Originally published at: https://peakprosperity.com/daily-digest/chinese-hackers-mosquito-powered-mrna-and-echoes-of-1929/
Economy
Ed Dowd, a former Wall Street money manager, has raised concerns about the Biden Administration’s economic strategies during the 2024 election year. Dowd alleges that the administration engaged in excessive spending, similar to measures taken during the Great Financial Crisis, resulting in a deficit of 8% to GDP. He claims this spending was intended to secure re-election by hiring government personnel and facilitating illegal immigration, which he estimates brought in 10 to 15 million people over four years. According to Dowd, this influx temporarily stimulated the economy but added $2 trillion in unproductive assets. He also suggests that economic data, particularly non-farm payroll numbers, may be inflated and anticipates potential downward revisions of GDP figures.
Dowd predicts President Trump’s policies will aim to reverse actions taken by Biden through mass deportations and reduced government spending. He further warns of potential negative reactions from bond markets and suggests that the economic consequences will become apparent in 2025. He recommends holding gold and cash as a hedge against anticipated economic challenges and geopolitical tensions, particularly in Syria. Some investors, as reported by Reuters, believe that the current market concentration is a result of the Federal Reserve’s policies, which have kept interest rates low, thereby inflating asset prices, particularly in tech stocks.
Meanwhile, a tweet by FinanceLancelot notes that the concentration of market power in the top 10 stocks has reached levels not seen since 1929, with these stocks accounting for 38% of the market. Bloomberg reported that the S&P 500’s gains this year have been driven by a small group of tech giants, raising concerns about market breadth and potential overvaluation.
Geopolitics
In a cybersecurity breach, Chinese hackers accessed the U.S. Treasury Department’s systems via vulnerabilities in BeyondTrust’s software. This breach, described as a “major incident,” involved the theft of an authentication key, allowing hackers to bypass security measures. The Treasury Department, in collaboration with the FBI and the Cybersecurity and Infrastructure Security Agency, is investigating the breach’s scope. This incident is part of a broader cybersecurity threat from China’s Salt Typhoon hacking group, which has targeted U.S. infrastructure since 2022, affecting nine telecom companies. The breach highlights ongoing tensions in U.S.-China relations and underscores the need for enhanced cybersecurity measures. Following the breach, the Cybersecurity and Infrastructure Security Agency (CISA) issued new guidelines for government officials, emphasizing secure communication practices. Meanwhile, the Chinese Embassy in Washington, D.C., denied any involvement, describing the accusations as “baseless.”
Health
Researchers at Leiden University Medical Center, backed by the Bill Gates Foundation, are exploring methods to combat malaria using genetically modified mosquitoes. A study published in the New England Journal of Medicine suggests that these mosquitoes can deliver malaria vaccines. Despite concerns about medical safety and informed consent, the research continues, with promising results from trials using genetically modified parasites. The Gates Foundation has invested in malaria vaccine research, emphasizing the need for innovative solutions to combat the adaptable malaria parasite. The foundation’s efforts aim to develop next-generation vaccines and explore the potential of mRNA vaccines or genetically modified mosquitoes for a malaria-free future. However, ethical concerns have been raised, with some critics arguing that the method raises significant questions about autonomy and consent, as highlighted by a blog post from The Ethical Skeptic.
Sources
Fraud and Fiscal Follies: Ed Dowd Claims Biden’s Election-Year Economy Was Propped Up by Crisis Spending and Cooked Data
The bottom line is there is pain coming regardless.
Source | Submitted by rhollenb
Chinese Hackers Breach U.S. Treasury via Third-Party Software, Major Incident Declared
Chinese hackers remotely breached the U.S. Treasury Department earlier this month, stealing documents from its workstations, according to a letter the agency sent to lawmakers on Monday.
Source | Submitted by Walberga
Bill Gates-Backed Researchers Turn Mosquitoes into Malaria-Fighting “Flying Syringes”
These findings represent a significant step forward in malaria vaccine development,
US Treasury Hacked: China-Linked APT Exploits BeyondTrust Vulnerabilities
The incident has been attributed to a China state-sponsored Advanced Persistent Threat (APT) actor.
Source | Submitted by Timo Hallikainen
Déjà Vu: Top 10 Stocks Dominate Market, Echoing 1929 Levels
The last time 10 stocks accounted for 38% was 1929.
Source | Submitted by AaronMcKeon
In addition to sources submitted by community members, the following were also used in the creation of this report: Bloomberg, Reuters, Cybersecurity and Infrastructure Security Agency (CISA), Chinese Embassy in Washington, D.C., The Ethical Skeptic.