or students.

Police reported that 72% of juvenile fights occurred between 3 p.m. and 5 p.m., often near school properties or within a few blocks of Issaquah schools.

The KOMO News report obtained an Oct. 3 memo from Issaquah Middle School Principal Mark Jergens-Zmuda, addressing the rise in student fights, some recorded by bystanders.

“School safety is paramount, and some measures have been put in place. Ensuring a safe and supportive school environment is our top priority,” the memo said.

To address the issue, the school held assemblies on expectations, safety, and conflict resolution. Jergens-Zmuda also reminded parents of school rules, including requiring students to stay seated for the first 15 minutes of lunch and banning gatherings on a nearby hill after school, where several fights had occurred.

The school district responded in a statement:

“Schools across the country have student altercations, and our district does as well… we take every instance of student altercations seriously, and investigate them in accordance with Washington state law as well as Issaquah School District policies and regulations. Student privacy laws do not allow us to share specific information about individual instances of altercations, the students involved, or discipline. As always, we are working with students, staff and families to support our students. We appreciate the partnership of our staff, families and community members.”

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Russia Says Ukraine Kidnapped Over 1000 Kursk Residents, Seeks Whereabouts https://right.report/russia-says-ukraine-kidnapped-over-1000-kursk-residents-seeks-whereabouts/ https://right.report/russia-says-ukraine-kidnapped-over-1000-kursk-residents-seeks-whereabouts/#respond Tue, 15 Oct 2024 08:14:58 +0000 https://right.report/russia-says-ukraine-kidnapped-over-1000-kursk-residents-seeks-whereabouts/ (Zero Hedge)—The Kremlin has issued a formal accusation saying Ukraine’s military has captured and is holding over 1,000 Kursk residents against their will, since launching the cross-border offensive in early August.

Russia’s presidential human rights commissioner Tatyana Moskalkova said Monday, “I’ve received messages regarding more than 1,000 such people from relatives trying to find them.”

We know nothing about their fate. This is a gross violation of their rights and international norms of treatment of civilians,” Moskalkova added. She said she plans to raise the issue directly with the Ukrainian government.

“I think it would be useful to remind you that the forced removal of civilians from their places of permanent residence is a gross violation of the Geneva Convention,” Moskalkova continued (according to machine translation). “And the world community should probably give this a proper assessment.”

Russia has estimated that since the start of the Ukrainian army’s attack on its southwest border region, over 112,000 residents have been displaced from their homes.

Social media videos have often confirmed that amid the Ukrainian troop invasion a number of Russians have remained – often elderly people have been spotted, perhaps unable to flee.

Moskalkova has identified that over 12,000 of the displaced Russians are living at temporary displacement shelters in various parts of Russia. Other have been forced to stay with relatives in safe parts of Russia.

Ukraine has claimed that its forces are treating Russian civilians in captured territory humanely. In September Kiev requested that teams from United Nations and the International Committee of the Red Cross (ICRC) come in and verify the situation in areas of Russia’s Kursk.

Moscow has complained about such requests, arguing that any international organization or even media must coordinate with the Kremlin before stepping foot on Russian sovereign territory. For example, Russia has issued charges targeting a CNN team that crossed the border while embedded with Ukrainian troops.

Ukrainian Foreign Minister Andrii Sybiha has said that the UN and Red Cross invitation was intended to “prove [Ukraine’s] adherence to international humanitarian law.”

Meanwhile, Kiev has accused Russian troops of conducting mass executions as it fights Ukrainians in Kursk:

Ukraine’s human rights ombudsman has denounced the alleged execution of nine captured Ukrainian troops by Russian forces in the Kursk border region.

Dmytro Lubinets said he had written to the United Nations and the Red Cross about the allegations, accusing Moscow of breaching “all the rules and customs of war”.

The intervention follows reporting by Ukrainian battlefield analysis site DeepState, which published drone footage purporting to show the dead troops who it said were drone operators. Officials in Russia have yet to comment on the allegations.

Over the weekend President Zelensky said that his forces continue to “hold the line” in Kursk. But analysts agree that the Kursk operation has no impact on front lines in the Donbass, where pro-Kiev forces are losing ground.

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Why We Shouldn’t Expect Peace in 2025 https://right.report/why-we-shouldnt-expect-peace-in-2025/ https://right.report/why-we-shouldnt-expect-peace-in-2025/#respond Tue, 15 Oct 2024 04:06:59 +0000 https://right.report/why-we-shouldnt-expect-peace-in-2025/ (Zero Hedge)—Submitted by Vincenzo Lorusso. With a likely victory of Donald Trump in a month’s time, one may be forgiven for expecting that he will be true to his promise to end the Ukraine war “in 24 hours”.

Logic and facts on the ground suggest that this outcome is highly unlikely.

First, next year Moscow will increase military spending by 22.6% compared to this year and by 54% compared to the original project for 2025, drawn up at the end of 2023. Defense spending will exceed 8% of GDP and will amount to a staggering 40% of all federal spending.

Do you think that this spending is related to the fact that the war ends next year?

The Kremlin will enter the path of negotiations only when it achieves the main military-political goal of the campaign: Ukraine’s non-participation in NATO.

At the moment, the situation around the special military operation can hardly be considered concluded for negotiations to begin.

The Russian armed forces are facing the fall of Pokrovsk, Mirnograd, Chasov Yar. The complete liberation of Donbass and access to the Dnepropetrovsk region are already a preliminary sign of Russia’s victory. Before that happens, talking about Moscow’s participation in the negotiations is empty talk.

However, with the whole of NATO technological fire power aligned against it, accomplishing this goal will take Russia a lot of time and money. Military experts from both camps have been consistently wrong since the outset.

Secondly, the end of the conflict is not beneficial to the United States. No matter how much Trump and other Republicans complain about the Ukrainian issue and link all America’s problems to it, the Ukrainian war is the most successful investment in US foreign policy in recent decades.

You have to be a complete idiot to believe that Americans are sorry for the $150-200 billion spent that will impoverish Russia.

In 20 years, America has spent more than a trillion dollars on Afghanistan. But is it possible to compare Afghanistan’s dividends with Ukraine’s? The EU economy is destroyed and totally dependent on the United States, Russian gas and oil are being withdrawn from the European market, Russia is spending enormous resources on victory in the Ukrainian steppes.

And now the question is: how many tens of thousands of American soldiers would have to die with the direct participation of the United States in the conflict with the Russian Federation to achieve such indicators? Incredible results are achieved at the cost of the lives of Ukrainians, which no one cares about.

Any sane person in the place of the US President would in no case limit the Ukrainian conflict, but would continue it. If there had been any pressure to resolve the conflict, it should by now have come from Europe. Alas, for reasons that will be poured over by historians for decades to come, there is no such sign. Quite the contrary.

Thirdly, premature peace is not beneficial for China. The warming of the “Korean” and “Taiwanese” cards is coming. Beijing would prefer that by the time conflicts in the Asian region resume, the United States would be “in trouble” and forced to be distracted by other local conflicts. In addition, peace in Ukraine in the current conditions is a complete geopolitical triumph for the United States. On such a victorious wave, all the centrifugal forces of the world will accept the will of the White House, depriving Beijing of room for maneuver. Many countries currently “sitting on the fence” or at least keeping their options open would have to conclude that Russia does not have the force to shape a future world order.

China will contribute in every possible way to the prolongation of the conflict until: a) Russia enforces its conditions and humiliates the West; b) China does not deem it necessary to be ready for an acute phase of confrontation with the United States.

The dream of the West in the war in Ukraine is the destruction of Russia, or to make it a vassal state like any “little Italy” or all other European countries.

The White House will do everything to force the Kremlin to abandon the alliance with Beijing, the main competitor of the United States.

They dream of the maximum impoverishment of the Russian Federation, after which they will try to impose the “rules of the 1990s”, when Moscow was an absolutely amorphous and non-independent actor.

Neither Donald Trump nor Kamala Harris will change this strategic logic, since it is fully consistent with the interests of the deep state and the largest global financial institutions.

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Hedge Fund CIO: “After the Last Disillusioned Gold Bulls Sold Their Final Ounce, Gold Started Rallying… And Has Not Looked Back” https://right.report/hedge-fund-cio-after-the-last-disillusioned-gold-bulls-sold-their-final-ounce-gold-started-rallying-and-has-not-looked-back/ https://right.report/hedge-fund-cio-after-the-last-disillusioned-gold-bulls-sold-their-final-ounce-gold-started-rallying-and-has-not-looked-back/#respond Mon, 14 Oct 2024 05:06:54 +0000 https://right.report/hedge-fund-cio-after-the-last-disillusioned-gold-bulls-sold-their-final-ounce-gold-started-rallying-and-has-not-looked-back/ (Zero Hedge)—By Eric Peters, CIO of One River Asset Management

“Let me start with the psychology that governed the gold market for years,” I said. It was our IC meeting and the topic of gold’s recent outperformance versus bitcoin came up. “When Bernanke unleashed QE during the GFC, a lot of very smart people rushed to hedge themselves against a massive monetary inflation. Gold was an obvious hedge, and the Baby Boomers were in their investing prime back then. They felt highly exposed to an inflating-away of their life savings. They already owned homes. Many bought gold. Some bought far too much.”

“Republicans prevented Obama from the wild stimulus spending he sought. And China’s deflation-exporting economy was still being brought online in the aftermath of its WTO ascendance. Plus, Beijing pumped it up through massive subsidies/stimulus. There were surely other reasons why inflation didn’t take off back then. Expectations remained generally stable. And despite Europe’s response to an existential sovereign debt crisis, and Draghi’s 2012 commitment to do “whatever it takes”, the Germans never let spending get out of control.

“Gold peaked in the summer of 2011 at over $2500/oz and turned lower. By 2015, it had fallen roughly 40%, back to the $1400 level it hit in March 2008. All these Baby Boomers with gold buried in their backyards were gutted. They prayed that if they ever got back to the highs, they’d sell. We’ve all prayed like that. Every one of us. Those who held until July 2020 got the chance to sell again near the 2011 highs at $2400. Covid stimulus sparked that rally. Some sold. Gold fell. The holders begged forgiveness. Then sold. Gold fell 30% over 2yrs.

“Baby Boomer bulls eventually lost faith. Many needed cash, they were retiring. Some got bearish gold and pointed to the EU’s confiscation of Russia’s foreign reserves following the Ukraine invasion. “If gold couldn’t rally on that, then would it ever,” they asked. The last disillusioned bulls sold their final ounce. Then gold started rallying. It has not looked back. That’s what can happen to a market once you clean out the remaining stale positions. A clean market can really move, given a clear fundamental catalyst; gold has at least two.

“The confiscation of Russian assets means governments will increasingly diversify their foreign reserves into non-sovereign assets. Gold is one. And now that China is committing to stimulus, every major economic zone appears to be doing the opposite of austerity. So, in a world of potentially infinite fiat, scarce assets should appreciate. Gold has. It’s +40% over the past 12mths. Bitcoin is +134% over that period. But for the past 7mths, Bitcoin has chopped around in a 30% range (13% below all-time highs), while gold continued upward. Why?

When Bitcoin hit $59k in Apr 2021, the bullishness was insane. It fell nearly 50% through that summer and made new highs around $65k in Nov 2021. Then it collapsed to the $15k area on the FTX failure. A material portion of bulls who endured that net worth crash prayed to God that they’d sell some, most, maybe even all (probably not all, this is crypto) if they ever got back to the highs. Bitcoin hit $72.75k this Mar. There’s been selling into every market rally since, even as clear fundamental catalysts appear (the same ones as for gold). And as this happens, market positioning gets cleaner.

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Warmongers Get US Boots on the Ground in Israel With 100 Troops Being Deployed to Man Anti-Air Batteries https://right.report/warmongers-get-us-boots-on-the-ground-in-israel-with-100-troops-being-deployed-to-man-anti-air-batteries/ https://right.report/warmongers-get-us-boots-on-the-ground-in-israel-with-100-troops-being-deployed-to-man-anti-air-batteries/#respond Sun, 13 Oct 2024 20:01:28 +0000 https://right.report/warmongers-get-us-boots-on-the-ground-in-israel-with-100-troops-being-deployed-to-man-anti-air-batteries/ (Zero Hedge)—On Saturday we were among the first outlets to report that the United States is preparing to deploy THAAD anti-ballistic missile systems in Israel, a major development which will put American troops directly in harm’s way (or… boots on the ground) amid the tense showdown with Iran.

The Pentagon in follow-up statements to the NY Times has confirmed the THAAD (Terminal High Altitude Area Defense) systems will be sent to Israel, and that about 100 American troops will operate them.

This means that at least 100 American soldiers will be placed in positions likely to be targeted by another potential barrage of ballistic missiles from Iran, at a moment Israel is preparing its own counterattack in the wake of the the Oct.1st strikes (which witnessed about 200 missiles sent) on Israeli territory from the Islamic Republic. Each full missile battery and associated systems cost American taxpayers some $800 million to $1 billion.

All of this follows the Pentagon having weeks ago deployed thousands more US troops to the broader region amid escalation in Lebanon. Some of those forces were sent to Cyprus, and others likely to Gulf countries or possibly Jordan.

The Pentagon has tried to deflect from language which portrays the obvious: that without Congressional authorization American troops are entering an escalating overseas war zone to defend a foreign country.

The NY Times acknowledged the following exchange:

When asked on Sunday, Mr. Biden said only that he had ordered the Pentagon to deploy the system “to defend Israel. General Ryder said in his statement that the battery would “augment Israel’s integrated air defense system.” It was not immediately clear how quickly the missile defense system and troops announced on Sunday would arrive in Israel.

“This action underscores the United States’ ironclad commitment to the defense of Israel, and to defend Americans in Israel, from any further ballistic missile attacks by Iran,” the statement said. “It is part of the broader adjustments the U.S. military has made in recent months to support the defense of Israel and protect Americans from attacks by Iran and Iranian-aligned militias.”

So interestingly this is the new talking point from the national security state: Americans are being deployed to defend Americans who happen to still be in Israel. This certainly marks a new and interesting rationale.

This big “gift” is being sent to Israel even after rising tensions between Netanyahu and Biden…

One regional observers has observed that this is Netanyahu’s longtime dream come true:

Journalist Séamus Malekafzali argued the U.S. deployment of troops and the THAAD system shows that “the Israelis are clearly planning something for Iran that is going to cause a retaliation they know their own systems are unable to take.”

“U.S. troops being deployed to Israel in this matter is seismic,” Malekafzali added. “The U.S. military is now inextricably involved in this war, directly, without any illusions of barriers. Netanyahu is as close as he has ever been to his ultimate wish: making the U.S. fight Iran on Israel’s behalf.”

Defense Secretary Lloyd Austin on Saturday had actually issued some soft criticism of Israel after two UN peacekeeping troops in south Lebanon were wounded by Israeli fire an a UNIFIL command post.

Austin “expressed his deep concern about reports that Israeli forces fired on U.N. peacekeeping positions in Lebanon as well as by the reported death of two Lebanese soldiers” in a phone call with his Israeli counterpart.

As for the missile battery contingent of 100 US troops being sent to Israel, likely there were already US special forces and commanders who have been in Tel Aviv and near Gaza in an “advisory” role. But this clearly marks a new much more direct role of US forces in the conflict, especially given the Iranians have already threatened that if hostilities escalate, anti-air batteries in Israel will come under attack.

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Feds Find Million in Cash While Investigating Mysterious Staffing Firm Supplying Haitians to Charleroi, PA Food Factory https://right.report/feds-find-million-in-cash-while-investigating-mysterious-staffing-firm-supplying-haitians-to-charleroi-pa-food-factory/ https://right.report/feds-find-million-in-cash-while-investigating-mysterious-staffing-firm-supplying-haitians-to-charleroi-pa-food-factory/#respond Sun, 13 Oct 2024 01:06:47 +0000 https://right.report/feds-find-million-in-cash-while-investigating-mysterious-staffing-firm-supplying-haitians-to-charleroi-pa-food-factory/ (Zero Hedge)—A mysterious staffing firm operating a complex van transportation network supplying low-cost Haitian labor to a Charleroi, PA-based company that operates multiple food packing plants in the area has been at the center of a federal investigation.

On Friday, local media outlet Action News revealed that federal investigators had been investigating staffing firm Prosperity Services, which supplies cheap migrant labor to Fourth Street Foods in Charleroi.

According to Action News, Fourth Street “employs 700 immigrants from 41 countries, many of them Haitians.” The migrants work on conveyor lines in massive ice boxes to slap breakfast bowls and sandwiches together under various private-label brands for big box retailers.

Here’s the bombshell from the media outlet published Friday evening:

Many of Fourth Street’s workers are actually employed by a contractor, Prosperity Services. Prosperity also transports workers in vans, which can be seen throughout Charleroi.

In court records, federal investigators said Prosperity “knowingly paid undocumented non-citizen employees with cash” and “transported and housed undocumented non-citizens for employment purposes.”

Earlier this year, the feds seized nearly $1 million in cash from Prosperity and two men affiliated with the company, including Andy Ha, the company president.

In a separate report, journalist Christopher Rufo found out…

At the center of this system in Charleroi is Fourth Street Foods, a frozen-food supplier with approximately 1,000 employees, most of whom work on the assembly line. In an exclusive interview, Chris Scott, the CEO and COO of Fourth Street Barbeque (the legal name of the firm that does business as Fourth Street Foods) explained that his company, like many factory businesses, has long relied on immigrant labor, which, he estimates, makes up about 70 percent of its workforce. The firm employs many temporary workers, and, with the arrival of the Haitians, has found a new group of laborers willing to work long days in an industrial freezer, starting at about $12 an hour.

Many of these workers are not directly employed by Fourth Street Foods. Instead, according to Scott, they are hired through staffing agencies, which pay workers about $12 an hour for entry-level food-processing roles and bill Fourth Street Foods over $16 per hour to cover their costs, including transportation and overhead. (The average wage for an entry-level food processor in Washington County was $16.42 per hour in 2023.)

Rufo uncovered other staffing companies …

According to a Haitian migrant who worked at Fourth Street and a review of video footage, three staffing agencies—Wellington Staffing AgencyCelebes Staffing Services, and Advantage Staffing Agency—are key conduits for labor in the city. None have websites, advertise their services, or appear in job listings. According to Scott, Fourth Street Foods relies on agencies to staff its contract workforce, but he declined to specify which agencies, citing nondisclosure agreements.

He continued:

property search for David Barbe and his other business, DB Rentals LLC, shows records of more than 50 properties, many of which are concentrated on the same streets.

And continued some more:

No doubt, the situation is advantageous to David Barbe of Fourth Street Foods, who can pay $16 an hour to the agencies that employ his contract labor force, then recapture some of those wages in rent…

Fourth Street Foods owner David Barbe told the media outlet: “I don’t know anything about it.”

Considering the town has been swamped by Haitians … solely for the purpose of supplying Fourth Street Foods with cheap labor, the owner’s statement to the media outlet seems a little suspicious.

The travesty in Charleroi begins with the failure of the federal government’s open borders, flooding the nation with ten-plus million migrants. This has led to a ‘great job replacement’ of native-born factory workers.

Rufo noted:

The basic pattern in Charleroi has been replicated in thousands of cities and towns across America: the federal government has opened the borders to all comers; a web of publicly funded NGOs has facilitated the flow of migrants within the country; local industries have welcomed the arrival of cheap, pliant labor.

This is spreading…

This is nationwide.

This is not America First – this is globalist open border corporate profits first, at the expense of the native-born blue-collar worker. 

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