The Problem With California’s Electric Dream Tyler Durden Wed, 09/30/2020 – 14:45 Authored by Irina Slav via OilPrice.com, California’s Governor Gavin Newsom last week announced that the sale of new cars with internal combustion engines would be banned from 2035 in the state administration’s latest effort to reduce its carbon footprint. The move was praised by environmentalists and carmakers alike – the latter already having committed billions to build an EV presence.  But there is one problem the Golden State might want to fix by 2035 if the ban is to work: its power supply. Last month, California was threatened by the first rolling blackouts in about two decades as a heatwave led to a spike in electricity consumption. This, in turn, revealed that the state’s demand exceeded its supply – including imported … [Read More...]

Romanian Village Elects Mayor Who Died From Covid Complications Days Before The Election Tyler Durden Wed, 09/30/2020 – 02:45 You just can’t keep a good man down.  Villagers in Deveselu, South Romania like their mayor so much, they elected him for a third term – despite the fact that he died from Covid-19 complications 10 days before the country’s elections. Mayor Ion Aliman was reelected in a “landslide” for the village after his death came too close to the election for officials to remove his name from the ballot. He would have been 57 years old on the day of the election. The village is home to about 3,000 people, according to AP.  Hundreds of villagers went to the polls to vote for Aliman, who won 1,057 of the 1,600 votes that were cast in the … [Read More...]

Trump’s Anti-Trust “Cop” Targets Wall Street’s Data Pricing In Blow To Exchanges Tyler Durden Tue, 09/29/2020 – 14:55 Until now, practically all of the leaks about the anti-trust group gestating inside the FTC have focused on big tech. But in an unexpected pivot, Bloomberg just reported that regulators are investigating the different data pricing packages sold by the exchanges to wire services like Bloomberg – along with High Frequency Traders who use the data to employ HFT strategies that rack up steady profits by inserting the “market makers” in between more trades. Makan Delrahim, who heads the Justice Department’s antitrust division, said in an interview that he’s paying close attention to the data that securities exchanges sell to banks and investment companies. Market participants have long complained that the … [Read More...]

Madrid Erupts As Citizens Clash With Police During Anti-Lockdown Riots Tyler Durden Tue, 09/29/2020 – 02:45 London wasn’t the only European city where frustrated denizens took to the streets in anger to protest another round of COVID-19-inspired lockdowns. Madrid saw anti-lockdown protests blossom into full-on riots – as they were described in the Spanish press – as clashes between citizens and police grew increasingly violent. Last week, the city council imposed new restrictions on more than 1 million inhabitants of Madrid, as they expanded the number of COVID-19 hot spots to 45. Localized restrictions on movement were similar to those imposed during the lockdown in the spring, though not as harsh. Over the weekend, thousands of Spaniards streamed into the streets of Madrid. Dozens of residents were involved in violent … [Read More...]

New York COVID-19 Outbreak Worsens, Hotspots Emerge In Orthodox Jewish Communities: Live Updates Tyler Durden Mon, 09/28/2020 – 14:32 Summary: CDC adds “black Friday shopping” to list of ‘high risk’ activities NY outbreak worsens WHO  partners with Gates Foundation Global deaths just below 1 million UK prepares new lockdown measures Case total tops 33 million Indian cases top 6 million Inovio pauses vaccine trial Russian outbreak worsens New UK fines take effect Australia’s Victoria region posts just 5 new cases * * * Update (1400ET): The same CDC  which ruled that Halloween “trick-or-treating” can largely continue as normal this year has just dealt America’s devastated malls another blow. On Monday, the CDC issued new guidance placing Black Friday shopping sprees in the “high risk” category of activities. After announcing that Halloween … [Read More...]

A reader writes in, asking: “My wife and I are retired. I have approximately 50% of our savings in Vanguard’s Total Bond Market (TBM) fund. The remaining half is a mix of stock funds as well as a few individual stock holdings. I am worried how that TBM fund will do going forward, especially over what we hope will be a long retirement. The Federal Reserve says they’ll keep rates low until at least 2023 unless inflation gets above 2%. But 2% annual inflation still adds up over a few decades. And with US government debt exceeding 20 trillion dollars, inflation over 2% can’t be ruled out. What’s the solution here? Low yields abound, inflation risk still a problem, stocks as risky as ever. … [Read More...]

US Angrily Threatens To Close US Embassy In Baghdad After Near Daily Attacks Tyler Durden Mon, 09/28/2020 – 02:45 Following near daily attacks centered in and around Baghdad’s Green Zone where the sprawling US embassy is located as well as other multiple American and other international institutions, Washington has put the Iraqi government on notice over the breakdown in security, saying it could shutter the US embassy altogether.  The State Department is livid after repeat rocket and mortar attacks on the embassy, and has blamed a failure of Iraq’s security forces and of Iraq’s leaders to respond appropriately, also amid the intensified proxy war with Iran: In a new escalation, US Secretary of State Mike Pompeo called Iraqi President Barham Saleh last week to deliver an ultimatum, Iraqi and foreign … [Read More...]

Armenia Orders ‘Full Troop Mobilization’ Against Azerbaijan As Tanks Clash, Martial Law Declared Tyler Durden Sun, 09/27/2020 – 14:36 Sunday saw huge clashes erupt between the armies of Armenia and Azerbaijan along the already militarized and disputed Nagorno-Karabakh border region. An official state of war in the region has been declared by Yerevan.  “Early in the morning, around 7 a.m. the Azerbaijani forces launched a large-scale aggression, including missile attacks…” Armenia’s Defense Ministry stated Sunday. Armenia has since reportedly declared martial law and a “total military mobilization” in what looks to be the most serious escalation between the two countries in years.  Tank warfare unfolding Sunday. Armenian Defense Ministry produced footage (still frame) of attack on Azeri positions. Air and artillery attacks from both sides ramped up, … [Read More...]