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RSnake Report 20241116
Killer robots have arrived, Ukraine considering nukes, etc...
Robert "RSnake" Hansen
November 16, 2024
Table of Contents
Hello, and thanks for reading! I hope you didn’t waste your night like I did watching the Tyson/Paul farce of a fight. Not worth the hype or the time. Tyson either let Paul win, or he’s totally beyond irrelevant as a fighter. Either way, it was universally panned.
Trey Ford, CISO of the Americas for BugCrowd, and I sat down and reviewed a demo from BigID. It is an entirely different way of thinking about digital loss prevention (DLP), where they hunt down data all over your environment and attempt to classify and ideally remove or protect data whenever possible. In the event of a breach, they can identify the blast radius of that breach what PII is in scope, what regulations are triggered, etc.
We also did a surprisingly excellent demo day with Reach Security. It blew what little hair I had back. A person-based risk approach to IT governance and control? Who would have thought of such a thing? Worth a watch if you control security at a large organization.
Let’s start with the Russia/Ukraine fight. The battlefield has officially entered the realm of science fiction. Reports of AI-enabled self-targeting drones being deployed on the Ukrainian front lines have surfaced. The Russians claim they’ve recovered a Ukrainian FPV drone with AI-based targeting and terminal guidance. These jam-resistant drones represent a turning point, embodying the long-feared rise of autonomous "killer robots." This is a huge, huge, huge turning point in warfare. We have always written movies and stories about killer robots, and now we have them. They’re here. There’s no going back. Mark this day.
“artificial intelligence targeting to acquire and kill”
Meanwhile, traditional warfare rages on. A Leopard 2A4 tank obliterated an armored Russian column near Kurakhove. But this footage (and more here and here) is rather interesting because of how much more advanced Western armor is against the armor columns that Putin is sending in. The casualties are pretty staggering when you see what it looks like from the ground.
“Leopard 2A4 tank shoots at a column of Russian armored vehicles in the Kurakhove direction”
The story about the dams being targeted that we discussed last time has a more logical explanation as to what happened, and it turns out it was quite possibly the Ukrainians who did it. The dam doubled as a road and would have allowed attacks from the north. Therefore, it would make sense to destroy it to slow Russian advances. We are seeing a lot of advances in that area and around Donetsk.
“Russian advance of in 10 days in Kurakhove, Donetsk region”
Some speculate that Putin may need to capture whatever he can, thinking Trump will sue for peace, and the captured territories will remain in whomever’s hands, Donboss for Russia and Kursk for Ukraine, if they can’t recapture Kursk versus a status quo ante bellum. That is driving a massive wave of attacks near Donboss and Odesa.
“Ukrainian anti-aircraft guns in Odesa countering a swarm attack by Russian Geran-2 drones”
What is the Ukrainian alternative if they want to continue to fight? There is guerrilla warfare, which they have been using to take out suspected war criminals, like the Chief of Staff of the missile ships in the Black Sea. But more likely, nukes. It is speculated that it may only take a few months to get nuclear-capable. It wouldn’t be high yield like modern thermonuclear devices; it would be a simple fission device, using the radioactive materials from their nuclear power plants—a terrifying thought.
“The country would quickly be able to build a basic device”
The alternative thinking is that while Russia likely wouldn’t lose against Ukraine, they would against the West, and no matter what, they couldn’t win unless the West allows them to leverage the things they need - time, rhetoric, and fear. Pretty interesting theory. Meanwhile, the Russians continue cannibalizing their own markets, raising their mortgage rates to 28.1%! 💸
“Russia cannot defeat Ukraine or the West - and will likely lose”
In European news, France has committed 600 AASM Hammer precision bombs to Ukraine, with plans to double production by 2025. Meanwhile, the EU delivered nearly 1 million artillery shells this year and aims to produce 4,000 shells per day in 2024. Europe is attempting to prove it can fend for itself—at least regarding ammunition.
“600 high-precision AASM "Hammer" air bombs to Ukraine by the end of 2024”
In occupied Georgia, protests against Russian looting escalated to a storming of the parliament building. I don’t think the eastern NATO countries are feeling exceptionally comfortable with the Russians at the moment.
“Georgia protests in response to Russian looting”
In South East Asia, China unveiled a bizarre new drone capable of walking and rolling on two or four-wheeled legs. It’s an eerie demonstration of how adaptable unmanned systems are becoming. While its practical applications remain unclear, the concept alone suggests a new frontier in robotics.
“wow”
In the Middle East, The USS Abraham Lincoln and its escorting destroyers repelled attacks from Iranian-backed Houthi forces. A mix of drones, ballistic missiles, and cruise missiles were intercepted. This marked the combat debut of the F-35C, which retaliated by striking Houthi weapon facilities. The Pentagon refutes claims that the carrier itself was a direct target.
“The Yemeni Armed Forces carried out two specific military operations”
In Lebanon, the IDF targeted Hezbollah munitions warehouses, producing spectacular secondary explosions. While Hezbollah continues launching rockets into Israel, I don’t see an end to this in sight.
“footage of IDF blowing up Hezbollah warehouses in Beirut”
On the Domestic front, Bill Maher delivered a scathing critique of the left’s failures, aligning with a Financial Times analysis of how Democrats' radicalization has alienated the moderate left, or “center-left”. With Republicans sweeping key elections in the Presidential, House, Senate, and also already having a majority in the Supreme Court, it deserves some introspection.
“Democrats became radicalized after 2016 and alienated many moderate voters”
Okay, onto the articles!
The U.S. Air Force engaged in its largest air-to-air operation in 50 years, successfully repelling a significant aerial attack from Iran involving over 300 drones and missiles aimed at Israel. A team of 66 airmen played a critical role in the operation, with notable accomplishments including the first woman's reception of the Silver Star in the Air Force and multiple awards for valor among the crew. The Air Force confirmed that 99% of the incoming threats were neutralized during this defensive engagement.
The U.S. Air Force thwarted an aerial attack from Iran targeting Israel.
Significant military awards were given to airmen for their exceptional performance during the engagement.
[RSnake: It’s a pretty impressive accomplishment, but as one commentator I saw noted when you look at what is happening over Odessa ]
Source: https://taskandpurpose.com/?p=327823
Israeli military air strikes have targeted Hezbollah infrastructure in Beirut for four consecutive days, prompting significant displacement among Lebanese civilians. The United States is reportedly involved in presenting a ceasefire proposal to Lebanese officials as cross-border hostilities continue amid a humanitarian crisis, with the conflict claiming thousands of lives since October 2023.
Israeli air raids are focused on Hezbollah targets in Beirut.
The US is attempting to mediate a ceasefire between Israel and Lebanon.
The UN has released a report accusing Israel of committing genocide in Gaza through methods such as starvation and collective punishment. This report comes amid ongoing conflict in the region, which has escalated tensions and led to widespread protests. The situation remains critically severe for the affected populations and has garnered international attention.
UN report claims Israel's actions in Gaza can be classified as genocide.
The war involves accusations of using starvation and collective punishment against the Palestinian population.
Robert F. Kennedy Jr. has been selected to oversee several government agencies as the new Secretary of Health and Human Services.
Kennedy would oversee the Centers for Disease Control and Prevention (CDC), which tracks diseases and illnesses, and reviews the safety and efficacy of medical devices, medicines, and biologics.
He would also be in charge of the Food and Drug Administration (FDA), which regulates the safety of food, cosmetics, devices that emit radiation and tobacco products.
Russia's military actions are systematically targeting Ukrainian cultural heritage sites, resulting in significant damage and loss. By November 2024, over 1,096 cultural sites have been reported destroyed, incurring an estimated $2.4 billion in damages, with UNESCO recognizing several of these sites as endangered. This destruction is part of a broader strategy to erase Ukrainian national identity amidst the ongoing Russo-Ukrainian war.
Russian military actions have led to the destruction of numerous Ukrainian cultural heritage sites.
UNESCO has identified several of these sites as endangered due to ongoing attacks.
Gang violence in Haiti has intensified, leading to the closure of Toussaint Louverture International Airport after three US commercial planes were struck by gunfire. The US Federal Aviation Administration has banned airlines from operating in Haiti for 30 days, further isolating the conflict-ridden country amid ongoing instability and humanitarian crises.
Haitian airport closed due to gunfire incidents involving commercial planes.
US bans airlines from flying to Haiti as gang violence escalates.
The situation has raised concerns about the humanitarian crisis and security for incoming police reinforcements.
[RSnake: Not a good look, especially amid so much politics here at home about the Haitian community.]
Source: https://www.aljazeera.com/news/2024/11/12/haiti-completely-isolated-gunfire-closes-main-airport-again?traffic_source=rss
On November 11, a Russian missile strike hit a residential building in Kryvyi Rih, Ukraine, resulting in the deaths of four people, including three children, with ongoing rescue operations at the site. The strike also injured 14 others and caused damage to the five-storey apartment building. Additional missile attacks were reported across other regions of Ukraine, indicating a continued escalation in conflict.
Russian missile strikes continue to target civilian areas in Ukraine.
Kryvyi Rih experienced significant casualties, including children, due to these attacks.
The U.S. Treasury has sanctioned 26 entities, individuals, and vessels associated with the Al-Qatirji Company, which is involved in oil smuggling that supports Iran's Islamic Revolutionary Guard Corps-Qods Force and the Houthis. These sanctions are intended to disrupt a funding channel for destabilizing activities in the Middle East, amid ongoing attacks by Iranian-backed Houthis on international vessels in the Red Sea and Gulf of Aden.
The Al-Qatirji Company has become a financial conduit for the IRGC-QF, generating hundreds of millions in revenue annually.
The sanctions are part of a broader U.S. strategy to limit Iran's financing of regional instability and terrorist proxies.
[RSnake: I am really not sure if this is having the effect we want it to have. All that seems to happen is that we enable pirates and dark fleets. It more or less creates an institutionalized black market.]
Source: https://gcaptain.com/?p=217417
China has hacked into US telecommunications networks as part of a large-scale espionage effort targeting government officials, politicians and others involved in high-profile activities.
The FBI says hackers affiliated with Beijing have compromised multiple telecommunications companies to steal customer call records and private communications of individuals involved in government or political activity.
The hackers sought to copy certain information subject to US law enforcement requests pursuant to court orders, suggesting a possible attempt to compromise programs like the Foreign Intelligence Surveillance Act (FISA).
This is not the first high-profile hacking incident linked to China, which has also targeted US vital infrastructure such as the electrical grid.
[RSnake: More from this same story from several weeks back. I don’t think anyone working in Cybersecurity would be surprised by this revelation. More on Salt Typhoon here and also here.]
Source: https://www.fastcompany.com/91228822/china-hacked-us-telecommunications-networks-spying-fbi-cisa
U.S. Immigration and Customs Enforcement (ICE) is soliciting contracts to enhance its surveillance technologies, anticipating a increase in the number of people monitored prior to deportation hearings. The proposed expansion could elevate the number of individuals under surveillance from approximately 200,000 to over 5 million, as ICE prepares for more intensive immigration policies. Companies are being asked to provide details on their capabilities for remote monitoring and large-scale data handling to support this expansion.
ICE is requesting plans from private contractors to expand its surveillance technologies.
The anticipated surveillance increase aims to monitor up to 5 million people awaiting deportation hearings.
[RSnake: It certainly has its work cut out for it. But the funny part is that it now sees the value in doing the job it was supposed to have been tasked to do.]
Source: https://www.wired.com/story/ice-surveillance-contracts-isap/
Iran is backing Lebanon in its negotiations for a ceasefire with Israel, which has intensified its airstrikes in southern Beirut. The situation has escalated into a humanitarian crisis, with over a million Lebanese displaced and significant casualties reported due to ongoing conflicts between Israel and Hezbollah.
Iran supports Lebanon's ceasefire talks with Israel.
Israel's airstrikes have caused major destruction and a humanitarian crisis in Lebanon.
[RSnake: I don’t see this ending well if they don’t settle this before Trump comes into office. One way or another, Iran needs to come to the table, and yes, when I say Iran, I mean Hezbollah, so that Iran may save face.]
Source: https://timesofindia.indiatimes.com/world/middle-east/iran-backs-lebanon-in-ceasefire-talks-seeks-end-to-problems/articleshow/115348706.cms
Ukraine faces potential large-scale missile attacks from Russia as winter approaches, with reports indicating the capability to launch up to 90 Kalibr missiles simultaneously from submarines in the Black Sea. These missile strikes have previously caused extensive damage to Ukraine's energy infrastructure, leading to significant power outages.
Russian forces may target Ukraine's energy infrastructure with coordinated missile attacks.
Ukrainian defenses are challenged by ongoing Russian drone and missile assaults.
[RSnake: Winter will bring most movement to either a standstill or a slow crawl. The first year of the war, if you recall, the Russians got bogged down in the mud, and their equipment couldn’t handle the winter at all. I don’t see a massive modernization of their military having taken place, which means we shouldn’t expect it to be any better and potentially much, much worse. So time is of the essence.]
Source: https://euromaidanpress.com/?p=303893
US support for Israel will continue despite 30-day Gaza aid ultimatum, with administration refusing to assess if Israel is in violation of US law.
US law prohibits military assistance to allies blocking humanitarian aid, but Washington says no assessment on Israel will be made.
The situation in Gaza has deteriorated since the US issued the ultimatum, with humanitarian conditions failing to improve and aid trucks entering daily averaging only 42.
[RSnake: Lol. 🤡 Man, the outgoing administration seems toothless.]
Source: https://www.aljazeera.com/news/2024/11/12/despite-thirty-day-gaza-aid-ultimatum-us-says-support-for-israel-will-proceed?traffic_source=rss
Global fossil fuel emissions are projected to reach a record 37.4 billion metric tons in 2024, marking a 0.8 percent increase compared to 2023. This rise is attributed to a surge in emissions from India and other countries, despite declines expected in the United States and Europe. The situation reflects ongoing challenges in transitioning away from fossil fuels amid growing energy demands.
Global carbon dioxide emissions from fossil fuels are on track to reach a record high.
The increase is driven by rising emissions in India, even as the U.S. and Europe see decreases.
[RSnake: I am sure we will see the environmentalists focusing their energies on India and China, right? Right??]
Source: https://www.nytimes.com/2024/11/12/climate/fossil-fuel-emissions-2024-record.html
Georgia is experiencing political turmoil following parliamentary elections that were marred by allegations of fraud and violence, leading to protests by the opposition. The ruling party, Georgian Dream, has been increasingly perceived as pro-Russian, heightening fears of further Moscow's influence in the country, especially given the historical context of Russian occupation and military presence in the region. As the opposition challenges the legitimacy of the election, the potential for civil unrest and a shift in Georgia's geopolitical alignment towards Russia is growing.
Georgia's recent parliamentary elections have resulted in claims of fraud and violent suppression of opposition protests.
There is an increasing concern that the Georgian ruling party's pro-Russian stance could lead to a shift in the country's relationship with Moscow.
The situation mirrors previous anti-government uprisings in the region, raising fears of Russian intervention to support the ruling party.
[RSnake: Georgia is in trouble. They’re not lost completely, but it’s clear they have been badly infiltrated. Russia doesn’t need to sway the US elections or European elections if they can win closer to home and affect their immediate security needs.]
Source: https://foreignpolicy.com/?p=1163813
Antisemitic violence has surged in Amsterdam, with mobs targeting Israelis and shouting hate-filled slogans, prompting significant concerns about public safety and law enforcement response. Reports indicate that the police took a lengthy time to intervene, and there are growing demands for stricter enforcement of hate crime laws and community safety measures. The resurgence of such hatred is seen as a call to action for communities to strengthen security and support victims.
Mobs have attacked and hunted Israelis in Amsterdam amidst rising antisemitism.
Law enforcement response has been criticized for delays, prompting calls for better protection of vulnerable communities.
French-made military technology is being utilized by the Rapid Support Forces in Sudan's civil war, raising questions about compliance with international arms embargoes. This conflict has already displaced over 11 million people and resulted in more than 20,000 fatalities, intensifying calls for global accountability and cessation of arms supplies to the warring factions.
French-made armored personnel carriers are being used by warring factions in Sudan.
The conflict has led to a significant humanitarian crisis with millions displaced and a high death toll.
[RSnake: I don’t think the US has a lot of room to slap other countries on the wrist for this, after the US’s haphazard withdrawal from Afghanistan.]
Source: https://sofrep.com/?p=210372
NASA is planning to shut down the Chandra X-ray Observatory due to budget cuts, despite its critical role in high-energy astrophysics and recent discoveries.
The Chandra X-ray Observatory is a flagship astronomical mission that provides unique x-ray views of black holes, supernovas, and dark matter.
Budget cuts have led to the telescope being shut down without input from the astrophysics community, with some experts suggesting alternative funding sources such as selling operations to other space agencies or relying on private donations.
[RSnake: I think this is a bummer, but better instruments are already out there. That said, it’s not clear how this mission is aiding the US scientifically either. Many of these missions are incredibly useful, but this is a bit of a question mark compared to things like LIGO, which help us map changes in relative gravity both in the center of galaxies far away and… things much closer to home.]
Source: https://www.scientificamerican.com/article/ending-nasas-chandra-will-cut-us-out-of-the-high-resolution-x-ray-universe/
Following the results of the 2024 U.S. presidential election, a significant number of users from the platform X have migrated to Bluesky, which has seen a drastic increase in new sign-ups. Bluesky, which operates similarly to X, has gained over 15 million users and continues to grow rapidly as individuals search for alternatives to Musk's platform, particularly after recent controversies and actions taken against it.
Users from X are migrating en masse to Bluesky after the recent U.S. election results.
Bluesky has experienced significant growth, exceeding 15 million users, as it positions itself as an alternative to X.
[RSnake: It is amusing to see people on the left getting banned for saying the 2024 election was rigged on Bluesky though. It is an alternative, but given how far off the 2024 elections were, it seems strange that the left is attempting to isolate itself more instead of finding ways to reach the other side of the aisle.]
Source: https://mashable.com/article/getting-started-on-bluesky-guide
A new method called GraphRAG has been developed to enhance global search capabilities in AI systems by utilizing dynamic community selection, which improves efficiency and response quality for complex queries. The method allows for more effective retrieval of information from a knowledge graph, reducing costs and enhancing the comprehensiveness of generated answers. This advancement is significant in addressing the challenges associated with traditional retrieval-augmented generation techniques used in AI.
GraphRAG introduces a dynamic community selection method for global queries to improve AI search efficiency.
The approach reduces processing costs while maintaining or improving the quality of response compared to static methods.
The job market is experiencing a significant shift due to the rise of generative AI tools like ChatGPT, with research indicating a 21% reduction in demand for freelance jobs that are prone to automation. Roles in writing and graphic design have seen notable declines, leading to increased competition and potential reductions in compensation. As AI tools advance, the demand for complementary skills such as critical thinking and creativity may rise, creating a growing divide between high-skill and low-skill jobs.
Generative AI tools like ChatGPT are causing a substantial decrease in demand for automation-prone freelance jobs.
The shift towards AI in the job market may lead to a greater emphasis on skills that complement AI, such as creativity and critical thinking.
[RSnake: I honestly have stopped having the need for almost every sort of worker beyond the manual. Yes, it still requires an expert to manage the LLMs and double-check their output, but that’s doable with a very, very small meritocratic-selected group.]
Source: https://www.fastcompany.com/91229781/ai-is-already-taking-jobs-research-shows-routine-tasks-are-the-first-to-go
Signal introduces convenient call links for private group chats, allowing users to create and share reusable links without needing a group chat, and several new features have been added to improve usability and engagement during calls.
Call links are available on the latest version of Signal for Android, iOS, and Windows, allowing users to create and share reusable links with other Signal users without needing a group chat.
The call links support up to 50 people, making them suitable for large meetings without compromising privacy.
[RSnake: I spoke with the CTO the other day, and it looks like they are working on the idea of signal accounts that aren’t tied to phone numbers soon, which will be good. I shared some of my other ideas as well - I have no idea if they’ll be implemented, though, so I won’t bother enumerating them here.]
Source: https://www.bleepingcomputer.com/news/software/signal-introduces-convenient-call-links-for-private-group-chats/
Israel's AI sector is experiencing remarkable growth, becoming a global leader in AI innovation despite ongoing conflicts. The number of active AI companies has increased significantly, with multinational tech giants investing heavily in Israeli startups across various sectors such as healthcare and agriculture.
Israel's AI startups have shown a 173% growth since 2014, significantly outpacing non-AI startups.
Multinational tech companies like NVIDIA and Microsoft are making substantial investments in Israel's AI ecosystem.
Israeli AI-driven innovations are making advancements in healthcare, agriculture, and climate technology.
[RSnake: They, of almost any culture, could understand the need for leverage in warfare. If there is any edge to be gained, they should exploit it and be the best at it. I fully believe that is the correct choice for them.]
Source: https://www.jewishpress.com/?p=715056
Apple is reportedly developing a smart home IP camera, expected to enter mass production in 2026, targeting sales of tens of millions globally. The camera will integrate with Siri and likely feature advanced silicon for processing commands, aiming to enhance its smart home ecosystem. Additionally, other products within the smart home category are also anticipated, showcasing Apple's commitment to expanding its presence in this market.
Apple is working on a smart home IP camera to be mass-produced by 2026.
The camera will integrate with Siri and is expected to target high sales volumes.
[RSnake: Until they come up with the idea of a local-logging server similar to Ubiquiti, I am not sure what the market for this will be. They really need to focus on data sovereignty if they want to win, and that means in-home compute/disc. Cloud is not the right choice except for encrypted backups, for which they don’t hold the key.]
Source: https://gizmodo.com/?p=2000523652
A Massachusetts Air National Guardsman, Jack Teixeira, has been sentenced to 15 years in prison for leaking classified military documents related to the war in Ukraine, marking one of the most significant violations of the Espionage Act in U.S. history. Teixeira, who shared sensitive information on Discord, acknowledged his actions caused considerable harm and embarrassment to U.S. national security efforts.
Jack Teixeira was sentenced for leaking classified military secrets.
The breach has raised significant concerns about U.S. national security and intelligence protection.
A Chinese threat actor, identified as 'SilkSpecter,' is operating 4,700 fake online shopping sites that impersonate well-known brands to steal credit card information from shoppers in the U.S. and Europe. This fraudulent campaign capitalizes on the upcoming Black Friday shopping season, utilizing legitimate payment processing and tracking tools to enhance its credibility and effectiveness.
SilkSpecter is using fraudulent domains to conduct phishing attacks.
The campaign targets Black Friday shoppers with steep discounts on fake sites.
[RSnake: Gotta be absolutely certain you are on the site you expect to be, or use only sites you know for a fact are genuine/local web stores.]
Source: https://www.bleepingcomputer.com/news/security/fraud-network-uses-4-700-fake-shopping-sites-to-steal-credit-cards/
CISA has warned about two critical vulnerabilities in Palo Alto Networks' Expedition migration tool, which are being actively exploited. Attackers can perform unauthorized actions, including accessing sensitive information and running commands on vulnerable systems, prompting urgent patching requirements for federal agencies by December 5.
CISA issued a warning regarding active exploitation of critical vulnerabilities in Palo Alto Networks' Expedition tool.
Federal agencies are required to patch affected systems by December 5 to mitigate risks.
A major ransomware attack using ShrinkLocker was detected in a healthcare organization, encrypting critical systems and causing difficulties in patient care, a free decryption tool has been released by Bitdefender to help victims recover their files.
ShrinkLocker ransomware uses Windows' built-in BitLocker drive encryption tool to lock victim's files.
The malware appears to have been repurposed from benign ten-year-old code, using VBScript, and leverages outdated techniques.
ABL Space is shifting focus from commercial launch vehicles to missile defense due to changes in the launch market and a recognition of the US need for improved missile response capabilities.
ABL Space has raised $461 million, with over half coming in via a $372 million Series B round in 2021 that valued the company at $2.4 billion.
The company encountered difficulties with its rocket engine, leading to two failed test flights and the destruction of the rocket on impact.
Microsoft released its November security update addressing 89 vulnerabilities, including two critical zero-day bugs currently being exploited by attackers. These vulnerabilities pose significant risks to all versions of Windows and other Microsoft products, allowing unauthorized access and potential remote code execution.
Two zero-day vulnerabilities are actively being exploited, allowing attackers to authenticate as legitimate users.
The November security update includes a high percentage of critical remote code execution vulnerabilities, particularly affecting Windows Kerberos.
[RSnake: Time to patch up those old Windows boxes.]
Source: https://www.darkreading.com/cloud-security/2-zero-day-bugs-microsoft-nov-update-active-exploit
The US food supply contains thousands of additives with unknown properties and safety, while a new administration is tasked with reforming the FDA and improving public health.
A common food additive called tartrazine can make flesh translucent when applied to skin, potentially offering an alternative to conventional imaging technologies.
The FDA has a system called GRAS that allows companies to introduce additives without safety-testing, resulting in thousands of unknown additives in the US food supply.
[RSnake: This is one of RFK’s big talking points. Things like Yellow Dye #5 and the like, which are not allowed in European countries and are a byproduct of coal production, offer no taste and are potentially dangerous.]
Source: https://www.zerohedge.com/medical/food-additives-exposed-what-lies-beneath-americas-food-supply
U.S. households have accumulated a record debt of nearly 18 trillion dollars, with credit card debt reaching 1.17 trillion dollars, impacting consumer spending and economic stability. Retailers are facing a significant increase in store closures, while the auto industry is also experiencing layoffs and production cuts due to decreased demand. Additionally, small businesses are struggling with rent payments, indicating widespread financial distress across various sectors.
Total household debt in the U.S. reached 17.94 trillion dollars, the highest in history.
Retailers have announced 6,481 store closures, the most since the COVID-19 pandemic.
Nearly 50% of small business renters reported being unable to pay rent in September 2024.
[RSnake: This is a bubble. It will burst. It will hurt. Lots of people are going to go bankrupt. Whoever holds their debt is in trouble.]
Source: https://www.zerohedge.com/personal-finance/consumers-are-drowning-debt-hordes-businesses-fail-all-over-us
Meta has been fined approximately $840 million by the European Union for violating competition laws related to its Facebook Marketplace service. The EU regulators accused Meta of abusing its dominance in social networking to gain an unfair advantage over competitors by integrating Marketplace into Facebook, leading to potentially damaging implications for market competition.
The European Union imposed an $840 million fine on Meta for unlawfully leveraging Facebook's market position to boost its Marketplace.
Meta plans to appeal the decision, potentially resulting in a prolonged legal battle.
[RSnake: Ouch. That’s a huge fine, but not compared to their actual revenue. To put that in perspective, the annual revenue before expenses is around $160b, give or take.]
Source: https://www.nytimes.com/2024/11/14/business/meta-european-union-facebook-marketplace-fine.html
Global diabetes cases expected to reach 61 million in Europe, over 130% increase in Africa by 2045, and become top ten cause of death globally.
The global population aged 20-79 with diabetes is expected to reach 10.5 percent by 2021 and 12.2 percent by 2045.
The African continent is projected to see a more than 130% increase in diabetes cases by 2045.
[RSnake: It would be interesting to see how their diets have changed in the last 20 years and see what the biggest changes in ingredients have been.]
Source: https://www.zerohedge.com/medical/global-diabetes-cases-are-climbing
Elon Musk is implementing aggressive cost-cutting measures across his companies, including Tesla, SpaceX, and Twitter (now X). His strategy involves drastically reducing budgets by eliminating expenses, often prioritizing immediate savings over long-term stability and even product safety.
Elon Musk deeply involves himself in budget reviews, favoring significant cuts over minor adjustments.
His approach may compromise corporate processes and product safety for immediate cost savings.
[RSnake: This article seems a little like FUD. But if this causes lawsuits, it isn’t economically in his best interest to do this. It’s market dynamics playing out in a very small ecosystem. If it costs him too much, he’ll have to adapt, or his companies will fail. It’s the beauty of capitalism. Like it or hate it, it works.]
Source: https://www.nytimes.com/2024/11/16/technology/elon-musk-cost-cuts.html
The Port of Long Beach achieved a record volume of nearly 1 million containers moved in October, primarily due to importers redirecting cargo to avoid potential delays from labor disputes at East and Gulf coast ports. This surge is also influenced by businesses seeking to import goods ahead of anticipated tariff increases. Meanwhile, concerns over unresolved labor negotiations may lead to further disruptions in early 2025 if an agreement is not reached before January 15.
The Port of Long Beach moved nearly 1 million containers in October, setting a new record.
The increase in cargo volume is attributed to strategic diversions to avoid delays and prepare for potential tariff hikes.
[RSnake: Good, this is some good news. We need those cargo ships functioning and delivering at a high pace if we want to keep inflation down. More goods are naturally deflationary.]
Source: https://www.supplychainbrain.com/articles/40682-port-of-long-beach-smashes-all-time-record-with-october-surge
Following the recent election, Donald Trump has won the presidency, leading to optimism among his supporters and a surge in financial markets, including the Dow Jones Industrial Average, Nasdaq, and S&P 500. Bitcoin and cryptocurrency prices have also risen sharply, reflecting investor confidence in a favorable economic outlook. This shift in administration is being perceived as a turning point for economic policies with anticipated tax cuts and deregulation.
Trump's election victory has led to a significant rise in stock markets, indicating investor optimism.
The anticipated economic changes under Trump's administration are expected to benefit various sectors, particularly financial markets and cryptocurrencies.
[RSnake: This has been interesting to play out, but it may be more of a short-term spike, given that nothing is fundamentally different about these vehicles with Trump in office. It’s not like they were outlawed under Biden’s admin. However, perhaps there will be some more reduction in the FTC’s control over ICOs or something along those lines. I would like to hear someone super bearish explain why they feel more bearish under Trump in real economic policy terms.]
Source: https://www.dailywire.com/news/a-new-golden-age-begins
Polymarket's CEO faced an FBI raid amid an investigation into the platform's operations related to betting on U.S. elections, particularly regarding user accessibility from within the U.S. Despite a settlement with the CFTC that barred U.S. users from the platform, there were substantial bets placed leading up to the election, raising questions about potential manipulation of the betting outcomes.
The FBI raided Polymarket's CEO as part of an investigation into potential regulatory violations.
Polymarket allowed significant betting on the recent U.S. presidential election despite restrictions, leading to concerns about market manipulation.
[RSnake: Market manipulation claim would be a bit of a high bar to prove given how many people were out there using it, but perhaps they know something the public doesn’t.]
Source: https://www.fastcompany.com/91229325/fbi-raid-polymarket-election-betting-market-manipulation-us
SpaceX is in negotiations to sell insider shares that may elevate its valuation to approximately $255 billion, making it the most valuable private U.S. company. This potential transaction involves existing shareholders and could initiate a tender offer in December, providing a new avenue for investors to profit from SpaceX. The valuation surpasses many leading companies, positioning SpaceX among the largest in the market despite being privately held.
SpaceX may reach a valuation of around $255 billion through insider share sales.
The impending tender offer could provide a new investment opportunity in the company.
[RSnake: I had to re-read this a few times, but the key word here is “private” - there are larger public companies like Apple and Microsoft. But good for Musk - that is a huge accomplishment.]
Source: https://fortune.com/2024/11/15/spacex-share-sale-valuation-elon-musk-tender-offer-255-billion/
The Texas rental market, especially in Austin, is experiencing a significant downturn, with median apartment rents dropping 15% over the past two years and vacancy rates reaching a seven-year high. A surge in new supply coupled with reduced demand is leading to increased rental concessions and pressure on landlords, many of whom are struggling due to rising property costs. As rents become more affordable, the market is expected to continue adjusting through 2025.
Austin's rental market has seen median apartment rents drop significantly, leading to increased vacancies.
Landlords are under financial strain due to the declining rental market and rising property expenses.
[RSnake: A similar downturn has been happening for the last year or two in the commercial real estate market. I expect the influx of new people to continue, but not at the same rate it has been. I think the builders just got over their skis with the massive increase of new people post-pandemic, thinking that graph would continue to go up at the same rate.]
Source: https://www.zerohedge.com/personal-finance/texas-rental-market-collapsing-our-eyes
Spirit Airlines is facing potential bankruptcy as talks for a merger with Frontier Airlines have collapsed. The failed merger negotiations have resulted in Spirit's stock price plummeting over 60%. Spirit is currently exploring options with its creditors amid this financial turmoil.
Spirit Airlines is nearing bankruptcy after failed merger talks with Frontier Airlines.
Spirit's stock price dropped significantly following the news of the breakdown in negotiations.
CNN and MSNBC are experiencing significant declines in viewership following the recent presidential election, leading to layoffs of on-air talent and other staff over the coming months. As the traditional media landscape undergoes changes, many reporters will assume more responsibilities while several production roles are eliminated, reflecting a shift towards a digital-first approach amidst competition from alternative media sources.
CNN and MSNBC are planning substantial layoffs due to falling viewership.
The shift towards a digital-first strategy is prompting changes in staffing and roles within these networks.
[RSnake: Well, they did get it wrong. Why would anyone trust their reporting now? Like seriously, why would anyone even want to buy the property to sell the brand? It’s been fully tarnished by partisanship. The news should be about truth. Allow people to stare the truth straight in its ugly face and decide for themselves what to think.]
Source: https://www.zerohedge.com/political/msnbc-cnn-ratings-collapse-after-election-while-fox-news-flourishes
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