China sees repeat COVID waves: https://www.nature.com/articles/d41586-023-01872-7 . Of course. We saw repeat waves, and so will they. Also, their vaccines offer less protection than Western vaccines.
WSJ: China’s economy sags: https://www.wsj.com/articles/chinas-trade-slowdown-points-to-global-woes-5bc1c903 .
WSJ: Does Merck have a point?: https://www.wsj.com/articles/merck-lawsuit-inflation-reduction-act-medicare-drug-price-scheme-cf01f0e4 . Contrary to the expert analysis discussed yesterday, the Journal says Merck does not have the right to refuse to sell to the federal government. We are all aware that many drugs have a lower price in many other countries than they do in the US. Surely the US should have a relatively more favorable price than it currently receives.
As the Journal gives no support for its claims, we will have to wait for this lawsuit to play out to see if there is any merit to the Journal’s contentions. However, the article is labeled “Opinion” and signed by The Editorial Board. In the past, the Editorial Board has had a poor track record in properly describing facts. We will also wait to see if they produce support for their contentions.
US worker productivity in dramatic decline: https://www.cnbc.com/2022/12/18/worker-productivity-is-falling-at-the-fastest-rate-in-four-decades.html . Drops in productivity have been a reliable predictor of a coming recession in the past.
WSJ: Concerns about bond deluge: https://www.wsj.com/articles/treasurys-1-trillion-debt-deluge-threatens-market-calm-f2173ef4 . Simply put, huge supply is disruptive, even to a large market.
US arm of Binance lost a lot of money in 2022: https://www.wsj.com/articles/binance-us-was-deeply-unprofitable-in-2022-documents-show-9c9c95a6 . More and more of the cryptocurrency ecosystem looks like smoke and mirrors.
WSJ: Google’s AI develops faster computer algorithms: https://www.wsj.com/articles/google-deepmind-unveils-ai-system-to-discover-faster-algorithms-90f7e242 .
Supreme Court justices release financial disclosure, except for Alito and Thomas: https://abcnews.go.com/US/supreme-court-justices-release-new-financial-disclosures-thomas/story?id=99899949 . So the two most recently controversial justices are unable to meet the well-known deadline. Yes, extensions are permitted, but this just looks terrible. It reinforces the idea that the Court behaves as if it is above the law, and suggests these two are seeking outside advice about what exactly they must disclose. You’d think this would be a good time to avoid suspicion, wouldn’t you?
WSJ: Effects of failed Kakhovka dam: https://www.wsj.com/articles/southern-ukrainian-towns-inundated-as-floodwaters-from-burst-dam-rise-7b5e3424 .
Licht splits: https://variety.com/2023/tv/news/chris-licht-out-at-cnn-1235635690/ . I have been ignoring the ongoing drama at CNN in the newsletter, but this hot mess kicked into high gear last week after a devastating portrait of Licht in The Atlantic. Licht was brought in after his predecessor, Jeff Zucker, admitted to an inappropriate relationship. Licht was supposed to be a calming influence. I am skeptical that the drama at CNN is over: https://pagesix.com/2023/06/07/pr-execs-who-oversaw-atlantic-profile-of-cnns-chris-licht-get-the-boot/ . Basically, CNN needs some anchors who will command larger audiences as the presidential race heats up. That will cover a multitude of ongoing sins. WSJ: More: https://www.wsj.com/articles/cnn-chief-executive-chris-licht-is-out-dff6f818 .
Prince Harry’s day(s) in court: Day 1: https://www.yahoo.com/entertainment/prince-harry-testimony-takeaways-tabloids-184812627.html . Day 2: https://news.yahoo.com/key-takeaways-prince-harrys-second-145609345.html . This is a gossip spectacle to be sure. But there are larger lessons here. Harry has lived a life of constant scrutiny since birth. This also applies to all his family members. The allegations in this trial, supported by considerable evidence, are that the media constantly illegally snooped on Harry and the royal family, and published knowingly false sensational stories.
It is utterly and bitterly clear that Harry’s life has been filled with constant suspicion and worry, destroying family, friend and romantic relationships, and indeed his own mental health. The tragic death of his mother during a chase by paparazzi was horrific, but it was also part of a longstanding and constant manipulation by the media. What was the reason? Money. Indeed, there is an industry around this constant invasion of Harry’s privacy and indeed his life.
Who has benefitted? Pigs like Rupert Murdoch. Murdoch has become a billionaire in control of a worldwide network of media outlets that include Fox Not-the-News and the Wall Street Journal. Murdoch has turned the Journal, previously an institution in US and global business, into a semi-reliable rag spewing very questionable opinion. But if you have the money, you can buy the institution and use it as you please. That is our system, even with an institution as important to democratic government as the press.
We are having our noses rubbed in the corrupt influence of big money. So the Saudis, who have been pariahs on the international stage for some time, have been able to “buy” professional golf. Similarly, a New York City slumlord built a fortune (with the help of compound interest and leverage) on the backs of the urban poor. That fortune passed to his narcissistic son, who through a slew of questionable business dealings managed to hang onto enough of it to be considered a successful businessman by the uneducated.
That particular pig, of course, is Orange Julius. But I take encouragement from the fact that the legal system, both civil and criminal, continues to mobilize against these forces of corruption. Dominion Voting Systems has squeezed almost a billion dollars in damages by settling with Fox Not-the-News. And F-N-N faces even greater liability from its wrongs against Smartmatic and others. Orange Julius faces criminal prosecution from the special prosecutor, the Fulton County DA, the Manhattan DA, and the New York AG.
And last but not least, Rupert Murdoch is 92 years old; Orange Julius is 76. To paraphrase 2 Corinthians 4:17-18, They too shall pass.
Meanwhile, the crazies are in charge of the Nut House: https://www.nbcnews.com/politics/congress/conservatives-bring-house-halt-anger-mccarthys-debt-deal-remains-rcna88142 . McCarthy states the problem clearly: They don’t know what they want. We’ve seen this movie before, and it still stinks. In any other environment, this behavior would fit the label “unprofessional”, to be polite.
OJ receives DOJ letter on potential target of indictment on classified documents: https://abcnews.go.com/Politics/trump-informed-target-special-counsel-investigation-classified-docs/story?id=99917116 . This letter is rarely tendered without the expectation of indictment – it is telling the potential defendant to lawyer up. This would have motivated the meeting with DOJ on June 5, which was a courtesy meeting to go along with the courtesy letter. Closer and closer they come … More: https://www.nbcnews.com/politics/justice-department/secret-service-agents-testified-trump-classified-docs-probe-rcna88056 .
Pope Francis has another round of intestinal surgery: https://abcnews.go.com/International/pope-francis-intestinal-surgery-rome-wednesday/story?id=99893051 . WSJ: More: https://www.wsj.com/articles/pope-francis-to-undergo-operation-for-hernia-fde3faf1 .
WSJ: Golf sponsors decline comment on PGA-LIV combination: https://www.wsj.com/articles/pga-tour-deal-with-liv-golf-puts-sponsors-on-the-spot-4800c1c8 . This is an excellent point. Do the sponsors have more concern for their reputations than the PGA does? More: https://www.wsj.com/sports/golf/liv-golf-pga-tour-saudi-arabia-merger-a383b00 . This article should have the title: “When Idiots Collide”.
Lionel Messi coming to MLS in Miami: https://sports.yahoo.com/lionel-messi-mls-inter-miami-140740427.html . WSJ: More: https://www.wsj.com/sports/soccer/lionel-messi-inter-miami-mls-apple-adidas-d0218b81 . Messi remains a very great player, and should be a top scorer in MLS. As much as I support American soccer, it’s still a minor league in comparison to Europe. More: Messi turned down $1 billion plus from the Saudis because his wife didn’t want to live in the Gulf: https://www.latintimes.com/messi-turns-down-billion-offer-due-family-544643 . Wow …
Astrud Gilberto, “The Girl from Ipanema” singer, passes at 83: https://www.etonline.com/astrud-gilberto-the-girl-from-ipanema-singer-dead-at-83-205929 .