What is truth?

In the world of social media, the opinions of “fact checkers” with a bachelors degree in journalism trump those of board-certified medical professionals.

Such is truth and what happens when it is confronted by a raging mob and ruthless authority.

A timeless story.

In the Book of John, we see Pontius Pilate as the state confronted by the crowd claiming Jesus to be a criminal, and demanding his “cancellation”.

Literally.

Chapter 18 records what happens.

Note how Pilate employs the Socratic process questioning “truth” as symbolized by Jesus:

“Pilate answered, ‘I am not a Jew, am I? Your own nation and the chief priests handed you over to me. What have you done?’

“Jesus answered, ‘My kingdom does not belong to this world. If my kingdom did belong to this world, my attendants [would] be fighting to keep me from being handed over to the Jews. But as it is, my kingdom is not here.’

“So Pilate said to him, ‘Then you are a king?’

“Jesus answered, ‘You say I am a king. For this I was born and for this I came into the world, to testify to the truth. Everyone who belongs to the truth listens to my voice.’

“Pilate said to him, ‘What is truth?’

“When he had said this, he again went out to the Jews and said to them, ‘I find no guilt in him.’

Well, we know what happens to “truth” when confronted by a raging mob and ruthless authority. We know how this story ends.

That truth parable is some 2000 years old. Yet remains relevant today.

So here is a modern day parable involving truth. A renowned pathologist shares his view of truth in the face of a raging mob and authority?

How fast do you think this one will go down a 1984 “memory hole?”

Top Pathologist Claims Coronavirus is “The Greatest Hoax Ever Perpetrated on an Unsuspecting Public”

She Blinded Me With Science

What is “the science?”

As a physicist, I was taught it’s what the peer-reviewed literature reports – data, validated models, debates, contexts, constraints, maybes.

It’s always taken with skepticism knowing someone is likely to come through the door with a better rationale for a difference point of view.

“The science” is a never-ending debate. An opportunity for achievement. A competition for fame and glory. That lasts but a moment.

“The science” is never “settled” like a confirmed exchange trade of some commodity contract.

It’s certainly never a “popularity” contest – like the kind Galilei lost when the state and the Church took issue with those moons orbiting Jupiter – “Medician stars” – he saw in his telescope, or so the story goes.

Give the man credit – he knew who the oligarchs were and who was really in charge.

Galileo was a consulting mathematician to Cosimo de Medici who went on to become Grand Duke Cosimo II of Tuscany. So, Galilei wrote the Duke proposing the name, while including the option of “Medician Stars” to honor the 4 brothers of the Medici clan.

The secretary preferred the latter and Galilei complied. Who knows whether the Grand Duke even knew.

And so, Galilei would refer to his Medician Stars when Monsignor Francesco Ingoli dropped by, noted the Church’s stand regarding geocentrism, and may have dropped a dime on Galilei with the Roman Inquisition.

Today, “the science” reflects contemporary authoritarianism – a boot-heel ready to be applied to one and all for the sin of “getting out of line.”

In Galilei’s time, “the science” was far from clear – murky due to the limits of technology. Yet, you could prove “the science” simply by looking through the telescope. And face the Inquisition.

In our time, “the science” is far from clear – but deliberately murky. Today’s inquisition is not an organ of the Church. It’s an organ of the state and the oligarchs who run it.

Both then and not, it’s not about “the science” – it’s about obedience.

Does Science Really Demand that Bars and Restaurants Close?

SEC Pursues Plan Requiring Chinese Firms to Use Auditors Overseen by U.S.

Our markets, our rules.

“WASHINGTON—Chinese companies with shares traded in America would be required to use auditors overseen by U.S. regulators or face being kicked off exchanges under a plan being drafted by regulators, according to people familiar with the matter.

“The proposal, which is likely to be issued for public comment in December, would address the disparate treatment that applies to Chinese companies going public in the U.S. The firms have long been able to sell shares here, yet their auditors violate a key investor protection: China hasn’t allowed their work to be inspected.”

So, here’s an idea: no auditors, no listing.

While we’re at it, keep producing fetanyl, and we send your embassy and consulate staff home.

And, we still see Red Ponzi fetanyl in the US, we next send home your students.

I know, I know. Just. Not. Happening. Especially if Corrupt Joe’s coup prevails.

But it should happen.

https://www.wsj.com/articles/sec-pursues-plan-requiring-chinese-firms-to-use-auditors-overseen-by-u-s-11605614403

Zombie Apocalypse

With interest rates at subatomic levels, “zombie” companies continue to defy the laws of physics.

As discussed in ZH below, “it started in December 2017, when the IMF published a blog discussing the “Walking Debt: China’s Zombies” (a topic we first covered in October 2015 in “More Than Half Of China’s Commodity Companies Can’t Pay The Interest On Their Debt“). Slamming China’s ‘zombies’, the IMF said they “are non-viable firms that are adding to the country’s rising corporate debt problem, and are bad business. Zombie firms are highly indebted and incur persistent losses, but continue to operate with the support of local governments or soft loans by banks—adding very little value to economic prospects.”

Zombies are now 20% of US corporations – twice what IMF was worried about barely 3 years ago.

Zero Hedge: https://www.zerohedge.com/markets/covid-unleashes-undead-army-20-all-us-corporations-are-now-zombies

Bloomberg: https://www.bloomberg.com/news/articles/2020-11-17/america-s-zombie-companies-have-racked-up-1-4-trillion-of-debt?sref=6uww027M

While Household Income Falls, Central Bankers Are Pushing for Higher Prices | Daniel Lacalle

“We have not crashed yet, let’s accelerate.”

Central banks continue to be obsessed with inflation even as household income and balance sheets continue to weaken in real terms.

Source: While Household Income Falls, Central Bankers Are Pushing for Higher Prices | Daniel Lacalle

Powell’s Case

“We are about to witness the most high stakes court battle in the history of the United States.  Yes, the outcome will determine whether Donald Trump or Joe Biden wins the presidency, but even more importantly the integrity of America’s elections is about to be put on trial.  If fraud can be proven, extremely expensive voting machines will have to be destroyed all over the nation and the way that we run our elections will need to be completely reconfigured.  But if fraud is not proven, our elections will continue to be run the same way and nobody will ever dare challenge them again.  Literally, this is the moment when we determine if there will be fair elections in the United States for the foreseeable future.”

Available at: https://endoftheamericandream.com//archives/12-quotes-from-attorney-sidney-powell-that-show-why-trumps-lawyers-are-absolutely-convinced-he-will-win-the-election

Retail Results

October retail is for the sixth month in a row, but just barely.

Retail sales up a seasonally adjusted 0.3% MoM v.0.5% expectations, and short the 1.6% gain in September.

The losers include grocery-store sales (down 0.4%), bar and restaurant receipts (down 0.1%), and both sporting goods and clothing sales (down 4.2%).

MoM winners include non-store retailers averaging 3.1%.

Yawn.

https://www.wsj.com/articles/us-economy-october-retail-sales-coronavirus-recovery-11605561529?mod=hp_lead_pos1