Tech entrepreneur Elon Musk caused uproar after backing Germany's far-right party in a major newspaper ahead of key parliamentary elections in the Western European country, leading to the resignation of the paper's opinion editor in protest. Germany is to vote in an early election on Feb. 23 after Chancellor Olaf Schol z's three-party governing coalition collapsed last month in a dispute over how to revitalize the country's stagnant economy. Musk's guest opinion piece for Welt am Sonntag —a sister publication of POLITICO owned by the Axel Springer Group — published in German over the weekend, was the second time this month he supported the Alternative for Germany, or AfD. "The Alternative for Germany (AfD) is the last spark of hope for this country," Musk wrote in his translated commentary. He went on to say the far-right party "can lead the country into a future where economic prosperity, cultural integrity and technological innovation are not just wishes, but reality." The Tesla Motors CEO also wrote that his investment in Germany gave him the right to comment on the country's condition. The AfD is polling strongly, but its candidate for the top job, Alice Weidel, has no realistic chance of becoming chancellor because other parties refuse to work with the far-right party. An ally of U.S. President-elect Donald Trump, the technology billionaire challenged in his opinion piece the party's public image. "The portrayal of the AfD as right-wing extremist is clearly false, considering that Alice Weidel, the party's leader, has a same-sex partner from Sri Lanka! Does that sound like Hitler to you? Please!" Musk's commentary has led to a debate in German media over the boundaries of free speech, with the paper's own opinion editor announcing her resignation, pointedly on Musk's social media platform, X. "I always enjoyed leading the opinion section of WELT and WAMS. Today an article by Elon Musk appeared in Welt am Sonntag. I handed in my resignation yesterday after it went to print," Eva Marie Kogel wrote. A critical article by the future editor-in-chief of the Welt group, Jan Philipp Burgard, accompanied Musk's opinion piece. "Musk's diagnosis is correct, but his therapeutic approach, that only the AfD can save Germany, is fatally wrong," Burgard wrote. Responding to a request for comment from the German Press Agency, dpa, the current editor-in-chief of the Welt group, Ulf Poschardt, and Burgard — who is due to take over on Jan. 1 — said in a joint statement that the discussion over Musk's piece was "very insightful. Democracy and journalism thrive on freedom of expression." "This will continue to determine the compass of the "world" in the future. We will develop "Die Welt" even more decisively as a forum for such debates," they wrote to dpa.
It just doesn’t work Although not named ‘Neoliberalism’ the extractive policies during the colonial times quite well mirrored virtually the same underlying phenomenon– which under the garb of following ‘market fundamentalism’ basically allows elitist influence on public policy to extract resources from the ‘many’ to transfer to the ‘few’. While during the colonial times, under the cover of so called ‘sound economics’ whereby what was being hailed as efficiency attained through employing ‘comparative advantage’ theory – that a country produces only that it knows best how to produce, which in other words, meant continued production of mainly raw cotton in the colonial lands, while the colonial masters took that cotton and produced much higher valued products in the shape of textiles. So, countries like China, India, and Egypt, which were once at the cusp of starting an industrial revolution, could not when under the rule of colonial masters, and the so-called sound economics they practiced, were left to produce agricultural products, and not allowed to move towards more finished products. Hence, countries which in terms of national income were among the top most, like in China, and the Mughal Empire in India, were reduced to low-income countries by the time their masters left a few centuries later. The same philosophy of market fundamentalism, and least regulation that swept many parts of the world, and which was carried on their shoulders by Bretton Woods institutions, under the influence of major shareholders of these institutions like the USA, the UK, for instance, which by the early 1980s had mostly moved away from ‘New Deal’ type policies providing a greater role for the public sector, and with the significant footprint of governments in regulating markets, for instance, through price control policies, and with a much greater welfare agenda, and appropriately reined-in property rights application to international trade, and role of multi-national companies. Instead, what was being given way to, was to the adoption of Neoliberalism with arms wide open by many countries in the West, including Latin America, through ‘Chicago Boys’ styled economists, and in more and more developing countries under International Monetary Fund (IMF) programmes, which they were getting into, mainly as balance of payments support taken by these countries mainly because of weak commitment to economic reform agenda instead, and because of the movement towards flexible exchange rate regime– after the collapse of the Bretton Woods system– overall globally, putting a number of developing countries under greater debt distress. Hence, given the quite similar basis of Neoliberalism, as the sound economics being practiced under colonial rule, the term is a misnomer, since the policies being practiced are neither new, nor liberal, as indicated in lines above. As a consequence of such policies income-, and wealth inequality has surged drastically not only within countries– as extractive institutional design adopted through the collusion of politico-economic elites extracted resources from the many in the population, to a tiny elite segment through diminishing government regulation, practice of both market fundamentalism, and deep austerity policies– but also creating a big gap between the developed global North, and the developing global South due to similar neoliberal policies practiced in international trade, mainly through little regulated capital flows internationally, which operates as ‘hot money’ and creates quite serious balance of payments issues in developing countries with little regulation of capital flows under the neoliberal assault, practiced both under the influence of many of their policymakers styled in the same way as ‘Chicago Boys’, and through the programme conditionalities of IMF programmes, in which a number of developing countries find themselves in from time to time. Moreover, in addition to restricting developing countries unjustifiably to certain extents of market, the over-board practice of intellectual property rights (IPIs)– as done during the pandemic to restrict the manufacture, and sale of Covid vaccines by developed world overall through World Trade Organization (WTO)– that puts too many patent restrictions mainly for satisfying the profit motives of the main fund providers to the WTO, and the multinational companies that operate from these countries. Hence, it is exceedingly important the world gets rid of neoliberalism, and within it over-board practice of austerity, and instead move towards social democratic type regimes, which are based on inclusive economic, and political institutional design, believe in greater regulation of markets, and value cooperation over competition; and work meaningfully towards a welfare-oriented state. This is all the more important, as the world tries to move away from a short-sighted, largely profit-minded, fossil-fuel based economic regime, to a green economy. A July 22, Project Syndicate (PS) published article ‘The dead hand of Neoliberalism is blocking green growth’ pointed out in this regard ‘Thus, while neoliberal policy prescriptions fall out of favor in developed economies, they are being repackaged in green boxes for less affluent ones. ...Moreover, richer countries are pushing developing countries to “leapfrog” to renewables at an unrealistic pace. They fail to recognize developing countries’ need for limited fossil-fuel use in the short term, or that unfair trade rules are limiting poorer countries’ access to affordable green technology and cheap capital. Such double standards are indicative of the same power imbalances observed in recent years when wealthier countries hoarded vaccines, slashed aid budgets, and failed to deliver on past climate-finance promises.’ In the same vein, economics Nobel laureate Joseph E. Stiglitz in his comments in a June 4, PS published ‘Big Question’ article ‘What comes after Neoliberalism?’ in which a number of noted economists commented, pointed out ‘The neoliberal agenda was always partly a charade, a fig leaf for power politics. There was financial deregulation, but also massive government bailouts. There was “free trade,” but also massive subsidies to big agriculture and the fossil-fuel industry. Globally, this led to the creation of rules that preserved colonial trade patterns, with developing countries producing commodities and the advanced economies dominating high-value-added industries. ... That it was a charade has now been made apparent by the US, which is providing huge subsidies to certain industries– essentially disregarding World Trade Organization rules– after decades of scolding developing countries that even considered doing the same. ... The end of neoliberalism, the recognition that some of the institutions created under its aegis are failing, and the new geopolitical realities provide us with a critical opportunity to rethink globalization and the rules that have underpinned it. We must seize it.’ It is therefore, very important, that assault of neoliberal policies is undone at the earliest possible. Save my name, email, and website in this browser for the next time I comment. Δ document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );
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The jury in Michael Madigan’s corruption trial has heard many nicknames given to the powerful Democratic House Speaker, from the obvious, like “MJM” or “Mr. Speaker,” to the more esoteric such as “Himself” and “our Friend.” But on Monday they heard a new one: “Sphinx.” That was the moniker applied to Madigan by some members of JB Pritzker’s team after Pritzker’s election in 2018, according to U.S. Rep. Nikki Budzinski, who was a top Pritzker aide before her election to Congress in 2022. The nickname, a reference to the mythical figure of Egyptian pharaohs typically used to convey strength and ferocity, was used in an email shown during Budzinski’s testimony referencing a job recommendation from Madigan for Pritzker’s new administration. “Attached is the most recent Sphinx list of recommendations ahead of your meeting today,” read the Dec. 4, 2018, email, which was sent from Budzinski to Pritzker and his soon-to-be chief of staff, Anne Caprara. “We have noted these in our process and they are coming thru our portal.” It’s not the first time Madigan was ever referred to as Sphinx in political circles. In fact, some of the speaker’s own friends and colleagues sometimes called him “the Sphinx from Pulaski Road,” a nod to his 13th Ward headquarters at 65th and Pulaski. But Budzinski’s testimony was the first the jury had heard of it. And while she confirmed that “Sphinx” was a reference to Madigan, she couldn’t explain why. On cross examination, Madigan’s attorney Lari Dierks asked if the “Sphinx” nickname was part of the “myth” of Madigan in Springfield. “I can’t really speak to that. It wasn’t my nickname,” Budzinski testified. The image of Madigan, a famously Irish Southwest Sider, as a monumental desert colossus with the head of a human, body of a lion, and wings of an eagle brought some levity to an otherwise quick, cut-and-dried day of testimony in Madigan’s trial, which is now in its 10th week. U.S. District Judge John Robert Blakey recessed the trial for the day after only an hour so that the parties could attend services for longtime 7th Circuit Judge Joel Flaum, who passed away last week at age 88. Testimony resumes Tuesday morning. Prosecutors have said they could rest their case in chief later this week. Madigan, 82, of Chicago, who served for decades as speaker of the Illinois House and the head of the state Democratic Party, faces racketeering charges alleging he ran his state and political operations like a criminal enterprise. He is charged alongside his longtime confidant Michael McClain, 77, a former ComEd contract lobbyist from downstate Quincy. Both men have pleaded not guilty and denied wrongdoing. Budzinski, a Springfield Democrat elected to the U.S. House last year, was senior adviser to Pritzker in his 2018 campaign to unseat Gov. Bruce Rauner and later was a key aide in Pritzker’s new administration. When she took the stand Tuesday, Assistant U.S. Attorney Amarjeet Bhachu asked her, “When you’re not testifying in federal court, can you tell the jury what’s your day job?” “I’m a United States representative,” she said. “I represent the 13th District of Illinois in Congress.” After Pritzker was elected in 2018, Budzinski became the executive director of the transition committee, helping to “select, interview and hire a number of individuals into state government and for boards and commissions.” Pritzker had the final say on any hires, Budzinski said. The transition team set up a government portal where any applicants had to sign up, Budzinski said. Other candidates came through LinkedIn and other social media. They also took recommendations from elected officials and others in government. Budzinski said she was aware Madigan had been “a legislative leader for a very long time,” and that they gave “serious consideration” to any job recommendation that came from him. But she said recommendations from any of four legislative leaders were in no way a slam dunk. “We had a lot of due diligence,” Budzinski said. “We really took it very serious to vet every single candidate that was recommended.” Jurors were shown one email from Budzinski to other Pritzker transition staff saying they had a resume from a guy from New York seeking a position with the Illinois Department of Transportation that “should have MJM on it.” “We need to call him at least and perhaps maybe consider him for number two spot,” Budzinski wrote. According to the indictment, one of Madigan’s recommendations was then-Ald. Daniel Solis, who was working undercover for federal investigators and asked Madigan to help him get a state board position in Pritzker’s administration as part of an FBI rise. Jurors have previously watched undercover video in which Solis asked Madigan for help getting on a state board that paid at least $100,000, including either the Labor Relations Board or the Illinois Commerce Commission.Prosecutors have also presented evidence that Madigan sent Solis information about state boards and commissions in response.The indictment against Madigan alleges he sat down with Pritzker in December 2018 and mentioned Solis as a candidate for a board seat. But Budzinski was not asked specifically about Solis in her testimony, which lasted only about 30 minutes. Be the first to know Get local news delivered to your inbox!Police have arrested Luigi Mangione, a 26-year-old software developer, in connection with the fatal shooting of UnitedHealthcare CEO Brian Thompson. Mangione, of Maryland, was detained at a McDonald’s in Altoona, Pennsylvania on Monday morning. Mangione was taken into custody on local firearm charges, New York Police Commissioner Jessica Tisch told reporters. He has not been charged in connection with the shooting but is “believed to be our person of interest,” Tisch said. Police have been searching for Thompson’s killer for nearly a week, despite the shooting taking place in public outside a Manhattan hotel. The manhunt has thus far relied on just whose face is largely obscured by a mask and hoodie. Investigators have reportedly been to load into facial recognition software. Police were led to Mangione via a “combination of old-school detective work and new age technology,” Tisch said. Despite scant visual evidence, a McDonald’s employee recognized Mangione on Monday morning and called police, . “He was just sitting there eating,” Joseph Kenny, the New York Police Department’s chief of detectives, said at a press briefing Monday. Mangione reportedly had a gun, a silencer, and four fake IDs in his possession. The gun appeared to be a 3D-printed “ghost gun,” Kenny told reporters. After being apprehended, Mangione showed police a fake New Jersey ID, Kenny said. The ID was the same one used to check into a hostel in Manhattan on November 24th, eight days before the shooting. Sources also that he was carrying a “manifesto” criticizing the US healthcare industry. /
ROUND ROCK, Texas (AP) — ROUND ROCK, Texas (AP) — Dell Technologies Inc. (DELL) on Tuesday reported fiscal third-quarter earnings of $1.13 billion. On a per-share basis, the Round Rock, Texas-based company said it had net income of $1.58. Earnings, adjusted for one-time gains and costs, came to $2.15 per share. The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.06 per share. The computer and technology services provider posted revenue of $24.37 billion in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $24.56 billion. This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on DELL at https://www.zacks.com/ap/DELLDonald Trump is weighing in on the growing controversy over mystery drones flying across America ... and the president-elect says he wants to shoot the damn things out of the sky if the government doesn't start giving straight answers! DT posted a message on his Truth Social platform Friday ... and in true Trump fashion he didn't mince words -- "Mystery Drone sightings all over the Country. Can this really be happening without our government’s knowledge. I don’t think so! Let the public know, and now. Otherwise, shoot them down!!!" Some are worried the mysterious drones are up to no good, and they may be carrying hazardous materials, or could possibly take down airliners. They've reportedly been seen in several states, including New Jersey, New York, Maryland and Connecticut ... and possibly elsewhere. As we reported ... some New Jersey politicians are irate with the federal government's response to the spate of recent drone sightings, and a Tennessee Congressman also had some harsh words about the feds' response -- or lack thereof. Multiple lawmakers tell us they want the feds spring into action before their constituents to take matters into their own hands and mistakenly shoot a plane out of the sky instead of a drone. Congressman Tim Burchett says America's being tested by outside forces ... and he wants the drones knocked down. The New Jersey politicos, and Burchett, have warned that everyday citizens are going to start taking matters into their own hands and using shotguns to take down the offending aircraft. Yesterday, the FBI and DHS released a joint statement on the drone sightings reported in NJ -- "Upon review of available imagery, it appears that many of the reported sightings are actually manned aircraft, operating lawfully. There are no reported or confirmed drone sightings in any restricted air space." But that is apparently not enough for the 47th president-to-be ... he's demanding answers, or action!
AP News Summary at 3:45 p.m. EST
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Allo has secured a $100 million bitcoin-backed credit facility to expand its platform that helps institutions and individuals participate in crypto lending. The company’s solution bridges traditional finance with blockchain technology, Allo said in a Tuesday (Dec. 23) press release . “Bolstering its position in the bitcoin ecosystem, Allo has staked over 544 BTC (valued at $50M+) through the Babylon Bitcoin Staking Protocol ,” the company said in the release. “This positions Allo as a key player in enabling bitcoin-secured networks, with its BTC staking solution minting the $alloBTC token featured prominently on DeFiLlama .” Allo also highlighted in the release other recent developments, including its inclusion in the Binance Labs and BNB Chain MVB Accelerator program, its preparations to launch its native $RWA cryptocurrency, and its efforts in tokenizing real-world assets. The company’s financing round was facilitated by a consortium of lenders that includes Greengage , per the release. “We’re excited to support this much-needed new venture and look forward to seeing great things to come,” Greengage CEO Sean Kiernan said in the release. PYMNTS reported in October 2023 that crypto lending was making a comeback, with several exchanges debuting new offerings. Cryptocurrency exchange Coinbase rolled out a digital asset lending program for its institutional Prime clients in September 2023, saying it allows for lending “under standardized terms in a product that qualifies for a Regulation D exemption.” “Coinbase is working to update the financial system that was built over 100 years ago, leveraging crypto to provide people with more economic freedom and opportunity,” a company spokesperson told PYMNTS at the time. “To advance this purpose, Coinbase is building the most trusted crypto products and services, and supporting other builders to bring 1 billion people into crypto.” In July 2023, crypto lender Aave debuted its first stablecoin, GHO , saying the coin was live on the ethereum network. “GHO was developed with the same goal as the Aave Protocol: to enable a people-powered financial ecosystem, accessible to all, that everyone can benefit from,” the company said at the time. “With the Aave Protocol and GHO, people around the world have equal access to the same financial tools that are based on transparent and decentralized technology.”NFL Coach: Geno Smith Gives Seahawks a Chance to Win, More Than Some Teams Can Say