Thursday , October 29 2020
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Tyler Durden

Tyler Durden

Tyler Durden (a pseudonym) represents the idea that a return to truly efficient markets is a possibility and a necessity. After having experienced the inner workings of capitalism at various asset managers and advisors, Tyler believes that the current model is flawed and a deleveraging at every level of modern society is needed to reinspire the fundamental entrepreneurial spirit.

Articles by Tyler Durden

Minority Rights

2 days ago

Authored by Robert Wright via The American Institute for Economic Research,

Didn’t we all agree that governments can’t constitutionally oppress minorities or blame victims? And that private persons or organizations that do so are rightly called by the name of a stinky body part that we all possess?

Yet every new minority group that comes along suffers. The latest people to feel the wrath of government and the unthinking stinky members of society are Covid-19 survivors, individuals who tested positive and lived. With the recent spike in cases and ever higher survivorship rates, their ranks swell daily, but their oppression remains palpable.

While everyone has lamented the 225,000 or so deaths with/from Covid in America so far, the 8 million plus survivors reside in a sort of Limbo

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World’s Biggest IPO Is 284x Oversubscribed As Chinese Banks Give Retail Investors 33x Margin Leverage

2 days ago

Yesterday we reported that the world’s biggest IPO – that of Jack Ma’s fintech giant Ant Group – which priced on Monday at a valuation of over $320 billion and which will raise $34 billion in new capital, is set to break for trading later this week.

Earlier today, Bloomberg reported that Ant Group’s bankers would stop taking investor orders for the Hong Kong leg of the IPO a day earlier than scheduled as the record stock sale has already been heavily subscribed. According to the report, demand has been so great the Hangzhou-based firm is set to close the institutional investor. The company was initially planning to close the Hong Kong book at 5 p.m. Thursday for each region globally. The potential move would bring the closing in line with the Shanghai leg.

As a reminder, the financial

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CJ Hopkins: The Last Days Of The Trumpian Reich

2 days ago

Authored (mostly satirically) by CJ Hopkins via The Consent Factory,

So, according to the corporate media, this is it for Russian-backed Hitler. Game over. The walls are closing in. It’s the last days of the Trumpian Reich. Get those vuvuzelas ready!

Yes, apparently, the American people, who were all a bunch of Putin-worshipping, white-supremacist neo-Nazis when they elected Trump in 2016, have come to their senses and are going to deliver a landslide victory to “Slappy” Joe Biden and bring down the curtain on this “Age of Darkness,” or save the world from “racial Orwellianism” or the “bottomless pit of facsism,” or whatever.

White supremacy will be defeated and globalization will rise from the ashes! Decency will be restored! Love will trump hate! Black lives will matter!

Slappy and

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Chicago On Verge Of Credit Downgrade As Mayor Lightfoot Suggests Novel Idea Of Raising Taxes

2 days ago

Today in "Democrat-run utopia" news…

The city of Chicago appears to be on the precipice of a credit downgrade, according to its Chief Financial Officer Jennie Huang Bennett. She said on Tuesday that she’s "not sure" the city could make it through budget season without facing an inevitable downtick in its rating, according to Bloomberg.

The admission came during a virtual City Council Committee on Budget and Government Operations meeting while answering a question from an alderman about why the city doesn’t take on more debt to keep property taxes lower. Bennett is working to try and balance the city’s budget for a longer term horizon by raising taxes and trying to create consistent revenue streams.

Mayor Lori Lightfoot is looking to implement a property tax increase of $94 million

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‘You’re Gonna Bury All Of Us’: Whistleblower Describes Brazen Biden-China Dealings In Explosive Interview With Tucker Carlson

2 days ago

Former Biden insider Tony Bobulinski – a registered Democrat who’s donated to Democrats – just gave a smoking gun interview  to Fox News’ Tucker Carlson on Tuesday, where he described his dealings with the Biden family in their bid to do business with China.

Bobulinski says that "Joe Biden and his family is compromised," after describing dealings that included purchasing a portion of a Russian state-owned energy company.

In May, 2017, Bobulinski agreed to spearhead a deal between the Bidens and a CCP-linked Chinese company – meeting with Hunter Biden and Rosemont Seneca partner Rob Walker "multiple times," and meeting with former Vice President Joe Biden twice.

Text messages obtained by @FDRLST show Hunter Biden personally arranging a meeting with his business partners and Joe Biden

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The COVID “Casedemic” & Biden’s “Dark Winter” Plan

2 days ago

Authored by Stacey Lennox via,

Joe Biden has made President Trump’s handling of COVID-19 one of his central arguments for electing him on November 3. Since March, I have followed the research and dissenting medical experts while I watched Dr. Fauci and the public health bureaucracy ignore anyone not willing to push the preferred narrative. I find this infuriating, to put it mildly.

However, there are only two courses of action for how Sleepy Joe will handle the pandemic if he wins.

So, come back to this column if the worst of all possible outcomes becomes reality.

The COVID-19 “Casedemic”

The first one I will call solving the “casedemic.” This is the elevated number of cases we see nationwide because of a flaw in the PCR test. The number of times the sample is amplified,

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As Pompeo & Esper Push Anti-China Message In India, PLA Vows ”Defeat Of Attempts To Separate Taiwan”

2 days ago

Late in the day Monday the US State Department formally approved sails of $2.37 billion in advanced weapons, namely Coastal Missile Defense Systems and related hardware to Taiwan. 

And on Tuesday Secretary of State Mike Pompeo and Defense chief Mark Esper were in India meeting with their counterparts, reportedly discussing military satellite information sharing as well as Chinese aggression in the Indo-Pacific region.

India is a major regional nuclear armed power that Washington sees as key in humbling Chinese ambitions. Pompeo’s statements articulated this precisely: 

"The United States will stand with the people of India as they confront threats to their freedom and sovereignty.” Pompeo said in specific reference to the Chinese Communist Party. "Our leaders and our citizens see with

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CNN’s “Not Even Pretending Anymore”

2 days ago

Repress (use force to extinguish alternate views), Suppress (prevent normal expression), Depress (force ‘the other’ into submission by collapsing the Overton Window)… that appears the modus operandi of the mainstream media as we enter the vinegar strokes of this ‘unusual’ presidential election.

Nowhere was this strategy better exhibited than on CNN this week when Christiane Amanpour sparred with Liz Harrington over the Hunter Biden scandal revelations. Amanpour disparaged Harrington as liberals do: "You actually sound like you’re on a Fox News show."

Translation: you’re spreading crazy conservative conspiracies…

[embedded content]

Amanpour then embarrassed herself further as the CNN anchor accused the Trump campaign of "spreading Russian disinformation"…

“Pretty audacious of

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How I Became A Heretic To My Liberal Friends

2 days ago

Authored by Tom Couser via,

My wife has become increasingly nervous when political topics arise in conversations with our friends over dinner or drinks. She’s afraid I’ll disrupt a pleasant occasion by expressing views that are anathema to our liberal, Democratic friends.

Like what? you might ask.

Well, there are several, but the most inflammatory one is my denial that Russia meddled in the 2016 Presidential election in a consequential way, much less with the intention of electing Trump.

"What?" you say. Every MSNBC-watching, New York Times WaPo-reading Democrat knows that the Russians hacked the DNC emails and passed them on to WikiLeaks to hurt the Clinton campaign. And how about all those social media posts?

The second I express myself, I am invariably accused of

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Hunter Biden Confesses Partnership With China ‘Spy Chief’ — Fumes After He And Joe Named As Criminal Witnesses: Audio

2 days ago

[Updated below, as audio corroborates Typhoon Investigations research]

*  *  *

Authored by Raheem Kassam and Natalie Winters via The National Pulse (emphasis ours)

An audio recording exclusively obtained by the National Pulse reveals Hunter Biden discussing business involvement with a “spy chief of China” and how his business partner Devon Archer named him and his father as witnesses in a Southern District of New York Criminal case.

Hunter Biden – in an audio file labelled “Most Genius Shit Ever” – appears to be referencing Patrick Ho, who was a former Secretary for Home Affairs in Hong Kong, as a “spy chief of China” while lamenting how his business partner Ye Jianming of CEFC China Energy had disappeared.

Ho was also involved in the CEFC venture, as originally reported by the New

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JPMorgan Asks “What If Trump Wins?”

2 days ago

On Monday, we were amused to note that amid a relentless barrage of Wall Street "analysis" predicting a Blue Wave on Nov 3, or at least a Joe Biden landslide victory, none other than the largest US Bank came out with a jarring counter-narrative when JPMorgan head of global equity strategy Dubravko Lakos-Bujas, said that not only is a Blue Sweep not the best possible outcome – instead it "is expected to be mostly neutral in the short term as it would likely be accompanied by some immediate positive catalysts (i.e. larger fiscal stimulus / infrastructure) but also negative catalysts (i.e. rising corporate taxes)" – but that  "an orderly Trump victory as the most favorable outcome for equities (upside to ~3,900)."

Needless to say, this was a striking reversal to the now dominant narrative

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Meet Eric Feigl-Ding: How A Nutritionist-Turned-Politician Became A “COVID-19 Expert” With A Far-Left Agenda

2 days ago

Authored by Jordan Schachtel via The Dossier substack,

If you’re on social media and you follow news related to the coronavirus pandemic, chances are you’ve stumbled upon some panicked pandemic posts coming from a man named Eric Feigl-Ding, a nutritionist and longtime democrat political operative who has succeeded in impersonating a medical professional, and is generating a cult following in the process.

With one hysterical tweet after another, Feigl-Ding went from having a small social media following to accumulating a massive army of influence. Feigl-Ding’s consistent elevation of fear and panic, doom and gloom, and his relentless themes of chaos and destruction related to a virus with a 99.8% recovery rate has brought his accounts millions of clicks and views, and hundreds of

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President Trump’s Campaign Website Was Just Hacked

2 days ago

Update (2015ET): Trump 2020 Campaign comms director Tim Murtaugh has issued a statement:

"Earlier this evening, the Trump campaign website was defaced and we are working with law enforcement authorities to investigate the source of the attack. There was no exposure to sensitive data because none of it is actually stored on the site. The website has been restored."

*  *  *

In an ironic piece of timing, shortly after US officials issues a warning about a hacking group from North Korea, President Trump’s campaign website – – was hacked.

The hackers took over the site at around 1920ET and replaced the landing page with the following threat…

The hackers behind the stunt claimed to have compromised multiple of the president’s devices, that gave them "full access"

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Gov. Abbot Sending 1,000 National Guard Troops To 5 Texas Cities For Possible ‘Post-Election Violence’

2 days ago

It’s been a nationally observable trend for months that Americans – often who have never so much as purchased a single weapon – are now stockpiling guns, ammo, and survivalist gear ahead of what many fear will be a contested election followed by mayhem and unrest, especially in urban areas which saw mass rioting and looting over the summer and the complete breakdown of law and order. 

Anticipating this very scenario Republican Gov. Greg Abbot has mobilized up to 1,000 troops to safeguard major cities in Texas on election day and afterward over potential unrest and "disturbances", Fox News reports.
National Guard file image, Getty

The San Antonio Express-News in a report Monday listed the five large cities where potential violence is expected, but which will see national guardsmen

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NYT’s Latest Trump Tax Leak Shows Trump Strong-Armed Deutsche Bank Into Forgiving $270MN

2 days ago

With roughly one week to go before the polls close on Election Day, the  New York Times has dropped – what else? – another"bombshell" under the now-infamous heading "The President’s Taxes".

The MSM is of course still relitigating the claims from this fall’s first big tax bombshell, a 10,000-word piece from the NYT, and others that have been published since.

But in the paper’s latest foray into Trump’s financial history, they visit an episode that has been publicly disclosed before, though the paper adds more details about an "aggressive tax maneuver" undertaken by Trump and his team, as well as offering unprecedented insight into Trump’s extraordinary ability to strongarm lenders, even when eye-popping sums are involved.

The setting for today’s story is the depths of the financial

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Project Veritas Infiltrates Texas ‘Ballot Chasing’ Ring Targeting Senior Citizens

2 days ago

The undercover investigative journalists at Project Veritas have done it again – this time infiltrating a Texas ‘ballot chasing’ operation in Texas which targets senior citizens.

The racket consists of operatives, such as Raquel Rodriguez – "nominally a political consultant for GOP House candidate Mauro E. Garza, the owner of the San Antonio’s Pegasus Nightclub" – who "develops personal relationships with senior citizens when she harvests their ballots and then uses different post offices, so that the bundles do not draw suspicion."

Despite consulting for a GOP candidate, Rodriguez was caught on camera convincing a voter to switch their ballot from John Cornyn (R) to M.J. Hegar (D).

Journalist: “So, John Cornyn, she voted for John Cornyn and then you made her—”

Raquel Rodriguez:

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PIMCO Founder Bill Gross Accused Of Blasting ‘Gilligan’s Island’ Theme Song On Loop To Torture Neighbors

2 days ago

Legendary bond investor Bill Gross is about as well known for his domestic antics (including using rotting fish and fart spray to torment his ex-wife) as he is for building PIMCO, the Cali-based bond-investing giant from which Gross was pushed out back in 2014,  fired over what his colleagues described as increasingly erratic behavior.

Apparently, since retiring from the asset-management industry – following PIMCO, Gates did a stint at Janus Henderson before hanging up his cleets – early last year, Gross has had more time to devote to his various personal feuds and grudges, including a debate with a neighbor to his massive Laguna Beach compound that has now spilled over into the press.

According to the LATimes, Gross’s neighbor, tech entrepreneur Mark Towfiq, has accused Gross and his

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The “Wokeness” Wars Coming To Your Town

2 days ago

Authored by Philip Giraldi,

Kurt Vonnegut’s 1961 dystopian short story “Harrison Bergeron” describes a 2081 America in which the 211th, 212th, and 213th amendments to the Constitution of the United States have together mandated that all Americans must be made completely equal. No one is allowed to be more intelligent or handsome or more physically capable than anyone else. The standards are enforced by a Handicapper General, an elderly woman named Diana Moon Glampers armed with a shotgun, who mandates the wearing of disfiguring masks for those who are thought to be too beautiful while tiny radios are mounted inside the ears of intelligent people, programmed to go off at intervals and disrupt any thoughts. Those who are stronger or faster than others are required to wear heavy weights

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Daily Briefing – October 27, 2020

2 days ago

Senior editor Ash Bennington welcomes Tony Greer of TG Macro back to the Daily Briefing to make sense of price action in equities, bonds, currencies, and commodities. Tony reviews Monday’s rout in U.S. stocks and corresponding pop in the VIX, and explores why FX volatility was so low. He and Ash then discuss Bitcoin’s surge upon the news that Paypal is allowing bitcoin transactions on its platform. They look at durable goods orders, oil, gold, as well as investigating how big central bank balance sheets might get going forward. Lastly, Tony shares his view on how the upcoming U.S. Presidential election might affect markets. In the intro, editor Jack Farley looks at home sales, mall foreclosures, and “lender-on-lender” violence in the credit markets.

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They’re Going All-Out To Stop Trump Declaring Victory

2 days ago

Authored by Michael Snyder via,

Can you think of any other time in the history of the United States when measures have been taken in advance to try to prevent a presidential candidate from declaring victory on the night of the election?  It is difficult to believe that this is actually happening, and it is yet more evidence of how badly our system has deteriorated.  Of course President Trump may decide to declare victory anyway if he has a significant lead on election night, but any such declaration will immediately be branded “illegitimate” by the mainstream media, the big tech companies and everyone else on the left.

For months, pundits on the left have been trying to convince us that President Trump may have a lead initially but that Joe Biden will surely be

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Illinois Gov Ends Indoor Dining Across 2/3rds Of State As Winter Cold Looms

2 days ago

After imposing tighter restrictions in suburban Cook County and the populous Metro East region (the part of Illinois that includes the suburbs of St. Louis) on Monday, Illinois Gov JB Pritzker has imposed similarly harsh restrictions on the City of Chicago, expanding the number of regions facing the most restrictive measures to 7 out of 11.

Beginning on Friday, indoor dining will be closed along with bar service, and private gatherings will be limited to 25.

Since we’re talking about Chicago in late October, it’s likely few will be willing to brave the cold to eat outside in a two sided tent (since, as the health department clarified yesterday, a four-sided tent outdoors is considered an "indoor tent").

Illinois restaurants – northern IL especially – let’s review what IDPH Director

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Our Bizarre Economy 2.0 Is A Spending Based Illusion

2 days ago

By Bruce Wilds of Advancing Time,

To say the economy we are seeing during 2020 is a bit bizarre is an understatement. Nobody predicted anything like we are seeing today. As money continues to be created out of thin air we are witnessing bailouts and crony capitalism on full display. Another factor playing into this circus is both Presidential candidates are engaged in a full-court press to buy the votes of Americans. This has resulted in a stock market rally based on the idea that more stimulus is just around the corner. Those interested in getting a handle on what is really happening should keep front and center a few facts that might help them better understand just how whacked out and bizarre things have become.

Every trillion dollars the Federal Reserve and American Government

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Einhorn: “This Is The Most Perilous Time, Absent War, In Modern American History”

2 days ago

While Greenlight founder and iconic value investor David Einhorn (who, let’s be honest, has had better decades) stole today’s show with commentary from his latest letter to investors in which he not only described what’s going on in tech an "enormous bubble" but also defined the exact date when said bubble burst as Sept 2, 2020, when the Nasdaq hit its all time high thanks to the gamma-squeezing lunacy of SoftBank…

… he had several other, less reported but perhaps even more important comments in his latest letter, this time addressing the precarious state of the union as the country heads into arguably the most important presidential election in history. We have excerpted these in their entirety because while Einhorn’s timing on the end of the tech bubble has proven to be rather

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Taibbi: 10 Ways To Call Something Disinformation Without Evidence

2 days ago

Authored by Matt Taibbi via

How do you call something “Russian disinformation” when you don’t have evidence it is? Let’s count the ways.

We don’t know a whole lot about how the New York Post story about Hunter Biden got into print. There are some reasons to think the material is genuine (including its cache of graphic photos and some apparent limited confirmation from people on the email chains), but in terms of sourcing, anything is possible. This material could have been hacked by any number of actors, and shopped for millions (as Time has reported), and all sorts of insidious characters – including notorious Russian partisans like Andrei Derkach – could have been behind it.

None of these details are known, however, which hasn’t stopped media companies from saying

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WTI Tumbles After Bigger Than Expected Crude Build

2 days ago

Oil prices rebounded today after yesterday’s clubbing, thanks to a weaker dollar and concerns about supply disruptions thanks to Tropical Storm Zeta (which has left U.S. Gulf crude producers shutting almost half their total oil output).

“The path and the strength might result in larger-than-earlier expected production shut-ins,” said Giovanni Staunovo, a commodities analyst at UBS Group AG.

“The storm will also impact import and exports of crude and oil products.”

Tonight’s inventory data is unlikely to reflect this too much (only in terms of preparation for the storm)…


Somewhat confirming demand concerns, API reported a bigger than expected crude build and big gasoline build…

Source: Bloomberg

WTI was unable to get back to $40 ahead of the API data, hovering around

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‘Renminbi Diplomacy’: How China Bought The US Government?

4 days ago

Submitted by Nauman Sadiq,

In an explosive scoop, alternative news outlet Zero Hedge has laid bare how China’s state apparatchik clandestinely baited the family members of the Obama-era vice president and secretary of state into joint business ventures in order to surreptitiously influence the trade and economic policies of the US government favoring China’s geo-economic interests spanning the globe.

Here are a few relevant excerpts from the investigative report authored by Christopher Balding, Associate Professor at Peking University HSBC School of Business Shenzhen, China, and also a Bloomberg contributor:

“Hunter Biden partnered with the Chinese state. Entire investment partnership is Chinese state money from social security fund to China Development Bank. It is actually a

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Air Force Selects BAE Systems To Design Combat Drone For Skyborg Program 

4 days ago

The Air Force, under the Skyborg program, has awarded defense firm BAE Systems with a contract of up to $400 million to develop a "digital design" for a fully autonomous drone that will fly with the service’s stealth fighters. 

The aim is for BAE to produce a low-cost autonomous unmanned aerial vehicle that will fly with manned stealth fighters to increase air combat power. 

Ehtisham Siddiqui, vice president and general manager of Controls and Avionics Solutions at BAE Systems, said the "need to generate combat power faster than our adversaries is critical to address near-peer threats." 

Siddiqui said, "this award will accelerate the development and deployment of manned-unmanned teaming technologies to give the U.S. Air Force a decisive edge in the battlespace."

The robotic wingmen

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One Man’s (Data-Driven) Journey From Zombie Apocalypse To Lockdown-Skeptic

4 days ago

Authored by Mark Jeftovic via,

A couple of recurring conspiracy theory themes keep being circulated to me, they are specific to Canada but I’m sure these are typical across all locations.  I find these maddening because there is plenty of factual, well sourced and scientifically verified counterfactuals to draw from when being critical of the near universal mishandling of pandemic response by national governments worldwide.

For lockdown skeptics, embracing or amplifying fact-free hysterical conspiracy theories makes them look like lunatics, so they should stop doing that.

Allow me to dispense with the two big Canuck-themed conspiracy theories and then inject some much needed sanity into the conversation via a recent Triggernometry podcast with guest Ivor Cummins.


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Hunter Biden Ex-Biz Associate Was Livid Over $5MM Side-Deal With Chinese: Texts

4 days ago

Former Biden business associate-turned-whistleblower, Tony Bobulinski, was absolutely livid after learning that the Bidens received an alleged $5 million interest-free loan from a now-bankrupt Chinese energy company following the release of a damning Senate report.

"You can imagine my shock when reading the report yesterday put out by the Senate committee.  The fact that you and HB were lying to Rob, James and I while accepting $5 MM from Cefc is infuriating," wrote Bobulinski to Jim Biden. (Via the Daily Caller’s Chuck Ross):

Tony Bobulinski found out through the Senate report a few weeks ago that Hunter and Jim Biden had a side deal with CEFC China Energy.Here’s Bobulinski’s message to Jim Biden about that."The fact that you and [Hunter Biden] were lying…"

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Why Equality Of Outcome Can Never, Ever Work

4 days ago

Authored by Troy Smith via,

A sharp, divisive cultural debate in the United States is that of equality of opportunity versus equality of outcome.

In the early 20th century, in support of equality of outcome, Soviet communist dictator Vladimir Lenin coined the phrase, "Who, Whom."  The concept was simple.  

In a socialist society, where equality of outcome takes precedence over equality of opportunity, a critical question arises: who plans, directs, and redistributes the resources of a society, and to who is the beneficiary, or victim — the object, the "whom" — of said redistribution?  

Politically speaking, the central maxim is to represent "disenfranchised" groups, provide them with monetary resources and government or state positions, and reshape any imbalances

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