• Former Italian Health Minister under Investigation for Murder, Falsehood and Dangerous Drugs due to mRNA Vaccination | VT Foreign Policy
    November 25, 2023
    VT Condemns the ETHNIC CLEANSING OF PALESTINIANS by USA/Israel

    $ 280 BILLION US TAXPAYER DOLLARS INVESTED since 1948 in US/Israeli Ethnic Cleansing and Occupation Operation; $ 150B direct "aid" and $ 130B in "Offense" contracts
    Source: Embassy of Israel, Washington, D.C. and US Department of State.

    In the cover image the former Italian Health minister Roberto Speranza and his successor Orazio Schillaci who was and advisor of him during Co vid vaccination campaign

    by Fabio Giuseppe Carlo Carisio

    VERSIONE IN ITALIANO

    Ideological falsehood, multiple manslaughter, marketing of an imperfect dangerous drug. These are the main charges for which the former Minister of Health of the Italian Republic Roberto Speranza, now a deputy of the Democratic Party, is being investigated following the vaccination campaign with mRNA and mDNA gene sera for Co vid-19.

    The announcement was made by the program “Fuori dal Coro” on Rete 4, a channel of the Mediaset group of the heirs of former Prime Minister Silvio Berlusconi, but it did not have much coverage in the national media which immediately relaunched the statements of his lawyer on the request for archiving instead of examining the merits of the investigation resulting from the complaint by the State Police union OSA, led by the national secretary Antonio Porto, and by other organizations for the protection of vaccinated people.

    Former Italian PM Berlusconi DIED. After Two Pathologies Typical of the Covid Vaccines’ Serious Adverse Reactions

    The investigation was opened by the public prosecutor of Rome, Francesco Lo Voi, who also entered the former director of the Italian Medicines Agency (AIFA), Nicola Magrini, into the register of suspects.

    The Italian AifaLeaks on Co vid Vaccines’ Safety

    Among the alleged crimes highlighted in the complaint there are in fact alleged concealments of the effectiveness and safety of Co vid vaccines that emerged from some AIFA emails released by the television broadcast in March 2023. The inquiry was in fact called “AifaLeaks”.

    From them emerged the will of the Italian Medicines Agency, a body controlled by the Ministry of Health, not to disseminate various crucial information: that on “fragile patients are not among the unstudied populations” and that an “excess of cardiovascular mortality for the AstraZeneca vaccine”.

    VACCINI KILLER AI FRAGILI SENZA SICUREZZA: SPERANZA INDAGATO, MA SCHILLACI IGNORATO. Denuncia dei Poliziotti anche sui Sieri Genici mRNA quali Farmaci Pericolosi

    These safety alerts would have been hidden to “not kill the vaccine” in the first months of high adverse reactions, a concern expressed by an email from Magrini which obviously caused a stir (more details inside article in Italian version).

    The Statement of Police union OSA on the Complaint’s Crimes

    In a press release Antonio Porto, national general secretary of the Police union O.S.A. , among the signatories of the complaint, specified that there are other crimes being investigated by the judiciary in addition to those mentioned in the television report:

    «The report aired exclusively on Fuori dal Coro, with which the registration of the former Minister of Health Roberto Speranza and the former AIFA Director Nicola Magrini in the register of suspects was announced for the alleged crime referred to in the articles: 443 c.p. (trade or administration of faulty medicines), 445 of the criminal code (administration of medicines in a manner dangerous to public health), 374 bis of the criminal code. (false declarations or attestations in documents intended for judicial authorities), 479 c.p. (false ideology), 575 (murder). Crimes committed during the vaccination campaign».


    Antonio Porto, national general secretary of the Police union O.S.A
    «After Roberto Speranza was registered in the register of suspects for Roberto Speranza, as Minister at the time of the disputed facts, the Rome Prosecutor’s Office sent a request for authorization to the Court of Ministers, the content of which we do not yet know – adds Porto – The opening of the investigation is the result of the complaint filed in May 2023 by the Free Lawyers (ALI) under the power of attorney of the Listen to Me Committee, of the Association of Associated Security Operators (OSA Italia), by Antonio Porto ational general secretary of the O.S.A. Police (who replaced the Secretariat Provincial LES Caserta); of the Democratic Financiers Union and of the former White Senator Laura Granato”.

    POLIZIOTTO PERSEGUITATO DOPO DENUNCE SUI VACCINI COVID PERICOLOSI. Antonio Porto da Agente antiMafia a Sindacalista LES Sospeso

    «In the last few hours, ANSA issued a statement from Roberto Speranza’s defense lawyer who reported that the Rome Prosecutor’s Office had already requested the dismissal of his client. The signatories of the complaint await official communication from the Public Prosecutor’s Office of Rome – continues the statement – We will not stop and we will oppose any request for dismissal in every forum, but at this moment we need the strength of all of you to make people heard who deserves their indignation in the event of a possible dismissal of the investigation. Irrefutable elements have been brought to the attention of the Public Prosecutor’s Office of Rome».

    “Toxic Nanoforms inside Pfizer-Biontech Covid Vaccine”. Vital Study by Italian Biochemist on US Journal of Virology highlights an Alleged Crime

    Complaint on crimes 443 and 445 concerning the safety of drugs is based on the studies of the Italian biochemist Gabriel Segalla who was the first to detect the toxicity of the lipid nanoforms of the Comirnaty gene serum produced by Pfizer-Biontech and recently detected further critical issues related to muscle inoculation by claiming that EMA could not fail to know them and therefore would have been aware of them.

    “European Medicines Agency Knew Toxicity of Pfizer Covid Vaccine”. Bombshell Study Published in US by an Italian BioChemist on Dangers mRNA-LNPs

    If, regarding the adverse reactions and the alleged concealments regarding myocarditis, Speranza can rely on the very serious responsibilities assumed by the EMA and the AIFA, drug regulatory bodies responsible for verifying their safety, the problem concerning the absence of evidence of efficacy and safety in frail patients even appears reductive because it must be placed in the broader context of dozens of other failures to verify safety despite which the American health authorities FDA, CDC, and the European ones EMA and AIFA authorized these vaccines without genotoxicity studies, carcinogenicity and, in fact, on immunocompromised people.

    Moderna AWARE that mRNA Jabs causes CANCER due to DNA Fragments. Malone Unveils Patent

    The Ongoing Vaccination despite the Lack of Studies on Safety

    Not only, the medicines regulators then authorized the Comirnaty and Spikevax mRNA genetic sera but they continue to consider them safe in the current vaccination campaign despite the ongoing lack of studies those critical and dangerous issues.

    In light of the judiciary’s investigation into the former minister Speranza, it is also necessary to ask ourselves about the possible and current responsibilities of the Italian Ministry of Health led by Orazio Schillaci who was consultant to Speranza himself and also rector of the University of Rome Tor Vergata through which he joined partnerships with the Big Pharma of Covid vaccines inside the government project of National center for the development of gene therapy and drugs with RNA technology.

    MINISTRO SCHILLACI SPECULA SU BIG PHARMA FINANZIATA DA GATES. €700mila Investiti in Biomediche USA che Testano anche Vaccini DNA Covid

    Not only. Schillaci himself, in another macroscopic conflict of interest, has invested in a new Big Pharma which is experimenting with an mRNA genetic serum promoted by Bill Gates…

    The famous oncologist who lead Italian Health Ministry further ended up in the media storm after an international scientific investigation relaunched by Science journal on possible misconduct found in a cancer public research.

    Fabio Giuseppe Carlo Carisio
    © COPYRIGHT GOSPA NEWS
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    Fabio G. C. Carisio
    Fabio is investigative journalist since 1991. Now geopolitics, intelligence, military, SARS-Cov-2 manmade, NWO expert and Director-founder of Gospa News: a Christian Information Journal.

    His articles were published on many international media and website as SouthFront, Reseau International, Sputnik Italia, United Nation Association Westminster, Global Research, Kolozeg and more…

    Most popolar investigation on VT is:

    Rumsfeld Shady Heritage in Pandemic: GILEAD’s Intrigues with WHO & Wuhan Lab. Bio-Weapons’ Tests with CIA & Pentagon

    Fabio Giuseppe Carlo Carisio, born on 24/2/1967 in Borgosesia, started working as a reporter when he was only 19 years old in the alpine area of Valsesia, Piedmont, his birth region in Italy. After studying literature and history at the Catholic University of the Sacred Heart in Milan, he became director of the local newspaper Notizia Oggi Vercelli and specialized in judicial reporting.

    For about 15 years he is a correspondent from Northern Italy for the Italian newspapers Libero and Il Giornale, also writing important revelations on the Ustica massacre, a report on Freemasonry and organized crime.

    With independent investigations, he collaborates with Carabinieri and Guardia di Finanza in important investigations that conclude with the arrest of Camorra entrepreneurs or corrupt politicians.

    In July 2018 he found the counter-information web media Gospa News focused on geopolitics, terrorism, Middle East, and military intelligence.

    In 2020 published the book, in Italian only, WUHAN-GATES – The New World Order Plot on SARS-Cov-2 manmade focused on the cycle of investigations Wuhan-Gates

    His investigations was quoted also by The Gateway Pundit, Tasnim and others

    He worked for many years for the magazine Art & Wine as an art critic and curator.

    VETERANS TODAY OLD POSTS

    www.gospanews.net/


    ATTENTION READERS

    We See The World From All Sides and Want YOU To Be Fully Informed
    In fact, intentional disinformation is a disgraceful scourge in media today. So to assuage any possible errant incorrect information posted herein, we strongly encourage you to seek corroboration from other non-VT sources before forming an educated opinion.

    About VT - Policies & Disclosures - Comment Policy
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    https://www.vtforeignpolicy.com/2023/11/former-italian-health-minister-under-investigation-for-murder-falsehood-and-dangerous-drugs-due-to-mrna-vaccination/
    Former Italian Health Minister under Investigation for Murder, Falsehood and Dangerous Drugs due to mRNA Vaccination | VT Foreign Policy November 25, 2023 VT Condemns the ETHNIC CLEANSING OF PALESTINIANS by USA/Israel $ 280 BILLION US TAXPAYER DOLLARS INVESTED since 1948 in US/Israeli Ethnic Cleansing and Occupation Operation; $ 150B direct "aid" and $ 130B in "Offense" contracts Source: Embassy of Israel, Washington, D.C. and US Department of State. In the cover image the former Italian Health minister Roberto Speranza and his successor Orazio Schillaci who was and advisor of him during Co vid vaccination campaign by Fabio Giuseppe Carlo Carisio VERSIONE IN ITALIANO Ideological falsehood, multiple manslaughter, marketing of an imperfect dangerous drug. These are the main charges for which the former Minister of Health of the Italian Republic Roberto Speranza, now a deputy of the Democratic Party, is being investigated following the vaccination campaign with mRNA and mDNA gene sera for Co vid-19. The announcement was made by the program “Fuori dal Coro” on Rete 4, a channel of the Mediaset group of the heirs of former Prime Minister Silvio Berlusconi, but it did not have much coverage in the national media which immediately relaunched the statements of his lawyer on the request for archiving instead of examining the merits of the investigation resulting from the complaint by the State Police union OSA, led by the national secretary Antonio Porto, and by other organizations for the protection of vaccinated people. Former Italian PM Berlusconi DIED. After Two Pathologies Typical of the Covid Vaccines’ Serious Adverse Reactions The investigation was opened by the public prosecutor of Rome, Francesco Lo Voi, who also entered the former director of the Italian Medicines Agency (AIFA), Nicola Magrini, into the register of suspects. The Italian AifaLeaks on Co vid Vaccines’ Safety Among the alleged crimes highlighted in the complaint there are in fact alleged concealments of the effectiveness and safety of Co vid vaccines that emerged from some AIFA emails released by the television broadcast in March 2023. The inquiry was in fact called “AifaLeaks”. From them emerged the will of the Italian Medicines Agency, a body controlled by the Ministry of Health, not to disseminate various crucial information: that on “fragile patients are not among the unstudied populations” and that an “excess of cardiovascular mortality for the AstraZeneca vaccine”. VACCINI KILLER AI FRAGILI SENZA SICUREZZA: SPERANZA INDAGATO, MA SCHILLACI IGNORATO. Denuncia dei Poliziotti anche sui Sieri Genici mRNA quali Farmaci Pericolosi These safety alerts would have been hidden to “not kill the vaccine” in the first months of high adverse reactions, a concern expressed by an email from Magrini which obviously caused a stir (more details inside article in Italian version). The Statement of Police union OSA on the Complaint’s Crimes In a press release Antonio Porto, national general secretary of the Police union O.S.A. , among the signatories of the complaint, specified that there are other crimes being investigated by the judiciary in addition to those mentioned in the television report: «The report aired exclusively on Fuori dal Coro, with which the registration of the former Minister of Health Roberto Speranza and the former AIFA Director Nicola Magrini in the register of suspects was announced for the alleged crime referred to in the articles: 443 c.p. (trade or administration of faulty medicines), 445 of the criminal code (administration of medicines in a manner dangerous to public health), 374 bis of the criminal code. (false declarations or attestations in documents intended for judicial authorities), 479 c.p. (false ideology), 575 (murder). Crimes committed during the vaccination campaign». Antonio Porto, national general secretary of the Police union O.S.A «After Roberto Speranza was registered in the register of suspects for Roberto Speranza, as Minister at the time of the disputed facts, the Rome Prosecutor’s Office sent a request for authorization to the Court of Ministers, the content of which we do not yet know – adds Porto – The opening of the investigation is the result of the complaint filed in May 2023 by the Free Lawyers (ALI) under the power of attorney of the Listen to Me Committee, of the Association of Associated Security Operators (OSA Italia), by Antonio Porto ational general secretary of the O.S.A. Police (who replaced the Secretariat Provincial LES Caserta); of the Democratic Financiers Union and of the former White Senator Laura Granato”. POLIZIOTTO PERSEGUITATO DOPO DENUNCE SUI VACCINI COVID PERICOLOSI. Antonio Porto da Agente antiMafia a Sindacalista LES Sospeso «In the last few hours, ANSA issued a statement from Roberto Speranza’s defense lawyer who reported that the Rome Prosecutor’s Office had already requested the dismissal of his client. The signatories of the complaint await official communication from the Public Prosecutor’s Office of Rome – continues the statement – We will not stop and we will oppose any request for dismissal in every forum, but at this moment we need the strength of all of you to make people heard who deserves their indignation in the event of a possible dismissal of the investigation. Irrefutable elements have been brought to the attention of the Public Prosecutor’s Office of Rome». “Toxic Nanoforms inside Pfizer-Biontech Covid Vaccine”. Vital Study by Italian Biochemist on US Journal of Virology highlights an Alleged Crime Complaint on crimes 443 and 445 concerning the safety of drugs is based on the studies of the Italian biochemist Gabriel Segalla who was the first to detect the toxicity of the lipid nanoforms of the Comirnaty gene serum produced by Pfizer-Biontech and recently detected further critical issues related to muscle inoculation by claiming that EMA could not fail to know them and therefore would have been aware of them. “European Medicines Agency Knew Toxicity of Pfizer Covid Vaccine”. Bombshell Study Published in US by an Italian BioChemist on Dangers mRNA-LNPs If, regarding the adverse reactions and the alleged concealments regarding myocarditis, Speranza can rely on the very serious responsibilities assumed by the EMA and the AIFA, drug regulatory bodies responsible for verifying their safety, the problem concerning the absence of evidence of efficacy and safety in frail patients even appears reductive because it must be placed in the broader context of dozens of other failures to verify safety despite which the American health authorities FDA, CDC, and the European ones EMA and AIFA authorized these vaccines without genotoxicity studies, carcinogenicity and, in fact, on immunocompromised people. Moderna AWARE that mRNA Jabs causes CANCER due to DNA Fragments. Malone Unveils Patent The Ongoing Vaccination despite the Lack of Studies on Safety Not only, the medicines regulators then authorized the Comirnaty and Spikevax mRNA genetic sera but they continue to consider them safe in the current vaccination campaign despite the ongoing lack of studies those critical and dangerous issues. In light of the judiciary’s investigation into the former minister Speranza, it is also necessary to ask ourselves about the possible and current responsibilities of the Italian Ministry of Health led by Orazio Schillaci who was consultant to Speranza himself and also rector of the University of Rome Tor Vergata through which he joined partnerships with the Big Pharma of Covid vaccines inside the government project of National center for the development of gene therapy and drugs with RNA technology. MINISTRO SCHILLACI SPECULA SU BIG PHARMA FINANZIATA DA GATES. €700mila Investiti in Biomediche USA che Testano anche Vaccini DNA Covid Not only. Schillaci himself, in another macroscopic conflict of interest, has invested in a new Big Pharma which is experimenting with an mRNA genetic serum promoted by Bill Gates… The famous oncologist who lead Italian Health Ministry further ended up in the media storm after an international scientific investigation relaunched by Science journal on possible misconduct found in a cancer public research. Fabio Giuseppe Carlo Carisio © COPYRIGHT GOSPA NEWS prohibition of reproduction without authorization follow Fabio Carisio Gospa News director on Twitter follow Gospa News on Telegram Subscribe to the Gospa News Newsletter to read the news as soon as it is published MAIN SOURCES Fabio G. C. Carisio Fabio is investigative journalist since 1991. Now geopolitics, intelligence, military, SARS-Cov-2 manmade, NWO expert and Director-founder of Gospa News: a Christian Information Journal. His articles were published on many international media and website as SouthFront, Reseau International, Sputnik Italia, United Nation Association Westminster, Global Research, Kolozeg and more… Most popolar investigation on VT is: Rumsfeld Shady Heritage in Pandemic: GILEAD’s Intrigues with WHO & Wuhan Lab. Bio-Weapons’ Tests with CIA & Pentagon Fabio Giuseppe Carlo Carisio, born on 24/2/1967 in Borgosesia, started working as a reporter when he was only 19 years old in the alpine area of Valsesia, Piedmont, his birth region in Italy. After studying literature and history at the Catholic University of the Sacred Heart in Milan, he became director of the local newspaper Notizia Oggi Vercelli and specialized in judicial reporting. For about 15 years he is a correspondent from Northern Italy for the Italian newspapers Libero and Il Giornale, also writing important revelations on the Ustica massacre, a report on Freemasonry and organized crime. With independent investigations, he collaborates with Carabinieri and Guardia di Finanza in important investigations that conclude with the arrest of Camorra entrepreneurs or corrupt politicians. In July 2018 he found the counter-information web media Gospa News focused on geopolitics, terrorism, Middle East, and military intelligence. In 2020 published the book, in Italian only, WUHAN-GATES – The New World Order Plot on SARS-Cov-2 manmade focused on the cycle of investigations Wuhan-Gates His investigations was quoted also by The Gateway Pundit, Tasnim and others He worked for many years for the magazine Art & Wine as an art critic and curator. VETERANS TODAY OLD POSTS www.gospanews.net/ ATTENTION READERS We See The World From All Sides and Want YOU To Be Fully Informed In fact, intentional disinformation is a disgraceful scourge in media today. So to assuage any possible errant incorrect information posted herein, we strongly encourage you to seek corroboration from other non-VT sources before forming an educated opinion. About VT - Policies & Disclosures - Comment Policy Due to the nature of uncensored content posted by VT's fully independent international writers, VT cannot guarantee absolute validity. All content is owned by the author exclusively. Expressed opinions are NOT necessarily the views of VT, other authors, affiliates, advertisers, sponsors, partners, or technicians. Some content may be satirical in nature. All images are the full responsibility of the article author and NOT VT. https://www.vtforeignpolicy.com/2023/11/former-italian-health-minister-under-investigation-for-murder-falsehood-and-dangerous-drugs-due-to-mrna-vaccination/
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    Former Italian Health Minister under Investigation for Murder, Falsehood and Dangerous Drugs due to mRNA Vaccination
    In the cover image the former Italian Health minister Roberto Speranza and his successor Orazio Schillaci who was and advisor of him during Co vid vaccination campaign by Fabio Giuseppe Carlo Carisio VERSIONE IN ITALIANO Ideological falsehood, multiple manslaughter, marketing of an imperfect dangerous drug. These are the main charges for which the former Minister...
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  • After Israel & Ukraine, Kazakhstan Emerges As The New Battleground Between West And Russia & China
    November 4, 2023
    For more than a year, world powers focused attention on the Russia-Ukraine war. Hamas’ October 7 barbarian attack on Israel hurriedly shifted world attention from Ukraine to the Middle East. The pot continues to boil. However, the East European conflict seems to be losing the potential to become a flashpoint for WW III.

    14 Pakistan Soldiers Ambushed In Gwadar; Afghan Asylum Seekers’ Plight Could Further Ignite The Nation, Sour Ties With Taliban

    In the aftermath of the Russian-Ukrainian logjam, the Central Asian region is gradually emerging, an area where the energy and strategic interests of world powers are likely to culminate in a deep and prolonged era of commercial rivalry and maybe even confrontation.

    The former Soviet Union considered the Republic of Kazakhstan of much importance when it conducted nuclear tests in Semiplatansk-2. It had caused severe environmental disaster to the republic. It was important not only for its vast land mass but also for its rich mineral resources like uranium and hydrocarbon deposits.

    In 1991, Kazakhstan declared its independence from the Soviet Union, albeit reluctantly. President Nursultan Nazarbayev was concerned about the spread of cancer to the local population because of nuclear testing radiation.

    He got engaged in rapid denuclearization with help from the United States. Over the years, Kazakhstan cooperated with Russia in returning all 1,400 active nuclear warheads as it took a leading role in declaring the Central Asian nuclear-weapon-free zone. In 2017, Kazakhstan voted for the Treaty on the Prohibition of Nuclear Weapons and ratified it in 2021.


    Kazakh Uranium

    With 12 percent of the world’s uranium resources and production of about 21,00 tU in 2021, Kazakhstan became the world’s leading uranium producer, with almost 28 percent of world production.

    In 2019, Kazakhstan produced 43% of the world’s uranium. Samruk Kazyna initially managed the Kazakh nuclear wealth fund. In 2018, it was taken over by Kazatomprom, with 15% of its shares placed on the Astana International Exchange and the Lonon Stock Exchange.

    International Collaboration

    Newly formed Kazatomprom has created links with Russia, China, and Japan and holds a significant share in the international company Westinghouse. It was sold in 2017. Canadian and French companies are granted licenses for uranium mining and other aspects of the fuel cycle.

    An MOU signed between the nuclear agencies of Kazakstan and Russia in 2014 stipulated the construction of a nuclear power plant using VVER reactors with a capacity of up to 1200 Mw. In the summer of 2012 and then in early 2013, an agreement was signed between the National Nuclear Centre (NNC of Kazakhstan) and Japanese Power Atomic Company (JPAC) relating to the design, construction, and cooperation of the Kazakhstan high-temperature gas-cooled reactor (HTR).

    China’s uranium supply agreement between Kazatomprom and China Guangdong Nuclear Power Group (CGNPC) was first signed in 2006, followed by subsequent agreements. The latest, signed in 2021, meant China would receive uranium concentrate.

    In 2009, Kazatomprom signed an agreement with Nuclear Power Corporation India Limited to supply 2100 tonnes of uranium to India with the condition that they undertake a feasibility study on building Indian PHWR reactors in Kazakhstan. Then, in 2015, in an agreement with the Indian Department of Atomic Energy, Kazatomprom committed to supply 5,000 tU to India from 2015 to 2019.

    Kazakhstan has uranium supply agreements with the US, South Korea, Iran, and Canada, as well as some private MNCs. This brief overview of Kazakhstan’s international nuclear program shows its importance and relevance to the world powers and their strategies for the peaceful use of nuclear energy.

    France Takes The Lead

    Among the European countries, France has taken the lead in upgrading the uranium deal with Kazakhstan. French President Emmanuel Macron visited Kazakhstan on November 1.

    He is likely to visit Uzbekistan also after concluding his talks with President Kassym-Jomrat Tokayev. The visit highlights the region’s increasing importance to Europe’s supply of nuclear and fossil fuels.

    Journalists are speculating about the purpose of the French President’s visit to the Central Asian Republics of Kazakhstan and Uzbekistan. Analysts are disposed to link the visit to the military coup in the West African country of Niger. France is concerned that the coup would jeopardize Nigerian uranium supplies to France’s vital nuclear industry.

    With the Ukrainian war, Russia’s oil exports to the EU have fallen owing to sanctions imposed on Moscow. Kazakhstan has emerged as the third-largest petroleum supplier to the EU. France traditionally imported most of its uranium from mines operated by the French companies in Niger.

    France relies on nuclear energy to produce more than 60 percent of its electricity requirement. Kazakhstan expects France to transfer the technical know-how to develop its domestic nuclear power and supply trained engineers.

    Under this arrangement, the French-owned EDF is building Kazakhstan’s first nuclear power plant. French universities are likely to establish branches in Kazakhstan.

    Emmanuel Macron
    Emmanuel Macron
    Russia’s Cooling Relations With CARs

    Of late, political analysts have noticed irritants surfacing in Russian-Central Asian relations. Russian influence dominated Central Asia for over a century, beginning with the “Great Game” of Lord Curzon.

    Among other reasons, the Ukrainian war has almost served as a watershed in these relations. Russian influence is diminishing. Military cooperation between the two entities has ended, and Russia’s world power status has been scrutinized.

    The etiquette observed by the Central Asian Republics should not be mistaken. Only recently, Russian foreign minister Sergei Lavrov denounced attempts to “pull neighbors, friends and allies away from Moscow.”

    Parallel Imports

    Aside from a prospect of cooling relations between Moscow and Central Asian capitals, a new development is noted that does not support the health of Kazakhstan-EU bonhomie.

    Warnings from the US and EU emanate that Russia is bypassing sanctions as it is importing goods from the West via Central Asian Republics. Among the imports are DJI drones and Western-built microchips, imported via Russian-owned subsidiaries in Kazakhstan.

    Russia uses these in the war against Ukraine. Given depleting war supplies from the US and the West and Putin’s intention of stretching the war against Ukraine indefinitely, President Zelensky of Ukraine feels the inevitable.

    Conclusion

    China has invested in more than 100 BRI projects in Central Asia. France or the EU cannot match China’s financial clout. Maybe Macron hopes to wean away some of the CARs from Russia, but the question remains whether France and the EU can dislodge China from the Central Asian commercial arena.

    The more important question is whether France will be willing to transact uranium business with Kazakstan on the latter’s terms. France is not a country that would trivialize her international commitments of extraordinary sensitivity.

    KN Pandita (Padma Shri) is the former director of the Center of Central Asian Studies at Kashmir University. Views Personal.
    Mail EurAsian Times at etdesk(at)eurasiantimes.com
    Follow EurAsian Times on Google News


    https://www.eurasiantimes.com/after-israel-ukraine-kazakhstan-emerges-as-the-new-battleground/
    After Israel & Ukraine, Kazakhstan Emerges As The New Battleground Between West And Russia & China November 4, 2023 For more than a year, world powers focused attention on the Russia-Ukraine war. Hamas’ October 7 barbarian attack on Israel hurriedly shifted world attention from Ukraine to the Middle East. The pot continues to boil. However, the East European conflict seems to be losing the potential to become a flashpoint for WW III. 14 Pakistan Soldiers Ambushed In Gwadar; Afghan Asylum Seekers’ Plight Could Further Ignite The Nation, Sour Ties With Taliban In the aftermath of the Russian-Ukrainian logjam, the Central Asian region is gradually emerging, an area where the energy and strategic interests of world powers are likely to culminate in a deep and prolonged era of commercial rivalry and maybe even confrontation. The former Soviet Union considered the Republic of Kazakhstan of much importance when it conducted nuclear tests in Semiplatansk-2. It had caused severe environmental disaster to the republic. It was important not only for its vast land mass but also for its rich mineral resources like uranium and hydrocarbon deposits. In 1991, Kazakhstan declared its independence from the Soviet Union, albeit reluctantly. President Nursultan Nazarbayev was concerned about the spread of cancer to the local population because of nuclear testing radiation. He got engaged in rapid denuclearization with help from the United States. Over the years, Kazakhstan cooperated with Russia in returning all 1,400 active nuclear warheads as it took a leading role in declaring the Central Asian nuclear-weapon-free zone. In 2017, Kazakhstan voted for the Treaty on the Prohibition of Nuclear Weapons and ratified it in 2021. Kazakh Uranium With 12 percent of the world’s uranium resources and production of about 21,00 tU in 2021, Kazakhstan became the world’s leading uranium producer, with almost 28 percent of world production. In 2019, Kazakhstan produced 43% of the world’s uranium. Samruk Kazyna initially managed the Kazakh nuclear wealth fund. In 2018, it was taken over by Kazatomprom, with 15% of its shares placed on the Astana International Exchange and the Lonon Stock Exchange. International Collaboration Newly formed Kazatomprom has created links with Russia, China, and Japan and holds a significant share in the international company Westinghouse. It was sold in 2017. Canadian and French companies are granted licenses for uranium mining and other aspects of the fuel cycle. An MOU signed between the nuclear agencies of Kazakstan and Russia in 2014 stipulated the construction of a nuclear power plant using VVER reactors with a capacity of up to 1200 Mw. In the summer of 2012 and then in early 2013, an agreement was signed between the National Nuclear Centre (NNC of Kazakhstan) and Japanese Power Atomic Company (JPAC) relating to the design, construction, and cooperation of the Kazakhstan high-temperature gas-cooled reactor (HTR). China’s uranium supply agreement between Kazatomprom and China Guangdong Nuclear Power Group (CGNPC) was first signed in 2006, followed by subsequent agreements. The latest, signed in 2021, meant China would receive uranium concentrate. In 2009, Kazatomprom signed an agreement with Nuclear Power Corporation India Limited to supply 2100 tonnes of uranium to India with the condition that they undertake a feasibility study on building Indian PHWR reactors in Kazakhstan. Then, in 2015, in an agreement with the Indian Department of Atomic Energy, Kazatomprom committed to supply 5,000 tU to India from 2015 to 2019. Kazakhstan has uranium supply agreements with the US, South Korea, Iran, and Canada, as well as some private MNCs. This brief overview of Kazakhstan’s international nuclear program shows its importance and relevance to the world powers and their strategies for the peaceful use of nuclear energy. France Takes The Lead Among the European countries, France has taken the lead in upgrading the uranium deal with Kazakhstan. French President Emmanuel Macron visited Kazakhstan on November 1. He is likely to visit Uzbekistan also after concluding his talks with President Kassym-Jomrat Tokayev. The visit highlights the region’s increasing importance to Europe’s supply of nuclear and fossil fuels. Journalists are speculating about the purpose of the French President’s visit to the Central Asian Republics of Kazakhstan and Uzbekistan. Analysts are disposed to link the visit to the military coup in the West African country of Niger. France is concerned that the coup would jeopardize Nigerian uranium supplies to France’s vital nuclear industry. With the Ukrainian war, Russia’s oil exports to the EU have fallen owing to sanctions imposed on Moscow. Kazakhstan has emerged as the third-largest petroleum supplier to the EU. France traditionally imported most of its uranium from mines operated by the French companies in Niger. France relies on nuclear energy to produce more than 60 percent of its electricity requirement. Kazakhstan expects France to transfer the technical know-how to develop its domestic nuclear power and supply trained engineers. Under this arrangement, the French-owned EDF is building Kazakhstan’s first nuclear power plant. French universities are likely to establish branches in Kazakhstan. Emmanuel Macron Emmanuel Macron Russia’s Cooling Relations With CARs Of late, political analysts have noticed irritants surfacing in Russian-Central Asian relations. Russian influence dominated Central Asia for over a century, beginning with the “Great Game” of Lord Curzon. Among other reasons, the Ukrainian war has almost served as a watershed in these relations. Russian influence is diminishing. Military cooperation between the two entities has ended, and Russia’s world power status has been scrutinized. The etiquette observed by the Central Asian Republics should not be mistaken. Only recently, Russian foreign minister Sergei Lavrov denounced attempts to “pull neighbors, friends and allies away from Moscow.” Parallel Imports Aside from a prospect of cooling relations between Moscow and Central Asian capitals, a new development is noted that does not support the health of Kazakhstan-EU bonhomie. Warnings from the US and EU emanate that Russia is bypassing sanctions as it is importing goods from the West via Central Asian Republics. Among the imports are DJI drones and Western-built microchips, imported via Russian-owned subsidiaries in Kazakhstan. Russia uses these in the war against Ukraine. Given depleting war supplies from the US and the West and Putin’s intention of stretching the war against Ukraine indefinitely, President Zelensky of Ukraine feels the inevitable. Conclusion China has invested in more than 100 BRI projects in Central Asia. France or the EU cannot match China’s financial clout. Maybe Macron hopes to wean away some of the CARs from Russia, but the question remains whether France and the EU can dislodge China from the Central Asian commercial arena. The more important question is whether France will be willing to transact uranium business with Kazakstan on the latter’s terms. France is not a country that would trivialize her international commitments of extraordinary sensitivity. KN Pandita (Padma Shri) is the former director of the Center of Central Asian Studies at Kashmir University. Views Personal. Mail EurAsian Times at etdesk(at)eurasiantimes.com Follow EurAsian Times on Google News https://www.eurasiantimes.com/after-israel-ukraine-kazakhstan-emerges-as-the-new-battleground/
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    After Israel & Ukraine, Kazakhstan Emerges As The New Battleground Between West And Russia & China
    For more than a year, world powers focused attention on the Russia-Ukraine war. Hamas’ October 7 barbarian attack on Israel hurriedly shifted world attention from Ukraine to the Middle East. The pot continues to boil. However, the East European conflict seems to be losing the potential to become a flashpoint for WW III. 14 Pakistan […]
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  • French senators propose CRIMINALIZING anyone who criticizes Israel

    Sixteen French senators submitted a bill last week, aiming to penalize anti-Zionism in France. For analysts, this is a seemingly suppressive move in cracking down on pro-Palestinian protests.
    Article 25 of the bill specified that those who contest the existence of the State of Israel by one of the means set out in Article 23 shall be punished by one year’s imprisonment and a fine of 45,000 euros. "Insult committed against the State of Israel, by any of the means set out in Article 23, shall be punishable by two years' imprisonment and a fine of 75,000 euros. Those who, by the same means, have directly provoked hatred or violence against the State of Israel shall be punished by five years imprisonment and a fine of 100,000 euros," the bill stated.

    Moreover, Article 23 of the bill covered the transmission of offensive words as follows: by speeches, shouts, or threats made in public places or meetings, or by writings, prints, drawings, engravings, paintings, emblems, images, or any other written medium, speech or image, sold or distributed, offered for sale or exhibited in public places or meetings.


    Senator Stephane Le Rudulier of the LR party (the Republicans) announced via a series of posts on X, formerly known as Twitter, that he had submitted the text with 15 other politicians. The bill represents "anti-Zionism as prohibited and condemned as anti-Semitism," the politician said. He also likened anti-Zionism to anti-Semitism, arguing that "the rise of anti-Semitism is fueled by the hatred of Israel, a disguised form of hatred towards Jews."

    In a letter addressed to France's Prime Minister Elisabeth Borne last month, he deplored the "existence of a fifth column of Palestinian terrorism in France" and called for the dissolution of pro-Palestine parties such as La France Insoumise (LFI), the New Anticapitalist Party (NPA) and the Jeune Garde, which he alleged are promoting terrorism.

    Brighteon.TV


    Earlier in October France's interior minister ordered local authorities to ban all pro-Palestinian demonstrations. French President Emmanuel Macron urged French people not to allow the war in the Mideast to erupt into tensions at home. Right after Macron spoke on TV about the Mideast conflict, Paris police used tear gas and water cannons to disperse pro-Palestinian protesters who had defied a ban and demonstrated Thursday against the Israeli government. "Let us not bring ideological adventures here (to France) by imitation or by projection. Let us not add national fractures ... to international fractures," Macron said. "Let us stay united."

    France's Jewish population, estimated at more than half a million, is the largest in Europe and the third-biggest in the world, after Israel and the United States.

    Paris protesters chant: "Israel, assassin," "Macron, accomplice"

    Thousands of protesters marched through the rain-dampened streets of Paris on November 4, with some shouting "Israel, assassin."

    They were loudly denouncing Macron, chanting "Macron, accomplice" and showing support for Palestine while shouting "Palestine will live, Palestine will win," as they carried Palestinian flags. Some had placards that read "Immediate ceasefire," a cry also recited repeatedly by the crowd. Banners on a sound system truck at the center of the march read "Stop the massacre in Gaza."

    Paris’s police chief authorized the march, which ran between two large public squares in eastern Paris, Republique and Nation, but vowed that any behavior deemed "antisemitic or sympathetic toward terrorism will not be tolerated by police officers mobilized to keep order." It was one of the first, big gatherings in support of Palestinians to be legally allowed in Paris since the Hamas attack on October 7.

    Ultimately, the rallyists are calling for peace between the two conflicting nations. "We came here today to show the people of France's solidarity with the Palestinian people and our support for peace, for a peace solution with two states, an Israeli state and a Palestinian state," said Antoine Guerreiro, a 30-year-old civil servant. Meanwhile, Wahid Barek, a 66-year-old retiree, lamented the deaths of both Israeli and Palestinian civilians. "I deplore civilian deaths on both sides. Civilians have nothing to do with these actions. It really is shameful," he said. (Related: Days after saying 'every Jewish person is a Zionist,' ADL CEO Jonathan Greenblatt says anti-Zionist Jews are a 'hate group.')

    Catch the latest news about the Israel-Gaza conflict on WWIII.news.

    Sources for this article include:

    HarapanDaily.com

    MoroccoWorldNews.com

    APNews.com

    TimesOfIsrael.com

    VOANews.com


    https://www.naturalnews.com/2023-11-14-french-senators-propose-to-criminalize-israel-critics.html
    French senators propose CRIMINALIZING anyone who criticizes Israel Sixteen French senators submitted a bill last week, aiming to penalize anti-Zionism in France. For analysts, this is a seemingly suppressive move in cracking down on pro-Palestinian protests. Article 25 of the bill specified that those who contest the existence of the State of Israel by one of the means set out in Article 23 shall be punished by one year’s imprisonment and a fine of 45,000 euros. "Insult committed against the State of Israel, by any of the means set out in Article 23, shall be punishable by two years' imprisonment and a fine of 75,000 euros. Those who, by the same means, have directly provoked hatred or violence against the State of Israel shall be punished by five years imprisonment and a fine of 100,000 euros," the bill stated. Moreover, Article 23 of the bill covered the transmission of offensive words as follows: by speeches, shouts, or threats made in public places or meetings, or by writings, prints, drawings, engravings, paintings, emblems, images, or any other written medium, speech or image, sold or distributed, offered for sale or exhibited in public places or meetings. Senator Stephane Le Rudulier of the LR party (the Republicans) announced via a series of posts on X, formerly known as Twitter, that he had submitted the text with 15 other politicians. The bill represents "anti-Zionism as prohibited and condemned as anti-Semitism," the politician said. He also likened anti-Zionism to anti-Semitism, arguing that "the rise of anti-Semitism is fueled by the hatred of Israel, a disguised form of hatred towards Jews." In a letter addressed to France's Prime Minister Elisabeth Borne last month, he deplored the "existence of a fifth column of Palestinian terrorism in France" and called for the dissolution of pro-Palestine parties such as La France Insoumise (LFI), the New Anticapitalist Party (NPA) and the Jeune Garde, which he alleged are promoting terrorism. Brighteon.TV Earlier in October France's interior minister ordered local authorities to ban all pro-Palestinian demonstrations. French President Emmanuel Macron urged French people not to allow the war in the Mideast to erupt into tensions at home. Right after Macron spoke on TV about the Mideast conflict, Paris police used tear gas and water cannons to disperse pro-Palestinian protesters who had defied a ban and demonstrated Thursday against the Israeli government. "Let us not bring ideological adventures here (to France) by imitation or by projection. Let us not add national fractures ... to international fractures," Macron said. "Let us stay united." France's Jewish population, estimated at more than half a million, is the largest in Europe and the third-biggest in the world, after Israel and the United States. Paris protesters chant: "Israel, assassin," "Macron, accomplice" Thousands of protesters marched through the rain-dampened streets of Paris on November 4, with some shouting "Israel, assassin." They were loudly denouncing Macron, chanting "Macron, accomplice" and showing support for Palestine while shouting "Palestine will live, Palestine will win," as they carried Palestinian flags. Some had placards that read "Immediate ceasefire," a cry also recited repeatedly by the crowd. Banners on a sound system truck at the center of the march read "Stop the massacre in Gaza." Paris’s police chief authorized the march, which ran between two large public squares in eastern Paris, Republique and Nation, but vowed that any behavior deemed "antisemitic or sympathetic toward terrorism will not be tolerated by police officers mobilized to keep order." It was one of the first, big gatherings in support of Palestinians to be legally allowed in Paris since the Hamas attack on October 7. Ultimately, the rallyists are calling for peace between the two conflicting nations. "We came here today to show the people of France's solidarity with the Palestinian people and our support for peace, for a peace solution with two states, an Israeli state and a Palestinian state," said Antoine Guerreiro, a 30-year-old civil servant. Meanwhile, Wahid Barek, a 66-year-old retiree, lamented the deaths of both Israeli and Palestinian civilians. "I deplore civilian deaths on both sides. Civilians have nothing to do with these actions. It really is shameful," he said. (Related: Days after saying 'every Jewish person is a Zionist,' ADL CEO Jonathan Greenblatt says anti-Zionist Jews are a 'hate group.') Catch the latest news about the Israel-Gaza conflict on WWIII.news. Sources for this article include: HarapanDaily.com MoroccoWorldNews.com APNews.com TimesOfIsrael.com VOANews.com https://www.naturalnews.com/2023-11-14-french-senators-propose-to-criminalize-israel-critics.html
    WWW.NATURALNEWS.COM
    French senators propose CRIMINALIZING anyone who criticizes Israel – NaturalNews.com
    Sixteen French senators submitted a bill last week, aiming to penalize anti-Zionism in France. For analysts, this is a seemingly suppressive move in cracking down on pro-Palestinian protests. Article 25 of the bill specified that those who contest the existence of the State of Israel by one of the means set out in Article 23 […]
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  • The Ultimate Keto Meal Plan

    The ketogenic diet, or keto for short, has gained immense popularity for its ability to help individuals shed excess weight by encouraging the body to burn fat for fuel. Central to the success of the keto lifestyle is a well-structured meal plan that keeps carbohydrates at bay while embracing healthy fats and moderate protein. Here's a guide to the ultimate keto meal plan to help you navigate this low-carb, high-fat journey.

    Breakfast:

    Kickstart your day with a keto-friendly breakfast that is both satisfying and nourishing. Consider scrambled eggs cooked in butter, topped with avocado slices and a sprinkle of feta cheese. This protein and fat-rich breakfast will keep you satiated, helping to curb mid-morning cravings.

    Lunch:

    For a midday meal that aligns with the keto principles, opt for a hearty salad featuring leafy greens, grilled chicken or salmon, and an assortment of low-carb vegetables like cucumbers and cherry tomatoes. Enhance the flavor with a generous drizzle of olive oil or avocado dressing for a dose of healthy fats.

    Snacks:

    Incorporate keto-friendly snacks to keep energy levels stable between meals. Nuts, such as almonds or macadamias, are an excellent choice, providing healthy fats and a satisfying crunch. Cheese slices or celery sticks paired with guacamole are also convenient and delicious options to keep hunger at bay.

    Dinner:

    A well-rounded dinner is crucial for sustaining the ketogenic lifestyle. Opt for a protein-rich dish like grilled steak or baked salmon, accompanied by a side of non-starchy vegetables such as broccoli or asparagus. Cooking with olive oil or butter ensures an ample supply of healthy fats to maintain ketosis.

    Dessert:

    Indulge your sweet tooth without derailing your keto journey. Consider a dessert made with keto-friendly sweeteners such as stevia or erythritol. A simple yet satisfying option is dark chocolate dipped in nut butter or a creamy avocado chocolate mousse.

    Beverages:

    Stay hydrated with water, herbal teas, and black coffee. Be cautious with fruit juices and conventional sodas, as they often contain high levels of hidden sugars. If you're craving a creamy option, choose unsweetened almond or coconut milk.

    Tips for Success:

    Monitor Macros: Keep a close eye on your macronutrient intake, aiming for a daily distribution of approximately 70-75% fat, 20-25% protein, and 5-10% carbohydrates.

    Plan and Prep: Planning and preparing meals in advance can help you stay on track and avoid impulsive food choices.

    Choose Quality Fats: Opt for healthy fats such as avocados, olive oil, coconut oil, and nuts to ensure your body receives essential nutrients.

    Listen to Your Body: Pay attention to hunger and fullness cues. The keto diet encourages mindful eating, so eat when hungry and stop when satisfied.

    Stay Consistent: Consistency is key when following the keto lifestyle. Stick to the plan, and over time, your body will adapt to burning fat for energy.

    In conclusion, the ultimate keto meal plan emphasizes a balance of healthy fats, moderate protein, and minimal carbohydrates. By incorporating a variety of nutrient-dense foods, staying hydrated, and being mindful of macronutrient ratios, you can enjoy the benefits of the ketogenic diet while savoring delicious and satisfying meals.
    Join the keto community, share your experiences, and find inspiration from others on the same journey. Whether you're looking to lose weight, boost energy, or improve overall health, the keto lifestyle could be the key to unlocking your full potential.-- https://shrinkme.info/UZsJe

    The Ultimate Keto Meal Plan The ketogenic diet, or keto for short, has gained immense popularity for its ability to help individuals shed excess weight by encouraging the body to burn fat for fuel. Central to the success of the keto lifestyle is a well-structured meal plan that keeps carbohydrates at bay while embracing healthy fats and moderate protein. Here's a guide to the ultimate keto meal plan to help you navigate this low-carb, high-fat journey. Breakfast: Kickstart your day with a keto-friendly breakfast that is both satisfying and nourishing. Consider scrambled eggs cooked in butter, topped with avocado slices and a sprinkle of feta cheese. This protein and fat-rich breakfast will keep you satiated, helping to curb mid-morning cravings. Lunch: For a midday meal that aligns with the keto principles, opt for a hearty salad featuring leafy greens, grilled chicken or salmon, and an assortment of low-carb vegetables like cucumbers and cherry tomatoes. Enhance the flavor with a generous drizzle of olive oil or avocado dressing for a dose of healthy fats. Snacks: Incorporate keto-friendly snacks to keep energy levels stable between meals. Nuts, such as almonds or macadamias, are an excellent choice, providing healthy fats and a satisfying crunch. Cheese slices or celery sticks paired with guacamole are also convenient and delicious options to keep hunger at bay. Dinner: A well-rounded dinner is crucial for sustaining the ketogenic lifestyle. Opt for a protein-rich dish like grilled steak or baked salmon, accompanied by a side of non-starchy vegetables such as broccoli or asparagus. Cooking with olive oil or butter ensures an ample supply of healthy fats to maintain ketosis. Dessert: Indulge your sweet tooth without derailing your keto journey. Consider a dessert made with keto-friendly sweeteners such as stevia or erythritol. A simple yet satisfying option is dark chocolate dipped in nut butter or a creamy avocado chocolate mousse. Beverages: Stay hydrated with water, herbal teas, and black coffee. Be cautious with fruit juices and conventional sodas, as they often contain high levels of hidden sugars. If you're craving a creamy option, choose unsweetened almond or coconut milk. Tips for Success: Monitor Macros: Keep a close eye on your macronutrient intake, aiming for a daily distribution of approximately 70-75% fat, 20-25% protein, and 5-10% carbohydrates. Plan and Prep: Planning and preparing meals in advance can help you stay on track and avoid impulsive food choices. Choose Quality Fats: Opt for healthy fats such as avocados, olive oil, coconut oil, and nuts to ensure your body receives essential nutrients. Listen to Your Body: Pay attention to hunger and fullness cues. The keto diet encourages mindful eating, so eat when hungry and stop when satisfied. Stay Consistent: Consistency is key when following the keto lifestyle. Stick to the plan, and over time, your body will adapt to burning fat for energy. In conclusion, the ultimate keto meal plan emphasizes a balance of healthy fats, moderate protein, and minimal carbohydrates. By incorporating a variety of nutrient-dense foods, staying hydrated, and being mindful of macronutrient ratios, you can enjoy the benefits of the ketogenic diet while savoring delicious and satisfying meals. Join the keto community, share your experiences, and find inspiration from others on the same journey. Whether you're looking to lose weight, boost energy, or improve overall health, the keto lifestyle could be the key to unlocking your full potential.-- https://shrinkme.info/UZsJe
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  • Do You Know What’s in a Vaccine? Chemical Ingredients
    Addendum to the Childhood Vaccination Series


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    Over the last few decades, the number of chemicals added to foods and other products has skyrocketed. Chemicals are added to “enhance flavor”, make fruits and vegetables look fresh, extend the shelf life of packaged foods and for other invented reasons. A cornucopia of chemicals are also found in lotions and beauty products with the ostensible reason that these chemicals make beauty products feel, look, and smell nice.

    Along with this increase in heavily processed foods has come increased skepticism about the necessity of inserting chemical additives into everything we touch and taste. A significant and growing segment of the US population are beginning to examine the health consequences of ingesting and absorbing these chemical-laden products.

    This growing awareness about the adverse effects of ingesting and absorbing synthetic ingredients and the public’s understanding of the attendant health benefits of consuming products free from synthetic chemicals has prompted consumers to seek out organic ingredient-based items in their foods and skin lotions.

    More people are showing interest in knowing about the ingredients in their food and striving to ‘eat clean.’ This increased awareness is evidenced in the steady growth of the organic food industry and trends in the natural and organic cosmetic industry where demand is higher than ever.

    This same level of concern has begun to seep into the public conscience regarding a certain medical product that has mostly avoided scrutiny – the vaccine.

    Having been trained to accept that this product is a customary aspect of everyday life, most people haven’t given much thought to what’s inside the vaccine vials. Rarely will the vaccine ritual in the doctor’s office include a discussion about the ingredients which are about to be injected into the patient’s body. It’s highly likely the physicians and nurses themselves don’t know the ingredients of each vaccine.

    So what’s in that vial? What’s coming through that needle?

    A Partial List of Ingredients

    Aluminum: Aluminum salts are used in some vaccine formulations as an adjuvant. An adjuvant is a substance added to vaccines to ostensibly enhance the immune response. Examples of aluminum salts in some vaccines are aluminum hydroxide, aluminum phosphate, alum (potassium aluminum sulfate) or mixed aluminum salts.

    In a 2011 study Canadian scientists Professor Christopher Shaw and Dr. Lucija Tomljenovic stated the following:

    “Aluminum is an experimentally demonstrated neurotoxin and the most commonly used vaccine adjuvant. In particular, aluminum in adjuvant form carries a risk for autoimmunity, long-term brain inflammation and associated neurological complications and may thus have profound and widespread adverse health consequences.”

    Multiple studies have shown that the intramuscularly injected aluminum vaccine adjuvant is absorbed into the systemic circulation and travels to different sites in the body, such as the brain, joints, and the spleen, where it accumulates and is retained for years post-vaccination.

    Mercury (thimerosal): Thimerosal is an ethyl mercury-based preservative used in vials that contain more than one dose of a vaccine (multi-dose vials) to prevent germs, bacteria and/or fungi from contaminating the vaccine. While in decline some flu vaccines and childhood vaccines in multi-dose vials still utilize thimerosal.

    Mercury is known to be a genotoxic agent, even in minute concentrations, which can damage the genetic information within a cell causing mutations, which may lead to cancer.

    A meta-analysis epidemiological study suggested thimerosal containing vaccines significantly increased the risk of neurodevelopmental disorders.

    A 2011 study suggested there may be higher rates of blood and brain mercury levels in monkeys exposed to vaccines containing thimerosal.

    The American Academy of Pediatrics and the U.S. Public Health Service (1999) published a joint statement that urged “all government agencies to work rapidly toward reducing children’s exposure to mercury from all sources.”

    Gelatin: Gelatin is used as a stabilizer in some vaccines licensed in the U.S. Stabilizers are added to vaccines to protect the active ingredients from degrading during manufacture, transport and storage.

    Gelatin is a protein obtained from cows or pigs and produced by the partial hydrolysis of collagen extracted by boiling animal parts such as cartilage, tendons, skin, bones and ligaments in water. Some people might have a severe allergic reaction to it.

    Certain vaccine viruses are grown on gelatin derived from the ligaments of pigs fed heavy doses of glyphosate in their feed. Gelatin comes from collagen which has lots of glycine.

    Gelatin is one of the most commonly identified causes of allergic reactions to vaccines.

    A 1999 Japanese study showed most anaphylactic reactions and some urticarial reactions to gelatin-containing measles, mumps, and rubella monovalent vaccines were associated with gelatin allergy. Based on these findings Japan removed gelatin from vaccines in 2000.

    Formaldehyde: Formaldehyde is used during the manufacture of some vaccines to inactivate viruses (like polio and hepatitis A viruses) or bacterial toxins (like diphtheria and tetanus toxins).

    Formaldehyde is a human carcinogen based on evidence from cancer studies in humans and is listed as aknown to be human carcinogen in the National Toxicology Program’s (NTP) Twelfth Report on Carcinogens(2011).

    Phenol/Phenoxyethanol: Phenoxyethanol is used in vaccines and biologics as a preservative to prevent microbial growth.

    A 2010 study, The relative toxicity of compounds used as preservatives in vaccines and biologics, assessed the relative cytotoxicity of the levels of the compounds commonly used as preservative in US licensed vaccines and found that for phenoxyethanol it was 4.6-fold, for phenol 12.2-fold and for Thimerosal >330-fold.

    They concluded, “None of the compounds commonly used as preservatives in US licensed vaccine/biological preparations can be considered an ideal preservative, and their ability to fully comply with the requirements of the US Code of Federal Regulations (CFR) for preservatives is in doubt.”

    Case reports (here, here and here) have suggested a link between phenoxyethanol and urticaria (hives), eczema and anaphylaxis.

    Triton X-100: Triton X –100 or octylphenol ethoxylate (OPE) is a surfactant (reducing the surface tension of liquids) and stabilizer present in some influenza vaccines.

    OPEs are endocrine disruptors and break down relatively easily into Octylphenols (OPs), which are more harmful. Endocrine disruptors can alter reproductive function, increase incidences of breast cancer, affect growth patterns and neurodevelopment in children and change immune function.

    Squalene: Squalene is a naturally-occurring substance derived primarily from shark liver oil. When combined with other ingredients it becomes an adjuvant, which, like aluminum, is added to vaccines to elicit a stronger immune response from the body.

    A 2000 study demonstrated that one intradermal injection of squalene adjuvant produced arthritis in rats.

    Some believe that Gulf War Syndrome was linked to the presence of squalene in certain lots of the anthrax vaccine.

    Beta-propiolactone: Beta-propiolactone (BPL) is a commonly used reagent for the inactivation of viruses for use in vaccine preparations. It has recently been used in the development of an inactivated SARS-CoV-2 vaccine preparation.

    Beta-propiolactone is a known carcinogen. Local sarcomas have been produced by subcutaneous injection of beta-propiolactone in rats. In the laboratory sarcomas and squamous papillomas in mice were produced by a single subcutaneous injection of a minute amount of beta-propiolactone.

    Polysorbate 80: Polysorbate 80 is present in some vaccines to stop the vaccine from separating into its component parts. In a PubMed study Polysorbate 80 was described as, “a ubiquitously used solubilizing agent that can cause severe nonimmunologic anaphylactoid reactions.”

    In a pharmacological study on mice and rats Polysorbate 80 produced, “mild to moderate depression of the central nervous system with a marked reduction in locomotor activity and rectal temperature, exhibited ataxia and paralytic activity and potentiated the pentobarbital sleeping time.”

    The results of that study concluded, “The results of the present study indicate that polysorbate 80 can neither be used as a solvent for isolated tissue experiments nor when considered for intravenous administration.”

    Another study from the American Association for Cancer Research (AACR) suggested the dietary emulsifier polysorbate 80 may induce low-grade inflammation which may contribute to metabolic diseases and increase the potential for development in colon cancer.

    Genetically modified yeast: S. cerevisiae, a species of yeast, is used in vaccines in a variety of ways. It is used as an adjuvant and now through genetic manipulation it is being used to create artificial antibodies

    Studies have suggested that genetically engineered yeast used in vaccines may be a contributing factor to autoimmune disorders.

    Monosodium Glutamate (MSG): Monosodium Glutamate is used in small amounts in some vaccines to keep them stable and protect them from losing potency even when exposed to heat and light.

    In a study that looked at rat fertility and MSG consumption the authors found there was a negative impact on the rats’ fertility.

    In another study it was noted that chronic MSG intake caused kidney dysfunction and renal oxidative stress in the animal model.

    Cells From Aborted Fetus: Fetal cell lines are used to grow viruses which are then collected from the cell cultures and processed further to produce the vaccine itself.

    The cell lines are propagated from lung tissue of mature aborted and used in the current manufacture of a number of routine vaccines, including measles, mumps and rubella (MMRV), diphtheria, tetanus, pertussis and polio, (DTaP-IPV), Hepatitis A and chickenpox.

    Aborted fetal cells are listed on vaccine package inserts as “Human Fetal Diploid Cells.” Two aborted fetal cell lines, WI-38 and MRC-5, have been grown under laboratory conditions since the 1960s. Diploid cells (WI-38, MRC-5) vaccines have their origin in induced abortions.

    The use of such cell lines can be profoundly objectionable to segments of the population who hold certain religious and/or philosophical beliefs.

    The Italian vaccine research and advocacy organization Corvelva released a study in 2019 regarding the use of aborted fetal cell lines in vaccines.

    In their summary they highlighted the following:

    The human genomic DNA contained in this vaccine is clearly, undoubtedly abnormal, presenting important inconsistencies with a typical human genome, that is, with that of a healthy individual.
    560 genes known to be associated with forms of cancer were tested and all underwent major modifications.
    There are variations whose consequences are not even known, not yet appearing in the literature, but which still affect genes involved in the induction of human cancer.
    What is also clearly abnormal is the genome excess showing changes in the number of copies and structural variants.
    Serum From Aborted Calf Fetus Blood: The purpose for the fetal bovine serum is to provide a nutrient broth for viruses to grow in cells.

    Humane Research Australia describes the process of how the blood is collected, “The blood is collected after the slaughter of a mature female cow, the mother’s uterus containing the calf fetus is removed during the evisceration process and transferred to the blood collection room. A needle is then inserted between the fetus’s ribs directly into its heart and the blood is vacuumed into a sterile collection bag.

    Only fetuses over the age of three months are used otherwise the heart is considered too small to puncture. Once collected, the blood is allowed to clot at room temperature and the serum separated through a process known as refrigerated centrifugation.”

    Beyond certain ethical considerations scientists have found that different bovine tissues contain different amounts of the BSE agent.

    Antibiotics: Antibiotics are used during the manufacturing process of some vaccines to stop bacteria growing and contaminating the vaccine.

    Antibiotics found in some vaccines include neomycin, streptomycin, polymyxin b, gentamicin and kanamycin.

    Polymyxin B comes with a warning that, “This medicine has not been fully studied in pregnant women. This medicine may cause kidney problems. This medicine may cause nerve problems”, as well as a laundry list of side effects.

    Similar warnings are found with streptomycin, neomycin, gentamicin, and kanamycin.

    A study out of Finland raised concerns about excessive antibiotic use in early childhood which may lead to weight gain and altered gut bacteria.

    What Else Could be in That Needle?

    The list above is not a complete account of all the ingredients found in various vaccine cocktails. A comprehensive manufacturers’ catalog of ingredients can be found here, here and here.

    The reality is that even a complete list issued by the producer doesn’t tell the entire story of what is found in vaccines.

    Using an Environmental Scanning Electron Microscope equipped with an X-ray microprobe a group of Italian scientists examined 44 samples of 30 different vaccines and found dangerous contaminants, including metal toxicants in 43 of the 44 samples tested.

    In the study, published in the International Journal of Vaccines and Vaccination, the researchers detected lead, chromium, nickel and other metals in every adjuvant sample tested.

    Additional metal contaminants identified in 25 of the human vaccines included platinum, silver, bismuth, iron, and chromium. Foreign impurities such as zirconium, hafnium, strontium, tungsten, antimony, bismuth, cerium and were also detected in many of the vaccines tested.

    The researchers commenting on their unexpected findings reported:

    The quantity of foreign bodies detected and, in some cases, their unusual chemical compositions baffled us. In most circumstances, the combinations detected are very odd as they have no technical use, cannot be found in any material handbook and look like the result of the random formation occurring….In any case, whatever their origin, they should not be present in any injectable medicament, let alone in vaccines, more in particular those meant for infants. [Emphasis added]

    When interviewed lead scientist Dr. Antonietta Gatti, of the National Council of Research of Italy and Scientific Director of Nanodiagnostics, explained that the discovery of vaccine impurities shocked the researchers:

    Those particles should not have been there. We had never questioned the purity of vaccines before. In fact, for us the problem did not even exist. All injectable solutions had to be perfectly pure and that was an act of faith on which it seemed impossible to have doubts. For that reason, we repeated our analyses several times to be certain. In the end, we accepted the evidence.

    Speculating on the potential consequences of these foreign impurities Dr. Gatti stated:

    The particles, be they isolated, aggregated or clustered, are not supposed to be there… Our tissues perceive these foreign bodies as potential enemies…Unfortunately, though, the particles we found in vaccines, are not biodegradable. So, all the macrophages’ efforts will be useless, and depending on the exact chemicals involved, the particles may be especially toxic. Cytokines and pro-inflammatory substances in general are released and granulated tissue forms, enveloping the particles. This provokes inflammation which, in the long run, if locally persistent, is known to be a precursor to cancer.

    Along with unlisted metal contaminants another unlisted contaminant was noted in some vaccines when a preliminary screening result from Microbe Inotech Laboratories Inc. detected glyphosate in the childhood vaccines they tested.

    Merck’s MMR II vaccine had 2.671 parts per billion (ppb) of glyphosate, Sanofi Pasteur’s DTap Adacel vaccine had 0.123 ppb, Novartis’ Influenza Fluvirin had 0.331 ppb, Glaxo Smith Kline’s HepB Energix-B vaccine had 0.325 ppb, Merck’s Pneumococcal Vax Polyvalent Pneumovax 23 had 0.107 ppb of glyphosate.

    These findings prompted Moms Across America to send a letter to the FDA, CDC, EPA,NIH and California Department of Health requesting that they test vaccines for glyphosate and recall contaminated vaccines.

    MIT scientist Dr. Stephanie Seneff remarked on the route by which glyphosate could get into vaccines:

    Collagen is a protein found in large amounts in the ligaments of cows, and these ligaments are often used in the production of gelatin. The MMR vaccine and flu vaccine viruses are grown as live cultures on gelatin sourced from cows fed high concentrations of glyphosate in their GMO Roundup­Ready feed.

    What to Do?

    Given the complex nature of the composition of vaccines and the paucity of information volunteered to the public on the manufacturing processes and ingredients that go into these products, how does one go about navigating this subject?

    Conventional wisdom might suggest, “Ask your doctor.” But how independent are these doctors?

    Where do you turn when you discover physicians and pediatricians, who have a legal duty to fully inform patients about vaccine risks and side effects, have ideological and material incentives to avoid presenting specific information that might cause a parent to question a vaccine?

    What about educational materials and advice from the agencies tasked with protecting public health? Can we trust the FDA and the CDC to provide detailed and unbiased information when it is known that they get substantial amounts of money from vaccine manufacturers?

    Informed consent is a principle in medical ethics and medical law that a patient must have sufficient information and understanding before making decisions about their medical care.This includes being given a thorough account of the risks and benefits of treatments, alternative treatments, the patient’s role in treatment, and their right to refuse treatment.

    Informed and individualized health care decisions about any product one puts into their or their children’s body starts with being fully informed with what is in that product.

    *

    Note to readers: Please click the share button above. Follow us on Instagram and Twitter and subscribe to our Telegram Channel. Feel free to repost and share widely Global Research articles.

    This article was originally published on Health Freedom Defense Fund.

    Featured image is from HFDF



    https://www.globalresearch.ca/do-you-know-what-vaccine/5839377
    Do You Know What’s in a Vaccine? Chemical Ingredients Addendum to the Childhood Vaccination Series All Global Research articles can be read in 51 languages by activating the Translate Website button below the author’s name. To receive Global Research’s Daily Newsletter (selected articles), click here. Click the share button above to email/forward this article to your friends and colleagues. Follow us on Instagram and Twitter and subscribe to our Telegram Channel. Feel free to repost and share widely Global Research articles. *** Over the last few decades, the number of chemicals added to foods and other products has skyrocketed. Chemicals are added to “enhance flavor”, make fruits and vegetables look fresh, extend the shelf life of packaged foods and for other invented reasons. A cornucopia of chemicals are also found in lotions and beauty products with the ostensible reason that these chemicals make beauty products feel, look, and smell nice. Along with this increase in heavily processed foods has come increased skepticism about the necessity of inserting chemical additives into everything we touch and taste. A significant and growing segment of the US population are beginning to examine the health consequences of ingesting and absorbing these chemical-laden products. This growing awareness about the adverse effects of ingesting and absorbing synthetic ingredients and the public’s understanding of the attendant health benefits of consuming products free from synthetic chemicals has prompted consumers to seek out organic ingredient-based items in their foods and skin lotions. More people are showing interest in knowing about the ingredients in their food and striving to ‘eat clean.’ This increased awareness is evidenced in the steady growth of the organic food industry and trends in the natural and organic cosmetic industry where demand is higher than ever. This same level of concern has begun to seep into the public conscience regarding a certain medical product that has mostly avoided scrutiny – the vaccine. Having been trained to accept that this product is a customary aspect of everyday life, most people haven’t given much thought to what’s inside the vaccine vials. Rarely will the vaccine ritual in the doctor’s office include a discussion about the ingredients which are about to be injected into the patient’s body. It’s highly likely the physicians and nurses themselves don’t know the ingredients of each vaccine. So what’s in that vial? What’s coming through that needle? A Partial List of Ingredients Aluminum: Aluminum salts are used in some vaccine formulations as an adjuvant. An adjuvant is a substance added to vaccines to ostensibly enhance the immune response. Examples of aluminum salts in some vaccines are aluminum hydroxide, aluminum phosphate, alum (potassium aluminum sulfate) or mixed aluminum salts. In a 2011 study Canadian scientists Professor Christopher Shaw and Dr. Lucija Tomljenovic stated the following: “Aluminum is an experimentally demonstrated neurotoxin and the most commonly used vaccine adjuvant. In particular, aluminum in adjuvant form carries a risk for autoimmunity, long-term brain inflammation and associated neurological complications and may thus have profound and widespread adverse health consequences.” Multiple studies have shown that the intramuscularly injected aluminum vaccine adjuvant is absorbed into the systemic circulation and travels to different sites in the body, such as the brain, joints, and the spleen, where it accumulates and is retained for years post-vaccination. Mercury (thimerosal): Thimerosal is an ethyl mercury-based preservative used in vials that contain more than one dose of a vaccine (multi-dose vials) to prevent germs, bacteria and/or fungi from contaminating the vaccine. While in decline some flu vaccines and childhood vaccines in multi-dose vials still utilize thimerosal. Mercury is known to be a genotoxic agent, even in minute concentrations, which can damage the genetic information within a cell causing mutations, which may lead to cancer. A meta-analysis epidemiological study suggested thimerosal containing vaccines significantly increased the risk of neurodevelopmental disorders. A 2011 study suggested there may be higher rates of blood and brain mercury levels in monkeys exposed to vaccines containing thimerosal. The American Academy of Pediatrics and the U.S. Public Health Service (1999) published a joint statement that urged “all government agencies to work rapidly toward reducing children’s exposure to mercury from all sources.” Gelatin: Gelatin is used as a stabilizer in some vaccines licensed in the U.S. Stabilizers are added to vaccines to protect the active ingredients from degrading during manufacture, transport and storage. Gelatin is a protein obtained from cows or pigs and produced by the partial hydrolysis of collagen extracted by boiling animal parts such as cartilage, tendons, skin, bones and ligaments in water. Some people might have a severe allergic reaction to it. Certain vaccine viruses are grown on gelatin derived from the ligaments of pigs fed heavy doses of glyphosate in their feed. Gelatin comes from collagen which has lots of glycine. Gelatin is one of the most commonly identified causes of allergic reactions to vaccines. A 1999 Japanese study showed most anaphylactic reactions and some urticarial reactions to gelatin-containing measles, mumps, and rubella monovalent vaccines were associated with gelatin allergy. Based on these findings Japan removed gelatin from vaccines in 2000. Formaldehyde: Formaldehyde is used during the manufacture of some vaccines to inactivate viruses (like polio and hepatitis A viruses) or bacterial toxins (like diphtheria and tetanus toxins). Formaldehyde is a human carcinogen based on evidence from cancer studies in humans and is listed as aknown to be human carcinogen in the National Toxicology Program’s (NTP) Twelfth Report on Carcinogens(2011). Phenol/Phenoxyethanol: Phenoxyethanol is used in vaccines and biologics as a preservative to prevent microbial growth. A 2010 study, The relative toxicity of compounds used as preservatives in vaccines and biologics, assessed the relative cytotoxicity of the levels of the compounds commonly used as preservative in US licensed vaccines and found that for phenoxyethanol it was 4.6-fold, for phenol 12.2-fold and for Thimerosal >330-fold. They concluded, “None of the compounds commonly used as preservatives in US licensed vaccine/biological preparations can be considered an ideal preservative, and their ability to fully comply with the requirements of the US Code of Federal Regulations (CFR) for preservatives is in doubt.” Case reports (here, here and here) have suggested a link between phenoxyethanol and urticaria (hives), eczema and anaphylaxis. Triton X-100: Triton X –100 or octylphenol ethoxylate (OPE) is a surfactant (reducing the surface tension of liquids) and stabilizer present in some influenza vaccines. OPEs are endocrine disruptors and break down relatively easily into Octylphenols (OPs), which are more harmful. Endocrine disruptors can alter reproductive function, increase incidences of breast cancer, affect growth patterns and neurodevelopment in children and change immune function. Squalene: Squalene is a naturally-occurring substance derived primarily from shark liver oil. When combined with other ingredients it becomes an adjuvant, which, like aluminum, is added to vaccines to elicit a stronger immune response from the body. A 2000 study demonstrated that one intradermal injection of squalene adjuvant produced arthritis in rats. Some believe that Gulf War Syndrome was linked to the presence of squalene in certain lots of the anthrax vaccine. Beta-propiolactone: Beta-propiolactone (BPL) is a commonly used reagent for the inactivation of viruses for use in vaccine preparations. It has recently been used in the development of an inactivated SARS-CoV-2 vaccine preparation. Beta-propiolactone is a known carcinogen. Local sarcomas have been produced by subcutaneous injection of beta-propiolactone in rats. In the laboratory sarcomas and squamous papillomas in mice were produced by a single subcutaneous injection of a minute amount of beta-propiolactone. Polysorbate 80: Polysorbate 80 is present in some vaccines to stop the vaccine from separating into its component parts. In a PubMed study Polysorbate 80 was described as, “a ubiquitously used solubilizing agent that can cause severe nonimmunologic anaphylactoid reactions.” In a pharmacological study on mice and rats Polysorbate 80 produced, “mild to moderate depression of the central nervous system with a marked reduction in locomotor activity and rectal temperature, exhibited ataxia and paralytic activity and potentiated the pentobarbital sleeping time.” The results of that study concluded, “The results of the present study indicate that polysorbate 80 can neither be used as a solvent for isolated tissue experiments nor when considered for intravenous administration.” Another study from the American Association for Cancer Research (AACR) suggested the dietary emulsifier polysorbate 80 may induce low-grade inflammation which may contribute to metabolic diseases and increase the potential for development in colon cancer. Genetically modified yeast: S. cerevisiae, a species of yeast, is used in vaccines in a variety of ways. It is used as an adjuvant and now through genetic manipulation it is being used to create artificial antibodies Studies have suggested that genetically engineered yeast used in vaccines may be a contributing factor to autoimmune disorders. Monosodium Glutamate (MSG): Monosodium Glutamate is used in small amounts in some vaccines to keep them stable and protect them from losing potency even when exposed to heat and light. In a study that looked at rat fertility and MSG consumption the authors found there was a negative impact on the rats’ fertility. In another study it was noted that chronic MSG intake caused kidney dysfunction and renal oxidative stress in the animal model. Cells From Aborted Fetus: Fetal cell lines are used to grow viruses which are then collected from the cell cultures and processed further to produce the vaccine itself. The cell lines are propagated from lung tissue of mature aborted and used in the current manufacture of a number of routine vaccines, including measles, mumps and rubella (MMRV), diphtheria, tetanus, pertussis and polio, (DTaP-IPV), Hepatitis A and chickenpox. Aborted fetal cells are listed on vaccine package inserts as “Human Fetal Diploid Cells.” Two aborted fetal cell lines, WI-38 and MRC-5, have been grown under laboratory conditions since the 1960s. Diploid cells (WI-38, MRC-5) vaccines have their origin in induced abortions. The use of such cell lines can be profoundly objectionable to segments of the population who hold certain religious and/or philosophical beliefs. The Italian vaccine research and advocacy organization Corvelva released a study in 2019 regarding the use of aborted fetal cell lines in vaccines. In their summary they highlighted the following: The human genomic DNA contained in this vaccine is clearly, undoubtedly abnormal, presenting important inconsistencies with a typical human genome, that is, with that of a healthy individual. 560 genes known to be associated with forms of cancer were tested and all underwent major modifications. There are variations whose consequences are not even known, not yet appearing in the literature, but which still affect genes involved in the induction of human cancer. What is also clearly abnormal is the genome excess showing changes in the number of copies and structural variants. Serum From Aborted Calf Fetus Blood: The purpose for the fetal bovine serum is to provide a nutrient broth for viruses to grow in cells. Humane Research Australia describes the process of how the blood is collected, “The blood is collected after the slaughter of a mature female cow, the mother’s uterus containing the calf fetus is removed during the evisceration process and transferred to the blood collection room. A needle is then inserted between the fetus’s ribs directly into its heart and the blood is vacuumed into a sterile collection bag. Only fetuses over the age of three months are used otherwise the heart is considered too small to puncture. Once collected, the blood is allowed to clot at room temperature and the serum separated through a process known as refrigerated centrifugation.” Beyond certain ethical considerations scientists have found that different bovine tissues contain different amounts of the BSE agent. Antibiotics: Antibiotics are used during the manufacturing process of some vaccines to stop bacteria growing and contaminating the vaccine. Antibiotics found in some vaccines include neomycin, streptomycin, polymyxin b, gentamicin and kanamycin. Polymyxin B comes with a warning that, “This medicine has not been fully studied in pregnant women. This medicine may cause kidney problems. This medicine may cause nerve problems”, as well as a laundry list of side effects. Similar warnings are found with streptomycin, neomycin, gentamicin, and kanamycin. A study out of Finland raised concerns about excessive antibiotic use in early childhood which may lead to weight gain and altered gut bacteria. What Else Could be in That Needle? The list above is not a complete account of all the ingredients found in various vaccine cocktails. A comprehensive manufacturers’ catalog of ingredients can be found here, here and here. The reality is that even a complete list issued by the producer doesn’t tell the entire story of what is found in vaccines. Using an Environmental Scanning Electron Microscope equipped with an X-ray microprobe a group of Italian scientists examined 44 samples of 30 different vaccines and found dangerous contaminants, including metal toxicants in 43 of the 44 samples tested. In the study, published in the International Journal of Vaccines and Vaccination, the researchers detected lead, chromium, nickel and other metals in every adjuvant sample tested. Additional metal contaminants identified in 25 of the human vaccines included platinum, silver, bismuth, iron, and chromium. Foreign impurities such as zirconium, hafnium, strontium, tungsten, antimony, bismuth, cerium and were also detected in many of the vaccines tested. The researchers commenting on their unexpected findings reported: The quantity of foreign bodies detected and, in some cases, their unusual chemical compositions baffled us. In most circumstances, the combinations detected are very odd as they have no technical use, cannot be found in any material handbook and look like the result of the random formation occurring….In any case, whatever their origin, they should not be present in any injectable medicament, let alone in vaccines, more in particular those meant for infants. [Emphasis added] When interviewed lead scientist Dr. Antonietta Gatti, of the National Council of Research of Italy and Scientific Director of Nanodiagnostics, explained that the discovery of vaccine impurities shocked the researchers: Those particles should not have been there. We had never questioned the purity of vaccines before. In fact, for us the problem did not even exist. All injectable solutions had to be perfectly pure and that was an act of faith on which it seemed impossible to have doubts. For that reason, we repeated our analyses several times to be certain. In the end, we accepted the evidence. Speculating on the potential consequences of these foreign impurities Dr. Gatti stated: The particles, be they isolated, aggregated or clustered, are not supposed to be there… Our tissues perceive these foreign bodies as potential enemies…Unfortunately, though, the particles we found in vaccines, are not biodegradable. So, all the macrophages’ efforts will be useless, and depending on the exact chemicals involved, the particles may be especially toxic. Cytokines and pro-inflammatory substances in general are released and granulated tissue forms, enveloping the particles. This provokes inflammation which, in the long run, if locally persistent, is known to be a precursor to cancer. Along with unlisted metal contaminants another unlisted contaminant was noted in some vaccines when a preliminary screening result from Microbe Inotech Laboratories Inc. detected glyphosate in the childhood vaccines they tested. Merck’s MMR II vaccine had 2.671 parts per billion (ppb) of glyphosate, Sanofi Pasteur’s DTap Adacel vaccine had 0.123 ppb, Novartis’ Influenza Fluvirin had 0.331 ppb, Glaxo Smith Kline’s HepB Energix-B vaccine had 0.325 ppb, Merck’s Pneumococcal Vax Polyvalent Pneumovax 23 had 0.107 ppb of glyphosate. These findings prompted Moms Across America to send a letter to the FDA, CDC, EPA,NIH and California Department of Health requesting that they test vaccines for glyphosate and recall contaminated vaccines. MIT scientist Dr. Stephanie Seneff remarked on the route by which glyphosate could get into vaccines: Collagen is a protein found in large amounts in the ligaments of cows, and these ligaments are often used in the production of gelatin. The MMR vaccine and flu vaccine viruses are grown as live cultures on gelatin sourced from cows fed high concentrations of glyphosate in their GMO Roundup­Ready feed. What to Do? Given the complex nature of the composition of vaccines and the paucity of information volunteered to the public on the manufacturing processes and ingredients that go into these products, how does one go about navigating this subject? Conventional wisdom might suggest, “Ask your doctor.” But how independent are these doctors? Where do you turn when you discover physicians and pediatricians, who have a legal duty to fully inform patients about vaccine risks and side effects, have ideological and material incentives to avoid presenting specific information that might cause a parent to question a vaccine? What about educational materials and advice from the agencies tasked with protecting public health? Can we trust the FDA and the CDC to provide detailed and unbiased information when it is known that they get substantial amounts of money from vaccine manufacturers? Informed consent is a principle in medical ethics and medical law that a patient must have sufficient information and understanding before making decisions about their medical care.This includes being given a thorough account of the risks and benefits of treatments, alternative treatments, the patient’s role in treatment, and their right to refuse treatment. Informed and individualized health care decisions about any product one puts into their or their children’s body starts with being fully informed with what is in that product. * Note to readers: Please click the share button above. Follow us on Instagram and Twitter and subscribe to our Telegram Channel. Feel free to repost and share widely Global Research articles. This article was originally published on Health Freedom Defense Fund. Featured image is from HFDF https://www.globalresearch.ca/do-you-know-what-vaccine/5839377
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    Do You Know What’s in a Vaccine? Chemical Ingredients
    All Global Research articles can be read in 51 languages by activating the Translate Website button below the author’s name. To receive Global Research’s Daily Newsletter (selected articles), click here. Click the share button above to email/forward this article to your friends and colleagues. Follow us on Instagram and Twitter and subscribe to our Telegram Channel. Feel free to repost and share …
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  • France's Macron urges Israel to stop bombing Gaza 11/11
    France's Macron urges Israel to stop bombing Gaza 11/11
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  • The ketogenic diet, or keto diet, has gained immense popularity in recent years for its purported weight loss and health benefits. This high-fat, low-carbohydrate eating approach has captured the attention of individuals seeking rapid weight loss and improved metabolic markers. In this review, we delve into the key principles, potential benefits, and notable considerations associated with keto diets.

    Principles of the Keto Diet

    At its core, the keto diet relies on inducing a state of ketosis, where the body shifts its primary energy source from carbohydrates to fats. By drastically reducing carbohydrate intake and increasing the consumption of fats, the body enters a metabolic state where it produces ketones from fat breakdown. This metabolic switch is believed to enhance fat burning and offer a range of health benefits.

    Weight Loss and Metabolic Effects

    One of the primary reasons individuals are drawn to the keto diet is its potential for weight loss. The reduction in carbohydrates prompts the body to burn stored fat for energy, leading to a noticeable drop in body weight. Additionally, the diet may have appetite-suppressing effects, attributed to stabilized blood sugar levels and increased satiety from the higher fat content in meals.

    Beyond weight loss, keto diets have been associated with improvements in various metabolic markers. Studies suggest that they may help lower triglyceride levels, increase HDL cholesterol (the "good" cholesterol), and improve insulin sensitivity. These effects could be particularly beneficial for individuals with metabolic conditions such as type 2 diabetes.

    Neurological Benefits

    Originally designed to manage epilepsy in children, the keto diet has demonstrated neurological benefits beyond its weight loss effects. Some studies suggest that ketones produced during ketosis may have neuroprotective properties, potentially offering therapeutic benefits for conditions like Alzheimer's disease and Parkinson's disease. However, further research is needed to establish the long-term impacts and safety of such applications.

    Considerations and Potential Drawbacks

    While the keto diet has its merits, it is not without potential drawbacks and considerations. One of the main challenges is the restrictive nature of the diet, as it necessitates a significant reduction in carbohydrate intake. This restriction can lead to nutrient deficiencies and challenges in meeting daily dietary requirements for essential vitamins and minerals.

    The initial phase of transitioning into ketosis, known as the "keto flu," may also bring about symptoms such as fatigue, headaches, and irritability. These side effects, albeit temporary, can discourage individuals from adhering to the diet long term.

    Long-Term Sustainability

    A critical aspect of any diet's success is its long-term sustainability. The restrictive nature of the keto diet may pose challenges for individuals in maintaining the required dietary changes over an extended period. Compliance issues often arise due to the limited food choices, social implications, and potential monotony associated with the diet.

    Furthermore, the long-term health implications of sustained ketosis remain a subject of ongoing research and debate within the scientific community. Limited data on the safety and efficacy of prolonged adherence to the keto diet call for cautious consideration, especially for those with underlying health conditions.

    Individual Variability

    It is essential to recognize that responses to the keto diet can vary widely among individuals. Factors such as genetics, metabolism, and pre-existing health conditions can influence how the body responds to the shift in dietary macronutrients. Some individuals thrive on the keto diet, experiencing sustained weight loss and improved metabolic markers, while others may face challenges or adverse effects.
    CLICK HERE-- https://subratajajabar.systeme.io/customketo

    The ketogenic diet, or keto diet, has gained immense popularity in recent years for its purported weight loss and health benefits. This high-fat, low-carbohydrate eating approach has captured the attention of individuals seeking rapid weight loss and improved metabolic markers. In this review, we delve into the key principles, potential benefits, and notable considerations associated with keto diets. Principles of the Keto Diet At its core, the keto diet relies on inducing a state of ketosis, where the body shifts its primary energy source from carbohydrates to fats. By drastically reducing carbohydrate intake and increasing the consumption of fats, the body enters a metabolic state where it produces ketones from fat breakdown. This metabolic switch is believed to enhance fat burning and offer a range of health benefits. Weight Loss and Metabolic Effects One of the primary reasons individuals are drawn to the keto diet is its potential for weight loss. The reduction in carbohydrates prompts the body to burn stored fat for energy, leading to a noticeable drop in body weight. Additionally, the diet may have appetite-suppressing effects, attributed to stabilized blood sugar levels and increased satiety from the higher fat content in meals. Beyond weight loss, keto diets have been associated with improvements in various metabolic markers. Studies suggest that they may help lower triglyceride levels, increase HDL cholesterol (the "good" cholesterol), and improve insulin sensitivity. These effects could be particularly beneficial for individuals with metabolic conditions such as type 2 diabetes. Neurological Benefits Originally designed to manage epilepsy in children, the keto diet has demonstrated neurological benefits beyond its weight loss effects. Some studies suggest that ketones produced during ketosis may have neuroprotective properties, potentially offering therapeutic benefits for conditions like Alzheimer's disease and Parkinson's disease. However, further research is needed to establish the long-term impacts and safety of such applications. Considerations and Potential Drawbacks While the keto diet has its merits, it is not without potential drawbacks and considerations. One of the main challenges is the restrictive nature of the diet, as it necessitates a significant reduction in carbohydrate intake. This restriction can lead to nutrient deficiencies and challenges in meeting daily dietary requirements for essential vitamins and minerals. The initial phase of transitioning into ketosis, known as the "keto flu," may also bring about symptoms such as fatigue, headaches, and irritability. These side effects, albeit temporary, can discourage individuals from adhering to the diet long term. Long-Term Sustainability A critical aspect of any diet's success is its long-term sustainability. The restrictive nature of the keto diet may pose challenges for individuals in maintaining the required dietary changes over an extended period. Compliance issues often arise due to the limited food choices, social implications, and potential monotony associated with the diet. Furthermore, the long-term health implications of sustained ketosis remain a subject of ongoing research and debate within the scientific community. Limited data on the safety and efficacy of prolonged adherence to the keto diet call for cautious consideration, especially for those with underlying health conditions. Individual Variability It is essential to recognize that responses to the keto diet can vary widely among individuals. Factors such as genetics, metabolism, and pre-existing health conditions can influence how the body responds to the shift in dietary macronutrients. Some individuals thrive on the keto diet, experiencing sustained weight loss and improved metabolic markers, while others may face challenges or adverse effects. CLICK HERE-- https://subratajajabar.systeme.io/customketo
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  • The Age of Megathreats
    Nouriel RoubiniNov 4, 2022
    op_roubini3_Getty Images_worlddisaster Getty Images
    NEW YORK – Severe megathreats are imperiling our future – not just our jobs, incomes, wealth, and the global economy, but also the relative peace, prosperity, and progress achieved over the past 75 years. Many of these threats were not even on our radar during the prosperous post-World War II era. I grew up in the Middle East and Europe from the late 1950s to the early 1980s, and I never worried about climate change potentially destroying the planet. Most of us had barely even heard of the problem, and greenhouse-gas emissions were still relatively low, compared to where they would soon be.

    Moreover, after the US-Soviet détente and US President Richard Nixon’s visit to China in the early 1970s, I never really worried about another war among great powers, let alone a nuclear one. The term “pandemic” didn’t register in my consciousness, either, because the last major one had been in 1918. And I didn’t fathom that artificial intelligence might someday destroy most jobs and render Homo sapiens obsolete, because those were the years of the long “AI winter.”

    Similarly, terms like “deglobalization” and “trade war” had no purchase during this period. Trade liberalization had been in full swing since the Great Depression, and it would soon lead to the hyper-globalization that began in the 1990s. Debt crises posed no threat, because private and public debt-to-GDP ratios were low in advanced economies and emerging markets, and growth was robust. No one had to worry about the massive build-up of implicit debt, in the form of unfunded liabilities from pay-as-you-go social security and health-care systems. The supply of young workers was rising, the share of the elderly was still low, and robust, mostly unrestricted immigration from the Global South to the North would continue to prop up the labor market in advanced economies.

    Against this backdrop, economic cycles were contained, and recessions were short and shallow, except for during the stagflationary decade of the 1970s; but even then, there were no debt crises in advanced economies, because debt ratios were low. The kind of financial cycles that lead to crises were contained not just in advanced economies but even in emerging markets, owing to the low leverage, low risk-taking, solid financial regulation, capital controls, and various forms of financial repression that prevailed during this period. The advanced economies were strong liberal democracies that were free of extreme partisan polarization. Populism and authoritarianism were confined to a benighted cohort of poorer countries.

    Goodbye to All That

    Fast-forward from this relatively “golden” period between 1945 and 1985 to late 2022, and you will immediately notice that we are awash in new, extreme megathreats that were not previously on anyone’s mind. The world has entered what I call a geopolitical depression, with (at least) four dangerous revisionist powers – China, Russia, Iran, and North Korea – challenging the economic, financial, security, and geopolitical order that the United States and its allies created after WWII.

    There is a sharply rising risk not only of war among great powers but of a nuclear conflict. In the coming year, Russia’s war of aggression in Ukraine could escalate into an unconventional conflict that directly involves NATO. And Israel – and perhaps the US – may decide to launch strikes against Iran, which is on its way to building a nuclear bomb.


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    With Chinese President Xi Jinping further consolidating his authoritarian rule, and with the US tightening its trade restrictions against China, the new Sino-American cold war is getting colder by the day. Worse, it could all too easily turn hot over the status of Taiwan, which Xi is committed to reuniting with the mainland, and which US President Joe Biden is apparently committed to defending. Meanwhile, nuclear-armed North Korea has once again been seeking attention by firing rockets over Japan and South Korea.

    Cyberwarfare occurs daily between these revisionist powers and the West, and many other countries have adopted a non-aligned posture toward Western-led sanctions regimes. From our contingent vantage point in the middle of all these events, we don’t yet know if World War III has already begun in Ukraine. That determination will be left to future historians – if there are any.

    Even discounting the threat of nuclear Armageddon, the risk of an environmental Apocalypse is becoming increasingly serious, especially given that most of the talk about net-zero and ESG (environment, social, and governance) investing is just greenwashing – or greenwishing. The new greenflation is already in full swing, because it turns out that amassing the metals needed for the energy transition requires a lot of expensive energy.

    There is also a growing risk of new pandemics that would be worse than biblical plagues, owing to the link between environmental destruction and zoonotic diseases. Wildlife, carrying dangerous pathogens, are coming into closer and more frequent contact with humans and livestock. That is why we have experienced more frequent and virulent pandemics and epidemics (HIV, SARS, MERS, swine flu, bird flu, Zika, Ebola, COVID-19) since the early 1980s. All the evidence suggests that this problem will become even worse in the future. Indeed, owing to the melting of Siberian permafrost, we may soon be confronting dangerous viruses and bacteria that have been locked away for millennia.

    Moreover, geopolitical conflicts and national-security concerns are fueling trade, financial, and technology wars, and accelerating the deglobalization process. The return of protectionism and the Sino-American decoupling will leave the global economy, supply chains, and markets more balkanized and fragmented. The buzzwords “friend-shoring” and “secure and fair trade” have replaced “offshoring” and “free trade.”

    But on the domestic front, advances in AI, robotics, and automation will destroy more and more jobs, even if policymakers build higher protectionist walls in an effort to fight the last war. By both restricting immigration and demanding more domestic production, aging advanced economies will create a stronger incentive for companies to adopt labor-saving technologies. While routine jobs are obviously at risk, so, too, are any cognitive jobs that can be unbundled into discrete tasks, and even many creative jobs. AI language models like GPT-3 can already write better than most humans and will almost certainly displace many jobs and sources of income. In due course, some scientists believe that Homo sapiens will be rendered entirely obsolete by the rise of artificial general intelligence or machine super-intelligence – though this is a highly contentious subject of debate.

    Thus, over time, economic malaise will deepen, inequality will rise even further, and more white- and blue-collar workers will be left behind.

    Hard Choices, Hard Landings

    The macroeconomic situation is no better. For the first time since the 1970s, we are facing high inflation and the prospect of a recession – stagflation. The increased inflation in advanced economies wasn’t “transitory.” It is persistent, driven by a combination of bad policies – excessively loose monetary, fiscal, and credit policies that were kept in place for too long – and bad luck. No one could have anticipated how much the initial COVID-19 shock would curtail the supply of goods and labor and create bottlenecks in global supply chains. The same goes for Russia’s brutal invasion of Ukraine, which caused a sharp spike in energy, food, fertilizers, industrial metals, and other commodities. Meanwhile, China has continued its “zero-COVID” policy, which is creating additional supply bottlenecks.

    While both demand and supply factors were in the mix, it is now widely recognized that the supply factors have played an increasingly decisive role. This matters for the economic outlook, because supply-driven inflation is stagflationary and thus increases the risk that monetary-policy tightening will produce a hard landing (increased unemployment and potentially a recession).

    What will follow from the US Federal Reserve and other major central banks’ current tightening? Until recently, most central banks and most of Wall Street belonged to “Team Soft Landing.” But the consensus has rapidly shifted, with even Fed Chair Jerome Powell recognizing that a recession is possible, that a soft landing will be “very challenging,” and that everyone should prepare for some “pain” ahead. The Federal Reserve Bank of New York’s model shows a high probability of a hard landing, and the Bank of England has expressed similar views about the United Kingdom. Several prominent Wall Street institutions have also now made a recession their baseline scenario (the most likely outcome if all other variables are held constant).

    History, too, points to deeper problems ahead. For the past 60 years in the US, whenever inflation has been above 5% (it is above 8% today), and unemployment has been below 5% (it is now 3.5%), any attempt by the Fed to bring inflation down toward its 2% target has caused a recession. Thus, a hard landing is much more likely than a soft landing, both in the US and across most other advanced economies.

    Sticky Stagflation

    In addition to the short-term factors, negative supply shocks and demand factors in the medium term will cause inflation to persist. On the supply side, I count eleven negative supply shocks that will reduce potential growth and increase the costs of production. Among these is the backlash against hyper-globalization, which has been gaining momentum and creating opportunities for populist, nativist, and protectionist politicians, and growing public anger over stark income and wealth inequalities, which is leading to more policies to support workers and the “left behind.” However well-intentioned, such measures will contribute to a dangerous wage-price spiral.

    Other sources of persistent inflation include rising protectionism (from both the left and the right), which has restricted trade, impeded the movement of capital, and heightened political resistance to immigration, which in turn has put additional upward pressure on wages. National-security and strategic considerations have further restricted flows of technology, data, and talent, and new labor and environmental standards, as important as they may be, are hampering both trade and new construction.

    This balkanization of the global economy is deeply stagflationary, and it is coinciding with demographic aging, not just in developed countries but also in large emerging economies such as China. Because young people tend to produce and save more, whereas older people spend down their savings and require many more expensive services in health care and other sectors, this trend, too, will lead to higher prices and slower growth.

    Today’s geopolitical turmoil further complicates matters. The disruptions to trade and the spike in commodity prices following Russia’s invasion were not just a one-off phenomenon. The same threats to harvests and food shipments that arose in 2022 may well persist in 2023. Moreover, if China does finally end its zero-COVID policy and begin to restart its economy, a surge in demand for many commodities will add to the global inflationary pressures. There is also no end in sight for Sino-Western decoupling, which is accelerating across all dimensions of trade (goods, services, capital, labor, technology, data, and information). And, of course, Iran, North Korea, and other strategic rivals to the West could soon contribute in their own ways to the global havoc.

    Now that the US dollar has been fully weaponized for strategic and national-security purposes, its position as the main global reserve currency could eventually begin to decline, and a weaker dollar would of course add to inflationary pressures in the US. More broadly, a frictionless world trading system requires a frictionless financial system. But sweeping primary and secondary sanctions have thrown sand in what was once a well-oiled machine, massively increasing the transaction costs of trade.

    On top of it all, climate change, too, will create persistent stagflationary pressures. Droughts, heat waves, hurricanes, and other disasters are increasingly disrupting economic activity and threatening harvests (thus driving up food prices). At the same time, demands for decarbonization have led to underinvestment in fossil-fuel capacity before investment in renewables has reached the point where they can make up the difference. Today’s large energy-price spikes were inevitable.

    The increased likelihood of future pandemics also represents a persistent source of stagflation, especially considering how little has been done to prevent or prepare for the next one. The next contagious outbreak will lend further momentum to protectionist policies as countries rush to close borders and hoard critical supplies of food, medicines, and other essential goods.

    Finally, cyberwarfare remains an underappreciated threat to economic activity and even public safety. Firms and governments will either face more stagflationary disruptions to production, or they will have to spend a fortune on cybersecurity. Either way, costs will rise.

    The Worst of All Possible Economies

    When the recession comes, it will not be short and shallow but long and severe. Not only are we facing persistent short- and medium-term negative supply shocks, but we are also heading into the mother of all debt crises, owing to soaring private and public debt ratios over the last few decades. Low debt ratios spared us from that outcome in the 1970s. And though we certainly had debt crises following the 2008 crash – the result of excessive household, bank, and government debt – we also had deflation. It was a demand shock and a credit crunch that could be met with massive monetary, fiscal, and credit easing.

    Today, we are experiencing the worst elements of both the 1970s and 2008. Multiple, persistent negative supply shocks have coincided with debt ratios that are even higher than they were during the global financial crisis. These inflationary pressures are forcing central banks to tighten monetary policy even though we are heading into a recession. That makes the current situation fundamentally different from both the global financial crisis and the COVID-19 crisis. Everyone should be preparing for what may come to be remembered as the Great Stagflationary Debt Crisis.

    While central banks have been at pains to sound more hawkish, we should be skeptical of their professed willingness to fight inflation at any cost. Once they find themselves in a debt trap, they will have to blink. With debt ratios so high, fighting inflation will cause an economic and financial crash that will be deemed politically unacceptable. Major central banks will feel as though they have no choice but to backpedal, and inflation, the debasement of fiat currencies, boom-bust cycles, and financial crises will become even more severe and frequent.

    The inevitability of central banks wimping out was recently on display in the United Kingdom. Faced with the market reaction to the Truss government’s reckless fiscal stimulus, the BOE had to launch an emergency quantitative-easing (QE) program to buy up government bonds. That sad episode confirmed that in the UK, as in many other countries, monetary policy is increasingly subject to fiscal capture.

    Recall that a similar turnaround occurred in 2019, when the Fed, after previously signaling continued rate hikes and quantitative-tightening, stopped its QT program and started pursuing a mix of backdoor QE and policy-rate cuts at the first sign of mild financial pressures and a growth slowdown. Central banks will talk tough; but, in a world of excessive debt and risks of an economic and financial crash, there is good reason to doubt their willingness to do “whatever it takes” to return inflation to its target rate.

    With governments unable to reduce high debts and deficits by spending less or raising revenues, those that can borrow in their own currency will increasingly resort to the “inflation tax”: relying on unexpected price growth to wipe out long-term nominal liabilities at fixed interest rates.

    How will financial markets and prices of equities and bonds perform in the face of rising inflation and the return of stagflation? It is likely that, as in the stagflation of the 1970s, both components of any traditional asset portfolio will suffer, potentially incurring massive losses. Inflation is bad for bond portfolios, which will take losses as yields increase and prices fall, as well as for equities, whose valuations are hurt by rising interest rates.

    For the first time in decades, a 60/40 portfolio of equities and bonds suffered massive losses in 2022, because bond yields have surged while equities have gone into a bear market. By 1982, at the peak of the stagflation decade, the average S&P 500 firm’s price-to-earnings ratio was down to eight; today, it is closer to 20, which suggests that the bear market could end up being even more protracted and severe. Investors will need to find assets to hedge against inflation, political and geopolitical risks, and environmental damage: these include short-term government bonds and inflation-indexed bonds, gold and other precious metals, and real estate that is resilient to environmental damage.

    The Moment of Truth

    In any case, these megathreats will further contribute to rising income and wealth inequality, which has already been putting severe pressure on liberal democracies (as those left behind revolt against elites), and fueling the rise of radical and aggressive populist regimes. One can find right-wing manifestations of this trend in Russia, Turkey, Hungary, Italy, Sweden, the US (under Donald Trump), post-Brexit Britain, and many other countries; and left-wing manifestations in Argentina, Venezuela, Peru, Mexico, Colombia, Chile, and now Brazil (which has just replaced a right-wing populist with a left-wing one).

    And, of course, Xi’s authoritarian stranglehold has given the lie to the old idea that Western engagement with a fast-growing China would ineluctably lead that country to open itself up even more to markets and, eventually, to democratic processes. Under Xi, China shows every sign of becoming more closed off, and more aggressive on geopolitical, security, and economic matters.

    How did it come to this? Part of the problem is that we have long had our heads stuck in the sand. Now, we need to make up for lost time. Without decisive action, we will be heading into a period that is less like the four decades after WWII than like the three decades between 1914 and 1945. That period gave us World War I; the Spanish flu pandemic; the 1929 Wall Street crash; the Great Depression; massive trade and currency wars; inflation, hyperinflation, and deflation; financial and debt crises, leading to massive meltdowns and defaults; and the rise of authoritarian militarist regimes in Italy, Germany, Japan, Spain, and elsewhere, culminating in WWII and the Holocaust.

    In this new world, the relative peace, prosperity, and rising global welfare that we have taken for granted will be gone; most of it already is. If we don’t stop the multi-track slow-motion train wreck that is threatening the global economy and our planet at large, we will be lucky to have only a repeat of the stagflationary 1970s. Far more likely is an echo of the 1930s and the 1940s, only now with all the massive disruptions from climate change added to the mix.

    Avoiding a dystopian scenario will not be easy. While there are potential solutions to each megathreat, most are costly in the short run and will deliver benefits only over the long run. Many also require technological innovations that are not yet available or in place, starting with those needed to halt or reverse climate change. Complicating matters further, today’s megathreats are interconnected, and therefore best addressed in a systematic and coherent fashion. Domestic leadership, in both the private and public sector, and international cooperation among great powers is necessary to prevent the coming Apocalypse.

    Yet there are many domestic and international obstacles standing in the way of policies that would allow for a less dystopian (though still contested and conflictual) future. Thus, while a less bleak scenario is obviously desirable, a clear-headed analysis indicates that dystopia is much more likely than a happier outcome. The years and decades ahead will be marked by a stagflationary debt crisis and related megathreats – war, pandemics, climate change, disruptive AI, and deglobalization – all of which will be bad for jobs, economies, markets, peace, and prosperity.
    The Age of Megathreats Nouriel RoubiniNov 4, 2022 op_roubini3_Getty Images_worlddisaster Getty Images NEW YORK – Severe megathreats are imperiling our future – not just our jobs, incomes, wealth, and the global economy, but also the relative peace, prosperity, and progress achieved over the past 75 years. Many of these threats were not even on our radar during the prosperous post-World War II era. I grew up in the Middle East and Europe from the late 1950s to the early 1980s, and I never worried about climate change potentially destroying the planet. Most of us had barely even heard of the problem, and greenhouse-gas emissions were still relatively low, compared to where they would soon be. Moreover, after the US-Soviet détente and US President Richard Nixon’s visit to China in the early 1970s, I never really worried about another war among great powers, let alone a nuclear one. The term “pandemic” didn’t register in my consciousness, either, because the last major one had been in 1918. And I didn’t fathom that artificial intelligence might someday destroy most jobs and render Homo sapiens obsolete, because those were the years of the long “AI winter.” Similarly, terms like “deglobalization” and “trade war” had no purchase during this period. Trade liberalization had been in full swing since the Great Depression, and it would soon lead to the hyper-globalization that began in the 1990s. Debt crises posed no threat, because private and public debt-to-GDP ratios were low in advanced economies and emerging markets, and growth was robust. No one had to worry about the massive build-up of implicit debt, in the form of unfunded liabilities from pay-as-you-go social security and health-care systems. The supply of young workers was rising, the share of the elderly was still low, and robust, mostly unrestricted immigration from the Global South to the North would continue to prop up the labor market in advanced economies. Against this backdrop, economic cycles were contained, and recessions were short and shallow, except for during the stagflationary decade of the 1970s; but even then, there were no debt crises in advanced economies, because debt ratios were low. The kind of financial cycles that lead to crises were contained not just in advanced economies but even in emerging markets, owing to the low leverage, low risk-taking, solid financial regulation, capital controls, and various forms of financial repression that prevailed during this period. The advanced economies were strong liberal democracies that were free of extreme partisan polarization. Populism and authoritarianism were confined to a benighted cohort of poorer countries. Goodbye to All That Fast-forward from this relatively “golden” period between 1945 and 1985 to late 2022, and you will immediately notice that we are awash in new, extreme megathreats that were not previously on anyone’s mind. The world has entered what I call a geopolitical depression, with (at least) four dangerous revisionist powers – China, Russia, Iran, and North Korea – challenging the economic, financial, security, and geopolitical order that the United States and its allies created after WWII. There is a sharply rising risk not only of war among great powers but of a nuclear conflict. In the coming year, Russia’s war of aggression in Ukraine could escalate into an unconventional conflict that directly involves NATO. And Israel – and perhaps the US – may decide to launch strikes against Iran, which is on its way to building a nuclear bomb. Subscribe to PS Digital now to read all the latest insights from Nouriel Roubini. Digital subscribers enjoy access to every PS commentary, including those by Nouriel Roubini, plus our entire On Point suite of subscriber-exclusive content, including Longer Reads, Insider Interviews, Big Picture/Big Question, and Say More. For a limited time, save $15 with the code ROUBINI15. Subscribe Now With Chinese President Xi Jinping further consolidating his authoritarian rule, and with the US tightening its trade restrictions against China, the new Sino-American cold war is getting colder by the day. Worse, it could all too easily turn hot over the status of Taiwan, which Xi is committed to reuniting with the mainland, and which US President Joe Biden is apparently committed to defending. Meanwhile, nuclear-armed North Korea has once again been seeking attention by firing rockets over Japan and South Korea. Cyberwarfare occurs daily between these revisionist powers and the West, and many other countries have adopted a non-aligned posture toward Western-led sanctions regimes. From our contingent vantage point in the middle of all these events, we don’t yet know if World War III has already begun in Ukraine. That determination will be left to future historians – if there are any. Even discounting the threat of nuclear Armageddon, the risk of an environmental Apocalypse is becoming increasingly serious, especially given that most of the talk about net-zero and ESG (environment, social, and governance) investing is just greenwashing – or greenwishing. The new greenflation is already in full swing, because it turns out that amassing the metals needed for the energy transition requires a lot of expensive energy. There is also a growing risk of new pandemics that would be worse than biblical plagues, owing to the link between environmental destruction and zoonotic diseases. Wildlife, carrying dangerous pathogens, are coming into closer and more frequent contact with humans and livestock. That is why we have experienced more frequent and virulent pandemics and epidemics (HIV, SARS, MERS, swine flu, bird flu, Zika, Ebola, COVID-19) since the early 1980s. All the evidence suggests that this problem will become even worse in the future. Indeed, owing to the melting of Siberian permafrost, we may soon be confronting dangerous viruses and bacteria that have been locked away for millennia. Moreover, geopolitical conflicts and national-security concerns are fueling trade, financial, and technology wars, and accelerating the deglobalization process. The return of protectionism and the Sino-American decoupling will leave the global economy, supply chains, and markets more balkanized and fragmented. The buzzwords “friend-shoring” and “secure and fair trade” have replaced “offshoring” and “free trade.” But on the domestic front, advances in AI, robotics, and automation will destroy more and more jobs, even if policymakers build higher protectionist walls in an effort to fight the last war. By both restricting immigration and demanding more domestic production, aging advanced economies will create a stronger incentive for companies to adopt labor-saving technologies. While routine jobs are obviously at risk, so, too, are any cognitive jobs that can be unbundled into discrete tasks, and even many creative jobs. AI language models like GPT-3 can already write better than most humans and will almost certainly displace many jobs and sources of income. In due course, some scientists believe that Homo sapiens will be rendered entirely obsolete by the rise of artificial general intelligence or machine super-intelligence – though this is a highly contentious subject of debate. Thus, over time, economic malaise will deepen, inequality will rise even further, and more white- and blue-collar workers will be left behind. Hard Choices, Hard Landings The macroeconomic situation is no better. For the first time since the 1970s, we are facing high inflation and the prospect of a recession – stagflation. The increased inflation in advanced economies wasn’t “transitory.” It is persistent, driven by a combination of bad policies – excessively loose monetary, fiscal, and credit policies that were kept in place for too long – and bad luck. No one could have anticipated how much the initial COVID-19 shock would curtail the supply of goods and labor and create bottlenecks in global supply chains. The same goes for Russia’s brutal invasion of Ukraine, which caused a sharp spike in energy, food, fertilizers, industrial metals, and other commodities. Meanwhile, China has continued its “zero-COVID” policy, which is creating additional supply bottlenecks. While both demand and supply factors were in the mix, it is now widely recognized that the supply factors have played an increasingly decisive role. This matters for the economic outlook, because supply-driven inflation is stagflationary and thus increases the risk that monetary-policy tightening will produce a hard landing (increased unemployment and potentially a recession). What will follow from the US Federal Reserve and other major central banks’ current tightening? Until recently, most central banks and most of Wall Street belonged to “Team Soft Landing.” But the consensus has rapidly shifted, with even Fed Chair Jerome Powell recognizing that a recession is possible, that a soft landing will be “very challenging,” and that everyone should prepare for some “pain” ahead. The Federal Reserve Bank of New York’s model shows a high probability of a hard landing, and the Bank of England has expressed similar views about the United Kingdom. Several prominent Wall Street institutions have also now made a recession their baseline scenario (the most likely outcome if all other variables are held constant). History, too, points to deeper problems ahead. For the past 60 years in the US, whenever inflation has been above 5% (it is above 8% today), and unemployment has been below 5% (it is now 3.5%), any attempt by the Fed to bring inflation down toward its 2% target has caused a recession. Thus, a hard landing is much more likely than a soft landing, both in the US and across most other advanced economies. Sticky Stagflation In addition to the short-term factors, negative supply shocks and demand factors in the medium term will cause inflation to persist. On the supply side, I count eleven negative supply shocks that will reduce potential growth and increase the costs of production. Among these is the backlash against hyper-globalization, which has been gaining momentum and creating opportunities for populist, nativist, and protectionist politicians, and growing public anger over stark income and wealth inequalities, which is leading to more policies to support workers and the “left behind.” However well-intentioned, such measures will contribute to a dangerous wage-price spiral. Other sources of persistent inflation include rising protectionism (from both the left and the right), which has restricted trade, impeded the movement of capital, and heightened political resistance to immigration, which in turn has put additional upward pressure on wages. National-security and strategic considerations have further restricted flows of technology, data, and talent, and new labor and environmental standards, as important as they may be, are hampering both trade and new construction. This balkanization of the global economy is deeply stagflationary, and it is coinciding with demographic aging, not just in developed countries but also in large emerging economies such as China. Because young people tend to produce and save more, whereas older people spend down their savings and require many more expensive services in health care and other sectors, this trend, too, will lead to higher prices and slower growth. Today’s geopolitical turmoil further complicates matters. The disruptions to trade and the spike in commodity prices following Russia’s invasion were not just a one-off phenomenon. The same threats to harvests and food shipments that arose in 2022 may well persist in 2023. Moreover, if China does finally end its zero-COVID policy and begin to restart its economy, a surge in demand for many commodities will add to the global inflationary pressures. There is also no end in sight for Sino-Western decoupling, which is accelerating across all dimensions of trade (goods, services, capital, labor, technology, data, and information). And, of course, Iran, North Korea, and other strategic rivals to the West could soon contribute in their own ways to the global havoc. Now that the US dollar has been fully weaponized for strategic and national-security purposes, its position as the main global reserve currency could eventually begin to decline, and a weaker dollar would of course add to inflationary pressures in the US. More broadly, a frictionless world trading system requires a frictionless financial system. But sweeping primary and secondary sanctions have thrown sand in what was once a well-oiled machine, massively increasing the transaction costs of trade. On top of it all, climate change, too, will create persistent stagflationary pressures. Droughts, heat waves, hurricanes, and other disasters are increasingly disrupting economic activity and threatening harvests (thus driving up food prices). At the same time, demands for decarbonization have led to underinvestment in fossil-fuel capacity before investment in renewables has reached the point where they can make up the difference. Today’s large energy-price spikes were inevitable. The increased likelihood of future pandemics also represents a persistent source of stagflation, especially considering how little has been done to prevent or prepare for the next one. The next contagious outbreak will lend further momentum to protectionist policies as countries rush to close borders and hoard critical supplies of food, medicines, and other essential goods. Finally, cyberwarfare remains an underappreciated threat to economic activity and even public safety. Firms and governments will either face more stagflationary disruptions to production, or they will have to spend a fortune on cybersecurity. Either way, costs will rise. The Worst of All Possible Economies When the recession comes, it will not be short and shallow but long and severe. Not only are we facing persistent short- and medium-term negative supply shocks, but we are also heading into the mother of all debt crises, owing to soaring private and public debt ratios over the last few decades. Low debt ratios spared us from that outcome in the 1970s. And though we certainly had debt crises following the 2008 crash – the result of excessive household, bank, and government debt – we also had deflation. It was a demand shock and a credit crunch that could be met with massive monetary, fiscal, and credit easing. Today, we are experiencing the worst elements of both the 1970s and 2008. Multiple, persistent negative supply shocks have coincided with debt ratios that are even higher than they were during the global financial crisis. These inflationary pressures are forcing central banks to tighten monetary policy even though we are heading into a recession. That makes the current situation fundamentally different from both the global financial crisis and the COVID-19 crisis. Everyone should be preparing for what may come to be remembered as the Great Stagflationary Debt Crisis. While central banks have been at pains to sound more hawkish, we should be skeptical of their professed willingness to fight inflation at any cost. Once they find themselves in a debt trap, they will have to blink. With debt ratios so high, fighting inflation will cause an economic and financial crash that will be deemed politically unacceptable. Major central banks will feel as though they have no choice but to backpedal, and inflation, the debasement of fiat currencies, boom-bust cycles, and financial crises will become even more severe and frequent. The inevitability of central banks wimping out was recently on display in the United Kingdom. Faced with the market reaction to the Truss government’s reckless fiscal stimulus, the BOE had to launch an emergency quantitative-easing (QE) program to buy up government bonds. That sad episode confirmed that in the UK, as in many other countries, monetary policy is increasingly subject to fiscal capture. Recall that a similar turnaround occurred in 2019, when the Fed, after previously signaling continued rate hikes and quantitative-tightening, stopped its QT program and started pursuing a mix of backdoor QE and policy-rate cuts at the first sign of mild financial pressures and a growth slowdown. Central banks will talk tough; but, in a world of excessive debt and risks of an economic and financial crash, there is good reason to doubt their willingness to do “whatever it takes” to return inflation to its target rate. With governments unable to reduce high debts and deficits by spending less or raising revenues, those that can borrow in their own currency will increasingly resort to the “inflation tax”: relying on unexpected price growth to wipe out long-term nominal liabilities at fixed interest rates. How will financial markets and prices of equities and bonds perform in the face of rising inflation and the return of stagflation? It is likely that, as in the stagflation of the 1970s, both components of any traditional asset portfolio will suffer, potentially incurring massive losses. Inflation is bad for bond portfolios, which will take losses as yields increase and prices fall, as well as for equities, whose valuations are hurt by rising interest rates. For the first time in decades, a 60/40 portfolio of equities and bonds suffered massive losses in 2022, because bond yields have surged while equities have gone into a bear market. By 1982, at the peak of the stagflation decade, the average S&P 500 firm’s price-to-earnings ratio was down to eight; today, it is closer to 20, which suggests that the bear market could end up being even more protracted and severe. Investors will need to find assets to hedge against inflation, political and geopolitical risks, and environmental damage: these include short-term government bonds and inflation-indexed bonds, gold and other precious metals, and real estate that is resilient to environmental damage. The Moment of Truth In any case, these megathreats will further contribute to rising income and wealth inequality, which has already been putting severe pressure on liberal democracies (as those left behind revolt against elites), and fueling the rise of radical and aggressive populist regimes. One can find right-wing manifestations of this trend in Russia, Turkey, Hungary, Italy, Sweden, the US (under Donald Trump), post-Brexit Britain, and many other countries; and left-wing manifestations in Argentina, Venezuela, Peru, Mexico, Colombia, Chile, and now Brazil (which has just replaced a right-wing populist with a left-wing one). And, of course, Xi’s authoritarian stranglehold has given the lie to the old idea that Western engagement with a fast-growing China would ineluctably lead that country to open itself up even more to markets and, eventually, to democratic processes. Under Xi, China shows every sign of becoming more closed off, and more aggressive on geopolitical, security, and economic matters. How did it come to this? Part of the problem is that we have long had our heads stuck in the sand. Now, we need to make up for lost time. Without decisive action, we will be heading into a period that is less like the four decades after WWII than like the three decades between 1914 and 1945. That period gave us World War I; the Spanish flu pandemic; the 1929 Wall Street crash; the Great Depression; massive trade and currency wars; inflation, hyperinflation, and deflation; financial and debt crises, leading to massive meltdowns and defaults; and the rise of authoritarian militarist regimes in Italy, Germany, Japan, Spain, and elsewhere, culminating in WWII and the Holocaust. In this new world, the relative peace, prosperity, and rising global welfare that we have taken for granted will be gone; most of it already is. If we don’t stop the multi-track slow-motion train wreck that is threatening the global economy and our planet at large, we will be lucky to have only a repeat of the stagflationary 1970s. Far more likely is an echo of the 1930s and the 1940s, only now with all the massive disruptions from climate change added to the mix. Avoiding a dystopian scenario will not be easy. While there are potential solutions to each megathreat, most are costly in the short run and will deliver benefits only over the long run. Many also require technological innovations that are not yet available or in place, starting with those needed to halt or reverse climate change. Complicating matters further, today’s megathreats are interconnected, and therefore best addressed in a systematic and coherent fashion. Domestic leadership, in both the private and public sector, and international cooperation among great powers is necessary to prevent the coming Apocalypse. Yet there are many domestic and international obstacles standing in the way of policies that would allow for a less dystopian (though still contested and conflictual) future. Thus, while a less bleak scenario is obviously desirable, a clear-headed analysis indicates that dystopia is much more likely than a happier outcome. The years and decades ahead will be marked by a stagflationary debt crisis and related megathreats – war, pandemics, climate change, disruptive AI, and deglobalization – all of which will be bad for jobs, economies, markets, peace, and prosperity.
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  • The Age of Megathreats
    Nouriel RoubiniNov 4, 2022
    op_roubini3_Getty Images_worlddisaster Getty Images
    NEW YORK – Severe megathreats are imperiling our future – not just our jobs, incomes, wealth, and the global economy, but also the relative peace, prosperity, and progress achieved over the past 75 years. Many of these threats were not even on our radar during the prosperous post-World War II era. I grew up in the Middle East and Europe from the late 1950s to the early 1980s, and I never worried about climate change potentially destroying the planet. Most of us had barely even heard of the problem, and greenhouse-gas emissions were still relatively low, compared to where they would soon be.

    Moreover, after the US-Soviet détente and US President Richard Nixon’s visit to China in the early 1970s, I never really worried about another war among great powers, let alone a nuclear one. The term “pandemic” didn’t register in my consciousness, either, because the last major one had been in 1918. And I didn’t fathom that artificial intelligence might someday destroy most jobs and render Homo sapiens obsolete, because those were the years of the long “AI winter.”

    Similarly, terms like “deglobalization” and “trade war” had no purchase during this period. Trade liberalization had been in full swing since the Great Depression, and it would soon lead to the hyper-globalization that began in the 1990s. Debt crises posed no threat, because private and public debt-to-GDP ratios were low in advanced economies and emerging markets, and growth was robust. No one had to worry about the massive build-up of implicit debt, in the form of unfunded liabilities from pay-as-you-go social security and health-care systems. The supply of young workers was rising, the share of the elderly was still low, and robust, mostly unrestricted immigration from the Global South to the North would continue to prop up the labor market in advanced economies.

    Against this backdrop, economic cycles were contained, and recessions were short and shallow, except for during the stagflationary decade of the 1970s; but even then, there were no debt crises in advanced economies, because debt ratios were low. The kind of financial cycles that lead to crises were contained not just in advanced economies but even in emerging markets, owing to the low leverage, low risk-taking, solid financial regulation, capital controls, and various forms of financial repression that prevailed during this period. The advanced economies were strong liberal democracies that were free of extreme partisan polarization. Populism and authoritarianism were confined to a benighted cohort of poorer countries.

    Goodbye to All That

    Fast-forward from this relatively “golden” period between 1945 and 1985 to late 2022, and you will immediately notice that we are awash in new, extreme megathreats that were not previously on anyone’s mind. The world has entered what I call a geopolitical depression, with (at least) four dangerous revisionist powers – China, Russia, Iran, and North Korea – challenging the economic, financial, security, and geopolitical order that the United States and its allies created after WWII.

    There is a sharply rising risk not only of war among great powers but of a nuclear conflict. In the coming year, Russia’s war of aggression in Ukraine could escalate into an unconventional conflict that directly involves NATO. And Israel – and perhaps the US – may decide to launch strikes against Iran, which is on its way to building a nuclear bomb.


    Subscribe to PS Digital now to read all the latest insights from Nouriel Roubini.

    Digital subscribers enjoy access to every PS commentary, including those by Nouriel Roubini, plus our entire On Point suite of subscriber-exclusive content, including Longer Reads, Insider Interviews, Big Picture/Big Question, and Say More.

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    With Chinese President Xi Jinping further consolidating his authoritarian rule, and with the US tightening its trade restrictions against China, the new Sino-American cold war is getting colder by the day. Worse, it could all too easily turn hot over the status of Taiwan, which Xi is committed to reuniting with the mainland, and which US President Joe Biden is apparently committed to defending. Meanwhile, nuclear-armed North Korea has once again been seeking attention by firing rockets over Japan and South Korea.

    Cyberwarfare occurs daily between these revisionist powers and the West, and many other countries have adopted a non-aligned posture toward Western-led sanctions regimes. From our contingent vantage point in the middle of all these events, we don’t yet know if World War III has already begun in Ukraine. That determination will be left to future historians – if there are any.

    Even discounting the threat of nuclear Armageddon, the risk of an environmental Apocalypse is becoming increasingly serious, especially given that most of the talk about net-zero and ESG (environment, social, and governance) investing is just greenwashing – or greenwishing. The new greenflation is already in full swing, because it turns out that amassing the metals needed for the energy transition requires a lot of expensive energy.

    There is also a growing risk of new pandemics that would be worse than biblical plagues, owing to the link between environmental destruction and zoonotic diseases. Wildlife, carrying dangerous pathogens, are coming into closer and more frequent contact with humans and livestock. That is why we have experienced more frequent and virulent pandemics and epidemics (HIV, SARS, MERS, swine flu, bird flu, Zika, Ebola, COVID-19) since the early 1980s. All the evidence suggests that this problem will become even worse in the future. Indeed, owing to the melting of Siberian permafrost, we may soon be confronting dangerous viruses and bacteria that have been locked away for millennia.

    Moreover, geopolitical conflicts and national-security concerns are fueling trade, financial, and technology wars, and accelerating the deglobalization process. The return of protectionism and the Sino-American decoupling will leave the global economy, supply chains, and markets more balkanized and fragmented. The buzzwords “friend-shoring” and “secure and fair trade” have replaced “offshoring” and “free trade.”

    But on the domestic front, advances in AI, robotics, and automation will destroy more and more jobs, even if policymakers build higher protectionist walls in an effort to fight the last war. By both restricting immigration and demanding more domestic production, aging advanced economies will create a stronger incentive for companies to adopt labor-saving technologies. While routine jobs are obviously at risk, so, too, are any cognitive jobs that can be unbundled into discrete tasks, and even many creative jobs. AI language models like GPT-3 can already write better than most humans and will almost certainly displace many jobs and sources of income. In due course, some scientists believe that Homo sapiens will be rendered entirely obsolete by the rise of artificial general intelligence or machine super-intelligence – though this is a highly contentious subject of debate.

    Thus, over time, economic malaise will deepen, inequality will rise even further, and more white- and blue-collar workers will be left behind.

    Hard Choices, Hard Landings

    The macroeconomic situation is no better. For the first time since the 1970s, we are facing high inflation and the prospect of a recession – stagflation. The increased inflation in advanced economies wasn’t “transitory.” It is persistent, driven by a combination of bad policies – excessively loose monetary, fiscal, and credit policies that were kept in place for too long – and bad luck. No one could have anticipated how much the initial COVID-19 shock would curtail the supply of goods and labor and create bottlenecks in global supply chains. The same goes for Russia’s brutal invasion of Ukraine, which caused a sharp spike in energy, food, fertilizers, industrial metals, and other commodities. Meanwhile, China has continued its “zero-COVID” policy, which is creating additional supply bottlenecks.

    While both demand and supply factors were in the mix, it is now widely recognized that the supply factors have played an increasingly decisive role. This matters for the economic outlook, because supply-driven inflation is stagflationary and thus increases the risk that monetary-policy tightening will produce a hard landing (increased unemployment and potentially a recession).

    What will follow from the US Federal Reserve and other major central banks’ current tightening? Until recently, most central banks and most of Wall Street belonged to “Team Soft Landing.” But the consensus has rapidly shifted, with even Fed Chair Jerome Powell recognizing that a recession is possible, that a soft landing will be “very challenging,” and that everyone should prepare for some “pain” ahead. The Federal Reserve Bank of New York’s model shows a high probability of a hard landing, and the Bank of England has expressed similar views about the United Kingdom. Several prominent Wall Street institutions have also now made a recession their baseline scenario (the most likely outcome if all other variables are held constant).

    History, too, points to deeper problems ahead. For the past 60 years in the US, whenever inflation has been above 5% (it is above 8% today), and unemployment has been below 5% (it is now 3.5%), any attempt by the Fed to bring inflation down toward its 2% target has caused a recession. Thus, a hard landing is much more likely than a soft landing, both in the US and across most other advanced economies.

    Sticky Stagflation

    In addition to the short-term factors, negative supply shocks and demand factors in the medium term will cause inflation to persist. On the supply side, I count eleven negative supply shocks that will reduce potential growth and increase the costs of production. Among these is the backlash against hyper-globalization, which has been gaining momentum and creating opportunities for populist, nativist, and protectionist politicians, and growing public anger over stark income and wealth inequalities, which is leading to more policies to support workers and the “left behind.” However well-intentioned, such measures will contribute to a dangerous wage-price spiral.

    Other sources of persistent inflation include rising protectionism (from both the left and the right), which has restricted trade, impeded the movement of capital, and heightened political resistance to immigration, which in turn has put additional upward pressure on wages. National-security and strategic considerations have further restricted flows of technology, data, and talent, and new labor and environmental standards, as important as they may be, are hampering both trade and new construction.

    This balkanization of the global economy is deeply stagflationary, and it is coinciding with demographic aging, not just in developed countries but also in large emerging economies such as China. Because young people tend to produce and save more, whereas older people spend down their savings and require many more expensive services in health care and other sectors, this trend, too, will lead to higher prices and slower growth.

    Today’s geopolitical turmoil further complicates matters. The disruptions to trade and the spike in commodity prices following Russia’s invasion were not just a one-off phenomenon. The same threats to harvests and food shipments that arose in 2022 may well persist in 2023. Moreover, if China does finally end its zero-COVID policy and begin to restart its economy, a surge in demand for many commodities will add to the global inflationary pressures. There is also no end in sight for Sino-Western decoupling, which is accelerating across all dimensions of trade (goods, services, capital, labor, technology, data, and information). And, of course, Iran, North Korea, and other strategic rivals to the West could soon contribute in their own ways to the global havoc.

    Now that the US dollar has been fully weaponized for strategic and national-security purposes, its position as the main global reserve currency could eventually begin to decline, and a weaker dollar would of course add to inflationary pressures in the US. More broadly, a frictionless world trading system requires a frictionless financial system. But sweeping primary and secondary sanctions have thrown sand in what was once a well-oiled machine, massively increasing the transaction costs of trade.

    On top of it all, climate change, too, will create persistent stagflationary pressures. Droughts, heat waves, hurricanes, and other disasters are increasingly disrupting economic activity and threatening harvests (thus driving up food prices). At the same time, demands for decarbonization have led to underinvestment in fossil-fuel capacity before investment in renewables has reached the point where they can make up the difference. Today’s large energy-price spikes were inevitable.

    The increased likelihood of future pandemics also represents a persistent source of stagflation, especially considering how little has been done to prevent or prepare for the next one. The next contagious outbreak will lend further momentum to protectionist policies as countries rush to close borders and hoard critical supplies of food, medicines, and other essential goods.

    Finally, cyberwarfare remains an underappreciated threat to economic activity and even public safety. Firms and governments will either face more stagflationary disruptions to production, or they will have to spend a fortune on cybersecurity. Either way, costs will rise.

    The Worst of All Possible Economies

    When the recession comes, it will not be short and shallow but long and severe. Not only are we facing persistent short- and medium-term negative supply shocks, but we are also heading into the mother of all debt crises, owing to soaring private and public debt ratios over the last few decades. Low debt ratios spared us from that outcome in the 1970s. And though we certainly had debt crises following the 2008 crash – the result of excessive household, bank, and government debt – we also had deflation. It was a demand shock and a credit crunch that could be met with massive monetary, fiscal, and credit easing.

    Today, we are experiencing the worst elements of both the 1970s and 2008. Multiple, persistent negative supply shocks have coincided with debt ratios that are even higher than they were during the global financial crisis. These inflationary pressures are forcing central banks to tighten monetary policy even though we are heading into a recession. That makes the current situation fundamentally different from both the global financial crisis and the COVID-19 crisis. Everyone should be preparing for what may come to be remembered as the Great Stagflationary Debt Crisis.

    While central banks have been at pains to sound more hawkish, we should be skeptical of their professed willingness to fight inflation at any cost. Once they find themselves in a debt trap, they will have to blink. With debt ratios so high, fighting inflation will cause an economic and financial crash that will be deemed politically unacceptable. Major central banks will feel as though they have no choice but to backpedal, and inflation, the debasement of fiat currencies, boom-bust cycles, and financial crises will become even more severe and frequent.

    The inevitability of central banks wimping out was recently on display in the United Kingdom. Faced with the market reaction to the Truss government’s reckless fiscal stimulus, the BOE had to launch an emergency quantitative-easing (QE) program to buy up government bonds. That sad episode confirmed that in the UK, as in many other countries, monetary policy is increasingly subject to fiscal capture.

    Recall that a similar turnaround occurred in 2019, when the Fed, after previously signaling continued rate hikes and quantitative-tightening, stopped its QT program and started pursuing a mix of backdoor QE and policy-rate cuts at the first sign of mild financial pressures and a growth slowdown. Central banks will talk tough; but, in a world of excessive debt and risks of an economic and financial crash, there is good reason to doubt their willingness to do “whatever it takes” to return inflation to its target rate.

    With governments unable to reduce high debts and deficits by spending less or raising revenues, those that can borrow in their own currency will increasingly resort to the “inflation tax”: relying on unexpected price growth to wipe out long-term nominal liabilities at fixed interest rates.

    How will financial markets and prices of equities and bonds perform in the face of rising inflation and the return of stagflation? It is likely that, as in the stagflation of the 1970s, both components of any traditional asset portfolio will suffer, potentially incurring massive losses. Inflation is bad for bond portfolios, which will take losses as yields increase and prices fall, as well as for equities, whose valuations are hurt by rising interest rates.

    For the first time in decades, a 60/40 portfolio of equities and bonds suffered massive losses in 2022, because bond yields have surged while equities have gone into a bear market. By 1982, at the peak of the stagflation decade, the average S&P 500 firm’s price-to-earnings ratio was down to eight; today, it is closer to 20, which suggests that the bear market could end up being even more protracted and severe. Investors will need to find assets to hedge against inflation, political and geopolitical risks, and environmental damage: these include short-term government bonds and inflation-indexed bonds, gold and other precious metals, and real estate that is resilient to environmental damage.

    The Moment of Truth

    In any case, these megathreats will further contribute to rising income and wealth inequality, which has already been putting severe pressure on liberal democracies (as those left behind revolt against elites), and fueling the rise of radical and aggressive populist regimes. One can find right-wing manifestations of this trend in Russia, Turkey, Hungary, Italy, Sweden, the US (under Donald Trump), post-Brexit Britain, and many other countries; and left-wing manifestations in Argentina, Venezuela, Peru, Mexico, Colombia, Chile, and now Brazil (which has just replaced a right-wing populist with a left-wing one).

    And, of course, Xi’s authoritarian stranglehold has given the lie to the old idea that Western engagement with a fast-growing China would ineluctably lead that country to open itself up even more to markets and, eventually, to democratic processes. Under Xi, China shows every sign of becoming more closed off, and more aggressive on geopolitical, security, and economic matters.

    How did it come to this? Part of the problem is that we have long had our heads stuck in the sand. Now, we need to make up for lost time. Without decisive action, we will be heading into a period that is less like the four decades after WWII than like the three decades between 1914 and 1945. That period gave us World War I; the Spanish flu pandemic; the 1929 Wall Street crash; the Great Depression; massive trade and currency wars; inflation, hyperinflation, and deflation; financial and debt crises, leading to massive meltdowns and defaults; and the rise of authoritarian militarist regimes in Italy, Germany, Japan, Spain, and elsewhere, culminating in WWII and the Holocaust.

    In this new world, the relative peace, prosperity, and rising global welfare that we have taken for granted will be gone; most of it already is. If we don’t stop the multi-track slow-motion train wreck that is threatening the global economy and our planet at large, we will be lucky to have only a repeat of the stagflationary 1970s. Far more likely is an echo of the 1930s and the 1940s, only now with all the massive disruptions from climate change added to the mix.

    Avoiding a dystopian scenario will not be easy. While there are potential solutions to each megathreat, most are costly in the short run and will deliver benefits only over the long run. Many also require technological innovations that are not yet available or in place, starting with those needed to halt or reverse climate change. Complicating matters further, today’s megathreats are interconnected, and therefore best addressed in a systematic and coherent fashion. Domestic leadership, in both the private and public sector, and international cooperation among great powers is necessary to prevent the coming Apocalypse.

    Yet there are many domestic and international obstacles standing in the way of policies that would allow for a less dystopian (though still contested and conflictual) future. Thus, while a less bleak scenario is obviously desirable, a clear-headed analysis indicates that dystopia is much more likely than a happier outcome. The years and decades ahead will be marked by a stagflationary debt crisis and related megathreats – war, pandemics, climate change, disruptive AI, and deglobalization – all of which will be bad for jobs, economies, markets, peace, and prosperity.
    The Age of Megathreats Nouriel RoubiniNov 4, 2022 op_roubini3_Getty Images_worlddisaster Getty Images NEW YORK – Severe megathreats are imperiling our future – not just our jobs, incomes, wealth, and the global economy, but also the relative peace, prosperity, and progress achieved over the past 75 years. Many of these threats were not even on our radar during the prosperous post-World War II era. I grew up in the Middle East and Europe from the late 1950s to the early 1980s, and I never worried about climate change potentially destroying the planet. Most of us had barely even heard of the problem, and greenhouse-gas emissions were still relatively low, compared to where they would soon be. Moreover, after the US-Soviet détente and US President Richard Nixon’s visit to China in the early 1970s, I never really worried about another war among great powers, let alone a nuclear one. The term “pandemic” didn’t register in my consciousness, either, because the last major one had been in 1918. And I didn’t fathom that artificial intelligence might someday destroy most jobs and render Homo sapiens obsolete, because those were the years of the long “AI winter.” Similarly, terms like “deglobalization” and “trade war” had no purchase during this period. Trade liberalization had been in full swing since the Great Depression, and it would soon lead to the hyper-globalization that began in the 1990s. Debt crises posed no threat, because private and public debt-to-GDP ratios were low in advanced economies and emerging markets, and growth was robust. No one had to worry about the massive build-up of implicit debt, in the form of unfunded liabilities from pay-as-you-go social security and health-care systems. The supply of young workers was rising, the share of the elderly was still low, and robust, mostly unrestricted immigration from the Global South to the North would continue to prop up the labor market in advanced economies. Against this backdrop, economic cycles were contained, and recessions were short and shallow, except for during the stagflationary decade of the 1970s; but even then, there were no debt crises in advanced economies, because debt ratios were low. The kind of financial cycles that lead to crises were contained not just in advanced economies but even in emerging markets, owing to the low leverage, low risk-taking, solid financial regulation, capital controls, and various forms of financial repression that prevailed during this period. The advanced economies were strong liberal democracies that were free of extreme partisan polarization. Populism and authoritarianism were confined to a benighted cohort of poorer countries. Goodbye to All That Fast-forward from this relatively “golden” period between 1945 and 1985 to late 2022, and you will immediately notice that we are awash in new, extreme megathreats that were not previously on anyone’s mind. The world has entered what I call a geopolitical depression, with (at least) four dangerous revisionist powers – China, Russia, Iran, and North Korea – challenging the economic, financial, security, and geopolitical order that the United States and its allies created after WWII. There is a sharply rising risk not only of war among great powers but of a nuclear conflict. In the coming year, Russia’s war of aggression in Ukraine could escalate into an unconventional conflict that directly involves NATO. And Israel – and perhaps the US – may decide to launch strikes against Iran, which is on its way to building a nuclear bomb. Subscribe to PS Digital now to read all the latest insights from Nouriel Roubini. Digital subscribers enjoy access to every PS commentary, including those by Nouriel Roubini, plus our entire On Point suite of subscriber-exclusive content, including Longer Reads, Insider Interviews, Big Picture/Big Question, and Say More. For a limited time, save $15 with the code ROUBINI15. Subscribe Now With Chinese President Xi Jinping further consolidating his authoritarian rule, and with the US tightening its trade restrictions against China, the new Sino-American cold war is getting colder by the day. Worse, it could all too easily turn hot over the status of Taiwan, which Xi is committed to reuniting with the mainland, and which US President Joe Biden is apparently committed to defending. Meanwhile, nuclear-armed North Korea has once again been seeking attention by firing rockets over Japan and South Korea. Cyberwarfare occurs daily between these revisionist powers and the West, and many other countries have adopted a non-aligned posture toward Western-led sanctions regimes. From our contingent vantage point in the middle of all these events, we don’t yet know if World War III has already begun in Ukraine. That determination will be left to future historians – if there are any. Even discounting the threat of nuclear Armageddon, the risk of an environmental Apocalypse is becoming increasingly serious, especially given that most of the talk about net-zero and ESG (environment, social, and governance) investing is just greenwashing – or greenwishing. The new greenflation is already in full swing, because it turns out that amassing the metals needed for the energy transition requires a lot of expensive energy. There is also a growing risk of new pandemics that would be worse than biblical plagues, owing to the link between environmental destruction and zoonotic diseases. Wildlife, carrying dangerous pathogens, are coming into closer and more frequent contact with humans and livestock. That is why we have experienced more frequent and virulent pandemics and epidemics (HIV, SARS, MERS, swine flu, bird flu, Zika, Ebola, COVID-19) since the early 1980s. All the evidence suggests that this problem will become even worse in the future. Indeed, owing to the melting of Siberian permafrost, we may soon be confronting dangerous viruses and bacteria that have been locked away for millennia. Moreover, geopolitical conflicts and national-security concerns are fueling trade, financial, and technology wars, and accelerating the deglobalization process. The return of protectionism and the Sino-American decoupling will leave the global economy, supply chains, and markets more balkanized and fragmented. The buzzwords “friend-shoring” and “secure and fair trade” have replaced “offshoring” and “free trade.” But on the domestic front, advances in AI, robotics, and automation will destroy more and more jobs, even if policymakers build higher protectionist walls in an effort to fight the last war. By both restricting immigration and demanding more domestic production, aging advanced economies will create a stronger incentive for companies to adopt labor-saving technologies. While routine jobs are obviously at risk, so, too, are any cognitive jobs that can be unbundled into discrete tasks, and even many creative jobs. AI language models like GPT-3 can already write better than most humans and will almost certainly displace many jobs and sources of income. In due course, some scientists believe that Homo sapiens will be rendered entirely obsolete by the rise of artificial general intelligence or machine super-intelligence – though this is a highly contentious subject of debate. Thus, over time, economic malaise will deepen, inequality will rise even further, and more white- and blue-collar workers will be left behind. Hard Choices, Hard Landings The macroeconomic situation is no better. For the first time since the 1970s, we are facing high inflation and the prospect of a recession – stagflation. The increased inflation in advanced economies wasn’t “transitory.” It is persistent, driven by a combination of bad policies – excessively loose monetary, fiscal, and credit policies that were kept in place for too long – and bad luck. No one could have anticipated how much the initial COVID-19 shock would curtail the supply of goods and labor and create bottlenecks in global supply chains. The same goes for Russia’s brutal invasion of Ukraine, which caused a sharp spike in energy, food, fertilizers, industrial metals, and other commodities. Meanwhile, China has continued its “zero-COVID” policy, which is creating additional supply bottlenecks. While both demand and supply factors were in the mix, it is now widely recognized that the supply factors have played an increasingly decisive role. This matters for the economic outlook, because supply-driven inflation is stagflationary and thus increases the risk that monetary-policy tightening will produce a hard landing (increased unemployment and potentially a recession). What will follow from the US Federal Reserve and other major central banks’ current tightening? Until recently, most central banks and most of Wall Street belonged to “Team Soft Landing.” But the consensus has rapidly shifted, with even Fed Chair Jerome Powell recognizing that a recession is possible, that a soft landing will be “very challenging,” and that everyone should prepare for some “pain” ahead. The Federal Reserve Bank of New York’s model shows a high probability of a hard landing, and the Bank of England has expressed similar views about the United Kingdom. Several prominent Wall Street institutions have also now made a recession their baseline scenario (the most likely outcome if all other variables are held constant). History, too, points to deeper problems ahead. For the past 60 years in the US, whenever inflation has been above 5% (it is above 8% today), and unemployment has been below 5% (it is now 3.5%), any attempt by the Fed to bring inflation down toward its 2% target has caused a recession. Thus, a hard landing is much more likely than a soft landing, both in the US and across most other advanced economies. Sticky Stagflation In addition to the short-term factors, negative supply shocks and demand factors in the medium term will cause inflation to persist. On the supply side, I count eleven negative supply shocks that will reduce potential growth and increase the costs of production. Among these is the backlash against hyper-globalization, which has been gaining momentum and creating opportunities for populist, nativist, and protectionist politicians, and growing public anger over stark income and wealth inequalities, which is leading to more policies to support workers and the “left behind.” However well-intentioned, such measures will contribute to a dangerous wage-price spiral. Other sources of persistent inflation include rising protectionism (from both the left and the right), which has restricted trade, impeded the movement of capital, and heightened political resistance to immigration, which in turn has put additional upward pressure on wages. National-security and strategic considerations have further restricted flows of technology, data, and talent, and new labor and environmental standards, as important as they may be, are hampering both trade and new construction. This balkanization of the global economy is deeply stagflationary, and it is coinciding with demographic aging, not just in developed countries but also in large emerging economies such as China. Because young people tend to produce and save more, whereas older people spend down their savings and require many more expensive services in health care and other sectors, this trend, too, will lead to higher prices and slower growth. Today’s geopolitical turmoil further complicates matters. The disruptions to trade and the spike in commodity prices following Russia’s invasion were not just a one-off phenomenon. The same threats to harvests and food shipments that arose in 2022 may well persist in 2023. Moreover, if China does finally end its zero-COVID policy and begin to restart its economy, a surge in demand for many commodities will add to the global inflationary pressures. There is also no end in sight for Sino-Western decoupling, which is accelerating across all dimensions of trade (goods, services, capital, labor, technology, data, and information). And, of course, Iran, North Korea, and other strategic rivals to the West could soon contribute in their own ways to the global havoc. Now that the US dollar has been fully weaponized for strategic and national-security purposes, its position as the main global reserve currency could eventually begin to decline, and a weaker dollar would of course add to inflationary pressures in the US. More broadly, a frictionless world trading system requires a frictionless financial system. But sweeping primary and secondary sanctions have thrown sand in what was once a well-oiled machine, massively increasing the transaction costs of trade. On top of it all, climate change, too, will create persistent stagflationary pressures. Droughts, heat waves, hurricanes, and other disasters are increasingly disrupting economic activity and threatening harvests (thus driving up food prices). At the same time, demands for decarbonization have led to underinvestment in fossil-fuel capacity before investment in renewables has reached the point where they can make up the difference. Today’s large energy-price spikes were inevitable. The increased likelihood of future pandemics also represents a persistent source of stagflation, especially considering how little has been done to prevent or prepare for the next one. The next contagious outbreak will lend further momentum to protectionist policies as countries rush to close borders and hoard critical supplies of food, medicines, and other essential goods. Finally, cyberwarfare remains an underappreciated threat to economic activity and even public safety. Firms and governments will either face more stagflationary disruptions to production, or they will have to spend a fortune on cybersecurity. Either way, costs will rise. The Worst of All Possible Economies When the recession comes, it will not be short and shallow but long and severe. Not only are we facing persistent short- and medium-term negative supply shocks, but we are also heading into the mother of all debt crises, owing to soaring private and public debt ratios over the last few decades. Low debt ratios spared us from that outcome in the 1970s. And though we certainly had debt crises following the 2008 crash – the result of excessive household, bank, and government debt – we also had deflation. It was a demand shock and a credit crunch that could be met with massive monetary, fiscal, and credit easing. Today, we are experiencing the worst elements of both the 1970s and 2008. Multiple, persistent negative supply shocks have coincided with debt ratios that are even higher than they were during the global financial crisis. These inflationary pressures are forcing central banks to tighten monetary policy even though we are heading into a recession. That makes the current situation fundamentally different from both the global financial crisis and the COVID-19 crisis. Everyone should be preparing for what may come to be remembered as the Great Stagflationary Debt Crisis. While central banks have been at pains to sound more hawkish, we should be skeptical of their professed willingness to fight inflation at any cost. Once they find themselves in a debt trap, they will have to blink. With debt ratios so high, fighting inflation will cause an economic and financial crash that will be deemed politically unacceptable. Major central banks will feel as though they have no choice but to backpedal, and inflation, the debasement of fiat currencies, boom-bust cycles, and financial crises will become even more severe and frequent. The inevitability of central banks wimping out was recently on display in the United Kingdom. Faced with the market reaction to the Truss government’s reckless fiscal stimulus, the BOE had to launch an emergency quantitative-easing (QE) program to buy up government bonds. That sad episode confirmed that in the UK, as in many other countries, monetary policy is increasingly subject to fiscal capture. Recall that a similar turnaround occurred in 2019, when the Fed, after previously signaling continued rate hikes and quantitative-tightening, stopped its QT program and started pursuing a mix of backdoor QE and policy-rate cuts at the first sign of mild financial pressures and a growth slowdown. Central banks will talk tough; but, in a world of excessive debt and risks of an economic and financial crash, there is good reason to doubt their willingness to do “whatever it takes” to return inflation to its target rate. With governments unable to reduce high debts and deficits by spending less or raising revenues, those that can borrow in their own currency will increasingly resort to the “inflation tax”: relying on unexpected price growth to wipe out long-term nominal liabilities at fixed interest rates. How will financial markets and prices of equities and bonds perform in the face of rising inflation and the return of stagflation? It is likely that, as in the stagflation of the 1970s, both components of any traditional asset portfolio will suffer, potentially incurring massive losses. Inflation is bad for bond portfolios, which will take losses as yields increase and prices fall, as well as for equities, whose valuations are hurt by rising interest rates. For the first time in decades, a 60/40 portfolio of equities and bonds suffered massive losses in 2022, because bond yields have surged while equities have gone into a bear market. By 1982, at the peak of the stagflation decade, the average S&P 500 firm’s price-to-earnings ratio was down to eight; today, it is closer to 20, which suggests that the bear market could end up being even more protracted and severe. Investors will need to find assets to hedge against inflation, political and geopolitical risks, and environmental damage: these include short-term government bonds and inflation-indexed bonds, gold and other precious metals, and real estate that is resilient to environmental damage. The Moment of Truth In any case, these megathreats will further contribute to rising income and wealth inequality, which has already been putting severe pressure on liberal democracies (as those left behind revolt against elites), and fueling the rise of radical and aggressive populist regimes. One can find right-wing manifestations of this trend in Russia, Turkey, Hungary, Italy, Sweden, the US (under Donald Trump), post-Brexit Britain, and many other countries; and left-wing manifestations in Argentina, Venezuela, Peru, Mexico, Colombia, Chile, and now Brazil (which has just replaced a right-wing populist with a left-wing one). And, of course, Xi’s authoritarian stranglehold has given the lie to the old idea that Western engagement with a fast-growing China would ineluctably lead that country to open itself up even more to markets and, eventually, to democratic processes. Under Xi, China shows every sign of becoming more closed off, and more aggressive on geopolitical, security, and economic matters. How did it come to this? Part of the problem is that we have long had our heads stuck in the sand. Now, we need to make up for lost time. Without decisive action, we will be heading into a period that is less like the four decades after WWII than like the three decades between 1914 and 1945. That period gave us World War I; the Spanish flu pandemic; the 1929 Wall Street crash; the Great Depression; massive trade and currency wars; inflation, hyperinflation, and deflation; financial and debt crises, leading to massive meltdowns and defaults; and the rise of authoritarian militarist regimes in Italy, Germany, Japan, Spain, and elsewhere, culminating in WWII and the Holocaust. In this new world, the relative peace, prosperity, and rising global welfare that we have taken for granted will be gone; most of it already is. If we don’t stop the multi-track slow-motion train wreck that is threatening the global economy and our planet at large, we will be lucky to have only a repeat of the stagflationary 1970s. Far more likely is an echo of the 1930s and the 1940s, only now with all the massive disruptions from climate change added to the mix. Avoiding a dystopian scenario will not be easy. While there are potential solutions to each megathreat, most are costly in the short run and will deliver benefits only over the long run. Many also require technological innovations that are not yet available or in place, starting with those needed to halt or reverse climate change. Complicating matters further, today’s megathreats are interconnected, and therefore best addressed in a systematic and coherent fashion. Domestic leadership, in both the private and public sector, and international cooperation among great powers is necessary to prevent the coming Apocalypse. Yet there are many domestic and international obstacles standing in the way of policies that would allow for a less dystopian (though still contested and conflictual) future. Thus, while a less bleak scenario is obviously desirable, a clear-headed analysis indicates that dystopia is much more likely than a happier outcome. The years and decades ahead will be marked by a stagflationary debt crisis and related megathreats – war, pandemics, climate change, disruptive AI, and deglobalization – all of which will be bad for jobs, economies, markets, peace, and prosperity.
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  • Not many can hold the macro and the micro and also write about it like Corey Lynn from Corey's Digs.
    Not many can hold the macro and the micro and also write about it like Corey Lynn from Corey's Digs.
    WWW.ACTIVISTPOST.COM
    Deep Dive with Corey Lynn of Corey's Digs - Activist Post
    In this deep-dive video, Maryam Henein interviews Corey Lynn to break down two of her key reports...
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  • Stickier-than-expected 'actual' inflation and soaring 'expected' inflation piled on to geopolitical risk this week as US macro data disappointed...
    Stickier-than-expected 'actual' inflation and soaring 'expected' inflation piled on to geopolitical risk this week as US macro data disappointed...
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    [#silver](https://www.waivio.com/object/silver) [#gold](https://www.waivio.com/object/gold) [#leo](https://www.waivio.com/object/leo) [#pob](https://www.waivio.com/object/pob) [#someeofficial](https://www.waivio.com/object/someeofficial) [#nftm](https://www.waivio.com/object/nftm) [#bro](https://www.waivio.com/object/bro) [#cent](https://www.waivio.com/object/cent)
    When it comes to successful investors in the silver market, several notable individuals have made significant profits and gained recognition for their prowess in this precious metal. Here are a few examples:
    Eric Sprott: Eric Sprott is a Canadian billionaire investor known for his successful investments in the resource sector, including silver. He has been a strong advocate for precious metals and has established himself as one of the leading silver investors. Sprott has consistently shown a keen understanding of market dynamics and has made strategic investments in silver mining companies and bullion, reaping substantial profits over the years.
    Warren Buffett: Although primarily known as a stock market investor, Warren Buffett's investment firm, Berkshire Hathaway, has also made notable investments in silver. In the late 1990s, Buffett purchased over 100 million ounces of silver, believing that the metal was undervalued at the time. This move turned out to be lucrative as the price of silver rose significantly, allowing Berkshire Hathaway to realize substantial gains.
    John Paulson: John Paulson is a hedge fund manager who gained recognition for his successful bet against the subprime mortgage market in the 2008 financial crisis. Paulson has also been an active investor in silver, believing in its potential as a hedge against inflation and economic uncertainty. His firm, Paulson & Co., has invested in silver mining companies and has held substantial positions in silver exchange-traded funds (ETFs).
    Eric Mindich: Eric Mindich, founder of Eton Park Capital Management, is another notable investor who has made successful bets on silver. Mindich has demonstrated a deep understanding of global macroeconomic trends and has used silver as a means to diversify his portfolio and protect against inflation. His strategic investments in silver-related assets have generated substantial returns.
    Carlos Slim: Carlos Slim, a Mexican business magnate and one of the world's wealthiest individuals, has recognized the value of silver as an investment. Through his conglomerate Grupo Carso, Slim has had significant investments in silver mining companies. His strategic approach to investing has contributed to his success in the silver market.
    It's important to note that investing in silver, like any other investment, carries risks, and past success does not guarantee future performance. The silver market can be subject to fluctuations influenced by various factors such as global economic conditions, industrial demand, and investor sentiment.
    Before investing in silver or any other asset, it's crucial to conduct thorough research, consider one's investment goals, and consult with a financial advisor who can provide personalized guidance based on individual circumstances.
    Image Source [#silver](https://www.waivio.com/object/silver) [#gold](https://www.waivio.com/object/gold) [#leo](https://www.waivio.com/object/leo) [#pob](https://www.waivio.com/object/pob) [#someeofficial](https://www.waivio.com/object/someeofficial) [#nftm](https://www.waivio.com/object/nftm) [#bro](https://www.waivio.com/object/bro) [#cent](https://www.waivio.com/object/cent) When it comes to successful investors in the silver market, several notable individuals have made significant profits and gained recognition for their prowess in this precious metal. Here are a few examples: Eric Sprott: Eric Sprott is a Canadian billionaire investor known for his successful investments in the resource sector, including silver. He has been a strong advocate for precious metals and has established himself as one of the leading silver investors. Sprott has consistently shown a keen understanding of market dynamics and has made strategic investments in silver mining companies and bullion, reaping substantial profits over the years. Warren Buffett: Although primarily known as a stock market investor, Warren Buffett's investment firm, Berkshire Hathaway, has also made notable investments in silver. In the late 1990s, Buffett purchased over 100 million ounces of silver, believing that the metal was undervalued at the time. This move turned out to be lucrative as the price of silver rose significantly, allowing Berkshire Hathaway to realize substantial gains. John Paulson: John Paulson is a hedge fund manager who gained recognition for his successful bet against the subprime mortgage market in the 2008 financial crisis. Paulson has also been an active investor in silver, believing in its potential as a hedge against inflation and economic uncertainty. His firm, Paulson & Co., has invested in silver mining companies and has held substantial positions in silver exchange-traded funds (ETFs). Eric Mindich: Eric Mindich, founder of Eton Park Capital Management, is another notable investor who has made successful bets on silver. Mindich has demonstrated a deep understanding of global macroeconomic trends and has used silver as a means to diversify his portfolio and protect against inflation. His strategic investments in silver-related assets have generated substantial returns. Carlos Slim: Carlos Slim, a Mexican business magnate and one of the world's wealthiest individuals, has recognized the value of silver as an investment. Through his conglomerate Grupo Carso, Slim has had significant investments in silver mining companies. His strategic approach to investing has contributed to his success in the silver market. It's important to note that investing in silver, like any other investment, carries risks, and past success does not guarantee future performance. The silver market can be subject to fluctuations influenced by various factors such as global economic conditions, industrial demand, and investor sentiment. Before investing in silver or any other asset, it's crucial to conduct thorough research, consider one's investment goals, and consult with a financial advisor who can provide personalized guidance based on individual circumstances.
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  • The trustworthiness of Bitcoin, a decentralized digital currency, is a complex topic that warrants careful analysis. To evaluate whether one would still trust Bitcoin if it were to experience a drastic crash in value, such as plummeting to $300, it is essential to consider various factors, including the underlying technology, historical context, market dynamics, and individual perspectives.
    Fundamental Technology:
    Bitcoin is built on blockchain technology, which provides transparency, immutability, and security. The technology's integrity remains intact irrespective of short-term price fluctuations. Supporters of Bitcoin argue that its underlying technology remains robust even during price crashes, reinforcing their trust in the long-term viability of the cryptocurrency.
    Historical Perspective:
    Bitcoin has witnessed multiple price crashes throughout its existence. Notably, the cryptocurrency experienced a significant decline from its all-time high in late 2017 to a low point in early 2019. Despite this decline, Bitcoin has shown resilience and a propensity to recover and reach new heights. Past recoveries and subsequent price appreciation may influence individuals' trust in Bitcoin, as they perceive such crashes as temporary setbacks.
    Market Dynamics:
    Bitcoin's market dynamics are influenced by various factors, including supply and demand, investor sentiment, regulatory developments, and macroeconomic conditions. Sudden drops in price can be triggered by factors such as negative news, regulatory uncertainty, or market manipulation. Analyzing the specific reasons behind a crash to $300 is crucial for assessing the trustworthiness of Bitcoin. If the crash is driven by market manipulation or temporary external factors, individuals may maintain trust in Bitcoin's long-term potential.
    Risk Tolerance and Investment Strategy:
    An individual's trust in Bitcoin during a $300 crash will depend on their risk tolerance and investment strategy. Those with higher risk tolerance and a long-term investment horizon might see the crash as an opportunity to accumulate Bitcoin at a discounted price, believing in its eventual recovery. Conversely, individuals with lower risk tolerance or short-term investment goals might lose trust in Bitcoin and perceive it as a highly volatile and unreliable asset.
    Fundamental Value and Adoption:
    Bitcoin's trustworthiness is also influenced by its fundamental value and adoption. Supporters argue that Bitcoin's scarcity, decentralized nature, and potential for disruption in traditional finance provide a solid foundation for trust, irrespective of short-term price fluctuations. Additionally, the growing adoption of Bitcoin by individuals, institutions, and governments can reinforce trust in the cryptocurrency's long-term potential, even in the face of a price crash.
    Conclusion:
    Determining whether one would still trust Bitcoin if it crashed to $300 is a subjective decision influenced by various factors. While price crashes can test investor confidence, it is crucial to assess the underlying technology, historical patterns, market dynamics, risk tolerance, and individual investment strategies. Bitcoin's long-term potential, fundamental value, and adoption rates also play a significant role in shaping trust. Ultimately, each individual must carefully evaluate these factors to make an informed decision about their trust in Bitcoin during periods of extreme price volatility.
    The trustworthiness of Bitcoin, a decentralized digital currency, is a complex topic that warrants careful analysis. To evaluate whether one would still trust Bitcoin if it were to experience a drastic crash in value, such as plummeting to $300, it is essential to consider various factors, including the underlying technology, historical context, market dynamics, and individual perspectives. Fundamental Technology: Bitcoin is built on blockchain technology, which provides transparency, immutability, and security. The technology's integrity remains intact irrespective of short-term price fluctuations. Supporters of Bitcoin argue that its underlying technology remains robust even during price crashes, reinforcing their trust in the long-term viability of the cryptocurrency. Historical Perspective: Bitcoin has witnessed multiple price crashes throughout its existence. Notably, the cryptocurrency experienced a significant decline from its all-time high in late 2017 to a low point in early 2019. Despite this decline, Bitcoin has shown resilience and a propensity to recover and reach new heights. Past recoveries and subsequent price appreciation may influence individuals' trust in Bitcoin, as they perceive such crashes as temporary setbacks. Market Dynamics: Bitcoin's market dynamics are influenced by various factors, including supply and demand, investor sentiment, regulatory developments, and macroeconomic conditions. Sudden drops in price can be triggered by factors such as negative news, regulatory uncertainty, or market manipulation. Analyzing the specific reasons behind a crash to $300 is crucial for assessing the trustworthiness of Bitcoin. If the crash is driven by market manipulation or temporary external factors, individuals may maintain trust in Bitcoin's long-term potential. Risk Tolerance and Investment Strategy: An individual's trust in Bitcoin during a $300 crash will depend on their risk tolerance and investment strategy. Those with higher risk tolerance and a long-term investment horizon might see the crash as an opportunity to accumulate Bitcoin at a discounted price, believing in its eventual recovery. Conversely, individuals with lower risk tolerance or short-term investment goals might lose trust in Bitcoin and perceive it as a highly volatile and unreliable asset. Fundamental Value and Adoption: Bitcoin's trustworthiness is also influenced by its fundamental value and adoption. Supporters argue that Bitcoin's scarcity, decentralized nature, and potential for disruption in traditional finance provide a solid foundation for trust, irrespective of short-term price fluctuations. Additionally, the growing adoption of Bitcoin by individuals, institutions, and governments can reinforce trust in the cryptocurrency's long-term potential, even in the face of a price crash. Conclusion: Determining whether one would still trust Bitcoin if it crashed to $300 is a subjective decision influenced by various factors. While price crashes can test investor confidence, it is crucial to assess the underlying technology, historical patterns, market dynamics, risk tolerance, and individual investment strategies. Bitcoin's long-term potential, fundamental value, and adoption rates also play a significant role in shaping trust. Ultimately, each individual must carefully evaluate these factors to make an informed decision about their trust in Bitcoin during periods of extreme price volatility.
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