Welcome to Sott.net
Thu, 06 Oct 2022
The World for People who Think

Society's Child

Bizarro Earth

174 dead at soccer match in Indonesia after police sought to quell on-pitch fan violence causing stampede

indonesia soccer stampede
Officers fired tear gas in an attempt to disperse agitated supporters of the losing home side who had invaded the pitch after the final whistle in Malang, East Java, on Saturday night, the region's police chief Nico Afinta told reporters.

At least 129 people were killed and around 180 injured at a soccer match in Indonesia after a crowd stampede during a riot, police said on Sunday, in what appears to be one of the world's worst stadium disasters, APA reports citing Reuters.

Comment: Footage from Twitter:

Whilst incidents like this are not unheard of, incidences of what one could call mass madness appears to be on the rise: Street battles break out between Hindus and Muslims in UK's Leicester

Bad Guys

Vermont girls high school volleyball team are barred from OWN locker room due to transgender student

Blake Allen transgender locker room vermont high school
Blake Allen has spoken out against an unidentified transgender student using the girls' locker rooms at her Vermont high school. The entire girls' volleyball team has now been barred from using the changing room as a result
The female players claim the transgender student made a comment to them while they were changing that they found to be 'inappropriate'

Members of a Vermont girls high school volleyball team have been banned from using their own locker room and now have to change in a single bathroom stall after they complained about a transgender teammate.

Some teammates allege that the transgender player at Randolph Union High School made an 'inappropriate remark' to some of them while they were changing in the locker room.

They now want the school to relocate the transgender player, who hasn't been named. No details of the alleged inappropriate remark have been shared.

But Vermont's state law means that students can play sports and use the locker which correspond to the gender with which they identify.

Comment: Another attempt at forcing the world to conform to one's own delusions. The 'transgender' child's parents of course, are the ones driving this. It will likely not end well for that poor kid.


Elon Musk text message: RT has 'some good points'

Elon Musk

Elon Musk
SpaceX and Tesla tycoon Elon Musk wrote in March that RT and other Russian news sources were "entertaining" and made "some good points," according to court documents. Musk refused to block the Russian news agencies' sites from his Starlink internet service, despite pressure from "some governments."

In a text message conversation with investor Antonio Gracias dated March 5, Musk revealed that he had "been told" to block the IP addresses of RT and "several other Russian news sources" from his Starlink satellite internet service.

"Actually I find their news quite entertaining," Musk confided in Gracias. "Lots of bulls**t, but some good points too."

Comment: Musk getting the basics right.


China's lockdown nightmare is far from over

Trash collectors
© Getty Images
Collecting trash in Shenzhen, China
Another Covid-19 lockdown, another angry confrontation. This time it was on the streets of Shenzhen, China's high-tech hub, where videos this week showed an angry crowd facing off against police officers wearing protective medical gear, including blue gowns, masks and plastic visors. 'Lift the lockdown', the protesters yelled, pushing against hastily erected barricades. Some threw plastic bottles at the police. In one clip, a woman can be heard shouting, 'The police are hitting people'.

The protest, one of several reported in the city, followed an order for residents of three districts to stay at home after just ten infections were detected. Subway stations were closed, and affected areas cordoned off. The city of 18 million people, which is located next to Hong Kong, has faced a series of lockdowns this month. Covid outbreaks have been reported in more than 100 cities since early September.

The authorities have stepped up their ruthless and often chaotic restrictions ahead of a key meeting of the Chinese Communist Party next month, at which Xi Jinping is expected to be anointed as party boss for an unprecedented third term. 'Defeating' the virus has become central to the cult of Xi, for whom it is a measure of the CCP's superiority over bungling western democracies. Party propaganda has gone into overdrive ahead of the congress. The Chinese people have faced a barrage of slogans relayed online, as well as on television and by loudspeaker, urging them to 'Extinguish every outbreak!' and telling them that 'History will remember those who contributed'.


Pelosi: More migration is 'the best thing...for our economy'

Pelosi Migrants
© Guillermo Arias/Tasos Katopodis/Pool/AFP/Getty Images/BNN
Nancy Pelosi and migrant caravan
Congress can best help the American economy by importing more lower-wage, lower-skill workers for companies that would otherwise hire Americans and invest in high-tech machinery, according to House Speaker Rep. Nancy Pelosi, (D-CA). She told Capitol Hill reporters: "Right now, the best thing that we can do for our economy is to have comprehensive immigration reform."
Art Arthur, a former immigration judge who now works for the Center for Immigration Studies, countered:
"When you import cheap labor, you take away the incentive for businesses to raise wages. So long as you have a steady supply of cheap labor, you don't make the sort of investments in training and infrastructure that you would otherwise."


West African country's junta ousted in coup

Azaria Sorgho
Coup spokesman Capt. Kiswendsida Farouk Azaria Sorgho
Ougadougou, Burkina Faso • September 30, 2022
A faction of the Burkina Faso military claimed power in Ouagadougou on Friday, in the second coup d'etat in the West African country this year. Captain Ibrahim Traore has replaced Lieutenant Colonel Paul-Henri Damiba at the head of the military junta, citing his failure to deal with an Islamist militant insurgency. Damiba had rejected the officers' proposals and continued with policies that had led to the fall of the previous government.

Traore said in a statement he read on national television on Friday evening, announcing the takeover:
"Faced with the deteriorating situation, we tried several times to get Damiba to refocus the transition on the security question. Damiba's actions gradually convinced us that his ambitions were diverting away from what we set out to do. We decided this day to remove Damiba."
The new junta pledged to maintain all of Burkina Faso's commitments and urged the civilian population "to go about their business in peace." However, the country's borders have been closed indefinitely and all political and civil society activities suspended.

Stock Down

London gold dealer runs out of bullion amidst shocks to UK economy

gold price 2022

We anticipate we will continue to see an upward trend in people using gold as loan collateral in the coming months.' said Jim Tannahill
When the pound slumped as Kwasi Kwarteng presented his mini-budget, some Britons rushed to the safety of a haven that's recently lost its luster: gold.

As the UK currency slid to an all-time low early Monday, bullion priced in pounds climbed close to a record. That would typically encourage selling and deter buyers, but this time round the turmoil in British bond and currency markets increased the allure of the precious metal.

"Buying has increased exponentially," said Ash Kundra, who runs coin dealer J Blundell & Sons in London's historic Hatton Garden jewelry quarter. "I keep running out of coins, I keep running out of bars."

Comment: Contrary to some of the speculation above, clearly there is a lot more going on to the regional and Western economies than just the UK governments recent budget announcements:

Stock Down

'Chaotic market breakdown' looms as Federal Reserve split over rate hike

banks west crash 2022
Back in early 2018, around the time the Fed was confident it could hike its way to around 4% without an accident, and with balance sheet QT on "autopilot", we first warned that every fed tightening cycle leads to a crisis.

A few months later, in late December, this was confirmed when the Fed panicked and ended its tightening cycle very prematurely. Shortly after it started restarted (NOT) QE, which was then followed by the liquidity supernova that was the covid global lockdowns, and everyone knows the rest.

So fast forward to the start of 2022, when just as the Fed was setting off on its latest tightening campaign, we again reminded readers that "every Fed tightening cycle ends in disaster and then, much more Fed easing."

Comment: See also:

Stock Down

Credit Suisse at 'critical moment' as stock prices crash below levels seen during 2008 financial crisis

Credit Suisse
© Keystone / Michael Buholzer
Credit Suisse Group AG's Chief Executive Officer Ulrich Koerner said the bank is at a "critical moment" as it prepares for its latest overhaul, while stressing the bank's strength.

In the second carefully-worded memo sent to reassure staff in as many weeks, Koerner told employees not to confuse the "day-to-day" stock price performance with the Swiss firm's "strong capital base and liquidity position." The shares are hovering near a record low.

Comment: More reporting on the situation:

See also: UK pension funds bond crash prompts historic Bank of England emergency intervention


Video shows major fire break out at Crimean airfield as military aircraft skids off runway

crimea runaway fire

A blaze broke out at the Belbek airfield near the city of Sevastopol after a military aircraft skidded off the runway
A military aircraft loaded with ammunition skidded off the runway at an airfield in Crimea on Saturday, resulting in a major fire, according to the local authorities.

Photos and videos published on social media showed massive plumes of black thick smoke billowing over the area where the Balbek military airfield is located not far from the port city of Sevastopol. Some witnesses also claimed to have heard explosions in the area.

The incident at the airfield was caused by a military aircraft, Sevastopol Mayor Mikhail Razvozhaev said in a Telegram post. The aircraft skidded off the runway while landing and caught fire, according to the mayor, citing local emergency services. Later, Razvozhaev also said that the ammunition onboard detonated.