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Declan Garvey, Esther Eaton, Mary Trimble and Grayson Logue
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Quick Hits: Today’s Top Stories
Credit Suisse announced this morning it will borrow up to 50 billion Swiss francs ($53.7 billion) from the Swiss National Bank in an effort to shore up liquidity after Credit Suisse’s stock price plunged to an all-time low on Wednesday. The U.S. Treasury Department has reportedly begun reviewing American banks’ exposure to Credit Suisse amid the turmoil, which was sparked in part by the collapse of Silicon Valley Bank and in part by Credit Suisse’s largest shareholder announcing it would not buy any more stock in the bank due to regulatory concerns.
The Labor Department reported Wednesday the producer price index (PPI)—a measure of what suppliers and wholesalers are charging customers—rose 4.6 percent year-over-year in February, down from January’s 5.7 percent annual rate and the measure’s lowest reading since March 2021. Core PPI—which excludes food and energy prices—held steady at a 4.4 percent annual rate in February. The Commerce Department, meanwhile, reported Wednesday that retail sales—including spending on food and fuel—declined 0.4 percent month-over-month in February after climbing 3.2 percent in January.
Secretary of State Antony Blinken announced Wednesday during a trip to Ethiopia the United States would provide the war-torn African nation with another $331 million in humanitarian assistance aimed at supporting “those displaced and affected by conflict, drought, and food insecurity.” Blinken urged Ethiopian leaders to follow through on the fragile peace agreement both sides of the civil war agreed to in November and called for “accountability” for the hundreds of thousands killed over the past few years.
An Iranian police spokesman announced yesterday law enforcement had arrested 110 suspects in connection with the suspected poisoning of thousands of schoolgirls in the country in recent months. The official didn’t provide details about any of the suspects’ alleged motives or say whether police had determined what chemicals were used in the attacks, but claimed a number of cases were the result of “psychological factors” rather than poisoning.
The Justice Department announced yesterday it had arrested Chinese billionaire Guo Wengui after unsealing a 12-count indictment that included several wire fraud, securities fraud, bank fraud, and money laundering charges. Guo—an associate of Steve Bannon—is alleged to have defrauded thousands of his online followers out of more than $1 billion, misappropriating their money to fund his lavish lifestyle. The government has seized $634 million from 21 different bank accounts over the past few months, and seized a Lamborghini Aventador SVJ Roadster from Guo on Wednesday.
President Joe Biden signed an executive order on Tuesday aimed at expanding background checks for gun purchases, directing the attorney general to “clarify” the definition of a firearm seller “to move the U.S. as close to universal background checks as possible without additional legislation.” Despite this billing, the president has limited executive authority to expand background checks beyond the scope of current laws. The order also directs various federal agencies to “encourage effective use” of red-flag laws and produce a report on how the federal government can better support the “recovery, mental health, and other needs” of individuals and communities affected by gun violence.
The Environmental Protection Agency announced this week it was proposing a new rule that would limit the amount of per- and polyfluoroalkyl substances—or “forever chemicals”—permitted in the country’s drinking water. The rule, if finalized, would require utilities to tighten their water filtration systems for chemicals that were used in Scotchguard and Teflon for decades and are linked to cancer and reproductive problems. The EPA projects the upgrades would cost nearly $800 million annually, but industry groups have argued that’s a significant underestimate.
The Surface Transportation Board announced Wednesday it had approved a proposed merger between Canadian Pacific Railway and Kansas City Southern—the largest such transaction in more than two decades. Canadian Pacific Railway and Kansas City Southern were the sixth- and seventh-largest freight carriers in North America—and the combined entity will still be the smallest of the six remaining “major” railroads—but the consolidation comes at a time of heightened scrutiny for the industry after several high-profile derailments.
Australian Prime Minister Anthony Albanese, U.S. President Joe Biden, and U.K. Prime Minister Rishi Sunak in San Diego on March 13, 2023. (Photo by Tayfun Coskun/Anadolu Agency via Getty Images)
Between another nationwide strike resulting in thousands of tons of trash stacking up on the streets of Paris and three so-called allies unveiling a deal that cost the country more than $40 billion, France is having a pretty tough week. Après la pluie, le beau temps.
The United States, the United Kingdom, and Australia announced on Monday the first major development of their trilateral partnership known as AUKUS: the planned sale of nuclear-powered (not nuclear-armed) U.S.-made submarines to Australia. The three countries also announced a program to boost nuclear submarine construction over the next several decades, train Australian soldiers at American and British submarine bases, and deploy U.S. and U.K. subs to a military base on Australia's west coast. That may sound like a lot of hullabaloo over a few submarines, but the announcements mark a significant strategic milestone as the three countries look to address rising competition with China in the Indo-Pacific.
Worth Your Time
In an article for the Free Press, Katherine Dee takes a look at the lives of “human lab rats”—people who make a living subjecting themselves to Phase I trials for risky new drugs. “The lab-rat economy is efficient, streamlined, corporate. The way one joins or is recruited has a certain rhythm,” she notes. “First, there’s the ad. Usually, it’s an emoji-laden message in all caps that you might come across on social media, on a hospital or university bulletin board, on Craigslist, in a forum, or in an invite-only group chat: you—your organism—in exchange for $8,000, $10,000, even $30,000. The ads are usually posted by recruiting companies or fellow lab rats looking for recruiting fees. Second, there’s the prescreening call: confirmation that you, the prospective lab rat, know what you’re getting into. Third, there’s the physical. This takes place at some faceless facility, often in a faceless strip mall. The facilities, as described by lab rats, are usually quiet, sterile, bleach-soaked—a halfway point between a mental institution and a generic office. White walls, fluorescent lighting, linoleum.”
Nearly 20 years after the start of the Iraq War, Petra Epperlein and Michael Tucker caught up with several veterans of the conflict and put together a short (17-minute) documentary reflecting on their service for the New York Times. “Months after the United States invaded Iraq in 2003, I began filming the U.S. Army’s 2nd Battalion, 3rd Field Artillery Regiment (known as the Gunners) in Baghdad,” Tucker writes. “The unit was housed in a bombed-out palace on the banks of the Tigris that they named Gunner Palace. Rather than just making a movie about the men, I suggested that we make a film together — an offer that the soldiers quickly embraced. They told the story of the war as only they could: They played guitar, spat out rhymes and played to the camera. But behind all their bravado and posturing, they were just kids who desperately wanted the world to understand the war through their eyes.” He visited with some of these men during the pandemic, and “spoke with them about how they make sense of their role in a war that has yet to be fully reckoned with.”
Presented Without Comment
China censors some discussion of Xi winning a vote for president in the legislature 2,952-0, a sign the unanimous victory is a politically sensitive subject https://t.co/HJzUfKBvZ6
In the newsletters: Scott looks at (🔒) what cobalt’s newfound superabundance says about the market’s ability to adapt, the Dispatch Politics team explores the political fault lines of the Silicon Valley Bank collapse, Nick tries to (🔒) define “wokeness,” and Jonah wonders if (🔒) Joe Biden really believes the stories he tells about his own past. “The Democrats will renominate someone who is either a profound and compulsive liar or a fantasist,” he writes. “And there’s a non-trivial chance that candidate will run against Donald Trump, his closest competitor in this regard.”
On the podcasts: David and Sarah revisit the Stanford Law School story, and Jonah talks to Manhattan Institute senior fellow James Meigs about clean energy, tech policy, and environmentalism.
On the site: Kevin shares his thoughts on the Silicon Valley Bank failure and Charlotte covers a Chinese-brokered deal that could transform the Middle East’s diplomatic landscape. Plus, Bennett Murray reports from Kramatorsk, Ukraine, on a family-owned aquarium that’s become a symbol of resilience amid Russia’s invasion.
Let Us Know
Do you have any desire to spend time aboard a submarine? How long do you think you could last before the claustrophobia sets in?
American Submarines Headed Down Under
Reviewed by Diogenes
on
March 16, 2023
Rating: 5
Megyn Kelly -> Pete Hegseth responds to 2017 rape accusation. 🔥 vol. 3, issue 13 | December 6, 2024 Quick Hits All the news you need in...
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