Bank of England: People Need to Accept Economic Stress
The Bank of England's chief economist, Huw Pill, said British households and businesses must accept they're poorer and stop seeking pay increases or pushing prices higher. He said there's a game of “pass the parcel” going on in the economy — as households and companies try to pass on their higher costs.
Inflation in the UK is at 10.1%, a slight dip from last month when it was 10.4%. It has been higher than the Bank of England's target of 2% for a substantial period of time.
Speaking on a Columbia Law School podcast, Pill said, “You don’t need to be much of an economist to realize that if what you’re buying has gone up a lot relative to what you’re selling, you’re going to be worse off."
Pro-establishment narrative
Some in the UK must accept that they're poorer, otherwise, inflation will stay persistent. Many people are reluctant to accept this fact. People and businesses continue to ask for higher wages or charge their customers more money as a response to higher bills and costs. It will increase inflation. We are all worse off, and we all have to take our share.
Establishment-critical narrative
Food prices have risen at their fastest rate in 45 years, and inflation is above 10% — five times the target. And Pill, a six-figure Bank of England official, says Brits must "accept they're worse off and stop demanding pay rises." The former Goldman Sachs banker is out of touch with reality, and people are suffering from economic distress.
Nerd narrative
There is a 4.4% chance the UK housing market will crash before July 2023, according to the Metaculus prediction community.
Singapore Executes Man Over Cannabis Smuggling
On Wednesday, 46-year-old Tangaraju Suppiah was executed at Singapore’s Changi prison complex, having previously been arrested for the intention to smuggle approximately 2.2 lbs of cannabis.
Suppiah was arrested in 2014 and convicted of abetting by engaging in a conspiracy to traffic 1017.9g of cannabis into Singapore in 2017, before being sentenced to death in 2018. He denied committing any wrongdoing.
Despite not being found in possession of illegal substances, prosecutors said Suppiah had been involved in coordinating the delivery of cannabis, tracing two phone numbers used by a deliveryman back to him.
Narrative A
The death penalty violates international norms and breaches human rights — killing innocent people for allegedly smuggling cannabis is cruel and misguided. The so-called war on drugs disproportionately affects the most marginalized and minoritized in society. Meanwhile, there’s no evidence that the death penalty deters or reduces drug trafficking, which is why Singapore must review its drug policy and move away from capital punishment.
Narrative B
Singapore's zero-tolerance stance and strict narcotics laws have allowed the country to remain safe, secure, and relatively drug-free — which shows that capital punishment does work to deter drug traffickers. The death penalty is essential to Singapore's criminal justice system, and since it is an effective deterrent against drug-related crimes, the public widely supports it.
UK: China's Military Buildup Risks ‘Tragic Miscalculation'
British Foreign Secretary James Cleverly on Tuesday called on China to be more transparent about its military moves, warning that maintaining secrecy about its activities could lead to a "tragic miscalculation" amid rising regional tensions.
In his speech at London's Mansion House, Cleverly called the PRC's military activities in the Indo-Pacific "the biggest military buildup in peacetime history," and urged Beijing to be as open about the "doctrine and intent behind its military expansion" in the region as Britain and its allies.
During his address, which was devoted exclusively to China, he cautioned Beijing against invading self-ruled Taiwan, noting that such a move would trigger global economic turmoil. Despite what he called China's "ruthless authoritarian tradition," he called for constructive UK-China relations while stressing the need for strengthening ties with Indo-Pacific allies.
Pro-China narrative
While Cleverly's speech was rife with Cold War logic, it at least reflected some correction of the UK's previous aggressive stance toward China. The words might signal that London seeks a more balanced approach independent of Washington's geopolitical China strategy, and Beijing welcomes London's more pragmatic tone. However, it remains to be seen to what extent this will translate into the UK's China policy, and whether London will adhere to the one-China principle.
Anti-China narrative
Cleverly's warning against China's increasingly aggressive stance — that was made simultaneously with his calls for constructive engagement — reveals that London is increasingly willing to sacrifice its values and betray the free world. Beijing's imperial policy not only threatens Taiwan — there are clear indications that the CCP is preparing for war with the US. The British government's contradictory approach toward China will not pay off, and it must return to a clear and assertive position before it's too late.
Nerd narrative
There is a 20% chance, that the US and China will be at war before 2035, according to the Metaculus prediction community.
Report: Half of NYC Households Face Cost Of Living Crisis
According to a report released on Tuesday, half of the working-age households in New York City don't make sufficient income to pay for their basic needs.
The report, published by the United Way of New York City and the Fund for the City of New York, found that a family of four needs to earn more than $100K to survive.
That marks a 38% jump in a two-year period from the last cost of living report in 2021 when 36% of working-age households were struggling to make ends meet at the time.
Republican narrative
Biden's deficit spending and destructive socialist policies have caused inflation to rise dramatically and actual earnings to drop by $3K for the average American in the past two years. The only solution to the cost-of-living crisis is a prominent Republican win in 2024; only then can spending and regulations be controlled, and America's economic recovery would be more robust and faster than anywhere else.
Democratic narrative
Inflation is a global challenge — the cost of living has become more expensive for every nation, not just America. Many countries across the world are facing pressure on public finances already strained by the pandemic and are struggling to rein in rapidly rising prices due to the war in Ukraine. Still, House and Senate Democrats are taking action to lower inflation, despite Donald Trump signing the majority of deficit spending over the past six years into law.
Narrative C
The study paints a dire portrait of a burgeoning cost-of-living crisis in America's largest metropolis. It's the latest evidence to demonstrate that more people in New York City are struggling to meet their basic needs than the official poverty statistics. Instead of indulging in petty politics, the Democrats, as well as the Republicans, must take a tight fiscal stance to help fight inflation and make New York affordable again.
Afghanistan: Taliban Kills IS Leader
US officials confirmed on Tuesday that Afghanistan's ruling Taliban has killed the Islamic State group (IS) leader who reportedly planned the deadly bombing at Kabul airport during the US withdrawal in 2021. The bombing killed 170 civilians and 13 US soldiers as people tried to flee the country.
The IS leader, who was affiliated with IS-Khorasan, the militant group's branch in Afghanistan and Central Asia, wasn't named; however, US National Security Council member John Kirby referred to him as "the mastermind of the horrific attack."
The US wasn't notified of the IS leader's death by the Taliban, who reportedly launched an operation against IS-Khorasan elements that led to his death, but instead learned of it through intelligence streams.
Republican narrative
While killing this IS leader will never bring back the dead or lift the burden of those whose family members were killed, it must force the Biden administration to own up to the responsibility of the chaotic and cold-hearted withdrawal of American forces from Afghanistan. With the Taliban systematically hunting people down, the war is not over — which points to a massive US government failure.
Democratic narrative
Though many in the US political establishment blame Biden for the Taliban's return to power, it was ultimately an inevitability of a failed war with George W. Bush and Donald Trump also bearing significant blame. While the news of the killing offers a reminder of one of the most challenging chapters of his presidency, it also highlights the role of the Trump administration in creating the mess by providing no plans for how to conduct the withdrawal or to evacuate Americans and Afghan allies.
Nerd narrative
There's a 25% chance that the US will recognize the Islamic Emirate of Afghanistan before 2030, according to the Metaculus prediction community.
UK: Microsoft's $75B Activision Blizzard Purchase Rejected
On Wednesday, the UK's Competition and Markets Authority (CMA) rejected Microsoft's $75B deal to buy video game maker Activision Blizzard Inc., arguing that the proposed acquisition poses a threat to competition in the UK’s gaming industry.
The CMA estimates that Microsoft controls around 60-70% of global cloud gaming services and, if it acquired Activision's Call of Duty, Overwatch, and World of Warcraft, it would give the company a significant advantage in the market.
The regulator added that Microsoft could make Activision games exclusive to its cloud gaming platform Xbox Game Pass, which would cut off distribution to other industry stakeholders.
Narrative A
This decision doesn't make sense given that cloud gaming makes up a small proportion of the entire video game industry. If the CMA was making an anti-trust argument to protect the UK from video game monopolies, wouldn't it base its decision on the consoles people use to play video games like Xbox and PlayStation?
Narrative B
The video game industry is a dynamic and creative one, and monopolizing an entire industry would diminish that creativity from other game providers. Microsoft didn't offer PC providers other than Windows access to the games, nor did it suggest allowing games other than those in its terms of service to be on its service, which goes directly against market competition. Well-calculated regulation made total sense here.
US, S. Korea Announce Nuclear Agreement
The US has agreed to give South Korea more input on a potential American nuclear response to a North Korean attack in return for an agreement that the country will not develop its own nuclear weapons.
The agreement, called the Washington Declaration, will give South Korean leadership more of a voice on the use of US nuclear forces to defend itself, though Washington would still retain control over the targeting and execution of weapons.
As part of the agreement, unveiled by US Pres. Joe Biden and South Korean Pres. Yoon Suk Yeol on Wednesday, the US will also deploy nuclear-armed submarines to South Korea for the first time in decades.
Pro-establishment narrative
This treaty is meant to assure the South Korean public that the US would have their back should any possible confrontation with North Korea occur. As long-time allies in the fight against authoritarianism in the East, it's the US' duty to use its global military prowess to deter any and all aggressors in the region who may seek to harm American interests and that of its many regional friends.
Establishment-critical narrative
Yoon has enabled the warmongering US government since he first took office. In the name of "preventing" military escalation in the East, this joint doctrine is actually provoking North Korea and steering both the American and South Korean people toward an unnecessary war. Washington and Seoul have ignored the 80% of South Koreans who opposed the US strategy of provoking China and other regional "enemies."
Nerd narrative
There's a 15% chance that there will be a full-scale war between North Korea and South Korea by 2050, according to the Metaculus prediction community.
Montana House Censures Trans Rep. Zephyr
On Wednesday, the Montana House of Representatives voted 68-32 to censure transgender state Rep. Zooey Zephyr (D) for allegedly encouraging demonstrators and disrupting proceedings following comments made by the lawmaker in response to a GOP-led bill to ban puberty blockers for minors.
Last week Zephyr told GOP lawmakers, "If you vote yes on this bill, and yes on these amendments, I hope the next time there’s an invocation when you bow your heads in prayer, you see the blood on your hands."
Since making those comments, GOP leaders have declined to recognize Zephyr on the House floor and deactivated the lawmaker's microphone while others debated, resulting in a protest Monday — which saw seven people arrested — outside the state Capitol as people filled the House chamber chanting, "Let her speak!"
Democratic narrative
Montana Republicans aren't just upset that Zephyr encouraged her constituents to exercise their right to protest, but the issue behind the protests as well. The GOP is trying to criminalize gender-affirming care nationwide, which is why they want to silence any opposition to their anti-trans agenda before it can gain public traction. The Montana House is violating both trans rights and freedom of speech all in one fell swoop.
Republican narrative
Zephyr violated the House rules not only by encouraging protesters to interrupt an official floor debate but also demeaning the state government body through slanderous and vile personal attacks against fellow lawmakers. If you claim to be fighting for democracy, you shouldn't encourage mobs to disrupt floor debates between democratically-elected officeholders set to vote on an important issue.
Swedish Research Rocket Accidentally Lands in Norway
A research rocket launched by Sweden Space Corp (SSC) on Monday from the Esrange Space Center in the country's north malfunctioned, landing 15 km (9.32 miles) inside neighboring Norway.
The rocket reached an altitude of about 155 miles before landing in Målselv — a mountain range at an altitude of around 1K meters and 10 km from the closest settlement, the SSC said.
Meanwhile, the Norwegian foreign ministry says it doesn't yet know whether there was any damage to the surroundings.
Narrative A
Sweden should have informed Norway officials of its rocket’s failed launch as soon as it suspected that it would land in Norwegian territory. However, Norway didn't get formal notification of the incident until much later, and Sweden failed to contact the foreign ministry through the proper channels. Sweden’s rocket launch was a very serious border violation, and it must work to prevent an event like this from happening again.
Narrative B
This is undoubtedly a serious incident and is being treated as such by Swedish authorities, who are now investigating the cause of the projectile’s wayward trajectory. The SSC and Swedish foreign ministry have been in close contact with Norwegian officials throughout the entire episode, and the SSC has already retrieved the payload and will work to fix any errors.
Disney Sues DeSantis Over Loss of Special District
Walt Disney Co. sued Florida Gov. Ron DeSantis on Wednesday, alleging the Republican has waged a “relentless campaign to weaponize government power” against the company amid a long-standing battle sparked by DeSantis’ bill limiting discussion of sexual orientation and gender identity with school children.
The lawsuit was filed in federal court after a DeSantis-appointed board tasked with overseeing Disney’s special taxing district voted to invalidate an agreement struck between Disney and the now-dissolved board last February.
The company’s complaint tells the US District Court for the Northern District of Florida that DeSantis and the board governing the Central Florida Tourism Oversight District — containing Walt Disney World resort — targeted Disney by nullifying two development contracts.
Democratic narrative
Disney is rightly fighting back against authoritarian governor Ron DeSantis who has repeatedly weaponized Florida’s government to infringe on Disney’s First Amendment rights. The potential presidential hopeful has tied his political identity to fighting the absurdly characterized “woke” corporation, but his real identity is his prejudice against LGBTQ+ people, as seen by his discriminatory laws. DeSantis cannot force Disney to abide.
Republican narrative
Disney has been badly losing its battle against DeSantis, and it will continue to do so. Not only does the corporation not have a moral ground to stand on, but it also lacks any legal argument for its ability to defy state law. Disney is shamefully committed to indoctrinating children with inappropriate content. Its behavior should not be rewarded with undeserved corporate welfare.