Current Events Discussion Megathread

[Geodude 🌻]

Here’s some bad news though. At the end of it all, the hedge funds will likely still win. Here’s why.

The wealth amassed by Redditors is still in stock. If they want to make that wealth useful, they will have to sell the stock. So basic market fundamentals at play, those who bought low and sold high make more money and those who bought high will lose money.

Meanwhile, these wealthy hedge funds can just borrow huge sums of money and wait this out. And if they didn’t bail out on their short sale, they will just make back everything they lost. And if a hedge fund decided make a new short sale now and GameStop stock craters, they will be making gobs of money. arstechnica.com/tech-policy/2021/01/the-gamestop-bubble-is-going-to-hurt-a-lot-of-ordinary-investors/

The market is still rigged against retail or ordinary investors (meaning people that are simply investing so they can retire comfortably or grow their modest savings). An ordinary investor can’t just borrow lots of money if we make a bad decision. Instead we rely on things like: Well Apple seems like they are doing things well. Hope they continue to do well since I put my money there. Or hmm... this clean energy ETF sounds nice because the US rejoined the Paris Climate agreement, let’s hope that means more money will be invested into clean energy. See how many times I used the word “hope”?

[Geodude 🌻]

But who knows? Now the attention has turned to metals, particularly silver.

www.ft.com/content/d46e8623-09af-4a1f-b7e5-207616388b0f

Once again, hedge funds were betting that the price of silver will fall. However, the logic here is if you inflate the price of a fund (in this case iShares Silver Trust which is backed by silver) that has a vested interest in silver doing well, that would eventually force actual delivery of silver bars (yes physical silver bars) to the fund's vaults. After all, if you have enough silver on paper, you'll need to start converting it to actual metal if your fund is 'backed by silver metal'. This is required.

This increases scarcity of free silver wich then with supply and demand at play, drives up the price because the supply falls and the demand increases for silver metal.

Let's just say this. Retail investors have suddenly found all the bugs and glitches with the market and are now actively exploiting them. If this works, I wonder if gold is next.

[Geodude 🌻]

*sigh* why can't we just have nice things? Pension funds seem invest a lot in hedge funds so there could be collateral damage to people's retirement savings . www.cnbc.com/2021/02/01/why-the-gamestop-frenzy-may-hurt-retirees-along-with-hedge-funds.html

This highlights a bit more on how the system is broken. Why do we have to depend on these hedge funds that speculate so much?

[Kat]

Last year we had to remind everyone that Black Lives Matter. This year, we have to remind them that Asian Lives Matter, too (or how my dad and I put it, Brown Lives Matter).

[CW: death, police brutality, violence, racism especially toward Asians]

SPOILER: Click to show

Last year, Angelo Quinto, a US Navy veteran who was born in the Philippines, was killed by police who responded to a mental health call. The way he was killed mirrors how George Floyd died - an officer placed his knee on Angelo's neck and another pinned his legs down. As we know, his is not the only case of brutality and racism against Asian Americans. Chinese in particular have been targeted because they're blamed for the COVID-19 virus and even Donald Trump himself encouraged this.

Another example: Last month, a Filipino-American man, Noel Quintana, was slashed across the face. No one stood up for him. (Article contains a photo of Mr. Quintana with his stitches.) Vicha Ratanapakdee, an elderly Thai man, was attacked and succumbed to his injuries.

More recently, we have the Atlanta spa shootings. Six Asian women died. Look at this news, pretend you're looking me in the face, can you tell me this isn't a hate crime? A video of a law enforcement official saying that the perpetrator just had a bad day just...ugh, sure, HE had a bad day, what about the following days of the families who lost their loved ones?

This is insane. This is 2021. We've long moved past indigenous Filipinos kept in human zoos in America. (CW: Disturbing imagery.) Or at least, we should have moved past degrading other people because of the color of their skin and because they're supposedly ignorant savages. (Mhmm, yes, colonialism, our old enemy.) Instead, this kind of mentality rears its ugly head in various new ways that are somehow more acceptable to society. Hey, at least we're not putting Asians in zoos this time! Pushing them and insulting them is totally okay! And if some dude goes around shooting them, we're sure he just had a bad day and a troubled past.

Funny thing is, if an Asian had been the shooter, folks would have no qualms about painting them as the bad guy. Just saying.

Even though I know the answer to my question, I still ask, "Why?" Of course, the answer is, "because many people still harbor antiquated, outdated, and downright stupid stereotypes and beliefs about Asians, and blame them for something or other, and believe they have no place in America, etc." Which begs another "why?"

And, how can people do this to each other and still find it in their hearts especially during a pandemic to do these things to people, even kill them?

I know I don't live in America and I live in a country where almost everyone looks like me and Caucasians are a very very tiny minority. But I have relatives and Asian friends who live in America. More than fearing for my life should I ever go to America, I fear that they won't be able to leave their homes or go about their daily lives without being harassed by some unstable racist white guy who had a "bad day" or who is going to accuse them of taking his jobs or whatever.

Do Asians have to fight for their right to exist now, too?

[Rasaiu]

Haven't they fought for the right to exist since the first Asians came to America?
I don't know a lot about history of America, of USA but at the back of my mind I have pieces of information that white people used to treat Asians like they even weren't people.
I'd like to think that situation is changing for better. With small, slow steps we are closing to the society where most of the people will realize that skin color, gender, nationality and other aspects don't impact the value of person's live. Globalization, opportunities to travel, to live abroad, chances to meet people from different cultures surely can make the situation better, although I think there always will be small community who won't accept, who will always try to fight back.

When "Black Live Matter" was everywhere, there were also a discussions in my local media. They concluded that racism is very high in my country. At first I was shocked but after a thought it felt logical. 10 years ago another skin-colored person on the street was something exotic. People looked back. Only recently there have been more people with different skin colors but they still meet up with prejudices from locals. Even my family members sometimes use words, hm, not really swearwords but I think it's the way they say it - offensive. If not to count that one time when I was working with one boy who was from Middle East, then in real life I haven't really communicated with people who have different skin color than mine (let's not count those less than 10 times when someone has asked me for directions).

Also I disagree that we can blame someone for Covid. Any virus, any illness can start from anywhere. And at that time it's important to stay safe, take care of your health and personal hygiene as much as you can. In some way we all are guilty for living so wasteful.

[Geodude 🌻]

*sigh* This... is too much. Too much violence. I don’t know what else to say right now. This is too painful. Something is not working with our gun laws in the US. It needs to be fixed.

SPOILER: Click to show

apnews.com/article/shootings-colorado-74ad3bbbe6dea7e9122b946e22b1cef3

TW: Gun violence, death and blood mentions

[Kat]

I'm not from the US, but I looked up the provision in the US Constitution providing for the right to bear arms. I know there's history behind it, but I'm still surprised that this amendment survived such a long time without being further amended or restricted or even stricken from the Constitution.

In the Philippines, AFAIK we never provided that right in our Constitution. Instead, we have Article II, Section 4:

SECTION 4. The prime duty of the Government is to serve and protect the people. The Government may call upon the people to defend the State and, in the fulfillment thereof, all citizens may be required, under conditions provided by law, to render personal military or civil service.

I'm surprised we, a tiny third world colony-turned-country, actually have tighter gun laws. Although under our laws, I'm a qualified person who may apply for a license to carry firearms if I believe my life is under threat because of my profession. Details under the spoiler, CW: death and drugs -

SPOILER: Click to show

Recently a lot of lawyers have been killed during the Duterte administration, usually lawyers of activists or illegal drug suspects. The police at one point have tried to get the names of lawyers representing people who they believe are communists or who are with the Left.

I really hope more people wake up to the need for more restrictions and qualifications for firearms. No matter what you say, a gun is a very dangerous object that shouldn't be issued to just anyone.

[Geodude 🌻]

Mar 23, 2021 22:43:30 GMT -5 Kat said:

I'm not from the US, but I looked up the provision in the US Constitution providing for the right to bear arms. I know there's history behind it, but I'm still surprised that this amendment survived such a long time without being further amended or restricted or even stricken from the Constitution.

In the Philippines, AFAIK we never provided that right in our Constitution. Instead, we have Article II, Section 4:

SECTION 4. The prime duty of the Government is to serve and protect the people. The Government may call upon the people to defend the State and, in the fulfillment thereof, all citizens may be required, under conditions provided by law, to render personal military or civil service.

I'm surprised we, a tiny third world colony-turned-country, actually have tighter gun laws. Although under our laws, I'm a qualified person who may apply for a license to carry firearms if I believe my life is under threat because of my profession. Details under the spoiler, CW: death and drugs -

SPOILER: Click to show

Recently a lot of lawyers have been killed during the Duterte administration, usually lawyers of activists or illegal drug suspects. The police at one point have tried to get the names of lawyers representing people who they believe are communists or who are with the Left.

I really hope more people wake up to the need for more restrictions and qualifications for firearms. No matter what you say, a gun is a very dangerous object that shouldn't be issued to just anyone.

The 2nd amendment of the US constitution is often interpreted differently depending on who you ask.

Here’s the full text:

A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.

Then we get into what they meant by “well regulated.” To me that reads as there needing to be some regulations because we can’t just have everyone with guns everywhere which then leads to your point about there needing to be strict requirements to owning guns responsibly. And then also restrictions on what arms you could have. You can’t own a tank or a bazooka. I personally think assault-style weapons and high-capacity magazines should also be restricted based on this precedent.

But with a powerful gun lobby and parts of our legislature skeptical of any new gun measures, I’m personally skeptical about any changes to legislation. I’m also not optimistic about amending the constitution because I don’t think we can get 3/4ths of our states to get on board even if it somehow manages to get through Congress with 2/3rds majority in each chamber first. But an amendment would certainly prevent the supreme court from striking it down, whereas legislation can be challenged and struck down.

As you can see here, the city of Boulder tried to restrict assault-style weapons. Such a ban immediately triggered a lawsuit and a judge ruled the city could not enforce the ban on March 12: apnews.com/article/boulder-shootings-colorado-lawsuits-coronavirus-pandemic-aa071c955cfd79099d2d6a9a5a2a7ca2 Article is a little old now and since then, we now know the shooter used an assault-style weapon capable of holding 30 rounds and it was purchased six days ago. The judge’s ruling was 10 days ago.

I do hope that this time it will be different, but we’ve been through this too many times. I really do hope there’s an appetite for change, but I’m hearing about immediate resistance from some of the usual suspects in Congress. I'm not saying we shouldn't try. We should always try. It's just that this feels like a broken record :/.

[Geodude 🌻]

cw: death, police brutality

SPOILER: Click to show

The trial of former officer Derek Chauvin’s killing of George Floyd now rests with the jury.

The prosecution called 38 witnesses ranging from police officers to bystanders to medical experts and all of them consistently said it was the former officer’s actions that directly led to the tragic death of George Floyd. The defense mainly tried to muddy the waters a bit in hopes to generate reasonable doubt.

www.cnn.com/2021/04/19/us/derek-chauvin-trial-george-floyd-closings/index.html

I really hope that justice is served. After watching clips of those videos which were literally the hardest things to watch for me, it’s clear to me that Derek Chauvin killed George Floyd. Will the jury see it that way? That’s what counts. In the meantime, the very city that my brother will soon go to school in is on edge with National Guard troops stationed on the ground.

Justice needs to be served or else there’s a good chance that protests will erupt to let everyone know that the justice system has failed. It will have failed to live up to basic standard of human rights that black lives matter.

I think the US is going to be on edge while the jury deliberates. It’s going to be an anxious time for many of us. And it’s tragic that as the trial went on, we’ve witnessed other incidents of police violence against others. I believe we do need law enforcement, but we need law enforcement to follow laws too and to be held to account when they break the law. And we need law enforcement we can trust, not people that always find ways to escalate the situation. And also a justice system that treats everyone equally regardless of their race or background. So basically not the kind of law enforcement we have today.

Anyways, that’s my take. I will be keeping an eye on this.

[Geodude 🌻]

cw: death, police brutality

SPOILER: Click to show

Former Officer Derek Chauvin was found by the jury to be guilty on all three counts:
- Second Degree Unintentional Murder
- Third Degree Murder
- Second Degree Manslaughter

www.cnn.com/2021/04/20/us/derek-chauvin-trial-george-floyd-deliberations/index.html

I feel relief that justice was served today and I hope this will help start the healing process and perhaps lead to meaningful reform. However, I am sure this will almost certainly be appealed so I don't think this is by any means over. Sentencing is in 8 weeks.

[Geodude 🌻]

The junior senator from my neighboring state that I used to live in is the only “no” vote on the COVID-19 Hate Crimes Act.

thehill.com/homenews/senate/549802-hawley-votes-against-anti-asian-hate-crime-bill

His excuse was that the bill was “too broad,” which is quite a lame excuse in this case. His GOP colleagues worked together with Democrats on this bill which passed 94-1.(Five senators did not vote. Two of them from Minnesota because they were attending the funeral of Daunte Wright, a black man who was shot by police in an incident where the police officer has claimed she confused her gun with her taser).

But seriously, Josh Hawley, why? Why is this so hard? My Asian-American friends and family are noticing an uptick in hate crimes against them related COVID-19 and the least we could do is recognize this as an issue and expedite the review of these cases as the bill is intended to do:

www.congress.gov/bill/116th-congress/house-bill/6721

This is not a partisan issue. This is combating blatant and often violent racism on our streets. Even some of the senators that voted no on bringing the bill to the floor came around to vote yes. But not Josh Hawley.

[Geodude 🌻]

So this happened in the Gulf of Mexico today although the fire is out now.

SPOILER: Click to show

It’s a dramatic image. I feel like fossil fuel extraction in the ocean is dogged with incidents that have caused major damage to the environment. I still remember the Deepwater Horizon incident which was devastating. Then there’s climate change that is very obviously occurring based on some of the weather this year that’s being exacerbated by the effects of it.

[Breakingchains]

United States: A general strike is being organized for October 15th. That means starting on the 15th, anyone who can manage it doesn't go to work and doesn't buy or sell, regardless of industry.

Demands:

SPOILER: Click to show

25% corporate tax rate (No loopholes)

Free Healthcare for all

12 weeks paid paternity and maternity leave

$20 minimum wage

4 day work week

Stricter Environmental Regulations on Corporations (Bans on single use and micro plastics, and limited emissions)

The only part that I don't vibe with is that last bit, because it's not specific enough.

...Still, it's the first general strike I've seen gain traction online, and I imagine it'll be the first of many before we manage to improve conditions in the US. I can get away with it, so I'm doing it. I mean, it's just my piddly little delivery job, but still.

[Geodude 🌻]

Not going to add much here except that in the US, your identity is mostly tied to a single point of failure with an identifier that was never meant to be a national ID system, so if a certain number leaks out, someone can steal your identity. Everyone please be vigilant in monitoring your financial accounts and be ready for lots of scams and phishing related to this. I would freeze your credit report (you can do this online or over the phone but you need to do it three times - at Equifax, Experian, and TransUnion) and only thaw temporarily if you know you need to open an account.

www.marketwatch.com/story/t-mobile-investigating-claim-of-data-breach-affecting-nearly-all-its-u-s-customers-11629069056

Update: The number is closer to 49 Million accounts, the majority being former and prospective customers. For current active post-paid customers, the number is around 7.8 Million customers. T-Mobile should start reaching out to impacted customers.

arstechnica.com/gadgets/2021/08/hackers-who-breached-t-mobile-stole-personal-data-for-49-million-accounts/

[Kat]

So, Duterte finally announced it. He will run for vice president next year.

The president then expressed concern about the continuing problem of illegal drugs and the communist insurgency.

“I’m worried about the drugs, insurgency. Number one is insurgency, then criminality, drugs,” Duterte said.

Helloooooo what happened to the pandemic?

Anyway, our Constitution bars presidents from running for a second term after they have served a full term. (Two former presidents have, instead, run for lower positions and won.) However, the Constitution does not bar them from running for lower positions. While it doesn't prohibit Duterte from running as VP, this is a way for him to circumvent the prohibition against a second term. Either he will control his presidential candidate as his puppet (his presidential candidate, who is likely to be Bong Go, is a senator who used to be his personal assistant and is in every shape and form his puppet), or Go, assuming he wins, will merely resign a few days later and effectively turn the presidency back to Duterte. Not only that, it's clear that Duterte wants to remain in power to escape potential charges here and even in the international community.

The opposition coalition is not amused but they still have yet to unveil their candidates for president and VP. There are calls, however, from the LGBTQIA+ community, among others, for Vice President Robredo to run for president next year.

Prior to Friday’s launching of LGBTQIA+ for Leni, Lawyers for Leni and the Alliance of Labor Leaders for Leni have also started their campaign to press Robredo to run for president in 2022.

Another group named Leni for You, which is composed of academicians from the Ateneo de Manila University, is set to launch a program to support Robredo’s possible presidential bid.

This is not the first time that groups openly declared their support for Robredo. On Wednesday, Team Leni Robredo also said that multi-sectoral and cause-oriented groups in Bulacan formed the Bulacan for Leni, to ask the Vice President to end the current administration’s alleged reign of abuse and inefficiency.

And Duterte is already giving us a taste of what he plans to do as vice president (never mind that the VP doesn't have a lot of power and is just intended as a replacement): he says he will audit the Commission on Audit. The Commission on Audit is THE constitutional body that audits the government and it should remain independent of all other bodies. He's really just mad at the COA for auditing his government and finding irregularities.

Recently, the COA audited the Department of Health for irregularities. We're talking deficiencies in 67.32 billion pesos.

Based on surveys, the top presidential candidate is Duterte's daughter, Sara Duterte (Let's just say she has the same heavy-handed approach as her father). And apparently he won't run if she runs for president. And she says she won't run if her father does. What if both of you not run at all, that would be great.

tl;dr Philippine politics is a mess, people still like Duterte enough to let him run for vice president, and we're pretty sure all these irregularities the COA has been digging up are all for election war chests.