The Market Ticker
Commentary on The Capital Markets
Logging in or registering will improve your experience here
Main Navigation
Full-Text Search & Archives
Legal Disclaimer

The content on this site is provided without any warranty, express or implied. All opinions expressed on this site are those of the author and may contain errors or omissions.

NO MATERIAL HERE CONSTITUTES "INVESTMENT ADVICE" NOR IS IT A RECOMMENDATION TO BUY OR SELL ANY FINANCIAL INSTRUMENT, INCLUDING BUT NOT LIMITED TO STOCKS, OPTIONS, BONDS OR FUTURES.

The author may have a position in any company or security mentioned herein. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.


Market charts, when present, used with permission of TD Ameritrade/ThinkOrSwim Inc. Neither TD Ameritrade or ThinkOrSwim have reviewed, approved or disapproved any content herein.

The Market Ticker content may be sent unmodified to lawmakers via print or electronic means or excerpted online for non-commercial purposes provided full attribution is given and the original article source is linked to. Please contact Karl Denninger for reprint permission in other media, to republish full articles, or for any commercial use (which includes any site where advertising is displayed.)

Submissions or tips on matters of economic or political interest may be sent "over the transom" to The Editor at any time. To be considered for publication your submission must include full and correct contact information and be related to an economic or political matter of the day. All submissions become the property of The Market Ticker.

Considering sending spam? Read this first.

Since when does the US have the right to tell another sovereign nation what it can and cannot do with its natural resources, including selling them to customers that wish to buy them?

Apparently we arrogated that to ourselves some time ago and still think we have this right.

We are approaching the endgame for the Nord Stream II (NS2) natural gas pipeline. Begun in 2018, the pipeline aims to link Ust Luga, Russia, to Greifswald, Germany. Today, it has under one hundred miles remaining to be completed.  

Decisions made over the next few weeks will determine whether gas ever flows through NS2. It is time for the United States to finally checkmate the project, which is neither economically necessary nor geopolitically prudent, and which harms transatlantic security.  

It's none of our damned business.

Yes, I certainly understand that NS2 will "checkmate" the flow-through fees that Ukraine currently enjoys.  But Ukraine is not entitled to those fees if no gas transits their nation.  Whether it makes more sense to transit Ukraine or bypass it is not our issue to litigate just like it is not other nations issue to litigate whether we'd like to run a pipeline through Canada with their consent, or into or out of Mexico.

I fully appreciate that some folks seem to think we have the right to throttle the sale of natural resources, no matter what they may be, to and from various nations.  Yet the entire premise of national sovereignty is that we have no such right irrespective of who the nation might be.  We have the right to refuse to buy or sell within America, of course -- but not to demand that others not do so.

We can refuse to buy Iranian oil as America, and that's fine.  We can refuse to sell things to Iran as well.

But a nation is either sovereign or it is not.

Yet, the U.S. has thus far been remarkably successful in arresting the development of NS2. Eighteen companies have dropped out of NS2 due to U.S. sanctions pressure, and its future remains in limbo.  

On what basis, exactly?  Certainly nobody is arguing that natural gas is a weapon of mass-destruction, unless having your home heated in the middle of winter counts.  Oh wait -- maybe its the other way around; the United States now claims dominion over whether you freeze to death in the wintertime?

Oh, I know, we claim NS2 is not "necessary" to prevent that.  Uh, what's necessity again?  Is this is a commercial transaction or something else?  If it's a commercial transaction then more sources means lower prices, generally speaking.  That's good, at least according to the claims of capitalism.  Were we lying?

I get it; Russia is the "Great Bear" and still threatens to eat us.  Gee, isn't it amusing that Heritage and others ignore that China was the source of Covid-19 that killed a half-million Americans.  Whether they did it through stupidity and our funding the Wuhan lab's experiments or through their people acting like cave men with their wet markets does not matter when you get down to it; dead is dead.  Speaking of dead, raped and similar, how's it going for freedom of religion over there in China?  Exactly why is it that we're willing to suck their dicks for Tesla car batteries and electronics (never mind gym shoes and clothes) produced by slaves while Putin is an ******* because he wants to sell natural gas.

Target your ire at the folks doing the most damage first, Heritage.

View this entry with comments (opens new window)
 

2021-03-02 12:03 by Karl Denninger
in Interviews , 102 references
[Comments enabled]  

2021-03-02 07:00 by Karl Denninger
in Corruption , 189 references
[Comments enabled]  

Amendment 5 -- you know, that quaint document?

No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offence to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.

The CDC's "eviction moratorium" is claimed to be for public use -- to reduce the spread of Covid-19.

It is clearly a taking, by a government.

It's unconstitutional unless the landlord, in each and every case, is fully compensated for what was taken.

Every Government agency, every employee of same and every lawmaker at all levels is charged with following the Constitution.

Now the Just-Us Department is going to appeal an obviously correct ruling that there was no authority to issue that order and by doing so they have declared that they do not honor the Constitution either.

Forget it folks, you no longer owe any allegiance to any so-called "social contract."

None.

Zip, zero, nada.

View this entry with comments (opens new window)
 

2021-03-01 08:14 by Karl Denninger
in POTD , 170 references
 

 

View this entry with comments (opens new window)
 



2021-03-01 07:53 by Karl Denninger
in Stupidity , 205 references
[Comments enabled]  

..... competence does not matter.

According to DDoSecrets' Best, the hacker says that they pulled out Gab's data via a SQL injection vulnerability in the site—a common web bug in which a text field on a site doesn't differentiate between a user's input and commands in the site's code, allowing a hacker to reach in and meddle with its backend SQL database. 

So Gab was coded without concern for SQL injection, which incidentally is trivially prevented by using parameterized calls to the database that prevents the injection of arbitrary commands.

In other words instead of having your code combine strings together to make up a statement like:

"Select content from postings where login = 'joe' and index = '12345'" the code instead has a static string in it that reads:

"Select content from postings where login = $1 and index = $2" and then the code puts the login and index numbers in an array of arguments that include elements $1 and $2.

The problem with the first approach is that if I can manage to get "joe" to instead be "joe\';xxxxxxxx" where "xxxxx" is a bunch of other stuff that looks to the SQL engine like two commands and what you wanted to happen isn't what you get.

Since the second setup doesn't include anything except arguments all that happens if someone tries it there is an argument typing error which returns nothing.

This has been known since, oh, roughly forever?  Who the **** in 2021 is coding up applications without using parameterized calls to a database backend?

I literally cannot count the number of attempts at this which are made against The Market Ticker on a daily basis; it's a wildly-popular thing to try to do to various web-based applications in the hope that the authors of the code were stupid.

I leave the rest of the analysis as to who was what to you; it shouldn't be all that tough to figure out.

View this entry with comments (opens new window)