Crown Prince MBS Named Saudi Arabia's PM
In a cabinet reshuffle ordered by a royal decree on Tuesday, Saudi Arabia's Crown Prince Mohammed bin Salman (MBS) was appointed prime minister, formalizing his role as the country’s leader.
MBS will be replaced as defense minister by his brother Prince Khalid bin Salman, who previously served as the kingdom's deputy defense minister. Other senior positions — except the minister of education — remain unchanged.
Narrative A
This latest development is far from good news. Khashoggi's murder proves the tyranny of the crown prince's leadership and lack of concern for human rights. His reckless character makes him not only a danger to his people but also to the international community.
Narrative B
With MBS as prime minister, the Saudi economy will continue to improve. Thanks to the reforms the crown prince has introduced, the kingdom is on track to becoming one of the world's fastest-growing economies this year. Under Vision 2030, MBS will succeed in further transforming the Saudi economy, increasing its resilience, and nourishing the well-being of its people.
Establishment-critical narrative
Saudi Arabia is one of the best examples of the West's hypocrisy and double standards. While Russia is sanctioned for the Ukraine war and degraded to a "pariah," Western leaders pilgrimage to autocrat and Yemen warlord MBS to strengthen economic and bilateral relations, while Riyadh tramples on human rights. The West's moral bankruptcy is evident.
Nerd narrative
There's a 50% chance that Mohammed bin Salman will become the king of Saudi Arabia by August 2026, according to the Metaculus prediction community.
Hurricane Ian: Death Toll Rises Above 80
Hurricane Ian's death toll has reportedly climbed to 87 as of Sunday, with 83 fatalities in Florida, where Ian made landfall as a high-end Category 4 storm on Wednesday. Four other deaths were reported in North Carolina, where the storm strongly impacted on Friday.
Rescue crews searching for survivors in Ian's path of destruction in southwest and central Florida have helped more than 1.6K people so far. As of Monday afternoon, about 600K Florida customers still had no power and many have no access to clean tap water.
Narrative A
Hurricane Ian is another example of a devastating cyclone turbocharged by human-induced climate change. Warming ocean water and atmospheric changes have fueled powerful storms; just this week alone, speculation on this phenomenon has included Hurricane Ian, Hurricane Fiona in Canada, and Typhoon Noru in the Philippines.
Narrative B
While the media and climate activists choose specific events to claim that hurricanes have become more intense and more frequent due to climate change, long-term trends prove quite the contrary. Hurricane Ian is a natural disaster – and its consequences may be catastrophic – but instead of blaming climate change, we should enhance our disaster readiness to protect communities from an array of threats.
Nerd narrative
There is a 48% chance that New York City will experience a hurricane by 2030, according to the Metaculus prediction community.
BoE to Purchase Bonds Amid Collapse in Bond Market, Historic Pound Slump
The Bank of England (BoE) announced Wednesday that it would temporarily purchase UK government bonds “on whatever scale is necessary” to calm the market amid a historic selloff of bonds following the government's announcement of a significant tax-cut and borrowing package last week.
Despite the BoE's intervention, the pound sterling continued to drop against the dollar, having dropped to its lowest ever level of $1.0327 against the dollar on Monday.
Right narrative
Liz Truss's economic plan makes complete sense. The PM — who is in a race against time; facing the prospect of an election in two years and an impending recession — has finally reprioritized boosting growth and shrinking the state. While lower taxes and allowing the Bank of England to tackle inflation by raising interest rates may be painful at first, it's the right thing to do in the long term.
Left narrative
Studies have shown that tax cuts don't fuel growth. The UK already has the lowest corporate tax rate in the G7 and one of the softest regulatory regimes along with it. "Trickle-down" economics is a failed policy, and further tax cuts under these circumstances make no sense whatsoever.
Day 217 Roundup: West Slams Referendum Results; Nord Stream Tensions Continue
After officials in Russian-controlled territories of Ukraine declared referendum results pointing to their intent to join Russia, US, EU, and Ukrainian officials slammed the process, which they alleged was illegitimate. The US ambassador to the UN, Linda Thomas-Greenfield, called the referendums a "sham" and said the US will table a Security Council resolution condemning them.
Thomas-Greenfield added that the resolution, which Russia can veto, would further obligate the country to withdraw its troops from Ukraine. Russia's ambassador to the UN, Vassily Nebenzia, said the referendums were conducted transparently and in line with international norms. According to pro-Russia officials in Ukraine, 99.23% of the Donetsk region voted in favor of joining Russia, as did 98.42% in Luhansk; 93.11% in Zaporizhzhia; and 87.05% in Kherson.
Anti-Russia narrative
Marching voters to the ballot box behind a gun barrel, Vladimir Putin has got the results he pre-ordained with this "election." This sham referendum is illegitimate and will have no impact on Ukraine's attempts to reclaim its territory.
Pro-Russia narrative
These vital referendums were conducted transparently and by the standards of international norms. The people of Donetsk, Luhansk, Zaporizhzhia, and Kherson freely decided to reunite with Russia. This is a momentous occasion.
Nerd narrative
There is a 5% chance that Ukraine will officially recognize a former Ukrainian territory as independent before 2024, according to the Metaculus prediction community.
Elon Musk Claims the SEC is Muzzling his Tweets
In a court brief on Tuesday, Elon Musk's lawyer alleged that the US Securities and Exchange Commission (SEC) has been violating the Tesla CEO's freedom of speech by continuing to enforce a 2018 securities fraud settlement against him.
The dispute stems from a 2018 tweet in which Musk said he had the “funding secured” to take Tesla private, resulting in the company's stock soaring. But the funding was reportedly not secured and the company remained public; Musk signed an agreement with the SEC in which he and Tesla agreed to pay $20M for the misleading tweet.
Narrative A
More oversight of Musk is good for Tesla and protects shareholders, potential investors, and the public from being misled and defrauded by his careless tweets. Musk’s settlement with the SEC was the best option for him - otherwise, he could have been stripped of his role as Tesla's CEO.
Narrative B
With the SEC paying such close attention to Musk, one can't help but wonder why the Commission doesn't handle more pressing issues, like the increasing number of publicly traded "blank-check" companies. The SEC is hypocritically targeting a high-profile and influential figure and assaulting freedom of speech.
Nerd narrative
There's a 49% chance that Elon Musk will become the first trillionaire, according to the Metaculus prediction community.
US Unveils 'Big-Dollar' Deal with Pacific Island Nations
On Thursday, the White House launched a Pacific strategy aimed at strengthening US engagement with Pacific Island nations. The initiative focuses on climate change and maritime security while expanding US diplomatic presence in the region.
The plan strives to make an $810M investment to expand programs to aid the region. Leaders reportedly endorsed an 11-point vision statement committing to joint activities.
Establishment-critical narrative
This summit is doomed to fail. The US approach to the Pacific Islands is disjointed - motivated only by the fear of China's regional influence. After neglecting the "Blue Pacific Continent" for decades, the US can't deliver the needed level of assistance. Importantly, US military presence isn't wanted in Pacific Island societies.
Pro-establishment narrative
Beijing's influence over the South Pacific has indeed inspired Washington to redouble its regional diplomatic efforts, but the US has long been interested in Oceania. The US is a Pacific Ocean country itself and has close relationships with the "Freely Associated States" and other countries. By hosting this summit, the US is stepping up as a vital Pacific partner.
India: Muslim Group PFI Disbands After Government Ban
On Wednesday, the Popular Front of India (PFI) announced its dissolution, accepting the government's five-year ban imposed under the 1967 Unlawful Activities (Prevention) Act.
The Muslim group and its affiliates are accused of involvement in "serious" offenses, "including terrorism and its financing," with India's home ministry claiming to have found evidence of PFI ties with the so-called Islamic State (IS).
Pro-establishment narrative
It’s about time the government took action to prevent the PFI from operating freely because of its long involvement in terror and anti-social activities, including inciting the youth, disturbing public order, and confronting constitutional institutions. This ban stresses to all anti-national groups that they won't be tolerated in India.
Establishment-critical narrative
Once again, the government has breached the basic principles of the constitution, attacking democracy and civil rights by cracking down on freedoms of speech, protest, and association. This ban has nothing to do with terrorism and has everything to do with Modi’s discrimination against Muslims.
Switzerland Records Worst Glacial Melt Rate
A study released Wednesday by the Cryospheric Commission (CC) of the Swiss Academy of Sciences showed that Switzerland's glaciers lost a record-breaking 6% of their total volume this year due to a dry winter and summer heatwaves.
According to Matthias Huss, head of the Swiss Glacier Monitoring Network, a combination of factors, including light snow cover and dust drift from the Sahara desert, caused the glaciers to absorb more heat and thus melt more rapidly.
Narrative A
With the Swiss Alps experiencing twice the rate of warming compared to the global average, it's no surprise that heat waves and a lack of snowfall have melted away significant chunks of its glaciers. Now that the world has seen the devastating effects of rising temperatures, it's time to work on combatting climate change before it's too late.
Narrative B
Modern-day doomsayers have predicted climate and environmental disasters for decades. None of the apocalyptic predictions have come true so far; why would this time be any different?
Nerd narrative
There's a 50% chance that sea levels will rise by at least 577 millimeters by 2100, according to the Metaculus prediction community.
China’s Yuan Sinks To Record Low Against US Dollar
China’s yuan has fallen to a record low against the US dollar in offshore trading, with the currency now tumbling 12% so far this year.
On Wednesday, the "offshore yuan," which is traded in areas beyond mainland China, fell to 7.2386 against the dollar. This is the lowest mark since the PRC eased the rules on trading the currency in Hong Kong in 2010.
Pro-establishment narrative
While the US Fed has worked diligently to deflate inflation by raising interest rates, Chinese authorities have prioritized fighting recession by trying to cut rates aggressively. The PRC needs to mimic American monetary policies if they want to have any hope of stopping the devaluation of the yuan and bringing back currency stability.
Establishment-critical narrative
China's approach to this issue shouldn't be simply following the US and European blueprint for navigating financial turbulence. Stabilizing foreign exchange should be the highest priority for the Chinese government. There's too much rampant speculation in the currency market - the PRC rightly needs to protect its COVID-weary economy from unscrupulous gamblers.
Biden Unveils Plan to End Hunger in the US by 2030
On Wednesday, at the first White House conference on health and nutrition in more than 50 years, Pres. Biden revealed $8B in commitments from the private sector to help the administration’s goal of ending hunger in the US by 2030.
Among the donors will be some of the largest corporations in the US. Philanthropies focused on expanding access to healthy food have committed to donating $4B.
Democratic narrative
It’s unacceptable that food and nutrition insecurity remains so high in such in the wealthy United States. These proposals are a perfect balance between private and public investments. We need this collaboration to end not just hunger but also diet-related diseases that are afflicting the US.
Republican narrative
If Biden wanted to reduce food insecurity and hunger, shouldn't have signed the giant stimulus bills that contributed to debilitating inflation. Food prices are through the roof and rising, and the president's hefty social spending is to blame.
Cynical narrative
Never mind 2030, there are Americans desperate for help putting food on the table right now. The White House needs to step up by bolstering food banks immediately. If this crucial first step is successful, it could be a strong start to its longer-range plan.