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Read More »What to expect as Federal Reserves ends QT
His speech comes as the Fed ends quantitative tightening (QT) while the odds of a cut at the upcoming meeting continue to climb, which is a positive for the crypto market.
The Fed ends QT today, which is a positive for the crypto market.
Jerome Powell ends Quantitative Tightening; Financial Repression to Follow?
The US Treasury Claimed DOGE Technologist Didn’t Have ‘Write Access’ When He Actually Did (archived)
Sources tell WIRED that the ability of DOGE’s Marko Elez to alter code controlling trillions in federal spending was rescinded days after US Treasury and White House officials said it didn’t exist.
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As WIRED has reported, Elez was granted privileges including the ability to not just read but write code on two of the most sensitive systems in the US government: the Payment Automation Manager (PAM) and Secure Payment System (SPS) at the Bureau of the Fiscal Service (BFS), an agency that according to Treasury records paid out $5.45 trillion in fiscal year 2024. Reporting from Talking Points Memo confirmed that Treasury employees were concerned that Elez had already made “extensive changes” to code within the Treasury system. The payments processed by BFS include federal tax returns, Social Security benefits, Supplemental Security Income benefits [Social Security Disability Insurance], and veteran’s pay.
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On February 4, WIRED reported that Elez did, in fact, have admin access to PAM and SPS. Talking Points Memo reported later that day that Elez had “made extensive changes to the code base for these critical payment systems.” In a letter that same day that did not mention Musk or DOGE, Treasury official Jonathan Blum wrote to Senator Ron Wyden of Oregon, “Currently, Treasury staff members working with Tom Krause, a Treasury employee, will have read-only to the coded data of the Fiscal Service’s payment systems.” (Krause is the top DOGE operative at Treasury and CEO of Cloud Software Group.) The letter did not say what kind of access the staff members actually had.
Previously:
Cloud Software Group: As Elon Musk Begins Shutting Down Payments to Federal Contractors, a Strange Money Trail Emerges to His Operatives Inside the U.S. Treasury’s Payment System
Bangladesh mission in India attacked: Why are ties in freefall?
I wonder why?* /s
Related:
Read More »Taiwan commanders authorized to use force against intruding enemy military aircraft, vessels
TAIPEI (Taiwan News) — Taiwan’s Ministry of National Defense (MND) clarified its definition of “first strike,” saying it considered any Chinese military asset crossing into Taiwan’s territorial borders as an act of aggression.
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Minister of National Defense Chiu Kuo-cheng (邱國正) said that this definition was updated shortly after former Speaker of the U.S. House of Representatives Nancy Pelosi visited Taiwan — when China held live-fire military drills around the nation to express its dissatisfaction.
The Taiwan Strait is “on the brink” of a heightened level of alert, Chiu said at a Foreign and National Defense Committee session on Thursday (March 7). The People’s Liberation Army (PLA) has ramped up the frequency of its air and naval operations. He said PLA activities are now creeping closer to Taiwan and have slowly entered “gray areas” from the north and south.
To deter China from escalating tensions in the strait, U.S. senators introduced a bill on Tuesday (March 5) requiring the U.S. Department of the Treasury to terminate the United States-People’s Republic of China Income Tax Convention if Beijing attacks Taiwan.
Related:
Containing China: US Using Taiwan as East Asian “Ukraine”
Report: US Military Advisors Deployed to Taiwan-Controlled Islands on China’s Coast
Nguema heads the Gabonese Presidency’s Republican Guard, the country’s most powerful security unit.
Who is Brice Oligui Nguema, Gabon’s interim leader?
H/T: Liu Sivaya.
Previously:
(Bloomberg) — When federal regulators stepped in to backstop all of Silicon Valley Bank’s deposits, they saved thousands of small tech startups and prevented what could have been a catastrophic blow to a sector that relied heavily on the lender.
Big VC, Tech Got Backstop for Billions in Uninsured SVB Deposits (archived)
When we speak of concepts like “totalitarianism” and “corporatism,” it is often assumed that fascism stands very far from the liberal market society that went before it, and which we are still experiencing today. But if we pay closer attention to Italian fascism’s economic policies, especially during the 1920s, we can see how some combinations typical of both the last century and our own were experienced already in the first years of Benito Mussolini’s rule. A case in point is the association between austerity and technocracy. By “technocracy,” I refer to the phenomenon whereby certain policies that are common today (such as cuts in social spending, regressive taxation, monetary deflation, privatizations, and wage repressions) are decided by economic experts who advise governments or even directly take over the reins themselves, as in several recent cases in Italy.
When Liberals Fell in Love With Benito Mussolini
Bill to Ban Tik Tok Would Give Government Sweeping Powers to Crackdown on Tech
A person who violates the act could be fined up to $1 million or punished with up to 20 years in prison. The broad and vague definitions in the legislation caused many to wonder if people could be handed such harsh punishments for using Virtual Private Networks (VPNs) to get around future government censorship that could come as a result of the bill.
A spokesperson for Warner insisted that the legislation wasn’t designed to target individual users and pointed to the language that says someone “must be engaged in ‘sabotage or subversion’ of American communications technology products and services, creating ‘catastrophic effects’ on US critical infrastructure, or ‘interfering in, or altering the result’ of a federal election, in order to be eligible for any kind of criminal penalty.”
But the bill will give the Commerce Secretary the authority to deem what is considered “sabotage or subversion” or any of the other threats listed above. The legislation has grave implications for civil liberties and could be used against any individuals or tech and media companies the Biden administration, or any future administration would want to target.
Previously:
Tik-Tok bills could dangerously expand national security state
Congressional proposals to address Chinese ownership of the popular app go well beyond the hearing soundbites. Let’s explore.
Tik-Tok bills could dangerously expand national security state
On Thursday the New York Times ran yet another report about Saudi Arabia’s entry into an “Abraham Accord,” but if only certain conditions could be met. It quoted longtime Israel lobby heavyweight Martin Indyk and reported on the American Israel Public Affairs Committee’s think tank the Washington Institute for Near East Policy “expert” delegation’s visit to Riyadh to finalize a deal. Then on Friday explosive news broke that China had successfully concluded a secret peace agreement between Iran and Saudi Arabia.
Israel and its US lobby Dealt Major Blow by China Saudi Iran Peace Initiative
Ms. Cat’s Chronicles 
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