Thursday, April 20, 2023

 

THE COMMUNIST MANIFESTO 

Chapter II. Proletarians and Communists


In what relation do the Communists stand to the proletarians as a whole?

The Communists do not form a separate party opposed to the other working-class parties.

They have no interests separate and apart from those of the proletariat as a whole.

They do not set up any sectarian principles of their own, by which to shape and mould the proletarian movement.

The Communists are distinguished from the other working-class parties by this only: 1. In the national struggles of the proletarians of the different countries, they point out and bring to the front the common interests of the entire proletariat, independently of all nationality. 2. In the various stages of development which the struggle of the working class against the bourgeoisie has to pass through, they always and everywhere represent the interests of the movement as a whole.

The Communists, therefore, are on the one hand, practically, the most advanced and resolute section of the working-class parties of every country, that section which pushes forward all others; on the other hand, theoretically, they have over the great mass of the proletariat the advantage of clearly understanding the line of march, the conditions, and the ultimate general results of the proletarian movement.

The immediate aim of the Communists is the same as that of all other proletarian parties: formation of the proletariat into a class, overthrow of the bourgeois supremacy, conquest of political power by the proletariat.

The theoretical conclusions of the Communists are in no way based on ideas or principles that have been invented, or discovered, by this or that would-be universal reformer.

They merely express, in general terms, actual relations springing from an existing class struggle, from a historical movement going on under our very eyes. The abolition of existing property relations is not at all a distinctive feature of communism.

All property relations in the past have continually been subject to historical change consequent upon the change in historical conditions.

The French Revolution, for example, abolished feudal property in favour of bourgeois property.

The distinguishing feature of Communism is not the abolition of property generally, but the abolition of bourgeois property. But modern bourgeois private property is the final and most complete expression of the system of producing and appropriating products, that is based on class antagonisms, on the exploitation of the many by the few.

In this sense, the theory of the Communists may be summed up in the single sentence: Abolition of private property.

We Communists have been reproached with the desire of abolishing the right of personally acquiring property as the fruit of a man’s own labour, which property is alleged to be the groundwork of all personal freedom, activity and independence.

Hard-won, self-acquired, self-earned property! Do you mean the property of petty artisan and of the small peasant, a form of property that preceded the bourgeois form? There is no need to abolish that; the development of industry has to a great extent already destroyed it, and is still destroying it daily.

Or do you mean the modern bourgeois private property?

But does wage-labour create any property for the labourer? Not a bit. It creates capital, i.e., that kind of property which exploits wage-labour, and which cannot increase except upon condition of begetting a new supply of wage-labour for fresh exploitation. Property, in its present form, is based on the antagonism of capital and wage labour. Let us examine both sides of this antagonism.

To be a capitalist, is to have not only a purely personal, but a social status in production. Capital is a collective product, and only by the united action of many members, nay, in the last resort, only by the united action of all members of society, can it be set in motion.

Capital is therefore not only personal; it is a social power.

When, therefore, capital is converted into common property, into the property of all members of society, personal property is not thereby transformed into social property. It is only the social character of the property that is changed. It loses its class character.

Let us now take wage-labour.

The average price of wage-labour is the minimum wage, i.e., that quantum of the means of subsistence which is absolutely requisite to keep the labourer in bare existence as a labourer. What, therefore, the wage-labourer appropriates by means of his labour, merely suffices to prolong and reproduce a bare existence. We by no means intend to abolish this personal appropriation of the products of labour, an appropriation that is made for the maintenance and reproduction of human life, and that leaves no surplus wherewith to command the labour of others. All that we want to do away with is the miserable character of this appropriation, under which the labourer lives merely to increase capital, and is allowed to live only in so far as the interest of the ruling class requires it.

In bourgeois society, living labour is but a means to increase accumulated labour. In Communist society, accumulated labour is but a means to widen, to enrich, to promote the existence of the labourer.

In bourgeois society, therefore, the past dominates the present; in Communist society, the present dominates the past. In bourgeois society capital is independent and has individuality, while the living person is dependent and has no individuality.

And the abolition of this state of things is called by the bourgeois, abolition of individuality and freedom! And rightly so. The abolition of bourgeois individuality, bourgeois independence, and bourgeois freedom is undoubtedly aimed at.

By freedom is meant, under the present bourgeois conditions of production, free trade, free selling and buying.

But if selling and buying disappears, free selling and buying disappears also. This talk about free selling and buying, and all the other “brave words” of our bourgeois about freedom in general, have a meaning, if any, only in contrast with restricted selling and buying, with the fettered traders of the Middle Ages, but have no meaning when opposed to the Communistic abolition of buying and selling, of the bourgeois conditions of production, and of the bourgeoisie itself.

You are horrified at our intending to do away with private property. But in your existing society, private property is already done away with for nine-tenths of the population; its existence for the few is solely due to its non-existence in the hands of those nine-tenths. You reproach us, therefore, with intending to do away with a form of property, the necessary condition for whose existence is the non-existence of any property for the immense majority of society.

In one word, you reproach us with intending to do away with your property. Precisely so; that is just what we intend.

From the moment when labour can no longer be converted into capital, money, or rent, into a social power capable of being monopolised, i.e., from the moment when individual property can no longer be transformed into bourgeois property, into capital, from that moment, you say, individuality vanishes.

You must, therefore, confess that by “individual” you mean no other person than the bourgeois, than the middle-class owner of property. This person must, indeed, be swept out of the way, and made impossible.

Communism deprives no man of the power to appropriate the products of society; all that it does is to deprive him of the power to subjugate the labour of others by means of such appropriations.

It has been objected that upon the abolition of private property, all work will cease, and universal laziness will overtake us.

According to this, bourgeois society ought long ago to have gone to the dogs through sheer idleness; for those of its members who work, acquire nothing, and those who acquire anything do not work. The whole of this objection is but another expression of the tautology: that there can no longer be any wage-labour when there is no longer any capital.

All objections urged against the Communistic mode of producing and appropriating material products, have, in the same way, been urged against the Communistic mode of producing and appropriating intellectual products. Just as, to the bourgeois, the disappearance of class property is the disappearance of production itself, so the disappearance of class culture is to him identical with the disappearance of all culture.

That culture, the loss of which he laments, is, for the enormous majority, a mere training to act as a machine.

But don’t wrangle with us so long as you apply, to our intended abolition of bourgeois property, the standard of your bourgeois notions of freedom, culture, law, &c. Your very ideas are but the outgrowth of the conditions of your bourgeois production and bourgeois property, just as your jurisprudence is but the will of your class made into a law for all, a will whose essential character and direction are determined by the economical conditions of existence of your class.

The selfish misconception that induces you to transform into eternal laws of nature and of reason, the social forms springing from your present mode of production and form of property – historical relations that rise and disappear in the progress of production – this misconception you share with every ruling class that has preceded you. What you see clearly in the case of ancient property, what you admit in the case of feudal property, you are of course forbidden to admit in the case of your own bourgeois form of property.

Abolition [Aufhebung] of the family! Even the most radical flare up at this infamous proposal of the Communists.

On what foundation is the present family, the bourgeois family, based? On capital, on private gain. In its completely developed form, this family exists only among the bourgeoisie. But this state of things finds its complement in the practical absence of the family among the proletarians, and in public prostitution.

The bourgeois family will vanish as a matter of course when its complement vanishes, and both will vanish with the vanishing of capital.

Do you charge us with wanting to stop the exploitation of children by their parents? To this crime we plead guilty.

But, you say, we destroy the most hallowed of relations, when we replace home education by social.

And your education! Is not that also social, and determined by the social conditions under which you educate, by the intervention direct or indirect, of society, by means of schools, &c.? The Communists have not invented the intervention of society in education; they do but seek to alter the character of that intervention, and to rescue education from the influence of the ruling class.

The bourgeois clap-trap about the family and education, about the hallowed co-relation of parents and child, becomes all the more disgusting, the more, by the action of Modern Industry, all the family ties among the proletarians are torn asunder, and their children transformed into simple articles of commerce and instruments of labour.

But you Communists would introduce community of women, screams the bourgeoisie in chorus.

The bourgeois sees his wife as a mere instrument of production. He hears that the instruments of production are to be exploited in common, and, naturally, can come to no other conclusion than that the lot of being common to all will likewise fall to the women.

He has not even a suspicion that the real point aimed at is to do away with the status of women as mere instruments of production.

For the rest, nothing is more ridiculous than the virtuous indignation of our bourgeois at the community of women which, they pretend, is to be openly and officially established by the Communists. The Communists have no need to introduce community of women; it has existed almost from time immemorial.

Our bourgeois, not content with having wives and daughters of their proletarians at their disposal, not to speak of common prostitutes, take the greatest pleasure in seducing each other’s wives.

Bourgeois marriage is, in reality, a system of wives in common and thus, at the most, what the Communists might possibly be reproached with is that they desire to introduce, in substitution for a hypocritically concealed, an openly legalised community of women. For the rest, it is self-evident that the abolition of the present system of production must bring with it the abolition of the community of women springing from that system, i.e., of prostitution both public and private.

The Communists are further reproached with desiring to abolish countries and nationality.

The working men have no country. We cannot take from them what they have not got. Since the proletariat must first of all acquire political supremacy, must rise to be the leading class of the nation, must constitute itself the nation, it is so far, itself national, though not in the bourgeois sense of the word.

National differences and antagonism between peoples are daily more and more vanishing, owing to the development of the bourgeoisie, to freedom of commerce, to the world market, to uniformity in the mode of production and in the conditions of life corresponding thereto.

The supremacy of the proletariat will cause them to vanish still faster. United action, of the leading civilised countries at least, is one of the first conditions for the emancipation of the proletariat.

In proportion as the exploitation of one individual by another will also be put an end to, the exploitation of one nation by another will also be put an end to. In proportion as the antagonism between classes within the nation vanishes, the hostility of one nation to another will come to an end.

The charges against Communism made from a religious, a philosophical and, generally, from an ideological standpoint, are not deserving of serious examination.

Does it require deep intuition to comprehend that man’s ideas, views, and conception, in one word, man’s consciousness, changes with every change in the conditions of his material existence, in his social relations and in his social life?

What else does the history of ideas prove, than that intellectual production changes its character in proportion as material production is changed? The ruling ideas of each age have ever been the ideas of its ruling class.

When people speak of the ideas that revolutionise society, they do but express that fact that within the old society the elements of a new one have been created, and that the dissolution of the old ideas keeps even pace with the dissolution of the old conditions of existence.

When the ancient world was in its last throes, the ancient religions were overcome by Christianity. When Christian ideas succumbed in the 18th century to rationalist ideas, feudal society fought its death battle with the then revolutionary bourgeoisie. The ideas of religious liberty and freedom of conscience merely gave expression to the sway of free competition within the domain of knowledge.

“Undoubtedly,” it will be said, “religious, moral, philosophical, and juridical ideas have been modified in the course of historical development. But religion, morality, philosophy, political science, and law, constantly survived this change.”

“There are, besides, eternal truths, such as Freedom, Justice, etc., that are common to all states of society. But Communism abolishes eternal truths, it abolishes all religion, and all morality, instead of constituting them on a new basis; it therefore acts in contradiction to all past historical experience.”

What does this accusation reduce itself to? The history of all past society has consisted in the development of class antagonisms, antagonisms that assumed different forms at different epochs.

But whatever form they may have taken, one fact is common to all past ages, viz., the exploitation of one part of society by the other. No wonder, then, that the social consciousness of past ages, despite all the multiplicity and variety it displays, moves within certain common forms, or general ideas, which cannot completely vanish except with the total disappearance of class antagonisms.

The Communist revolution is the most radical rupture with traditional property relations; no wonder that its development involved the most radical rupture with traditional ideas.

But let us have done with the bourgeois objections to Communism.

STATE SOCIALISM

We have seen above, that the first step in the revolution by the working class is to raise the proletariat to the position of ruling class to win the battle of democracy.

The proletariat will use its political supremacy to wrest, by degree, all capital from the bourgeoisie, to centralise all instruments of production in the hands of the State, i.e., of the proletariat organised as the ruling class; and to increase the total productive forces as rapidly as possible.

Of course, in the beginning, this cannot be effected except by means of despotic inroads on the rights of property, and on the conditions of bourgeois production; by means of measures, therefore, which appear economically insufficient and untenable, but which, in the course of the movement, outstrip themselves, necessitate further inroads upon the old social order, and are unavoidable as a means of entirely revolutionising the mode of production.

These measures will, of course, be different in different countries.

Nevertheless, in most advanced countries, the following will be pretty generally applicable.

1. Abolition of property in land and application of all rents of land to public purposes.
2. A heavy progressive or graduated income tax.
3. Abolition of all rights of inheritance.
4. Confiscation of the property of all emigrants and rebels.
5. Centralisation of credit in the hands of the state, by means of a national bank with State capital and an exclusive monopoly.
6. Centralisation of the means of communication and transport in the hands of the State.
7. Extension of factories and instruments of production owned by the State; the bringing into cultivation of waste-lands, and the improvement of the soil generally in accordance with a common plan.
8. Equal liability of all to work. Establishment of industrial armies, especially for agriculture.
9. Combination of agriculture with manufacturing industries; gradual abolition of all the distinction between town and country by a more equable distribution of the populace over the country.
10. Free education for all children in public schools. Abolition of children’s factory labour in its present form. Combination of education with industrial production, &c, &c.

When, in the course of development, class distinctions have disappeared, and all production has been concentrated in the hands of a vast association of the whole nation, the public power will lose its political character. Political power, properly so called, is merely the organised power of one class for oppressing another. If the proletariat during its contest with the bourgeoisie is compelled, by the force of circumstances, to organise itself as a class, if, by means of a revolution, it makes itself the ruling class, and, as such, sweeps away by force the old conditions of production, then it will, along with these conditions, have swept away the conditions for the existence of class antagonisms and of classes generally, and will thereby have abolished its own supremacy as a class.

LIBERTARIAN COMMUNISM

In place of the old bourgeois society, with its classes and class antagonisms, we shall have an association, in which the free development of each is the condition for the free development of all.

https://www.marxists.org/archive/marx/works/sw/course/mscp.pdf

Earning $300,000 a year is still considered middle class in this U.S. city—it’s not New York or LA

Story by Kamaron McNair • Yesterday 

Around half the American population is considered middle class, according to the most recent Pew Research data. But being middle class looks different depending on where you are.

Pew's commonly used definition of middle class sets the range of middle income salaries between two-thirds and double the median salary for a given area. That means you can earn $100,000 and be considered middle class in some locales, but not others.


In fact, middle class income ranges vary widely across the largest 100 U.S. cities, according to a new study from SmartAsset. Fremont, California, has the highest-earning middle class with those earning up to $311,936 still falling in the middle-income range there. That’s more than $50,000 higher than the next city’s upper limit.

SmartAsset used a variation of Pew’s middle class calculation to determine where middle class Americans are making the most money. Naturally, places with higher median incomes — like many cities in California — will have higher-earning middle classes.

Three cities near or within California's Silicon Valley — Fremont, San Jose and San Francisco — have some of the highest-earning middle classes in the country. That makes sense, as the tech industry has earned a reputation for its high-paying roles.

These are the 10 U.S. cities with the highest middle class income thresholds:

1. Fremont, California
Middle income lower limit: $104,498
Middle income upper limit: $311,936

2. San Jose, California
Middle income lower limit: $84,673
Middle income upper limit: $252,754
 
3. Arlington, Virginia
Middle income lower limit: $84,186
Middle income upper limit: $251,302
 
4. San Francisco
Middle income lower limit: $81,623
Middle income upper limit: $243,652
 
5. Seattle
Middle income lower limit: $74,223
Middle income upper limit: $221,562
 
6. Irvine, California
Middle income lower limit: $70,869
Middle income upper limit: $211,548
7. Gilbert, Arizona
Middle income lower limit: $70,217
Middle income upper limit: $209,604
 
8. Scottsdale, Arizona
Middle income lower limit: $66,395
Middle income upper limit: $198,194
 
9. Plano, Texas
Middle income lower limit: $63,651
Middle income upper limit: $190,004

10. Chandler, Arizona
Middle income lower limit: $63,391
Middle income upper limit: $189,226
 
What makes you middle class?

High local median incomes tend to correlate with high costs of living.

Someone earning a middle class income by San Francisco's standards might appear wealthy to a resident of Cleveland, where a middle class income is between $23,827 and $71,124,
the lowest threshold in the country, according to SmartAsset. But the cost of living in San Francisco is estimated to be twice as much as in Cleveland, according to NerdWalletTHIS SALARY RANGE MAKE THE PERSON WORKING CLASS NOT MIDDLE CLASS 

And while Pew's equation might tell you whether your salary fits into a numerical definition of middle class, it's often more of a mindset. Although the share of people — about half of Americans, according to Gallup polling — who identify as middle class is about the same size as the share of people Pew defines as middle class, not everyone uses the same definition.

To be in the middle class generally means to be doing well enough financially to live fairly comfortably. You might own a home, but have to work to be able to afford your mortgage payments. You aren't necessarily living paycheck to paycheck, but you can't afford to retire early.

Generally speaking, being in the middle class means you can reasonably meet your financial obligations with a little room to save for the future or splurge on your passions.

THE MIDDLE CLASS IS A 1950'S AMERICAN SOCIOLOGICAL DESIGNATION BASED ON INCOME

THERE IS NO MIDDLE CLASS, THERE IS ONLY THE WORKING CLASS 

US Supreme Court clears way for Texas death row inmate Rodney Reed to try to use DNA to prove innocence

Story by Ariane de Vogue • Yesterday 

The Supreme Court cleared the way on Wednesday for Texas death row inmate Rodney Reed to seek post-conviction DNA evidence to try to prove his innocence.

Reed claims an all-White jury wrongly convicted him of killing of Stacey Stites, a 19-year-old White woman, in Texas in 1998.

Texas had argued that he had waited too long to bring his challenge to the state’s DNA procedures in federal court, but the Supreme Court disagreed. Now, he can go to a federal court to make his claim.

The ruling was 6-3. Justice Brett Kavanaugh delivered the opinion of the court and was joined by Chief Justice John Roberts and Justices Sonia Sotomayor, Elena Kagan, Amy Coney Barrett and Ketanji Brown Jackson.

Since Reed’s conviction, Texas courts had rejected his various appeals. Celebrities such as Kim Kardashian and Rihanna have expressed support, signing a petition asking the state to halt his eventual execution.

The case puts a new focus on the testing of DNA crime-scene evidence and when an inmate can make a claim to access the technology in a plea of innocence. To date, 375 people in the United States have been exonerated by DNA testing, including 21 who served time on death row, according to the Innocence Project, a group that represents Reed and other clients seeking post-conviction DNA testing to prove their innocence.

Kavanaugh, in his opinion Wednesday, said that the court agreed to hear the case because federal appeals courts have disagreed about when inmates can make such claims without running afoul of the statute of limitations. Kavanaugh said Reed could make the claim after the Texas Court of Criminal Appeals ultimately denied his request for rehearing, rejecting an earlier date set out by the appeals court.

“Significant systemic benefits ensue from starting the statute of limitations clock when the state litigation in DNA testing cases like Reed’s has concluded,” Kavanaugh said.

He noted that if any problems with a defendant’s right to due process “lurk in the DNA testing law” the case can proceed through the appellate process, which could ultimately render a federal lawsuit unnecessary.

Justices Clarence Thomas, Samuel Alito and Neil Gorsuch dissented.

Alito, joined by Gorsuch in his dissent, said Reed should have acted more quickly to bring his appeal. “Instead,” Alito wrote, “he waited until an execution date was set.”

Alito charged Reed with making the “basic mistake of missing a statute of limitations.”

DNA evidence could point elsewhere


Reed has been on death row for the murder of Stites.

A passerby found Stites’ body near a shirt and a torn piece of belt. Investigators targeted Reed because his sperm was found inside her. Reed acknowledged the two were having an affair, but says that her fiancé, a local police officer named Jimmy Fennell, was the last to see her alive.

Reed claims that over the last two decades he has discovered a “considerable body of evidence” demonstrating his innocence. Reed claims that the DNA testing would point to Fennell as the murder suspect. Fennell was later jailed for sexually assaulting a woman in his custody and Reed claims that numerous witnesses said he had threatened to strangle Stites with a belt if he ever caught her cheating on him. Reed seeks to test the belt found at the scene that was used to strangle Stites.

The Texas law at issue allows a convicted person to obtain post-conviction DNA testing of biological material if the court finds that certain conditions are met. Reed was denied. He came to the Supreme Court in 2018 and was denied again. Now he is challenging the constitutionality of the Texas law arguing that the denial of the DNA testing violates his due process rights. 

But the 5th US Circuit Court of Appeals held that he waited too long to bring the claim. “An injury accrues when a plaintiff first becomes aware, or should have become aware, that his right had been violated.” The court said that he became aware of that in 2014 and that his current claim is “time barred.” 

Reed’s lawyers argued that he could only bring the claim once the state appeals court had ruled, at the end of state court litigation. In court, Parker Rider-Longmaid said that the “clock doesn’t start ticking” until state court proceedings come to an end. He said Texas’ reading of the law would mean that other procedures in the appellate process are “irrelevant.”

This story has been updated with additional developments.

CNN’s Chandelis Duster contributed to this report.
WORKERS CAPITAL
Big bond market moves are coming, says nation's largest local pension plan

Story by Eric Rosenbaum • Yesterday 

Last year stood out in market history for being a bad one for both stocks and bonds, and so far in 2023, stocks have surprised with a tech-led rally.

But one of the biggest investing shifts taking place among the largest institutional investors this year is a move into bonds for a higher interest rate economy, but not the classic 60-40 portfolio, which has rallied but which BlackRock wrote in a note this week investors should avoid.

Jonathan Grabel, chief investment officer for LACERA, the largest county pension plan in the U.S., tells CNBC he expects to be making portfolio allocation changes to focus more on fixed income, and the moves made by his Los Angeles fund and other pension giants will have big implications for the markets.




A year into the most significant period of Federal Reserve rate hikes in decades, you might think investors had already cemented their investment portfolio strategies for a higher interest rate world. But some of the biggest investors are making, or first planning, some of their biggest moves now.

Count the largest county retirement plan in the U.S. among the list of elite investors planning to bulk up on bonds as a result of the higher interest rate environment. That was the message delivered by Jonathan Grabel, chief investment officer for the Los Angeles County Employees Retirement Association (LACERA) at CNBC's Sustainable Returns virtual event on Wednesday. And he says a coming portfolio reallocation process will have big implications for the markets and economy.

"I think that the changing market environment with higher rates potentially changes everything, it changes how we think about allocation," Grabel told CNBC's Frank Holland. This summer, the LACERA CIO said, the pension plan — which invests on behalf of 180,000 active and former workers in LA County and has roughly $70 billion in assets — will "revisit" its strategic asset allocation, he said.


As the pension giant seeks an overall return of 7%, Grabel said the summer review will consider changes to its stock, bonds, real estate and real assets allocations. "To the extent we can get there [7%] and can get more through safer fixed-income investments it might change the amount of capital we have in riskier complex equity-like investments."

LACERA isn't alone among big investors talking about how the higher interest rates are changing portfolio allocation decisions, especially when it comes to private market equity and alternative investments. Fellow California pension giant CalSTRS is making a bigger move into bonds, according to a Wall Street Journal report from earlier this month. "Bonds are back," CalSTRS investment chief Chris Ailman told the Journal.

According to LACERA's 2022 annual report, its investments were split between roughly $24 billion in public equities, $19 billion in bonds, $13 billion in private equity, $6 billion in real estate, $4 billion in hedge funds and $1 billion in real assets.

Last year was the first in the prior three fiscal years that the pension fund's investment portfolio lost money. While it still managed to outperform its benchmark, returns fell well short of its actuarial assumptions for a 7% return.

The net investment loss for fiscal year 2022 was approximately $1.5 billion, a decrease of $17.1 billion from the 2021 fiscal year, when the net investment gain was $15.6 billion, and which it attributed to "challenging market conditions in the first half of 2022, including war in Europe, high inflation, and an economic slowdown in China."

By contrast, investment returns of 25.2% in 2021 were far ahead of the 7% percent, which LACERA attributed to the strong performance from global equity and private equity assets.

A shift to more fixed income among top investors will flow through to the "whole economy," Grabel said. "We are mindful of that as investors have less in risky assets it changes how corporations allocation capital," he said.

"That really raises the demand and need and requirement for boards focused on excellence, and where access to capital is," he added at the CNBC event focused on sustainability and investing.

LACERA was not scheduled for one of its formal three- to five-year portfolio reviews this summer, which was last completed in 2021, and included the creation of new asset allocation buckets.

Why pension funds are moving more to bonds now

Major moves by large institutions managing billions of dollars based on long-term return assumptions take time to enact, so it should not be a surprise that some of the more significant moves related to rising rates are first taking place now. According to pension consultant Callan, a shift to more fixed income is the expectation in asset allocation plans to come from more pension funds, especially as annual capital markets assumptions used by chief investment officers tilt the equation to more bonds.

Callan's latest projections for the decade from 2023-2032 show greater returns from core bonds after an extended period of time when spreads and yields were very tight, making the public bond market less attractive. "A lot has changed in the world and AGG [the Bloomberg Aggregate Bond Index] looks a lot more attractive," said Kyle Fekete, vice president and a fixed income specialist in Callan's global manager research group.

The risk-return profile for investment grade bonds is a good example. Callan's 2022 capital market assumptions projected a return of 1.75% for U.S. core bonds versus a risk profile of 3.75% for the fixed income asset class. This year, the outlook is for a return profile of 4.25% versus projected risk of 4.10%.

Callan analysis of how a portfolio would have been structured a decade ago to generate a long-term return for pension liabilities versus how it should be structured today shows a bigger increase in fixed income. "And that's a lot of food for thought for plan sponsors and discussions are going around the investment community," Fekete said, with most asset allocation changes so far, which could include investment grade and high yield, on the margins.

"It hasn't happened just yet, but it will happen over time," he said. It will have implications for private market investments and growth investments, he added, as yields offered on public fixed income improve and don't require taking illiquidity risk.

More fixed income does not mean more 60-40 portfolios

This does not necessarily mean a shift back to the 60-40 stocks/bonds approach that had been left for dead in the years of high stock market returns and ultra-low interest rates.

While that traditional investing concept has had a better year in 2023, and some investors are now backing it again, some big institutions say it is still time to ditch it, including BlackRock. In a report out this week, the BlackRock Investment Institute said the terrible returns last year for the 60-40 portfolio followed by the great returns this year should both be discounted.

"We don't see the return of a joint stock-bond bull market like we saw in the Great Moderation. That was a decades-long period of largely stable activity and inflation when most assets rallied and bonds provided diversification when stocks slumped. We think strategic allocations of five years and beyond built on these old assumptions do not reflect the new regime we're in – one where major central banks are hiking interest rates into recession to try to bring inflation down."

Bonds won't provide the "reliable" diversification they have in prior years, "but higher yields mean income is finally back in fixed income," its team wrote. Overall, BlackRock says a focus on broad portfolio concepts is a mistake going forward, but for now, the rising rates do mean more focus on income plays.

"The longer rates stay higher, the greater the appeal of income in short-term bonds. We see interest rates staying higher as the Federal Reserve seeks to curb sticky inflation – and we don't see the Fed coming to the rescue by cutting rates or a return to a historically low interest rate environment. This reinforces the appeal of income in short-term paper. Yet we also see long-term yields rising on both strategic and tactical horizons as investors demand more term premium, or compensation for holding long-term bonds in an environment of higher inflation and debt."

Recent commentary from Wall Street bank CEOs during their earnings period suggest rates will remain higher for longer despite traders betting on cuts from the Fed this year. Morgan Stanley CEO James Gorman said the Fed may have two more interest rate hikes, while Jamie Dimon CEO said last Friday that 6% interest rates could be coming, a potential reality that Gorman also said would be "not shocking."

BlackRock is overweight inflation-linked bonds, its team wrote, based on expectations of persistent inflation.
US Supreme Court gives Turkey's Halkbank another chance to avoid charges

Story by By Andrew Chung • Yesterday 

FILE PHOTO: People walk past by a branch of Halkbank in Istanbul© Thomson Reuters

WASHINGTON (Reuters) -The U.S. Supreme Court on Wednesday gave Turkey's state-owned lender Halkbank another chance to avoid criminal charges in the United States for allegedly helping Iran evade American economic sanctions, but rejected a key defense mounted by the bank.

The justices in a 7-2 decision threw out a lower court's ruling that had let the prosecution proceed. The court's majority ordered the Manhattan-based 2nd U.S. Circuit Court of Appeals to reconsider Halkbank's effort to dismiss the case, but ruled out the bank's contention that was is protected under a 1976 U.S. law called the Foreign Sovereign Immunities Act (FSIA).

Halkbank, an entity owned by the Turkish government, was charged in New York in 2019 and has pleaded not guilty to bank fraud, money laundering and conspiracy charges over its alleged use of money servicers and front companies in Iran, Turkey and the United Arab Emirates to evade U.S. sanctions.

Halkbank shares surged 10% on the Istanbul stock exchange after the decision. Shares in Vakifbank, another Turkish state bank, jumped 9.9% and the bourse's banking index climbed more than 4%.

Halkbank's case has complicated U.S.-Turkish relations, with Turkish President Tayyip Erdogan calling the American charges against the bank an "unlawful, ugly" step.

The case tested Halkbank's contention that it is shielded from prosecution because, by virtue of being owned by the Turkish government, it should have the same legal protections as Turkey. Sovereign immunity generally protects countries from facing legal action in another country's courts.

The Supreme Court rejected the bank's view that it has immunity under the Foreign Sovereign Immunities Act, which limits the jurisdiction of American courts over lawsuits against foreign countries.

"We disagree because the Act does not provide foreign states and their instrumentalities with immunity from criminal proceedings," wrote conservative Justice Brett Kavanaugh, who authored the ruling for the court's majority.

Kavanaugh wrote that in Halkbank's view, "a purely commercial business that is directly and majority-owned by a foreign state could engage in criminal conduct affecting U.S. citizens and threatening U.S. national security while facing no criminal accountability at all in U.S. courts. Nothing in the FSIA supports that result."

The majority, however, found that the 2nd Circuit did not fully consider whether the bank has immunity under "common law" principles.

Justice Neil Gorsuch, in a dissent joined by fellow conservative Justice Samuel Alito, said the Foreign Sovereign Immunities Act does apply but that the bank's prosecution would still be allowed to proceed under the law's exceptions for commercial activity in or affecting the United States.

Wednesday's decision, Gorsuch wrote, "overcomplicates the law for no good reason."

Gorsuch said that lower courts do not have guidance on how to resolve immunity disputes using the common law, including whether to apply norms of international law, which he said supply "no easy answer."

President Joe Biden's administration has said the FSIA does not apply to criminal prosecutions and, even if it did, Halkbank's actions fell under the law's exception to sovereign immunity for misconduct involving commercial activities.

The U.S. government has argued that the case does not involve the prosecution of a sovereign government, and that it has been pursuing criminal matters against foreign government-owned companies - if not foreign states themselves - for at least 70 years.

A Justice Department lawyer told the court in January that ruling for Halkbank could allow any foreign state-owned enterprise to "become a clearinghouse for any federal crime, including interfering in our elections, stealing our nuclear secrets, or something like here, evading our sanctions and funneling billions of dollars to an embargoed nation."

U.S. prosecutors accused Halkbank of converting oil revenue into gold and then cash to benefit Iranian interests, and documenting fake food shipments to justify transfers of oil proceeds. They also said Halkbank helped Iran secretly transfer $20 billion of restricted funds, with at least $1 billion laundered through the U.S. financial system.

The 2nd Circuit in 2021 ruled against Halkbank, concluding that even if the FSIA law shielded the bank, the conduct for which it was charged fell under the commercial-activity exception.

(Reporting by Andrew Chung; Additional reporting by Oben Mumcuoglu in Gdansk; Editing by Will Dunham)
Profit at grocery chain Metro increases 10%, mostly on higher pharmacy sales

Story by CBC/Radio-Canada • Yesterday 

Profits at grocery chain Metro increased by more than 10 per cent in the second quarter, as higher sales in the company's food division and pharmacy unit boosted the bottom line.


Profit at Metro increased by 10 per cent in its most recently completed quarter, an uptick that the chain said was mostly due to higher sales at its pharmacy division, not food.© Ryan Remiorz/The Canadian Press

The Montreal-based chain posted a net income of $218.8 million in its recently completed quarter, on total sales of just over $4.5 billion. Those figures were up from $4.27 billion and $198 million, respectively, last year.

Sales at the food division — which includes supermarket chains Metro, Food Basics and others — increased by 5.8 per cent compared to the same period a year ago. While grocery bills increased during the quarter, the chain said its pharmacy chain, Jean Coutu, did even better, as sales grew by 7.3 per cent in the quarter.


That was partly because of a five per cent uptick in the sale of prescription drugs, but the biggest reason was a surge in what the chain calls "front-store sales," which includes things like cosmetics and other health and beauty products.

"We are pleased with our results in the second quarter as our teams continued to deliver value to our customers in the current high food inflation environment with competitive everyday prices, growing private label sales and effective promotional strategies," CEO Eric La Fleche said.

Metro and other grocery chains have come under fire in recent months for seeming to profit from skyrocketing food inflation. The chain has pushed back on those insinuations by noting that its margins — the amount of profit it takes in once it covers its costs — are about the same as they always were, in the low single digits.

"For the year to date, food margins have declined, mainly due to higher cost of sales, partly offset by higher margins in pharmacy," the chain said.
Israel's domestic turmoil raises serious questions about its long-term survival

Story by Daniel L. Douek, Faculty Lecturer, International Relations, McGill University • 
THE CONVERSATION
Yesterday


In late 2022, Israeli Prime Minister Benjamin Netanyahu won Israel’s fifth election in the past three years by forming a coalition with far-right religious extremists whose ilk were previously considered beyond the pale in Israeli politics.


Israelis opposed to Prime Minister Benjamin Netanyahu's judicial overhaul plan set up bonfires and block a highway during a protest in March 2023.© (AP Photo/Ohad Zwigenberg)

Netanyahu’s coalition recently introduced legislation to overhaul Israel’s Supreme Court, aiming to eliminate the court’s ability to impose democratic checks on elected leaders.

The overhaul, which would also protect Netanyahu from pending corruption charges, provoked an unprecedented wave of anti-government protests across Israel that have shaken the country’s political and economic foundations.

The protests included threats by combat personnel from Israel’s air force and special forces units to boycott their reserve duty.
Defense minister reinstated

In response, Netanyahu temporarily shelved the legislation, candidly admitting that he wished to avoid “civil war.”

Netanyahu also reinstated Defense Minister Yoav Gallant, whom he had fired for publicly calling on him to end the judicial overhaul because the internal divisions it caused made Israel vulnerable to external threats.

On one level, the widespread protests against governmental overreach represent an indicator of Israeli democracy’s robustness. But as a country that considers itself beset by external enemies, Israel has only a slim margin for internal division. The gulf between the protesters and Netanyahu’s coalition reflect the deepening fault line between secular and religious Jews.

And despite Netanyahu’s backtracking, Israel’s ability to deter its enemies has already been weakened by wounds that are self-inflicted.

Ramadan attacks

In early April 2023, during the holy month of Ramadan, Israeli police raided Jerusalem’s Al-Aqsa Mosque, the third holiest site in Islam. The site has been under Israeli control since 1967 and has increasingly become a place of resistance to Israel’s occupation of Palestinian territories.

Israeli forces were caught on camera using brutal force to subdue worshippers in a video that quickly went viral globally.


Israeli police arrest a Palestinian woman at the Al-Aqsa Mosque compound following a raid at the site in the Old City of Jerusalem during the Muslim holy month of Ramadan.© (AP Photo/Mahmoud Illean)

Islamist militant group Hamas responded by firing a barrage of rockets at Israel from Gaza. Another was fired from Lebanon, where Hamas has a foothold under the patronage of Hezbollah, the strongest of Iran’s various proxy militias across the Middle East.

Related video: Some young Israelis refusing mandatory military service (NBC News)
Duration 4:41  View on Watch

Read more: Why Hezbollah matters so much in a turbulent Middle East

When militant attacks then killed several civilians inside Israel and the Israeli-occupied West Bank, Hamas called this a “natural response” to Israeli forces’ actions at Al-Aqsa.

This was followed by another barrage of rockets fired at Israel from Syria, where Iran, Hezbollah and other Iranian-aligned militias all have forces deployed near the Israeli-occupied Golan Heights.

Self-inflicted wounds

These rocket salvos caused minimal casualties. Many rockets were shot down by Israeli air defences, and Israel then launched retaliatory strikes.

Yet the rockets nevertheless caught Israel’s political and defence establishment off-balance. Afterward, a former chief of Israel’s military intelligence branch warned that the damage inflicted to Israel’s national security by Netanyahu’s judicial overhaul might be “irreversible.”

Another former senior defence official said Israel’s enemies are “rubbing their eyes in disbelief” about the domestic turmoil and wondering whether the country “has decided to die by suicide.”

During a special Ramadan address, Iranian Supreme Leader Ayatollah Ali Khamenei exulted in the alarm of Israeli political elites over Netanyahu’s overhaul, noting that Israel’s “own officials continuously warn that their collapse is nearing.” Khamenei concluded that Israel’s demise was unfolding even faster than he had anticipated.

In recent years, Khamenei’s Islamic Revolutionary regime has itself been rocked by widespread anti-government protests, raising questions about its own survival.


In this photo taken by an individual not employed by the Associated Press and obtained by the AP outside Iran, protesters chant slogans during a protest over the death of Mahsa Amini, who was detained by the morality police, in downtown Tehran, Iran, on Sept. 21, 2022.© (AP Photo)

Testing Israeli defences


But after weathering the protests and a United States-led economic boycott, the Iranian regime’s fortunes appear to have turned.

Iran has won its bet in Syria. Its military intervention alongside Russia has kept Bashar al-Assad’s regime in power, keeping open a conduit for weapons transfers to Hezbollah in Lebanon.

Meanwhile, Iran’s recent renewal of diplomatic ties with Saudi Arabia, brokered by China, has crippled Saudi Arabia’s young alliance with Israel while eclipsing U.S. influence in the Middle East.

This has emboldened Iran to test Israel’s internal cohesion and resolve. Hamas’s deployment in Lebanon and its ability to fire rockets from Lebanese soil, along with rocket fire from Gaza and Syria, shows Iran’s assorted proxy forces are testing Israel’s defences.

The far-right swing in Israeli politics is inseparable from Israel’s police brutality at Al-Aqsa. Amid its ongoing occupation of Palestinian territories, the worsening tensions between Israel’s secular and religious Jewish blocs have blown wide open.

Meanwhile, as Netanyahu’s coalition injects virulent extremism into Israel’s political mainstream, a reprise of the deadly violence between Arab and Jewish citizens that exploded across Israel in May 2021 seems inevitable.

Israel’s current internal tumult is far greater than at any other moment in its history. As many Israeli analysts have already noted, this raises serious questions about the country’s long-term survival.

This article is republished from The Conversation, a nonprofit news site dedicated to sharing ideas from academic experts.


Read more:
Most Palestinians in East Jerusalem are sitting out Israeli protests – but they are still concerned about a potential judicial reform

NATIONALISM IS FASCISM
Charges dropped against West Bank settlers after disengagement repeal
ZIONISM IS NATIONALISM











Story by By MICHAEL STARR • Yesterday 


Charges against Homesh yeshiva rabbis and students for illegally staying in the outpost were dropped on Wednesday due to the repeal of the Disengagement Law, right-wing legal aid organization Honenu announced.


Visitors walk by the water tower on the ruins of the evacuated settlement of Homesh on August 27, 2019.© (photo credit: HILLEL MAEIR/FLASH90)

The state requested the Petah Tikva District Court to drop indictments against Rabbi Elishama Cohen and his colleagues and students because the basis for their offenses, the 2005 Disengagement Law, was repealed on March 21.

Cohen and other members of his yeshiva had been charged in November for entering and staying without permit in Homesh, a restricted area since the settler outpost's 2005 evacuation.
The yeshiva predates the outpost

The yeshiva, which predated the outpost, had continued to operate from the site for years though it was illegal to do so. Cohen had also been arrested in 2021 for trespassing, but wasn't indicted.

Homesh yeshiva director Shmuel Vandi said that they were happy that the State of Israel had begun to correct the mistake of the disengagement.



Right wing activists protest the demolition of structures in the illegal outpost of Homesh, outside the Prime Minister's office in Jerusalem on January 13, 2021 (credit: OLIVIER FITOUSSI/FLASH90)

"Along with the joy of the repeal of the Disengagement Law, we are expecting soon the authorization of the yeshiva, and will continue to raise the flag in Homesh until the authorization of the yeshiva and actual building of Homesh," said Vandi.

Honenu, which provided legal aid to the rabbis and students, said the decision was an example of the power of dedication.

"The Honenu organization had the privilege of standing up for the right of the yeshiva and its rabbis for many years, with legal assistance against the many evictions at the site, against the numerous arrests and police investigations, and to assist the yeshiva's rabbis and students in protracted legal battles against the many indictments that were filed," said Honenu lawyer Moshe Polski.

Samaria Council head Yossi Dagan welcomed the decision, saying that the indictments shouldn't have been filed in the first place.

"We will continue to act and won't be silent until Homesh and Sa Nur are permanent settlements of the Samaria Regional Council."Yossi Dagan

"There's nothing more basic and moral than contradicting the racist law that discriminates and forbids Jews to be in the region of the land of Israel," said Dagan. "We will continue to act and won't be silent until Homesh and Sa Nur are permanent settlements of the Samaria Regional Council, and I'm happy that also the prosecution and courts understand that being in these places is no longer against the law."

Left-wing NGO Yesh Din said that the Homesh outpost was built on private Palestinian land, and noted that the dropping of the indictments by noting that the repealing of the Disengagement Law does not authorize the settlement.

"The decision to drop the indictments without prosecuting the invaders for trespassing is outrageous and sends a clear message that the State of Israel encourages plundering and dispossession of Palestinians," said Yesh Din.
UK to ignore ECHR rulings on small boats ‘after Sunak caves in to Tory right’

Story by Rajeev Syal and Nadeem Badshah • The Guardian 
Yesterday 

Rishi Sunak has caved in to demands from hard-right MPs to allow the UK to ignore rulings from the European court of human rights on small boat crossings, government sources have said.


Photograph: Ben Stansall/AFP/Getty Images

Backbench rebels have been pushing the prime minister to harden the illegal migration bill so ministers to can ignore interim rulings. One of the Strasbourg court’s rule 39 injunctions blocked the government’s first attempt to deport asylum-seekers to Rwanda last year.

These so-called interim measures are typically used to suspend an expulsion or extradition, often by asylum seekers who fear persecution if they are returned to their home country.

Between 2020 and 2022, the ECHR granted 12 of 161 applications for interim measures against the UK government.

After days of wrangling with rightwing MPs, government sources claim that an amendment to the new law will empower the home secretary to “disregard” interim rule 39 orders. Suella Braverman, the home secretary, was a key figure in landing the breakthrough, according to the Times.

Another proposed change to the legislation will enshrine in law that the only way to stop a deportation of refused asylum seekers or criminals is by persuading a British judge that it would lead to “serious and irreversible harm”, the sources claimed.

The Home Office is due to publish its own amendments to the bill on Thursday before it returns to the House of Commons for the next stage of debates and votes next week.

The bill will introduce measures that will bar anyone who arrives in the UK illegally from claiming asylum and allow them to be detained and removed.

A group of hardline MPs had been pushing for a much tougher approach to rulings from the Strasbourg court while remaining in the European Convention of Human Rights.

In a meeting with the Common Sense Group of Tory MPs on Tuesday, the prime minister was said to have resisted committing to ignore rulings from judges in Strasbourg, which have led to the Rwanda removals plan being stalled.

But according to several of those present, Sunak told them he had “skin in the game, too” and was staking his own premiership on an unequivocal commitment to stop the boats.

A source close to the group said they realised the legislation “needs to be acceptable” to moderate backbenchers.

One of the rebel ringleaders, Danny Kruger, told the i newspaper: “My colleagues and I are grateful to the home secretary and prime minister for their work to secure most of the changes … we asked for.”

Simon Hart, the government chief whip, had argued against offering concessions to appease the rebels, the Times said. Hart said ministers should instead table their amendments as there was no risk of being defeated, after estimating that fewer than two dozen Tories would hold out, a government source told the newspaper.

Removing the UK altogether from the ECHR, the rights of which were incorporated into UK law in 1998 with the Human Rights Act, is viewed as problematic as the court was an integral part of the Good Friday agreement that brought peace to Northern Ireland.

In a separate disagreement at prime minister’s questions on Wednesday, Sunak claimed the Welsh government’s plans to pay asylum seekers £1,600 a month in basic income showed Labour is “paying” for small boats to cross the Channel.

He appeared to suggest the proposals to offer young asylum seekers who settle in Wales access to an ongoing basic income pilot could incentivise people-smuggling. The two-year pilot is open to care leavers.

Sunak’s criticism comes after ministers reportedly blocked a Welsh government request for young migrants to receive free legal aid. A Welsh government spokesperson said: “We believe that care leavers have a right to be properly supported as they develop into independent young adults.

“Too many young people leaving care continue to face significant barriers to achieving a successful transition into adulthood than many of their peers.

“In line with our nation of sanctuary approach, we want to ensure that unaccompanied asylum-seeking children are supported to rebuild their lives and are not prevented from accessing appropriate Welsh government schemes and benefits to support their integration.”

It comes after Home Office figures on Tuesday revealed that 5,049 people have arrived in the UK after crossing the Channel so far this year. About 113 individuals were detected in three boats on Monday, suggesting an average of about 38 people per boat.
Anti-Vaxxer RFK Jr. Takes Aim at Joe Biden in More Ways Than One
ON 4/6/23 

President Joe Biden has gained another potential opponent for the 2024 presidential race.

Robert F. Kennedy Jr., nephew of former President John F. Kennedy and son of former Senator Robert F. Kennedy, filed a statement of candidacy Wednesday with the Federal Election Commission, reported the Associated Press (AP). Kennedy is running as a Democrat.

Kennedy is an environmental lawyer and bestselling author, making a name for himself in the anti-vaccine movement, including launching the nonprofit Children's Health Defense, an activist group denouncing vaccine efficacy.

Kennedy has been particularly vocal since the rise of the COVID-19 pandemic and the development of the COVID vaccine. In January 2022, he appeared as guest speaker at the Defeat the Mandates protest in Washington, D.C., a demonstration that coincided with other anti-vaccine protest groups that had ties with conspiracy theorist organizations like QAnon.


Robert F. Kennedy Jr., nephew of former President John F. Kennedy, speaks during a protest against COVID-19 restrictions and government policy on August 29, 2020, in Berlin, Germany. Kennedy on Wednesday filed to run for the 2024 presidential election as a Democrat.
SEAN GALLUP/GETTY IMAGES

Last month, Kennedy, alongside the Children's Health Defense, took legal action against Biden and several other federal officials for allegedly encouraging platforms like TwitterFacebook and Google to censor "constitutionally protected speech." The 59 defendants in Kennedy's class-action suit include Karine Jean-Pierre, White House press secretary, Dr. Anthony Fauci, former director of the National Institute of Allergy and Infectious Diseases, and Andrew Slavitt, Biden's former senior COVID-19 adviser.

Kennedy is also suing the Department of Justice, the FBI and the Centers for Disease Control and Prevention.

According to the 120-page lawsuit, Kennedy argues that the federal government purposely suppressed "facts" that it "does not want the public to hear" on topics relating to COVID-19, the 2020 presidential election and the New York Post's 2020 article about Hunter Biden's laptop.



Kennedy also filed a lawsuit in January against the Trust News Initiative, launched by the BBC in partnership with several other media outlets to combat vaccine misinformation. The complaint—which lists the BBC, The Washington Post, Reuters and AP as defendants—alleges that these media organizations broke antitrust laws by working with companies like Twitter, Meta and Google, and claims that the media outlets "censored, de-monetized, demoted, throttled, shadow-banned, and/or excluded" other online news publishers listed as plaintiffs alongside Kennedy.

In 2021, Kennedy released the book The Real Anthony Fauci as an attack on the former top infectious-disease doctor, claiming that he enabled "a historic coup d'etat against Western democracy." He also released a book this year titled The Wuhan Cover-Up, which accuses U.S. officials of plotting with China to hide the origins of COVID-19.

The Biden administration has already faced heavy attacks from House Republicans over allegedly censoring social media users from spreading misinformation, including on topics like the COVID-19 vaccine and Hunter Biden's laptop. Ohio Representative Jim Jordan, chairman of the House Judiciary Committee, has also launched several investigations into the "weaponization" of the federal government, dedicating a new committee to the effort.

Biden has yet to announce if he is running for another term in 2024, although doing so could hypothetically pin him against former President Donald Trump in a rematch of the 2020 election. Spiritual adviser and author Marianne Williamson was the first major Democrat to launch her election campaign last month.

Newsweek has reached out to the White House via email for comment.

Anti-vaccine activist RFK Jr. launches presidential campaign



BOSTON (AP) — Anti-vaccine activist Robert F. Kennedy Jr. launched his longshot bid to challenge President Joe Biden for the Democratic nomination next year.


Anti-vaccine activist RFK Jr. launches presidential campaign

Kennedy, a member of one of the country’s most famous political families who has in recent years been linked to some far-right figures, kicked off his campaign in Boston on Wednesday and likened his campaign to the American revolution.

“My mission over the next 18 months of this campaign and throughout my presidency will be to end the corrupt merger of state and corporate power that is threatening now to impose a new kind of corporate feudalism in our country,” Kennedy said.

Self-help author Marianne Williamson is also running for the Democratic nomination. Biden has said he's planning on running again but has not formally announced a campaign. He's expected to have a glide path to the nomination, with much of the Democratic establishment behind him.

Kennedy, a nephew of President John F. Kennedy and the son of his slain brother Robert F. Kennedy, both of whom he repeatedly referenced during his lengthy speech Wednesday.

Kennedy Jr. was once known most as an environmental lawyer who worked on issues such as clean water. But over the past nearly two decades, he's become one of the leading voices of the anti-vaccine movement. His work has been described by members of his own family and public health experts as misleading and dangerous.


Related video: Watch: Robert F. Kennedy Jr. Announces 2024 Presidential Campaign (Newsweek)  Duration 1:03  View on Watch



His efforts intensified after the pandemic and development of the COVID-19 vaccine, and an AP investigation in 2021 showed he had linked up with anti-democratic figures and other groups. He has appeared at events pushing the lie that the 2020 presidential election was stolen and with people who cheered or downplayed the insurrection at the U.S. Capitol on Jan. 6, 2021.

A photo posted on Instagram showed Kennedy backstage at a July 2021 Reawaken America event with former President Donald Trump’s ally Roger Stone, former National Security Adviser Michael Flynn and anti-vaccine profiteer Charlene Bollinger. All three have promoted the lie about the 2020 election being stolen.

Kennedy has been a guest on Infowars, the channel run by conspiracy theorist Alex Jones, and on the “War Room” podcast hosted by longtime Trump ally Steve Bannon, where he promoted his bestselling 2021 book, “The Real Anthony Fauci,” in which he accused the U.S.’s top infectious disease doctor of participating in “a historic coup d’etat against Western democracy."

The AP documented how Kennedy and his anti-vaccine group, Children’s Health Defense, had capitalized on the COVID-19 pandemic – raking in funding and followers in the U.S. and abroad, and doubling its revenue from 2019 to 2020. Researchers have found that the group is among the most influential spreaders of anti-vaccine misinformation, and the AP found traffic to its website had soared.

In the second year of the pandemic, Children’s Health Defense continued its huge growth, according to a more recent filing with charity regulators in California. Revenue more than doubled from $7 million in 2020 to $16 million in 2021.

Facebook and Instagram removed the accounts of Children’s Health Defense for spreading misinformation.

Kennedy has repeatedly invoked Nazis and the Holocaust when talking about measures aimed at mitigating the spread of COVID-19, such as mask requirements and vaccine mandates. He has apologized for some of those comments, including when he suggested that people in 2022 were worse off than Anne Frank, the teenager who died in a Nazi concentration camp after hiding with her family in a secret annex in an Amsterdam house for two years.

Associated Press, The Associated Press

Robert F. Kennedy Jr's Chances of Beating Biden, According to Polls

Story by Katherine Fung • Yesterday

Robert F Kennedy Jr., speaks during a campaign event to launch his 2024 presidential bid, at the Boston Park Plaza in Boston, Massachusetts, on April 19, 2023.
© Joseph Prezioso/AFP/Getty

Robert F. Kennedy Jr. announced his long-shot bid for the 2024 Democratic presidential nomination on Wednesday.

President Joe Biden is expected to run for re-election but has not made a formal announcement.

Polls show Biden has a double-digit lead over other possible candidates, except for one.

President Joe Biden has yet to officially announce that he's running for re-election, but Robert F. Kennedy Jr. is already challenging Biden for the Democratic presidential nomination.

On Wednesday, Kennedy announced his long-shot bid for 2024 and launched his campaign from Boston, where he spoke about his father's 1968 campaign, his criticisms of the pharmaceutical industry and his career as an environmental lawyer in a nearly two-hour speech.

Kennedy, the nephew of former President John F. Kennedy and son of former U.S. attorney general and assassinated 1968 presidential candidate Robert Kennedy, has become well-known as a vocal anti-vaccine activist and leading proponent of COVID-19 misinformation.

Biden is expecting to make his own 2024 announcement soon and is widely expected to enter the primary as the clear favorite. Early polling shows the president with double-digit leads over other possible Democratic candidates, including Kennedy, self-help author and 2024 candidate Marianne Williamson, Vice President Kamala Harris, Senator Bernie Sanders and Transportation Secretary Pete Buttigieg.


NewsweekWatch: Robert F. Kennedy Jr. Announces 2024 Presidential Campaign
1:03


Cover MediaRobert F. Kennedy Jr. Is Running for President
1:23


DailymotionJFK’s nephew Robert F Kennedy Jr announces bid for presidential nomination
1:30


Although one recent poll showed that a number of Biden voters are prepared to swing to Kennedy, the president fares well in a hypothetical matchup against the political newcomer. The only name that could close that gap into single digits has been former First Lady Michelle Obama, who has not signaled any plans to run for the White House.

In a USA Today/Suffolk University poll conducted Saturday through Tuesday, 14 percent of Biden's 2020 supporters said they would vote for Kennedy. Comparably, 67 percent of those voters said they would re-elect Biden, 13 percent remained undecided and 5 percent backed Williamson.

Despite there being an overwhelming number of voters who support a second Biden term, David Paleologos, the director of the Suffolk University Political Research Center, said that the survey indicates Democratic voters are receptive to another option.

"In 2020, Joe Biden received more votes than any other president in U.S. history, yet the poll tells us that those same voters are open to other Democrats to wage a spirited primary," Paleologos told USA Today. "Kennedy, although a long shot at this point, starts in double digits and can't be ignored."

Kennedy polled particularly well among 33 percent of Biden supporters who disapprove of Biden's job in the White House and the 35 percent who described Biden's policies as "too liberal."

In response to the poll, TV personality and daughter of the late Senator John McCain Meghan McCain tweeted, "RFK Jr. and all his lunacy antivaxx propaganda has enough support to make very interesting spoilers for Biden..."

However, a poll conducted by Morning Consult earlier this month showed slightly stronger odds for Biden, who had a 60-point lead over Kennedy, 70 to 10 percent. Four percent of those respondents chose Williamson.

Newsweek reached out to the White House for comment.


OUR FAVORITE ASTROLOGY PHENOMENA
Mercury Retrograde Is Here, & Flexibility Is The Key To Surviving It

Story by Elizabeth Gulino • Yesterday 

We all know her, but we all definitely don’t love her: Mercury retrograde. The infamous astrology transit is known to cause mass hysteria, malfunctions, and memes, and it’s something we all should be prepared for. And what better way to buckle up than to have all of the dates — and insights from astrologers — of its upcoming retrogrades in one place?


Mercury 

Last year, the Planet of Communication went retrograde four times. This year, we’re thankfully getting a break with just three retrograde transits.

Lisa Stardust, astrologer and author of The Love Deck, notes that the retrogrades of 2023 are all happening in earth signs, except for the last retrograde that moves from Capricorn to Sagittarius. “The overall theme is to urge us to find better ways to save money and embrace our self-esteem,” she says. “The focus on earthly matters will urge us to escape our comfort zones and to embrace fresh ideas. It’s time to move forward and to invest our creativity and money in situations that can grow.”

On top of that, relationships will be an important theme during these transits. Stardust says this means that we will be deciding who and what we want in our lives. “If something or someone is not benefiting us, or making us happy, it’s time to cut the cord and to move on,” she says.

Below, find all the dates Mercury will retrograde in 2023 along with insights and advice from astrologers. Happy retrograding!

April 21 to May 14. From April 21 to May 14, Mercury retrograde will occur in the sign of Taurus. The pre-retrograde shadow (which is the time before the retrograde officially kicks off, when we may already start feeling the effects of the movement) will begin on April 7 and the post-retrograde shadow ends on May 31.

The classic Mercury retrograde mishaps — tech issues, lost emails, misunderstood messages — will be the most intense during the beginning of this transit. “This is due to Mercury turning retrograde while being conjunct with Uranus, the Planet of Electricity,” says Narayana Montúfar, senior astrologer for Astrology.com and author of Moon Signs: Unlock Your Inner Luminary Power. “On the positive side, this combination can help us come up with new solutions to old problems.”

Related video: 
Mercury Is High, Planets And The Moon & Lyrid Meteors In April 2023 Skywatching (Space)
What's up for April? Mercury Rising,
Duration 4:31 View on Watch


While we often try to look on the bright side when it comes to Mercury’s retrograde transit, we have to warn you that this one in particular is gearing up to be a bumpy ride. “The fact that this retrograde overlaps with the first eclipse season of 2023 will make it more annoying, but also more powerful,” says Montúfar. “What Mercury retrograde and eclipse season have in common is that they are very transformative, so we can expect to be stretched and triggered. However, we will also be given the opportunity to evolve out of negative patterns as well as situations.”

To really evolve during this time, though, we must be flexible. “Taurus is a very fixed sign and often resistant to changes, while Mercury is all about changes,” says Iva Naskova, astrologer at the Nebula app. “Therefore, this transit tends to lead to a pitfall due to the Taurian energy. This means you should prepare to have a bit of a struggle with staying in your comfort zone opposed to moving forward toward something new.” You may be feeling indecisive during this transit, but don’t let it frustrate you. Again, flexibility is the key here, so go with the flow, roll with the punches, move to the music — you get the drill — and you’ll be able to come out on the other side unscathed.

Stardust says that the focus of this retrograde will be on relationships and finances — both of which are major areas for Taurus. “Exes may come back, emotions could erupt or change, and we could have to start a savings plan and watch our spending,” she says. This is not a time to indulge — although that’s what Taurus loves to do — so empty your online shopping carts that are full to the brim and save that splurge for another day.

Stephanie Campos, astrologer and author of Seasons of the Zodiac: Love, Magick, and Manifestation Throughout the Astrological Year, agrees. “Whatever you buy may arrive with a side of disappointment or simply just take forever to get to you,” she says. “In general our finances may also experience some sort of delays or setbacks. Mercury’s retrograde in Taurus may have us readjusting our budget or waiting for a check or reimbursement that’s overdue.”

When it comes to love, Campos says we may be tasked with looking at the value systems within our closest relationships. She says we need to ask ourselves if those systems align with our current partners, and if there are conversations that need to be had. “Addressing any unspoken tension within our partnerships is certainly on the menu under this retrograde,” she says.

Although Mercury retrogrades often cause havoc, there’s an upside to this particular planetary backspin. “The most important day to look out for is May 1, when the sun and Mercury retrograde connect, creating an aspect called cazimi,” says Stardust. “In this case, communication will be clear, making it the best day of the retrograde.” You heard her — this is the day of the retrograde when you should plan important meetings, interviews, calls, you name it. Although it’ll still have the tinge of retrograde vibes, it’s the best thing we’ve got until Mercury goes direct on May 14. Until then, good luck!

August 23 to September 15. From August 23 to September 15, Mercury retrograde will occur in the sign of Virgo. The pre-retrograde shadow will begin on August 3 and the post-retrograde shadow ends on September 30.

December 13 to January 1, 2024. The last Mercury retrograde of 2023 is a little different than the previous two, due to the fact that Mercury moves from Capricorn to Sagittarius during its backwards dance (FYI, every single Mercury retrograde from 2022 switched signs, too!). The pre-retrograde shadow will begin on November 25 and the post-retrograde shadow ends on January 20, 2024.

Mark these down on your 2023 calendar so you have an explanation — or at least an excuse — as to why things are all topsy-turvy. But just remember, we’ve been through countless Mercury retrogrades before and we’ll go through even more as we continue on in our lives. They’re not meant to be scary or intimidating — rather, they’re here to redirect us towards a better path. Good luck!

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