ANOTHER FUCKING IDIOT CANADIAN THAT THINKS SHE'S A FUCKING AMERICAN AND THE CUNT GOT HER EDUCATION FROM AMERICAN TV AND THIS CUNT IS THE PRIME MINISTER OF ALBERTA! AND FOLK WONDER WHY I FUCKING HATE ALBERTANS ABSOLUTELY USELESS CUNTS In her months of touring the province to win the UCP leadership, Danielle Smith operated on an assumption that Alberta's justice system worked like the American one (because she's a fucking ugly cunt who watches too much yank TV). Armed with that mistaken impression, she promised those aggrieved by charges against them for COVID rule violations that, as premier, she'd grant them amnesty.
Alberta's Justice Ministry was apparently well aware, and wanted to quickly put to rest her assumption, Smith herself told a legislature committee earlier this month. "When I got elected on Oct. 6 and was sworn in, I discovered that the Department of Justice had proactively, having heard the things I was campaigning on, decided to put together a PowerPoint presentation on the issue of amnesty to talk about what was possible and what was not possible," the premier said. Following that, Smith explained, her justice minister and deputy justice minister clarified that, in Canada, it's the Governor-General who can wield the rare power of extinguishing charges. Smith also says she has learned, early in her premiership, that there are two questions a politician can ask about Crown prosecutions: if a case was in the public interest, and if a conviction was reasonably likely. That's the limited line of interrogation Smith said she was "confined" to in her now-public conversation in January with street preacher Artur Pawlowski, ahead of his trial on a criminal charge of mischief and a provincial offence. Confined? Fine ***************** But she apparently took this as licence to approach those limits quite regularly. Smith told the accused man she brought up the cases and the prescribed questions "almost weekly." (She directly said she was bringing them up with "prosecutors" ((in Canada - you know, they country you ARE SUPPOSED to represent? we call them "crowns", you ignorant cunt)) but has since insisted that she actually meant her minister and deputy justice minister.) And after expressing sympathy for Pawlowski and his then-looming trial, she pledged to do so again. "Can you just leave this with me and I will make that request one more time?" On the recorded phone conversation, Smith expresses wishes she could do more, so much more — that a "political decision" couldn't get Pawlowski or others out of their legal plight. Smith's keenness to do so, to maximise the limits of a premier's relationship with Alberta's justice system, has once again raised the eyebrows of political and legal watchers. NDP Leader Rachel Notley has ramped up her demand for an independent investigation into Smith's actions into one for a formal judicial review, ideally done before the election campaign officially kicks off May 1. Smith has thus far shown resistance to expose her actions to such third-party scrutiny. And while she and her team insist she has done nothing improper, what she has done may exist in a grey area between what is acceptable conduct and what isn't — and rest on politically uncertain grounds, because it's wholly unconventional and norm-bending for a political leader to do what she has done. "I don't know if there is something called the legal threshold of political interference. It's a political standard," said University of Alberta law professor Eric Adams on the CBC Eyeopener on Thursday. It's up to voters and Albertans to determine if this is "healthy" in a rule of law system, "every time a politician gets too close to a set of criminal charges." He poses the alternative scenario to Smith and Pawlowski, the anti-COVID-rule activist she agreed with — what if an NDP leader had called a union leader charged with offences, and said she'd do what she could to support him? It's clear from the call to Pawlowski that Smith was wary about crossing lines, given her multiple references to Prime Minister Justin Trudeau and the pressure his team had applied on his then-attorney general in the SNC Lavalin saga. But she was not wary enough, nor was the premier's staff able to shield her from the questionable wisdom of conversing with someone facing charges about those very charges. "When you have a system where you have the state bringing charges and prosecuting individuals, in no cases can you have certain of those people because of their connections or because of their beliefs or because of their political ideology be able to gain access right back into the heart of power and have the premier say: let me help you with that," Adams said. One wonders where her aides were during this call — it was apparently arranged by Dennis Modry, a fellow COVID rules critic and then-leader of a pro-separatist group. Her top aide, lawyer and ex-MLA Rob Anderson, was also her campaign chair and probably in a position to disabuse Smith of her presumptions about U.S.-style amnesty. Deputy premier Kaycee (WTF sort of name is that? Fucking fag) Madu, who was a UCP justice minister until he was accused of crossing the political interference line regarding his own traffic violation, defended the premier's exercise of the permissible interactions with Justice officials. But when asked Thursday about the appropriateness of Smith speaking with Pawlowski, he chose his words carefully. Madu stated that Smith is aware COVID restriction issues have been divisive, and has instead focused on issues like affordability, health care, and economic growth. "In the course of that particular work, the premier is free to speak with anyone that she wishes to speak with. That is the way I would like to address that particular question." One may wonder what Tyler Shandro, the current justice minister, thinks about the Pawlowski call. One inquired. One did not receive a reply. Coming to an understanding ********************************* Smith has been careful with her public discussion of the COVID prosecutions — and even on private calls, it turns out. Yet her language around prosecutors is imprecision that has caused her to play damage control. (She has since stated she understands how plainly inappropriate it would be to speak directly with Crown prosecutors about cases, and has insisted that she and her staff have not done so.) Like with the amnesty file, this wrong use of "prosecutors" may have been borne out of a mistaken understanding about a provincial justice system she now, as premier, must steward and protect (WTF?! Why didn't this useless cunt know the basics of Canuck government before she ran?). As Madu stated, the UCP has pushed to keep their leader and whole team focused on the more election-friendly issues. They'd much rather go into the election by smoothing Smith's edges, portraying her as a more conventional and caring leader, and not one with erratic ideas who wants to fight on issues like COVID prosecutions that only appeal to a minority of Albertans. Here's a sign of why. Last fall, Conservative media outfit Rebel News hired reputed pollster Leger to ask Albertans if they backed the premier's push to grant amnesty to pastors and small businesses charged with pandemic-related offences. The answer can't be what a group campaigning for amnesty would have wanted, or Smith for that matter. Fifty per cent of Albertans opposed the idea, and only 36 per cent supported it. The rest were unsure. Smith's outreach to someone facing criminal trial, and committed emphasis on fighting for him and his ilk, remind Albertans of a side of their leader that United Conservatives prefer not to emphasise. There's a reason the NDP are swinging hard at this, and Madu and others would much rather move on.
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'TEACH HER A LESSON': OPP officer guilty of sexual assault on unconscious woman and recording it31/3/2023 I'M GONNA RAPE HER SO SHE LEARNS TO BE CAREFUL ABOUT GETTIN' RAPED! BROCKVILLE — An Ontario Provincial Police officer in Leeds County has been convicted of sexual assault for having sex with an unconscious woman and recording it on his phone.
Article content Jason Redmond, an OPP constable, was found guilty of sexual assault in a Brockville courtroom last month for having sexual intercourse with a woman while she was unconscious. Article content A judge found Redmond also made a video of the assault on his phone to “prove” the victim had a drinking problem and to “teach her a lesson” about how irresponsible she was when consuming alcohol. “He made the video to show that anybody could rape her,” Ontario Court Justice Janet O’Brien read in her ruling last month, recalling the testimony of one Crown witness. Redmond, who has been on paid leave from the OPP since 2015 after being involved in a drug trafficking operation, was charged with sexual assault in 2021. He pleaded not guilty. His trial took place over two days in August at the Brockville courthouse, and the decision in the judge-alone trial was handed down on Feb. 16. Article contentArticle content The OPP did not inform the public of the charge. While the trial took place last summer, the assault happened in December 2017. On the day in question, the victim had been drinking alcohol, the court heard, while both she and Redmond also did cocaine many times throughout the day. The judge found the victim, over the course of a long day of drinking and drug use, eventually lost consciousness, “either because she went to sleep or as a result of the effects of alcohol, or a combination of these.” The next day, Redmond told her about what he’d done: that he had sex with her while she was passed out, that he knew she wasn’t aware of it and that he had recorded it on his phone. He tried to show her the video to prove how intoxicated she had been, she testified in the trial, but she was embarrassed that she couldn’t remember the incident, pushed his hand away and went about her day as normal. Article content As time went on, the existence of the video became known to many people in Redmond’s inner circle, including several people who were on the witness stand during the trial. Jason Redmond, a constable with the Ontario Provincial Police. PHOTO BY POSTMEDIA FILESOver the course of the two-day trial, the court heard from several Crown witnesses, all of whom testified Redmond told them he had sex with the victim while she was unconscious and made a video to “teach her a lesson,” a court transcript reads. Three witnesses testified to Redmond bragging and trying to show them the video, while a fourth testified to inadvertently finding the recording. One witness, while testifying, said Redmond “was kind of laughing” when talking about the incident. “He appeared to find what he had done funny and was making fun of (her),” the witness testified. Article content The OPP eventually became aware of the video, prompting a criminal investigation in 2021, which led to the sexual assault charge against Redmond. Redmond argued the victim’s inability to remember was not proof she did not consent. The judge found, however, the Crown had proven beyond a reasonable doubt that she “did not consent to the sexual touching either because she was unconscious or she was incapable of consenting.” The video was not shown during the trial, but the judge ruled the Crown had done its job of proving its existence. “Based on the circumstantial evidence, I find the only reasonable inference is that Mr. Redmond recorded himself having sexual intercourse with (the victim) while she was unconscious or in a state of near unconsciousness,” the judge ruled. Article content This was further solidified when the victim testified she had no memory of the assault. “(She) was unaware of any sexual touching. Mr. Redmond knew that (she) was unaware he had sexual intercourse with her,” the judge ruled. The victim’s identity and some of the circumstances surrounding the sexual assault are protected by a court-ordered publication ban. Redmond, who started working with the OPP in the mid-2000s, was involved in another high-profile case after being convicted of drug trafficking in 2015, stemming from his involvement with Project Arrowtown. Project Arrowtown was a case where police “conducted an 18-month investigation into criminal activity by police officers in Leeds County,” where an undercover officer posed as a petty criminal to connect Redmond and other officers with illegal drug activity. Article content Redmond pleaded guilty to a marijuana-trafficking charge and was found guilty of forging documents in 2018, but was not given jail time for those crimes. He has remained on paid leave from the force since then. On Wednesday, an OPP spokesperson confirmed that, despite his several convictions, Redmond remained employed. “I can confirm that Jason Redmond’s employment with the OPP remains the same at this time. He is still on paid leave,” Acting Sgt. Erin Cranton wrote in an email. Redmond’s name was included on the 2021 public sector “sunshine list,” where the province publishes the names of all public-sector employees who received $100,000 or more in compensation. He made $121,047.96 that year, the province said. Redmond is due back in court for sentencing on the sexual assault conviction on April 14.
'I know in our organisation, everyone's welcome,' says defenceman Quinn Hughes
The Canadian Press
The Vancouver Canucks will wear themed warm-up sweaters when they host the Calgary Flames for their annual Pride celebration game Friday.
The team announced Wednesday that the sweaters will be designed by a local artist, and that a $20,000 donation will be made to QMUNITY, which is a Vancouver non-profit that supports LGBTQ people and their allies.
The move comes as controversy over Pride uniforms continues to bubble around the league. A handful of players — including Philadelphia Flyers defenceman Ivan Provorov, San Jose Sharks goalie James Reimer, Eric and Marc Staal of the Florida Panthers, and Buffalo Sabres blue liner Ilya Lyubushkin — have declined to wear Pride-themed sweaters. Canucks defenceman Quinn Hughes says there wasn't debate in the dressing room about wearing them. "I think everyone in this room is looking forward to it," he said. "And I know in our organisation, everyone's welcome. "Every time we've done Pride night, I've worn the jersey and celebrated the night." Canucks president of business operations Michael Doyle said in a statement that celebrating the LGBTQ community is important to the entire organisation. "Pride night and all the incredible activities that highlight this evening, is special for a number of reasons," he said. "Besides raising awareness and understanding, it also lets our fan base know that everyone is welcome here at Rogers Arena. Our club believes strongly in diversity and inclusion, and we look forward to celebrating these core values with our community."
More work needed to make hockey safe for LGBTQ people, says former pro player
Controversy 'just a testament that we have to build up community,' says Brock McGillis
Gemma Smith · The Canadian Press ![]() Buffalo Sabres players wear special warm up sweaters commemorating Pride Night before playing the Montreal Canadiens on Monday. Sabres defenceman Ilya Lyubushkin was one of a handful of players around the league who opted out from wearing a Pride sweater, citing concerns of retribution in his home country of Russia. (Adrian Kraus/The Associated Press)
NHL players refusing to participate in Pride nights around the league shows hockey still isn't safe for a number of LGBTQ people, says one of the first male professional players to publicly come out as gay.
Brock McGillis is working to change the sport he loves through a new non-profit, Alphabet Sports Collective, which looks to make hockey safer for people of all sexualities and gender identities. "I think [the Pride night controversy] is just a testament that we have to build up community and work with our members to feel good," said McGillis, who played in the Ontario Hockey League, the United Hockey League and in the Netherlands. "The more people are exposed to those that are different than themselves, the more likely they are to not judge, not be anti-LGBTQ+. We lack exposure in this world, we lack identities in this world. So by getting young adults and adults out there, the exposure itself will hopefully help people critically think about what they're doing and the impact it has on people they know." 'That player believes that those team mates hate him' *********************************************************** NHL teams have long held annual Pride nights to celebrate LGBTQ people and promote inclusivity, but controversy has bubbled this season as an increasing number of players have refused to take part. In mid-January, Philadelphia Flyers defenceman Ivan Provorov sat out warm-ups — and declined to wear a Pride sweater — citing his Russian Orthodox religion. Others around the league have followed suit. San Jose Sharks goalie James Reimer, and Eric and Marc Staal, who both play for the Florida Panthers, said earlier this month they wouldn't wear their team's rainbow-themed uniforms in warm-ups due to their religious beliefs. Buffalo Sabres defenceman Ilya Lyubushkin said Monday he was opting out due to concerns of retribution in his home country of Russia. The New York Rangers, Minnesota Wild and Chicago all decided not to don Pride warm-up sweaters for their celebratory games. Closeted hockey players are hurt by these decisions, McGillis said. "That player believes that those teammates hate him," he said. "I'm telling you that because I was that player. That player is further in the closet today." Importance of Pride Nights ******************************* Other NHL teams have continued with big Pride celebrations, with high-profile players speaking out in support. "To me, it's an obvious no brainer. If I were in that position, I would wear one," said Oilers forward Zach Hyman. "It doesn't go against any of my beliefs. On the contrary, I think it's extremely important to be open and welcoming to that greater community, just because they're a minority and they've faced a lot of persecution over the years (you tell 'em, jewboy!). "To show that we care and that we're ready and willing to include them in our game and in our sport is incredibly important to me." Edmonton has not worn themed sweaters for its Pride games, but players used rainbow stick tape during warm-ups ahead of its annual celebration Saturday. "I know here in Edmonton, we strongly believe hockey is for everyone and strongly support Pride night," said captain Connor McDavid.
The Calgary Flames are set to wear Pride sweaters designed by a local LGBTQ artist when they host the Los Angeles Kings on Tuesday. Coach Darryl Sutter said the uniforms haven't been an issue for the team. "I think all it signifies is everything is accepted," said the veteran bench boss. The Canucks are set to celebrate the LGBTQ+ community on Friday when they host the Flames. Vancouver has worn Pride warm-up sweaters in previous years, but the team has yet to reveal whether the tradition will continue, saying in a statement Tuesday that details on different elements of the night will be released "closer to the date." "We have had a long and proud history of hosting Pride events and we look forward to another incredible evening on March 31 to raise awareness and support the 2SLGBTQIA+ community," the statement said. Working to promote inclusion ********************************* McGillis didn't think support from high-profile people in the hockey community would matter to him as he and his co-founders worked to get Alphabet Sports Collective off the ground earlier this month. But looking around the launch party in Toronto, he was struck by how many athletes, media personalities and others from around the game were in the room. "Hockey made me want to die. I self harmed. I drank heavily. I struggled. My career derailed from it. It didn't feel like a good space to me," McGillis said. "And then all of a sudden, I'm seeing all these people who represent essentially that world, here saying, `No, we want this to be good for people like you and all people."' Working within the existing hockey community to create change is key, said co-founder Gabriela Ugarte. Alphabet Sports Collective is working to connect ambassadors to promote messages of inclusion, and critically analyse their own language and behaviours, she said. The support the group has received so far has been huge, Ugarte added. "I think it shows that there are people who are across the industry, that there's more of us who want to become an inclusive and equitable space, and that there are people who are willing to do the work," she said. "And we are very appreciative of that." The new non-profit is currently working on connecting people who want to get involved in hockey at a variety of levels with mentors who can help them succeed. That means pairing aspiring coaches with veterans already working behind the bench, and people who want to sit on boards with those who have experience, McGillis said. "Let's give them tools where they feel good to be a part of the hockey ecosystem in any capacity they want. Whether it's through coaching, sitting on boards, managing teams, playing — whatever it is, let's start giving them tools to take part," he said. "We need more seats."
Charges come as T**** makes another run for the White House
The Associated Press
Manhattan grand jury on Thursday voted to indict D***** T**** on charges involving payments made during the 2016 presidential campaign to silence claims of two extramarital sexual encounters, the first criminal case ever against a former U.S. president and a jolt to T****'s bid to retake the White House in 2024.
A spokesperson for the Manhattan district attorney's office confirmed the indictment. The district attorney's office issued a statement saying a date for arraignment has not been selected. T**** was asked to surrender Friday but his lawyers said the Secret Service needed additional time to make security preparations, two people familiar with the matter told The Associated Press. The people, who couldn't publicly discuss security details, said T**** is expected to surrender early next week. District Attorney Alvin Bragg left his office Thursday evening without commenting. The specific charges are not yet known, as the indictment remains under seal. CNN reported T**** faces more than 30 counts related to business fraud. Prosecutors in New York investigated money paid to adult film performer and director Stormy Daniels and ex-Playboy model Karen McDougal to keep both women from going public with claims that they had sexual encounters with Trump before he became president.
T****, a Republican who's running for the White House again in 2024, called the decision to indict him "political persecution and election interference at the highest level," in a lengthy statement released minutes after the indictment was announced.
T**** called it the next step in a campaign from the left "to destroy the Make America Great Again movement." "The Democrats have lied, cheated and stolen in their obsession with trying to 'Get T****,' but now they've done the unthinkable — indicting a completely innocent person in an act of blatant Election Interference," he said. T**** accused Bragg of doing the "dirty work" of U.S. President Joe Biden, and "ignoring the murders and burglaries and assaults he should be focused on." Alina Habba, a lawyer for T****, said the former president is a victim "of a corrupt and distorted version of the American justice system and history. He will be vindicated." In a statement confirming the charges, defence lawyers Susan Necheles and Joseph Tacopina said T**** "did not commit any crime. We will vigorously fight this political prosecution in court." T****'s former lawyer, Rudy Giuliani (A-HAHAHAHA), said on Twitter that Bragg has made "irresponsible and politically motivated efforts to take [T****] down," calling it "a sad day for America." The indictment is an extraordinary development after years of investigations into T****'s business, political and personal dealings. It is likely to galvanise critics who say he lied and cheated his way to the top and embolden supporters who feel the Republican is being unfairly targeted by a Democratic prosecutor. — Alvin Bragg (@ManhattanDA) March 30, 2023 For any New York defendant, answering criminal charges means being fingerprinted and photographed and spending some time being detained. But there's no playbook for booking an ex-president with Secret Service protection. In bringing the charges, Bragg is embracing an unusual case that had been investigated by two previous sets of prosecutors, both of which declined to take the politically explosive step of seeking T****'s indictment. In the weeks leading up to the indictment, T**** railed about the investigation on social media and urged supporters to protest on his behalf, prompting tighter security around the Manhattan criminal courthouse. T**** faces other potential legal perils as he seeks to reassert control of the Republican Party and stave off a slew of one-time allies who are seeking or are likely to oppose him for the presidential nomination. The district attorney in Atlanta has for two years been investigating efforts by T**** and his allies to meddle in Georgia's 2020 vote count. And a U.S. Justice Department special counsel is investigating T****'s storage of classified documents at his Mar-a-Lago home in Florida and his efforts to reverse his election loss.
D***** T***** indicted; 1st ex-president charged with crime
NEW YORK — D***** T**** has been indicted by a Manhattan grand jury, prosecutors and defence lawyers said Thursday, making him the first former U.S. president to face a criminal charge and jolting his bid to retake the White House next year.
The charges remained under seal late Thursday, but the investigation centred on payments made during the 2016 presidential campaign to silence claims of an extramarital sexual encounter. Prosecutors said they were working to coordinate T****’s surrender, which could happen early next week. They did not say whether they intended to seek prison time in the event of a conviction, a development that wouldn’t prevent T**** from seeking or winning the presidency. The indictment, an extraordinary development after years of investigations into T****’s business, political and personal dealings, injects a local district attorney’s office into the heart of a national presidential race and ushers in criminal proceedings in a city that the ex-president for decades called home. Arriving at a time of deep political divisions, the charges are likely to reinforce rather than reshape duelling perspectives of those who see accountability as long overdue and those who, like T****, feel the Republican is being targeted for political purposes by a Democratic prosecutor. T****, who has denied any wrongdoing and has repeatedly assailed the investigation, called the indictment “political persecution” and predicted it would damage Democrats in 2024. In a statement confirming the charges, defence lawyers Susan Necheles and Joseph Tacopina said T**** “did not commit any crime. We will vigorously fight this political prosecution in court.” A spokesman for the Manhattan district attorney’s office confirmed the indictment and said prosecutors had reached out to T****’s defence team to coordinate a surrender. T**** was asked to surrender Friday but his lawyers said the Secret Service needed additional time as they made security preparations, two people familiar with the matter told The Associated Press. The people, who couldn’t publicly discuss security details, said T**** is expected to surrender early next week. District Attorney Alvin Bragg left his office Thursday evening without commenting. The case centres on well-chronicled allegations from a period in 2016 when T****’s celebrity past collided with his political ambitions. Prosecutors for months scrutinised money paid to porn actor Stormy Daniels and former Playboy model Karen McDougal, whom he feared would go public with claims that they had extramarital sexual encounters with him. The timing of the indictment appeared to come as a surprise to T**** campaign officials following news reports that criminal charges were likely weeks away. The former president was at Mar-a-Lago, his Florida estate, on Thursday and filmed an interview with a conservative commentator earlier in the day. For a man whose presidency was defined by one obliterated norm after another, the indictment sets up yet another never-before-seen spectacle — a former president having his fingerprints and mug shot taken, and then facing arraignment. For security reasons, his booking is expected to be carefully choreographed to avoid crowds inside or outside the courthouse. The prosecution also means that T**** will have to simultaneously fight for his freedom and political future, while also fending off potentially more perilous legal threats, including investigations into attempts by him and his allies to undo the 2020 election as well into as the hoarding of hundreds of classified documents. In fact, New York was until recently seen as an unlikely contender to be the first place to prosecute T****, who continues to face long-running investigations in Atlanta and Washington that could also result in charges. Unlike those inquiries, the Manhattan case concerns conduct by T**** that occurred before he became president and is unrelated to his much-publicised efforts to overturn the 2020 presidential election. The indictment comes as T**** seeks to reassert control of the Republican Party and stave off a slew of one-time allies who may threaten his bid for the presidential nomination. An expected leading rival in the race, Florida Gov. Ron DeSantis, called the indictment “un-American” in a statement Thursday night that pointedly did not mention T****’s name. In bringing the charges, Bragg, the Manhattan district attorney, is embracing an unusual case that was investigated by two previous sets of prosecutors, both of which declined to take the politically explosive step of seeking T****’s indictment. The case may also turn in part on the testimony of a key witness, T****’s former lawyer and fixer Michael Cohen, who pleaded guilty to federal charges arising from the hush money payments. The probe’s fate seemed uncertain until word got out in early March that Bragg had invited T**** to testify before a grand jury, a signal that prosecutors were close to bringing charges. T****’s attorneys declined the invitation, but a lawyer closely allied with the former president briefly testified in an effort to undercut Cohen’s credibility. T**** himself raised anticipation that he would be indicted soon, issuing a statement earlier this month in which he predicted an imminent arrest and called for protests. He did not repeat that call in a fresh statement Thursday, but the New York Police Department told its 36,000 officers to be fully mobilised and ready to respond to any potential protests or unrest. Late in the 2016 presidential campaign, Cohen paid Daniels $130,000 to keep her silent about what she says was a sexual encounter with T**** a decade earlier after they met at a celebrity golf tournament. Cohen was then reimbursed by T****’s company, the T**** Organisation, which also rewarded the lawyer with bonuses and extra payments logged internally as legal expenses. Over several months, Cohen said, the company paid him $420,000. Earlier in 2016, Cohen also arranged for the publisher of the supermarket tabloid the National Enquirer to pay Playboy model Karen McDougal $150,000 to squelch her story of a T**** affair in a journalistically dubious practice known as “catch-and-kill.” The payments to the women were intended to buy secrecy, but they backfired almost immediately as details of the arrangements leaked to the news media. Federal prosecutors in New York ultimately charged Cohen in 2018 with violating federal campaign finance laws, arguing that the payments amounted to impermissible help to T****’s presidential campaign. Cohen pleaded guilty to those charges and unrelated tax evasion counts and served time in federal prison. T**** was implicated in court filings as having knowledge of the arrangements — obliquely referred to in charging documents as “Individual 1” — but U.S. prosecutors at the time balked at bringing charges against him. The Justice Department has a long time policy that it is likely unconstitutional to prosecute a sitting president in federal court. Bragg’s predecessor as district attorney, Cyrus Vance Jr., then took up the investigation in 2019. While that probe initially focused on the hush money payments, Vance’s prosecutors moved on to other matters, including an examination of T****’s business dealings and tax strategies. Vance ultimately charged the T**** Organisation and its chief financial officer with tax fraud related to fringe benefits paid to some of the company’s top executives. The hush money matter became known around the D.A.’s office as the “zombie case,” with prosecutors revisiting it periodically but never opting to bring charges. Bragg saw it differently. After the T**** Organisation was convicted on the tax fraud charges in December, he brought fresh eyes to the well-worn case, hiring long time white-collar prosecutor Matthew Colangelo to oversee the probe and convening a new grand jury. Cohen became a key witness, meeting with prosecutors nearly two-dozen times, turning over emails, recordings and other evidence and testifying before the grand jury. T**** has long decried the Manhattan investigation as “the greatest witch hunt in history.” He has also lashed out at Bragg, calling the prosecutor, who is Black, racist against white people. The criminal charges in New York are the latest salvo in a profound schism between T**** and his hometown — a reckoning for a one-time favourite son who grew rich and famous building skyscrapers, hobnobbing with celebrities and gracing the pages of the city’s gossip press. T****, who famously riffed in 2016 that he “could stand in the middle of Fifth Avenue and shoot somebody” and “wouldn’t lose voters,” now faces a threat to his liberty in a borough where more than 75% of voters — many of them potential jurors — went against him in the last election. Adam Proteau discusses crunch time for the Buffalo Sabres, the off-season potential for the Anaheim Ducks and Andrei Vasilevskiy getting hot. Welcome back to Screen Shots, an ongoing THN.com feature in which yours truly tackles a few different hockey topics, and breaks them down in smaller paragraphs. On to it we go with thoughts on the Buffalo Sabres, Anaheim Ducks and Tampa Bay Lightning goaltender Andrei Vasilevskiy. It’s officially crunch time for the Buffalo Sabres, and unless they go on a winning tear, they’re on track to miss the playoffs by one or two standings spots. Buffalo is 3-6-3 in their past dozen games, a stretch that could be the difference between missing and making the post-season. Even if they do win most of their nine remaining games, the Sabres will still need two of the Pittsburgh Penguins, New York Islanders and Florida Panthers to lose many of their remaining games for Buffalo to grab a wild-card berth. The good news is that Buffalo does have winnable games coming up: yes, they have difficult opponents in the New York Rangers (twice), the Carolina Hurricanes and New Jersey Devils, but they’ve also got games against Philadelphia, Florida, Detroit, Ottawa and Columbus. If they’re going to have any hope of a playoff spot, they’ll need to win at least four of those five games, and win a couple of times against the Rangers, Canes and Devils. The path to the playoffs could’ve been so much easier for this Sabres team, but they’re dealing with the reality now, and the reality is their fate is only partially in their own hands. They need help from other teams now, and they may not get it. Meanwhile, in the basement of the Western Conference, the Anaheim Ducks are careening into the end of the year – they’re 7-12-5 since the all-star break and 2-6-2 in their past 10 games – but their terrible record could wind up bringing them the No. 1 draft pick and the right to select junior phenom Connor Bedard. In fact, they’re this writer’s hunch to be the ones who get Bedard. They may not wind up with the best odds to win the entry draft lottery, but they probably will have top-five odds, and that may be enough for the hockey gods to smile on them and bestow them the top pick. The job security of Ducks coach Dallas Eakins likely will come into question this summer, but this year exposed Anaheim’s lack of above-average depth. But with Bedard or another high pick on board next year, the playoffs should not be out of the question for the Ducks. But first, they need to complete the crater in their remaining eight games. Last place still isn’t out of the question for Anaheim, but to get there, they’ll need to continue their current losing pace for the rest of this season. Finally, don’t look now, Maple Leafs fans, but Andrei Vasilevskiy is getting hot at the right time of year. In Vasilevskiy's past six games, the Tampa Bay Lightning's star goaltender has allowed two goals or fewer three times, including Tuesday's 4-0 shutout against Carolina. This should terrify the Leafs. Just as he showed again last season, Vasilevskiy is capable of stealing games. The Leafs controlled their first-round series against Tampa until Game 6, in which Vasilevskiy turned into a brick wall that Toronto could no longer solve. You may be able to say Vasilevskiy flipped a switch in that series, and that flipped switch won them the series, but even if he wound up slowly easing into that difference-making role, the point is Vasilevskiy still found a way to get into it. To believe he can’t do it again is to delude yourself. The 28-year-old Russian doesn't have as good a defence corps as he did with last year’s Lightning, but he's still in his prime as an individual. The Leafs are a better, deeper squad than their 2021-22 edition, but the problem with their post-season hopes remains the very same as it did last year. Vasilevskiy is the biggest obstacle for Toronto, and until the Leafs figure out a way to consistently beat him, they’ll be in big trouble. Rumours and speculation resurfaced recently about Winnipeg Jets forward Pierre-Luc Dubois being linked to the Montreal Canadiens. It continued this week.
Rumours linking Winnipeg Jets centre Pierre-Luc Dubois to the Montreal Canadiens have popped up throughout this season. The conjecture resurfaced as the Jets cling to the final Western Conference wild-card berth.
In Monday's 32 Thoughts podcast episode, Sportsnet's Elliotte Friedman speculated the Jets could look at shaking things up following this season. Dubois could be part of those changes. He's an RFA this summer who's also a year away from UFA status. There's a belief that Dubois, 24, could forego re-signing with the Jets in favour of joining the Canadiens next summer as a UFA. Friedman believes the Jets have spoken with the Canadiens on and off this season about perhaps making a deal where the Canadiens get Dubois earlier, and the Jets get something in return. Montreal Hockey Now's Marc Dumont believes the Jets have little leverage in that scenario, while Canadiens GM Kent Hughes holds all the cards. If unable to work out a trade for Dubois, Hughes can wait until next summer to sign him. Dumont indicates the Habs aren't hurrying to accelerate their rebuild process. He considers it unlikely that Hughes will part with significant assets for Dubois. However, Dumont didn't dismiss the possibility of the Jets getting desperate and lowering their asking price. Another key factor would be how much money Dubois would want to sign a long-term deal with the Canadiens. He might be keen to play for Montreal, as the rumours claim, but that doesn't mean he'll accept a hometown discount. He has 58 points points in 67 games this year, which is a better point-per-game pace than his 60 in 81 matches last season. Coming off a one-year, $6-million contract, he could seek between $8 million and $9 million annually on a seven- or eight-year deal. Whether the Canadiens would pay that much, however, is another matter. On nights like this - tumultuous and turbulent and a triumph from beginning to end - you raise your eyes to the heavens and thank the man above for Scott McTominay and his giant-killing chums, for Steve Clarke and his heroic leadership, and for the Hampden crowd in all their ground-shaking-under-your-feet euphoria.
This was special, thunderous, unforgettable. Scotland hadn't beaten Spain since 1984, when Mo Johnston and Kenny Dalglish were the heroes. Ronald Reagan became president of the United States of America in 1984. Band Aid was in 1984. Diego Maradona joined Napoli in 1984. 1984 was a long, long, long time ago. Clarke had his 21st birthday that year. When Kieran Tierney sped away from the Champions League-laden Dani Carvajal early in the second half, an entire stadium jumped to its feet in anticipation. When McTominay drilled his shot between the legs of David Garcia and past Kepa Arrizabalaga, the place erupted.
With a new manager, a new captain, a new team, new tactics, Spain also had a new experience. Before this, they had lost only seven times in 146 qualifying games for European Championships and World Cups. Make that eight. Make that a haunted look on the face of their players. Make it a post-mortem in their media and some deeply uncomfortable times for Luis de la Fuente, only in the job a wet week and already in danger of being overcome by a deluge of flak. 'Spain high on histrionics but low on cutting edge' ********************************************************** Two goals to the good, this was fantasy football come true. McTominay, an utter colossus on a night of giants, came off the bench on Saturday against Cyprus and scored twice late on. He took seven minutes to score again. Poor Pedro Porro. Nobody warned him how tricky underfoot the Hampden pitch can be. Never let another bad word be said about this majestic, magic carpet. He slipped on the surface and let Andy Robertson in behind him. Robertson, like a terrier, pulled it back for McTominay and his shot got a deflection that took it past Kepa. Hampden screamed its head off and rubbed its eyes in disbelief. On the touchline, De la Fuente turned away in angst. He said that a new era in Spanish football had dawned with his appointment but he can't have predicted this. He took Luis Enrique's World Cup squad, World Cup tactics and World Cup mindset with its sideways passing and its attempt to inflict death by possession and chucked it in the bin. But what has he replaced it with? He elevated younger players and dispensed with older ones. He took other older ones from the wilderness and put them in his team. Against Norway on Saturday, he gave Espanyol striker Joselu a debut two days short of his 33rd birthday. Against Scotland, he gave Osasuna centre-back David Garcia a debut at 29. From Spain's exit from the World Cup to the Norway game, his first in charge, the coach made a host of changes. From Norway to Hampden, he made another eight. A brand new team with a new back four, a new attacking three and a new front man. None of it worked. None of it. Robertson's tenacity and McTominay's Midas touch set the night up perfectly, it engaged the crowd and rattled the Spaniards, who came steaming back into it. That first half was frenetic and narky. There was all sorts going on. Lusty tackles, playacting, missed chances, controversy. Joselu, scorer of two goals in two minutes against Norway, was the pantomime baddie here. He missed from point-blank range midway through the half, he hit the crossbar from whatever position is more point-blank range than point-blank range seconds later. Spain's crosses were sumptuous, their finishing slapstick. And there was the incident that drove them scatty. Robertson's elbow connected with Porro's chin and down Porro went. Down and over and across he went, like a fish being landed. Robertson, it has to be said, was lucky. His elbow caught Porro and he got away with it. It was a big break on a momentous night that only got more intoxicating as it went on. Spain were high on histrionics but low on cutting edge. They could and should have had a penalty, Joselu going down after his shirt was pulled, but maybe Joselu was seen as the boy who cried wolf at that point. Play went on, Joselu beat the grass in frustration, Hampden laughed. Uproariously. 'Resilient Scotland repel aristocrats' ****************************************** It was one of the most brilliant halves of football seen at Hampden in years. This wasn't a grim, but exciting, battle against a minnow; not a thrilling get out of jail situation, the like of which we have seen in the recent past. This was a top nation being beaten by a fast-emerging nation, a new Spanish team being put away by a team truly coming of age. McTominay's second was a joy, pure and simple. Tierney, with little game time under his belt for Arsenal, made light of Carvajal down the left. Made the great man look like an old man. The finish from the Manchester United player was more akin to a guy from across the city. Haalandesque. There was more, loads more. Spain dug deep to try and claw their way out of the hole they were in but Scotland, showing the resilience that has seen them concede one goal in their last five competitive matches, were having none of it. Everybody stepped up. Everybody. If the aristocrats from Madrid, Barcelona and beyond weren't aware of the legend of Ryan Porteous, then they're aware of it now. Spain had some moments that were snuffed out. Scotland had some other moments that were also missed, not that it mattered. It mattered not an inch, not when they were already a veritable mile ahead. They closed it out like the excellent team they are now. Confident, classy and clinical. A new Scotland, top of the table. Bask in the glory. Will the history of players like O’Reilly and Järnkrok be enough to overcome six years of opening-round exits? By Dave Feschuk Sports Columnist TORONTO STAR As the Maple Leafs prepare to take another crack at shedding their collective reputation as premature playoff flame-outs after six consecutive opening-round exits since 2017, both the diehards of Leafs Nation and the law of averages are probably telling you the same thing right about now: There’s every chance the seventh time will be a charm.
In those half-dozen previous kicks at the opening-round can, the theory goes, you’d have to think that the likes of Auston Matthews and Mitch Marner have learned a few things, that surely the collected scars of so many heartbreaks have grown an organisational skin sufficiently thick to win at least four measly playoff games. You’d have to think that experience piled atop experience piled atop experience has to eventually count for something — or, at least, that’s Brendan Shanahan’s theory. Then again, experience might be a double-edged sword, especially if some of it lingers as the trauma-inducing memory of so many blown opportunities. And heck, if post-season experience is everything, there are spots in Toronto’s line up that amount to worrying voids. With Morgan Rielly struggling and Jake McCabe earning big minutes alongside Rielly’s preferred partner, T.J. Brodie, for instance, suddenly the Leafs employ a first-pairing blue liner for whom Game 1 against the Lightning will be Game 1 of his playoff career. McCabe, who spent the first decade as an NHLer in the competitive wastelands of Buffalo and Chicago, has become Toronto’s closest thing to a replacement for Jake Muzzin, and a veteran NHLer with a supply of physical bite seems essential in the wake of Muzzin’s lost season to a cervical spine injury. But McCabe is missing one glaring thing: Muzzin’s extensive experience in the playoffs as a member of the Stanley Cup-winning Los Angeles Kings. Ilya Samsonov, unlike McCabe, has at least played in the playoffs before — which is good, since he has lately emerged as the most likely candidate to be Toronto’s Game 1 starter. Matt Murray is in the midst of a concerning late-season fall-off. In six appearances since returning from a 17-game absence with another in a line of injuries, Murray owns a 3-3-0 record that comes attached to a hefty 3.67 goals-against average and an .886 save percentage. Still, there’s a reason the Leafs acquired the remaining two years on Murray’s deal from the Ottawa Senators in the off-season, and it isn’t exactly Murray’s reputation for durability. It’s because Murray, a two-time Stanley Cup champion, has 29 playoff wins to his name, which is 28 more than Samsonov can boast. It might not be a coincidence that the Washington Capitals essentially gave up on Samsonov, a former first-round pick, at least partly because in seven post-season starts he registered six losses. The pre-trade-deadline additions to Toronto’s forward ranks, by contrast, included a bevy of post-season bona fides. Ryan O’Reilly, who is expected back from his broken finger in the coming days, owns a Stanley Cup ring and a Conn Smythe Trophy as playoff MVP for the St. Louis Blues, while Noel Acciari played against O’Reilly in that 2019 Cup final as a member of the Boston Bruins. Still, the third incoming forward, depth piece Sam Lafferty, has played in just one playoff game. Maybe McCabe and Samsonov and Lafferty, with so little real-life reference points to lean on, will be overwhelmed by the pressure of the opening-round spotlight. Or maybe, because they carry around none of the baggage of their current team’s seemingly eternal struggle, they’ll be unaffected by any of it and perform as they’ve been performing — which is, by and large, very well. Experience, after all, is only really worth something if it produces wins. And it’s far from true that an extensive playoff history guarantees playoff mastery. When the playoffs start in about three weeks, Leafs forward Calle Järnkrok will be an interesting case in point. Järnkrok has been killing it this season. At age 31, with nine games left on the regular-season schedule, he’s already set career highs in goals, with 18, and points, with 36. And he’s been playing perhaps his best hockey of the season over the past seven games, when he’s spent the bulk of his time alongside Auston Matthews and, for the most part, Mitch Marner. Järnkrok has three goals and three assists over the stretch. Matthews has raved about Järnkrok being an easy guy to play with, a disciplined two-way hustler who is skilled enough to exchange passes with the big boys while smart enough to know it’s his role to take the lead on the dirtier work of forechecking and tracking pucks. And head coach Sheldon Keefe spent part of a recent media availability talking about how, as much as Järnkrok is the prototypically selfless Swede — and as much as he’s spent most of his career as a bottom-six grinder — he’s also not so intimidated in the presence of bigger talents like Matthews and Marner that he’ll commit the sin of over-deferring to their greatness. “Not that he doesn’t care that he's playing with Auston and these other guys. But if he's in a spot to shoot and score, he's gonna shoot and score,” Keefe said the other day. Not long after, Järnkrok was ripping a shot past Carolina goaltender Pyotr Kotchekov before sheathing his stick like a sword. As good as he has been, you can make the case it’s a stretch for a career third-liner to command regular minutes on Toronto’s top line. And maybe, like all of Keefe’s combinations, this one will be temporary, too — especially with O’Reilly’s return to the line up in the offing. Järnkrok can’t compare Cups with O’Reilly, but he can say he’s played beyond the first round on multiple occasions. As a member of the Predators team that lost to the Murray-backstopped Penguins in the 2017 Cup final, Järnkrok played 17 minutes a night. And nobody on Toronto’s roster can claim to have played more than Järnkrok’s 75 career playoff games. Whether that’s an unequivocally good thing, you be the judge. Järnkrok hasn’t always thrived in the Stanley Cup tournament, at least not on the score sheet. In the regular season, he’s averaged about 15 goals a year during his career. In the playoffs, he’s got a grand total of four goals in those 75 games. In other words, the same guy that has scored once every five games in the regular season has scored once every 18 games in the playoffs. Whether the challenges of the past will amount to invaluable experience or insurmountable baggage — for Järnkrok and so many more Maple Leafs — we’ll begin to find out soon enough. LA Kings prospect had 23 goals and 61 points in 31 games, finishing fourth among OHL defenceman in goals and fifth in points despite playing half a season. KC By Ken "The Idiot" Campbell Special to the Star The day he returned from the Los Angeles Kings in January, Brandt Clarke changed the complexion of the Barrie Colts. Now he’ll try to have a similar impact on the Ontario Hockey League playoffs.
When the Colts open their post-season Thursday night at home against the Hamilton Bulldogs, they’ll be leaning heavily on the former Don Mills Flyer by way of Ottawa. And they’re hoping Clarke can affect the balance of power in the playoffs the way he did in the final two-and-a-half months of the season. “He makes everybody better,” Colts GM-coach Marty Williamson said of the star defenceman who helped Barrie finish third in the Eastern Conference. “He’s just elevated our whole team. For our level, it’s like having a (Connor) McDavid.” That’s some pretty high praise, but it’s well-earned for the eighth over all pick in the 2021 NHL draft. While the Colts muddled along without Clarke through the first half of the season, with no certainty of whether or when he’d return, they considered being a seller at the league’s Jan. 10 trade deadline. But that all changed when Clarke was loaned to the Canadian world junior team, where he won a gold medal before being returned to Barrie. With renewed optimism, the Colts instead beefed up at the deadline by acquiring defenceman Braden Haché and left winger Tyler Savard. And the results, for both Clarke and the Colts, have been remarkable. Clarke scored 23 goals and 61 points in 31 games, finishing fourth among OHL defencemen in goals and fifth in points despite playing only half a season. In fact, the 20-year-old finished fifth among defencemen in goals in the 60-team Canadian Hockey League and his 1.97 points per game was easily the best among blue liners. And of the 31 games Clarke played he failed to record a point in only four of them and he finished the season on a 16-game point streak. The Colts, meanwhile, racked up a 23-7-3 mark after Clarke’s return and their 49 points after the trade deadline tied the Sarnia Sting for best in the league. A big reason why Clarke has had such an enormous impact? He bucked the trend of star teenagers moping and struggling after returning from NHL stints. Despite the fact he spent the first two months of the season making NHL money and living the NHL life, Clarke was spending more time in the press box than on the ice. He played just nine games with the Kings and five in the American Hockey League. So Clarke was thrilled to come back to a place where he could play a lot and have a real impact, which isn’t as common among star players as you might think. “I didn’t want to take it as a negative,” Clarke said. “There are some guys who can take it the wrong way and be p---ed off and think they’re too good to be here. But that’s not me. I’m the captain of this team and wanted to help this team on a playoff push and I think that’s what I’ve been doing. I’m just really happy with my over all play and I think both me and the team are peaking at the right time.” Clarke was left off the roster for Canada’s world junior team in the summer of 2022 for the COVID-delayed tournament in Edmonton but was a big part of the team four months later in Halifax for the 2023 event, recording eight points — including two assists in Canada’s 3-2 overtime win over Czechia in the gold-medal game. There have been some maturity concerns with Clarke, but his time with the Kings really fostered his growth in part because he lived with the family of former Kings goaltender and two-time Stanley Cup winner Jonathan Quick. “He’s one of those kids who loves playing hockey, every second of it,” said Kings director of amateur scouting Mark Yannetti. “Every time he goes on the ice, instead of pouting, he’s like, ‘I’m going to score.’ I’ve never seen a kid come back to junior when he arguably has a legitimate case to be on the NHL team and do what he has done.” That’s what has the Colts optimistic about their chances, even in this year’s deep playoff field. Along with the Ottawa 67’s and North Bay Battalion, the Colts are among the powerhouse teams in the Eastern Conference, with the Windsor Spitfires, London Knights and Sting as the juggernauts in the Western Conference. “We have a really good team and we have all the confidence in the world going into this playoff run,” said Clarke, who missed the Colts’ first-round playoff ouster last season after undergoing knee surgery. “It’s going to be good.” At some point, writes Frank Giustra, someone has to pay the piper for the mess (caused by that evil cocksucker reagan) — which in all likelihood will be average taxpayers through inflation. By Frank GiustraContributing Columnist TORONTO STAR “It’s déjà vu all over again!”
— Yogi Berra To raise or not to raise? That was the question at the U.S. Federal Reserve’s March 22 policy meeting. And whether it was nobler in their minds to raise interest rates a quarter point and suffer a worsening banking crisis or to pause and admit the fight to contain inflation was effectively lost. Whatever direction they went, they were damned if they did and damned if they didn’t. To retain some shred of credibility, they chose their words carefully when announcing the decision to hike; both leaving the door open to further hikes but also suggesting that the recent crisis would do the job of fighting inflation for them by tightening credit conditions. While appearing to remain hawkish by hiking, they were also desperately injecting liquidity into the financial system to prevent contagion and perhaps a repeat of the 2008 financial crisis. The Fed insists that its recently announced emergency Bank Term Funding Program is not quantitative easing (QE) in the strictest sense of the word. But the fact is that it did increase the size of the Fed’s balance sheet by $300 billion to, once again, prevent a collapse of the U.S. financial system. If it walks like a duck, talks and goes with plum sauce like a duck, it’s probably a duck. It was a bail out using the Fed’s balance sheet in every sense of the word. This sudden expansion of the Fed’s balance sheet last week indicates that the quantitative tightening (QT) experiment is over. The U.S. is heading back to a record $9-trillion balance sheet — and perhaps even higher. As I have been saying since 2009, the Fed would never be able to unwind its balance sheet without imploding the entire system. It didn’t take a degree in advanced calculus to have seen this coming. It’s just arithmetic. The world is drowning in debt. Over the past decade, global debt has doubled to more than $300 trillion. There was no immediate threat apparent when rates were near zero. But as the Fed jacked up rates aggressively to nearly five per cent, something was bound to break. Banks’ balance sheets are made up of mostly government bonds and other debt securities. As rates rise, the value of those holdings plummet and that’s when liquidity problems arise and rumours start to fly. At the end of 2022, U.S. banks were sitting on unrealised losses of $620 billion. That number today could be upwards of $1.7 trillion or higher. If policy makers fail to provide assurance to the public, confidence will worsen and bank runs will become more frequent. The Fed’s own portfolio is also made up of longer-duration government bonds and mortgage-backed securities that were accumulated post 2008 and then again during the pandemic crisis. It was clear the subsequent decision to raise rates last year made the idea of QT dead on arrival. In fact, last year the Fed reported unrealised losses of more than $330 billion against just $42 billion in capital. (Technically, the Fed can’t go bankrupt as it can print money with the click of a mouse). Just who they hoped would buy their paper is beyond me. Trying to unload its holdings back into the financial system was akin to passing around the hot potato. By being aggressive on rate hikes after being stupidly accommodative for more thana decade, they managed to shoot themselves in the foot and the head at the same time. Whether true or not, the Department of Treasury’s move to bail out all depositors at Silicon Valley Bank (SVB) adds further credence to the notion that only the wealthy get bail outs. SVB had one of the highest shares of uninsured deposits in the country when it collapsed, with 94 per cent of its deposits landing above the Federal Deposit Insurance Corporation’s (FDIC) $250,000 insurance limit. In any event, it does help foster additional moral hazard into a system spoiled for so long under artificially low rates. The market is now trying to guess how policy makers will react when the next bank fails. Will SVB prove to be a Bear Stearns or a Lehman Brothers? At the outset of the 2008 financial crisis, the U.S. government chose to bail out troubled investment bank Bear Stearns, but then allowed Lehman to fail just six months later. Predictably, the Lehman failure put the financial crisis in overdrive and in the end, the government had to bail out all the banks. After the SVB collapse, the Fed and the treasury are sending conflicting signals as to who they may decide to rescue the next time there is a run on a bank. One can forgive them for obfuscating their messaging to the public. On one hand, they can’t well say that SVB was the first or the last to get rescued. That might trigger additional bank runs at the nation’s many small regional and community banks, which hold 80 per cent ($2.3 trillion) of commercial real estate loans in the U.S. Spooking the market could end up being disastrous. On the other hand, promising uninsured depositors bailouts only serves to increase moral hazard throughout the financial system. The Fed’s decision to guarantee non-insured depositors of Silicon Valley Bank is “the most wonderful example of moral hazard we’ve come across for quite awhile,” said Standard Chartered Bank CEO Bill Winters. The root cause of these re-occurring financial crises happened during Alan Greenspan’s tenure as Fed chair 20-some years ago, when easy money policy was introduced and we saw the beginnings of the inescapable trap the Fed was creating. Not only are these crises re-occurring, but they are becoming more frequent and closer together. Witness the 2019 repo crisis, the 2020 pandemic, last year’s U.K. gilt market crisis and now the current banking crisis in the U.S. and Credit Suisse in Switzerland. In each case, the government and central banks have had to step in and save the day. Due to its opaqueness, it is impossible to know what’s lurking in the shadows of the multi-trillion dollar derivatives market. Specific black swan events, by definition, are close to impossible to predict. We don’t see them coming until the proverbial black feathers start flying. But you can safely bet that fires are being doused in many corners of the financial system as we speak. I am certain there will be more to come. Managing Director Atsi Sheth of Moody’s Investors Service, one of the Big Three credit ratings firms, commented that the risk is that officials “will be unable to curtail the current turmoil without longer lasting and potentially severe repercussions within and beyond the banking sector.” When that happens, policy makers will have no choice but to step in with the same tools they have utilised in the past. Lower rates back to near zero and renewed QE. From there I draw several conclusions: inflation in some form is here to stay, fiat currencies will continue to get debased and that we are nearing the end of the current global monetary system. At some point, someone has to pay the piper for all the reckless monetary policy we have witnessed over the last two decades, which is almost guaranteed to be the average taxpayer through inflation. The maddening part is that the Fed is primarily to blame for the mess we are in. Given the simplicity in the arithmetic required and what one must assume is the level of intelligence of most policy makers, I suspect something more than incompetence may be at play. Nevertheless, here we are. Protect yourselves. |
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