Court Approves $6B Student Loan Settlement
On Wednesday, a US federal judge granted final approval of a settlement that will lead to an estimated $6B in student loan forgiveness for over 200k allegedly defrauded student-loan borrowers. The agreement was initially approved by the Education Dept. in June.
The lawsuit, Sweet v. Cardona, was filed in 2019 by student-loan borrowers who accused the Education Dept. of failing to process or arbitrarily denying their student loan forgiveness applications under the Borrower Defense to Repayment.
Democratic narrative
The finalization of this settlement is a victory for Americans overburdened by student debt. Finally, borrowers defrauded by universities will get the loan forgiveness they're entitled to, and the mountainous backlog of debt relief claims will be addressed. This is a clear win.
Republican narrative
Biden has given the Education Dept. a reckless blank check to write off billions of dollars of debt without Congressional approval. A large percentage of debt is held by doctors, lawyers, and other well-paid professionals. This settlement is unfair to the American taxpayers who are footing the bill and the schools that are deemed guilty without due process.
House GOP Leader McCarthy Plans Special Committee on China
Republican Leader in the US House of Representatives, Kevin McCarthy (R-Calif.) revealed on Sunday that he would form a select committee on China to tackle an alleged lack of international scrutiny by the Biden administration. McCarthy said he would implement this if he becomes Speaker of the House.
He branded the PRC as the main nation responsible for "intellectual property theft." He vowed to no longer allow the Biden administration to "sit back" and let Beijing "do what they are doing to America."
Democratic narrative
McCarthy has telegraphed that his potential speakership will be politically volatile. Although he's favored to be the next Speaker of the House, with only a weak Republican majority, this is not a done deal yet. McCarthy is struggling for support and will have to bend to the will of outlandish hard-right conservatives if he's to land the job.
Republican narrative
With a microscopic majority in the House, McCarthy's potential first job as Speaker must be to temper expectations. The GOP's most important achievement — removing Nancy Pelosi from the role — has already been achieved. With realism, subtlety, and creativity, House Republicans can now attempt to pass legislation to show a solution-oriented agenda.
Nerd narrative
There is a 76% chance that the Republicans will win control of the US House of Representatives in 2024, according to the Metaculus prediction community.
Historic ‘Loss and Damage’ Fund Adopted at COP27
After days of intense negotiations that stretched into the early morning on Sunday, countries at the UN COP27 climate summit in Egypt agreed to establish a compensation fund for developing nations suffering from climate change impacts.
The agreement serves as a victory for developing nations that have fought for decades for compensation for "loss and damage" from extreme weather events said to be the result of greenhouse emissions from wealthy countries.
Pro-establishment narrative
This is a landmark deal. The "loss and damage" fund aims at helping countries that are particularly vulnerable to climate change. For the first time, COP has listened to the voices of those on the frontline of the climate crisis. It's not enough, but it will help lead the way for the future and take the necessary first steps toward justice.
Establishment-critical narrative
COP27 failed. Shortsighted political leaders and a sense of apathy have delayed necessary action toward the most ambitious goals set in the Paris Agreement. It's now inevitable the world will surpass what scientists consider a safe warming threshold. Because of the failure in Sharm el-Sheikh, the only questions now are how much the Earth will warm and how many people will suffer.
Nerd narrative
There is a 50% chance that the average global temperature in 2100 will be 2.54˚C higher than the average global temperature in 1880, according to the Metaculus prediction community.
Iger Returning to Disney as CEO for Two Years
On Sunday, the Walt Disney Company's board announced that former CEO Bob Iger, who stepped down in 2020, will return to the position, replacing his successor Bob Chapek.
Board chair Susan Arnold said that the 71-year-old, who led the company for 15 years and oversaw its acquisitions of Marvel, Pixar, Lucasfilm, Fox's entertainment businesses, and the debut of its Disney+ streaming service, was "uniquely situated" for the position at this time.
Left narrative
Disney needs someone with Iger’s track record to get things back on track. He’s already had a quick impact on investors, giving the stock a much-needed boost just one day after the announcement. His stability will help with the public criticism the company took for not standing taller against the anti-LGBTQ bills of Florida Governor Ron DeSantis.
Right narrative
Iger's return is lauded by Wall Street and Disney fans alike, but the company has just reinstated the man who set it down its detrimental "woke" path in the first place. No one knows how this move will work out in the long run, but hopefully, it won't be focused on appealing to fringe liberal employees and consumers.
Malaysia: Currency, Stock Volatile As Vote Ends In Hung Parliament
Malaysia's stock market and ringgit currency plunged in early trade on Monday, after the nation elected a hung parliament for the first time in its history over the weekend.
The benchmark Kuala Lumpur Composite Index fell by up to 1.5%, while the ringgit dropped almost 0.8% against the US dollar before recovering following Sultan Abdullah Ahmad Shah's decision to grant rival party leaders a one-day extension to form a new government.
Narrative A
All coalitions are market-friendly and significant political unrest is unlikely to occur in Malaysia. However, this electoral uncertainty will inevitably create economic turbulence, continuing to affect the ringgit and stock market ahead of what economists anticipate will be a difficult year. To make things worse, the next government may prioritize implementing populist policies to stay in power following an inevitably gloomy term.
Narrative B
A hung parliament should be no surprise as rotation governments have, more recently, become commonplace. Volatility may indeed see investors get nervous in the short-term until a new government is finally formed, but Malaysia's economy is strong, and fiscal consolidation will remain a top priority in the country.
Rocket Attack Against Turkish Border Town Kills 2
According to Turkish officials, three people were killed after rockets fired from Syria hit the Turkish district of Karkamis, near the Syrian border on Monday. Ankara claims that the attack was committed by the People's Protection Units (YPG), a Kurdish militia in northern Syria.
Five rockets were reportedly fired, one of them hitting a school, leaving ten people injured, two of them seriously.
Narrative A
Turkey is exercising its right to fight terrorism on its borders. The PKK is using Syria and Iraq as launchpads to conduct terrorist attacks in Turkish territory, like the tragic bombing in Istanbul earlier this month. Ankara's retaliation against Kurdish terrorist targets successfully helped to protect the Turkish people and the border.
Narrative B
Turkey is playing with fire, as it continues to act aggressively against the Kurdish people. The SDF has fully denied any involvement in the attack in Istanbul, and a Turkish offensive into northern Syria would seriously endanger the SDF's fight against the Islamic State (IS) in the area. Ankara cannot be allowed to attack the Kurdish people without repercussions.
Colorado: 5 Dead in LGBTQ+ Nightclub Shooting
A gunman on Saturday night opened fire inside an LGBTQ+ club in Colorado Springs, Colo., killing five people and injuring 25. Club attendees subdued and detained the gunman until law enforcement arrived to take him into custody. After the arrest, the attacker was treated for his injuries.
The 22-year-old gunman immediately began shooting after entering the venue, before he was stopped by two clubgoers. The patrons were described as "heroic" by Colorado Springs Police Chief Adrian Vasquez.
Democratic narrative
Republicans should be able to connect the dots between their dangerous rhetoric and targeted mass shootings. Donald Trump's anti-Latino rants came before the deadliest anti-Latino shooting in US history, and now, following the party's anti-LGBTQ+ campaign, there has been a deadly shooting at a gay club. "Thoughts and prayers" aren't good enough and don't excuse the rhetoric that helps cause these events.
Republican narrative
When an LGBTQ+ community is targeted, hypocritical outcries from Democrats inevitably follow. Yet again, the party in charge of the country's most crime-ridden cities is unashamedly blaming Republicans for a shooting, yet they stay silent when dozens of people are murdered weekly in their own jurisdictions. They care about human lives when it's politically convenient but not when their own constituents are the victims.
Nerd narrative
There's a 1% chance that the Second Amendment of the United States Constitution protecting the right to bear arms will be amended or repealed before 2025, according to the Metaculus prediction community.
Kazakh Pres. Tokayev Wins Re-election
Kazakh Pres. Kassym-Jomart Tokayev secured a second term in Sunday's snap presidential election, winning 81.3% of the vote, the country's Central Election Commission announced Monday.
According to the preliminary results, Tokayev's five opposing candidates scored low single-digit results, with the "against all" option achieving the second-best result of 5.8%. Turnout in the early elections announced by Tokayev in September was 69.4%, with 11M voters registered.
Pro-establishment narrative
Kazakhstan still has a long way to go before it can be called a full-fledged democracy. However, Tokayev's election victory indicates that Kazakhs support his important reforms. Besides, with his government refusing to side with Russia over its invasion of Ukraine and instead turning its attention to China and the US, the country is clearly on the right track.
Establishment-critical narrative
Given the short campaign period — which began in late October — and Tokayev's five obscure rivals, the snap elections were a farce. Moreover, thanks to his "reforms," the authoritarian Tokayev can now secure a seven-year term in office. And although he pretends to distance himself from Russia over the Ukraine war, it was only with Moscow's support that he was able to quell the nationwide protests and thus hold on to power.
Day 271 Roundup: Russian Forces Pound Ukrainian Strongholds; UN Urges End to Attacks on Zaporizhzhia Plant
Nearly 400 strikes were launched in the eastern region by Russian forces against Ukrainian troops on Sunday, according to Ukrainian Pres. Volodymyr Zelenskyy. "The fiercest battles, as before, are in the Donetsk region," he said in a video address. He continued: "there have been almost 400 artillery attacks in the east since the start of the day."
According to Kyiv-based military analyst Oleh Zhdanov, Russian forces have been attempting to penetrate Ukrainian lines of defense in areas such as Bakhut and Avdiivka, but "to no avail." He added: "We fight back — they suffer huge losses."
Pro-establishment narrative
Experts have made it clear – the situation at Ukraine's Zaporizhzhia nuclear power plant presents the threat of another Chernobyl. A nuclear disaster has, miraculously, been avoided so far, but the continuing risks and the safety and effectiveness of staff to control the reactors could have catastrophic consequences.
Establishment-critical narrative
Although Zaporizhzhia's cooling systems will be relatively vulnerable due to their contact with the outside world, the worst-case scenario would only cause severe damage at a local level. Both Russia and Ukraine are overstating the risk of nuclear catastrophe to galvanize domestic and international support.
Nerd narrative
There is a 14% chance that there will be a serious radiation incident at any nuclear plant in Ukraine by 2024, according to the Metaculus prediction community.
World Cup: European Teams Scrap "OneLove" Armbands
Seven European soccer associations have pulled out from plans to wear LGBTQ-supporting "OneLove" armbands at the FIFA World Cup in Qatar due to the threat of players receiving yellow cards.
The soccer associations — England, Wales, Belgium, Denmark, Germany, The Netherlands, and Switzerland — stated that they weren't willing to risk "sporting sanctions" against their players, asserting that they were "very frustrated" by the decision.
Establishment-critical narrative
Allowing Qatar to host the World Cup was a shameful decision, and banning players from showing their support for a severely marginalized group only adds insult to injury. The competition and its stadiums stand on the bodies of thousands of migrant workers and those suffering under abject human rights abuses. This is a disgrace to sports, the LGBTQ community, and champions of human rights alike.
Pro-establishment narrative
Sports and politics shouldn't mix. While the World Cup has highlighted some ongoing issues within Qatar, Doha has done much to address these and the Arab World has every right to enjoy and take pride in the tournament. The World Cup belongs to the global community, offering a rare and important opportunity to foster a spirit of camaraderie through athletics.
Cynical narrative
The European football associations' cowardly U-turn only serves to highlight that they're far more interested in virtue-signaling than taking a decisive stance. It's easy to be a social justice warrior when one's own head isn't on the line.
Indonesia Quake Toll Rises; Rescues Continue
On Monday, the Indonesian island of Java was hit by a 5.6 magnitude earthquake that killed at least 271 people and injured at least 1,000. At least 40 people are still missing as rescuers try to reach people trapped under rubble.
The earthquake was centered in the Cianjur area in West Java and struck at a depth of 6.2 miles. It did not create a tsunami.
Narrative A
With its vulnerable position in the Pacific Ring of Fire, Indonesia is no stranger to catastrophic seismic events. It's vital to build on indigenous knowledge and local strength in Indonesian communities to develop plans and more resilient earthquake infrastructure. There are valuable lessons learned from past experiences that can help this vulnerable nation better withstand earthquakes over time.
Narrative B
Indonesia has much work to do in the arena of building codes and earthquake safety. Failing masonry and lax regulations are part of the problem, as is the sheer level of risk in the Ring of Fire. Earthquake-resistant construction is a complex effort needing great attention—deadly events like these are a wake-up call for the government to step up.
Nerd narrative
There's a 50% chance that at least 34.4K people will die as a result of the most deadly earthquake from 2020 - 2029, according to the Metaculus prediction community.