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Tuesday, August 6, 2024

'Organon guidance narrowed'

 

  • Second quarter 2024 revenue of $1.607 billion, flat year-over-year on an as-reported basis and up 2% at constant currency
  • Second quarter 2024 diluted earnings per share of $0.75 and non-GAAP Adjusted diluted earnings per share of $1.12; both reported and non-GAAP Adjusted diluted earnings per share include $15 million of expense, or $0.05 per share, for acquired in-process research and development (IPR&D) and milestones
  • Second quarter 2024 net income of $195 million and Adjusted EBITDA (non-GAAP) of $513 million
  • Guidance range for full year 2024 revenue narrowed to $6.250 billion to $6.450 billion, mid-point of the range, affirmed; Guidance range for Adjusted EBITDA margin (non-GAAP) affirmed at 31.0%-33.0%

Organon does not provide GAAP financial measures on a forward-looking basis because the company cannot predict with reasonable certainty and without unreasonable effort, the ultimate outcome of legal proceedings, unusual gains and losses, the occurrence of matters creating GAAP tax impacts, and acquisition-related expenses. These items are uncertain, depend on various factors, and could be material to Organon’s results computed in accordance with GAAP.

Full year 2024 financial guidance is presented below on a non-GAAP basis, except revenue.

 

Previous guidance as
of
May 2, 2024

Current guidance

Revenues

$6.2B - $6.5B

$6.25B - $6.45B

Adjusted gross margin

61.0% - 63.0%

Unchanged

SG&A

$1.5B - $1.7B

Unchanged

R&D

$400M - $500M

$430M - $530M*

Adjusted EBITDA margin (Non-GAAP)

31.0% - 33.0%

Unchanged

Interest

~$520M

Unchanged

Depreciation

~$130M

Unchanged

Effective non-GAAP tax rate

18.5% - 20.5%

Unchanged

Fully diluted weighted average shares outstanding

~259M

Unchanged

*Updated R&D expense guidance includes $30 million of IPR&D and milestone expense incurred year-to-date June 30, 2024. R&D guidance does not take into consideration a forward looking view of IPR&D and milestone expense.

https://www.businesswire.com/news/home/20240806912375/en/

Cash-Strapped Sangamo Gets Lifeline from Genentech in Potential $1.9B Neuro Deal

 

Sangamo Therapeutics announced Tuesday it secured an exclusive licensing agreement with Roche’s Genentech, which is paying $50 million in near-term upfront fees and milestone payments to develop novel genomic medicines for neurodegenerative diseases.

Sangamo Therapeutics announced Tuesday that it has inked a deal giving Roche’s Genentech an exclusive license to develop several of its candidates, while providing the cash-strapped biotech a much-needed financial boost.

Under the agreement, Sangamo will receive $50 million in near-term upfront license fees and milestones and is eligible to receive $1.9 billion in development and commercial milestones spread across multiple products and tiered royalties on net sales.

Genentech has been granted an exclusive license to Sangamo’s proprietary zinc finger repressors, directed at the tau gene which is involved in treating Alzheimer’s disease and has an undisclosed neurology target. Sangamo is also licensing its adeno-associated virus (AAV) capsid, known as STAC-BBB, which can penetrate the blood-brain barrier and target diseases in the central nervous system. The specific target for this capsid has not been disclosed.

The terms of the agreement have Sangamo responsible for completing the tech transfer and undertaking some preclinical activities. Genentech will oversee all clinical development of these assets as well as conduct regulatory interactions, manufacturing and global commercialization.

Sangamo’s stock skyrocketed Tuesday, up more than 40% in morning trading.

“We strongly believe in the power of our zinc finger technology to regulate the expression of key genes involved in disease. The recent discovery of our industry-leading intravenously delivered AAV capsid, STAC-BBB, has the potential to address longstanding challenges in delivering therapeutics to the central nervous system,” Sangamo CEO Sandy Macrae said in a statement.

Sangamo noted that it will continue to have business development discussions with other partners for its assets, including its Fabry disease candidate, isaralaggene civaparvovec, which has already received the FDA’s Fast Track designation and is an asset that some experts are bullish on generating cash for the company.

The Genentech deal comes at a critical time for Sangamo as the company was running out of cash. A Seeking Alpha report last month noted that the company was potentially on the verge of bankruptcy, pointing to Sangamo’s first-quarter 2024 earnings which showed that the biotech had only enough cash to last into the third quarter of this year.

Prior to Tuesday’s Genentech licensing agreement, Sangamo had not secured a major deal since 2020 when it received $350 million upfront to develop assets for neurological diseases with Biogen. The deal was discontinued last year.

However, there have been rays of hope for Sangamo. Late last month, the Pfizer-partnered hemophilia A gene therapy giroctocogene fitelparvovec showed positive effects in Phase III, which if approved, would provide access to royalties and a $220 million milestone payout.

https://www.biospace.com/deals/cash-strapped-sangamo-gets-lifeline-from-genentech-in-potential-1-9b-neuro-deal

"This Boxer Is Male": IBA Holds Press Conference To Address Olympic Gender Issue

 by Steve Watson via Modernity.news,

The International Boxing Association (IBA) held a press conference Monday and categorically confirmed that the two fighters currently participating in Olympic women’s boxing are “male,” because they failed a previous gender chromosome test.

As we have highlighted, a furore has erupted over Lin Yu-ting of Taiwan and Imane Khelif of Algeria who are both now in the semi-finals of the women’s boxing in Paris. Both fighters were previously disqualified from competing in the women’s category by the IBA.

During the IBA gathering, CEO Chris Roberts said that the 2022 test results for the fighters by an independent laboratory in Istanbul “demonstrated the chromosomes we refer to in competition rules that make both boxers ineligible.”

Roberts emphasised that both Khelif and Yu-ting were informed that they tested positive for XY chromosomes and were allowed to appeal the findings to the Court of Arbitration for Sport, with the IBA offering to cover the costs. Roberts noted that Yu-ting chose not to appeal, and Khelif did initially but then withdrew the appeal.

Both boxers were then re-tested in India during the 2023 Women’s World Boxing Championships, with the same results being recorded.

Dr. Ioannis Filippatos, the former Chair of the IBA Medical Committee, also spoke at the press conference and was adamant that the fighters should not be competing as women.

“Medicine is knowledge, it is not opinion,” Filippatos said, adding:

“One passport can give to us the opportunity to be men, and, tomorrow when I go back to Athens, it’s possible to go to my government and… change my name from Ioannis Filippatos to Ionnia Filippatos. That means I am a woman tomorrow? Please. The nature and the biological world do not change.”

Some of the journalists became extremely agitated with Filippatos’ comments, but he doubled down, and explained that he is relaying medical test results.

“Why are you attacking me?” he stated, adding

“The blood results look and say — the laboratories — that this boxer is male,” he asserted.

The IOC, refuses to back down from describing the fighters as women, with spokesperson Mark Adams claiming “These athletes have been competing in senior competitions for six years with no issues. These women were eligible for this contest, remain eligible for this contest and compete in this contest.”

“I cannot tell you if they were credible or not credible [gender tests] because the source from which they came was not credible and the basis for the tests was not credible,” Adams further claimed, despite the source being the IBA.

“For that reason there was no consideration of whether they were correct or not correct because they had no bearing for the eligibility of boxing here,” Adams added.

Khelif is scheduled to fight later today in the Welterweight semi-final, and Yu-ting will fight tomorrow in the Featherweight semi-final.

https://www.zerohedge.com/medical/boxer-male-iba-holds-press-conference-address-olympic-gender-issue

Maricopa County Sued After Refusing To Remove Illegals From Voter Rolls

 America First Legal (AFL) has filed a lawsuit against Maricopa County, Arizona recorder Stephen Richer for failing to remove non-citizens from county voter rolls.

On Monday the legal organization founded by former senior Trump adviser Stephen Miller sued Richer and Maricopa County on behalf of the Strong Communities Foundation of Arizona and a registered voter and naturalized citizen, for allegedly refusing to verify the citizenship of voters registered in the county, Just the News reports.

On July 16, AFL sent letters to all 15 Arizona counties demanding that election officials follow state and federal law by ensuring that non-citizens were unable to vote, and warned of legal action if they didn't by the following week.

Richer replied via his legal counsel, claiming that he's following the law by verifying the citizenship of voters - however AFL says he's lying, as voter rolls have had an increase in the number of registered voters without confirmed citizenship under his watch, and that databases have not been accessed which would verify voters' citizenship.

AFL has sued Richer for allegedly violating state law by not performing the monthly list maintenance required to verify the citizenship status of registered voters who have not provided proof of citizenship.

In Arizona, registered voters without proof of citizenship can vote only in federal elections, not state elections.

The lawsuit alleges the number of registered voters without proof of citizenship has jumped from 21,595 in April to 26,108 in July. -Just the News

"Maricopa County, in direct violation of state law, is refusing to remove illegal alien voters from the rolls," Miller said Tuesday. "We are taking decisive action: suing Maricopa County for unlawfully permitting illegal aliens and foreign citizens to interfere in the 2024 election."

Read the filing below:

House Panel Expands ActBlue Probe, Calls On FEC To Help Prevent Fraud

 by Samantha Flom via The Epoch Times,

A House panel is expanding its investigation into whether the Democratic fundraising platform ActBlue may be skirting or violating federal campaign finance laws.

Rep. Bryan Steil (R-Wis.), chairman of the House Administration Committee, launched the probe last fall amid allegations that ActBlue was facilitating the funneling of unlawful contributions to political committees across the country.

One of the committee’s initial findings was that ActBlue does not require online donors using a credit or debit card to provide a card verification value (CVV), a code meant to prevent fraudulent transactions.

Steil is now asking the Federal Election Commission (FEC) to change that.

In an Aug. 5 letter to FEC Chairman Sean Cooksey and Vice-Chair Ellen Weintraub, Steil urged the commission to initiate an emergency rulemaking process to require political campaigns to verify online donors’ CVV codes and bar them from accepting donations via prepaid credit cards or gift cards.

The congressman wrote, “This emergency rulemaking is necessary to reassure the American people that ActBlue is taking the necessary steps to protect its donors.”

He said that the platform’s current practices “invite the possibility of foreign donations,” and could also provide a vehicle for skirting campaign contribution limits via “straw donors.”

“These issues present a serious loophole to the transparency and integrity of the campaign donation process, and an emergency rulemaking is required to rectify these issues,” he wrote.

Neither the committee nor ActBlue returned requests for comment.

ActBlue, however, has referred to the allegations against it as “frivolous and false accusations.”

“This investigation is nothing more than a partisan political attack and scare tactic to undermine the power of Democratic and progressive small-dollar donors,” the organization said in a statement on Aug. 2 as Virginia joined the list of states scrutinizing its operations.

Accusing investigators of harassing staff and donors, the group added: “Republicans simply cannot accept that millions of Democrats are energized and engaged in the political process, and are instead resorting to political attacks and spreading false accusations.”

Steil’s request to the FEC was made as the committee launched the second phase of its probe.

According to a committee news release, “a wide array of sources” have come forward in recent weeks to voice concerns that ActBlue may have engaged in illegal activities.

Allegations include the laundering of unlawful—including foreign—donations, deliberately obscuring the identities and locations of cardholders by not requiring CVV codes, and accepting suspiciously large or frequent donations from donors on fixed incomes or with no history of such behavior.

Steil’s plan for preventing such violations includes passing legislation to require political committees to verify the CVV codes and addresses of donors using credit or debit cards. He would also prohibit political committees from accepting donations made via gift cards or prepaid credit cards and require campaigns to obtain donors’ “affirmative consent” for recurring contributions.

The attorneys general of Missouri, Virginia, and Wyoming are conducting their own investigations into ActBlue’s operations.

ActBlue came under scrutiny in March 2023 after O’Keefe Media Group published a report detailing atypical donation patterns among senior citizens who had used the platform to make political contributions. Individuals were recorded as having made thousands of donations—in some cases totaling upwards of $200,000—in just a few years’ time. But when asked about those donations, the seniors said they had no knowledge of them.

O’Keefe Media Group also found similar irregularities in data from WinRed, the Republican counterpart to ActBlue, though the House Administration Committee does not appear to be investigating that platform.

https://www.zerohedge.com/political/house-panel-expands-actblue-probe-calls-fec-help-prevent-fraud

WHO Is No Longer Fit For Purpose

 Via The Brownstone Institute,

The following is an excerpt from Dr. Ramesh Thakur’s book, Our Enemy, the Government: How Covid Enabled the Expansion and Abuse of State Power.

The top global agency, part of the United Nations system, for promoting preparedness in advance for health emergencies and crises and coordinating national responses, is the World Health Organisation. Unfortunately, its performance in helping the world manage Covid-19 proved, to be kind, very patchy. This makes it all the more surprising that there should be a concerted effort underway to expand its authority and boost its resources.

WHO Wants a New Pandemic Treaty?

The Covid-19 crisis illustrates how the source and scope of many critical problems are global and require multilateral solutions, but the policy authority and requisite resources for tackling them are vested in states. An efficient architecture of global health governance would have detected the emerging epidemiological threat early, sounded the alarm, and coordinated the delivery of essential equipment and medicines to population clusters in the most need.

The World Health Organisation (WHO) is at the centre of the existing architecture. It works worldwide to promote universal health care, monitor public health risks, prepare for emerging epidemiological emergencies, and coordinate responses. It sets international health standards and guidelines and provides technical assistance to countries in need. It’s credited with eradicating smallpox and coordinating the response to SARS.

Its Covid performance, however, was somewhere between underwhelming and disgraceful. Its credibility was badly damaged by tardiness in raising the alarm; by the shabby treatment of Taiwan at China’s behest despite the potential lessons to be learnt from its prompt and effective measures to check Covid; by the initial investigation that whitewashed the origins of the virus; and by flip-flops on masks and lockdowns. For problems without passports, in Kofi Annan’s evocative phrase, we need solutions without passports. Instead, international and domestic border closures, wholesale quarantine of healthy populations, and mandatory vaccine requirements insinuated passport requirements into quotidian activities.

Health includes mental health and well-being and is highly dependent on a robust economy, yet the WHO-backed package of measures to fight Covid has been damaging to health, children’s immunisation programs in developing countries, mental health, food security, economies, poverty reduction, educational, and social well-being of peoples. Their worst effect was grievous assaults on human rights, civil liberties, individual autonomy, and bodily integrity.

To make it worse, in promoting these policies the WHO violated, without providing any justification beyond China’s example, (1) the guidance from its own report in 2019 that summarised a century’s worth of worldwide experience and science; and (2) its own constitution which defines health as “a state of complete physical, mental and social well-being and not merely the absence of disease or infirmity.” The vaccine push has similarly ignored accumulating safety signals about the scale of adverse reactions, on the one hand, and rapidly dwindling efficacy after successive doses, on the other.

Euro-US efforts, backed by Australia, to amend legally binding international health regulations and adopt a new pandemic convention would confer extraordinary powers on the WHO to declare public health emergencies of international/regional concern and command governments to implement their recommendations. WHO inspectors would have the right to enter countries without consent and check compliance with their directives. They would lock in the lockdowns-vaccines narrative and preempt rigorous independent retrospective reviews of their costs and efficacy.

The “reforms” amount to a WHO power grab at the behest of Big Pharma and Big Donors. Whether approved as two separate instruments or folded into one overarching new treaty, the changed architecture will greatly strengthen the WHO’s core capabilities on public health surveillance, monitoring, reporting, notification, verification, and response. The rush to amend the existing International Health Regulations (IHR) encountered significant pushback from developing countries, China, and Russia last month but will come up again for discussion and approval. The new treaty under negotiation will be presented to the World Health Assembly, the WHO’s 196-member governing body, in 2024. 

Remarkably, there’s been virtually no public debate on the ramifications of such far-reaching encroachments on national autonomy, state sovereignty, and human rights. The Spectator has been an honourable exception. Well-capacitated, technically proficient, and democratically legitimate states should be wary of ceding control of the policy agenda, decision-making authority, and enforcement powers to inefficient, cumbersome, and unaccountable international bureaucracies. Many governments argue that other issues like climate change, gun violence, and racism also constitute public health emergencies which would expand the WHO’s remit even more.

The two new instruments would give pride of place to pandemics above all else. Yet pandemics are rare events. The WHO listed only four in the 120 years before Covid-19: the Spanish flu 1918–19, Asian flu 1957–58, Hong Kong flu 1968–69, and swine flu 2009–10. They impose a low disease burden compared to the endemic infectious and chronic diseases. According to the World Life Expectancy, from 1 March 2020 to 9 June 2022, heart diseases, cancers, strokes, lung diseases, and influenza and pneumonia killed more people around the world than Covid-19. Moreover, as is well known and unlike the earlier pandemics, about three-quarters of the 6.3 million Covid-related deaths were in people with comorbidities at or above average life expectancy.

Florida and Sweden resisted the lockdown groupthink and have come out markedly better on the balance of benefits versus harms. Yet the new regulatory framework would strip away their right to chart their own independent paths, just like lockdowns removed responsibility and agency from individuals to the public health clerisy.

Why empower a bigger and richer WHO to enforce wrongthink on the whole world? On 24 January, Director-General Tedros Adhanom Ghebreyesus said an urgent priority was to “strengthen WHO as the leading and directing authority on global health,” for: “We are one world, we have one health, we are one WHO.” On 12 April, he said the Covid crisis had “exposed serious gaps in the global health security architecture;” the new treaty would be “a generational agreement” and “a gamechanger” for global health security.

If adopted, they will consolidate the gains of those who have benefitted from Covid-19, concentrating private wealth, increasing national debts, and decelerating poverty reduction; expand the international health bureaucracy under the WHO; shift the centre of gravity from common endemic diseases to relatively rare pandemic outbreaks; create a self-perpetuating global biopharmaceutical complex; shift the locus of health policy authority, decision-making, and resources from the state to an enlarged corps of international technocrats, creating and empowering an international analogue of the administrative state that has already thinned national democracies. It will create a perverse incentive: the rise of an international bureaucracy whose defining purpose, existence, powers, and budgets will depend on outbreaks of pandemics, the more the better.

The Woke Health Organisation?

On 8 May, Senator Malcolm Roberts discussed the latest abortive effort by the UN system to promote “sexuality education” from birth. Yes, really. The origins of this go back to the document Standards for Sexuality Education in Europe funded by Germany’s health ministry and published jointly with the WHO Collaborating Centre in Europe in 2010. In 2023 the effort to universalise these Euro-origin standards faltered in the UN Commission on Population and Development. The EU and “progressive” Western countries” (Sweden, Denmark, Norway, Canada) push to foist the woke agenda on the rest of the world failed due to resistance from non-Western countries like Iran, Pakistan, Nigeria, and the Holy See.

Dr David Bell explains how last year the WHO’s abortion care guidance called for babies to “be killed up until the moment they emerge from the birth canal, without delay, whenever a pregnant woman requests it.” It recommends abortions be available on request and advises against “gestational age limits.” This is both a bureaucratic and a moral overreach. Only the governments concerned have the right and responsibility to make decisions on policy parameters between pro-choice and pro-life advocates.

The WHO has also determined that alcohol is dangerous for your health, regardless of how little or rarely you imbibe. If you believe you drink responsibly, you are just the alcohol industry’s useful idiot. The WHO says alcohol accounts for 5.1% of the world’s disease burden and “contributes to 3 million deaths each year globally.” A WHO news release in January insisted that “no level of alcohol consumption is safe for health.”

Over the last three years, we have been conditioned to accept that public health safety trumps all other values and considerations, including such quaint old-fashioned notions as liberty, free choice, and individual responsibility for one’s health and lifestyle choices.

On 15 April, in the latest iteration of its role as the world’s nanny, the WHO published Reporting about Alcohol: A Guide for Journalists attacking the notion of “responsible drinking” as “a marketing tool and a tactic to influence public beliefs about the alcohol industry” that neither tells us when to stop nor acknowledges the option of abstinence. It also allegedly “ignores the inherent risks in consuming alcohol, mischaracterising its harms as the result of a small minority of individual drinkers who cannot control their intake.” It stigmatises those who cannot hold their drink by putting “the entirety of the blame for alcohol problems on individual drinkers rather than more prominent…factors such as advertising, pricing or availability.”

Thus three key elements of the successful weaponisation of Covid for ensuring compliance with Science™ diktats from the WHO – scaremongering, shaming, and controlling the media narrative around it – are being replicated to socially engineer human behaviour on drinking, behaviour that is as old as human civilisation.

The bureaucratic nature of the WHO shows in the Preamble to the draft pandemic treaty: 49 articles over 4.5 pages. The current draft of the treaty uses language beloved of technocrats: “synergies between multisectoral collaboration – through whole-of-government and whole-of-society approaches at the country and community level – and international, regional and cross-regional collaboration, coordination and global solidarity, and their importance to achieving sustainable improvements.”

The progressive elements of the treaty include ritualistic obeisance to inclusiveness, solidarity, transparency, accountability, “the importance of diverse, gender-balanced and equitable representation and expertise,” “the determination to achieve health equity through resolute action on social, environmental, cultural, political and economic determinants of health, such as eradicating hunger and poverty, ensuring access to health and proper food, safe drinking water and sanitation, employment and decent work and social protection in a comprehensive intersectoral approach.”

The treaty also makes several references to environmental and cultural factors. A research brief from the Australian Academy of Science in August 2020 concluded: “males with Covid-19 are more likely to be hospitalised, more likely to be admitted to an ICU and more likely to die.” According to data from the Australian Bureau of Statistics (28 April), of the 13,456 people whose underlying cause of death was Covid-19, 7,439 were men and 6,017 women. According to Worldometers, in China, the Covid case fatality rate for males was 2.8 per cent compared to 1.7 per cent for females. According to the CDC, 55 percent of US Covid deaths were males. Yet, the WHO says Covid has a worse impact on women.

WHO to Govern the Health of the World?

The WHO has been captured by the woke activists, as can be seen in the following sentence from the executive summary

In this guideline, we recognize that most of the available evidence on abortion can be assumed to be derived from research among study populations of cisgender women, and we also recognize that cisgender women, transgender men, nonbinary, gender-fluid and intersex individuals with a female reproductive system and capable of becoming pregnant may require abortion care (p. 4).

How can any organisation that spouts such anti-empirical rubbish as “women, girls or other pregnant persons” be accepted as an authority on science, biology, medicine, or public health? A search of the document reveals that the phrase “pregnant person” occurs 65 times, including Recommendation 2(LP) mentioned above. The WHO has become just another vehicle for global cultural imperialism of the US woke agenda.

UNICEF published The State of the World’s Children 2023  report last month with the alarming conclusion that in the last three years, lockdown-induced disruptions to healthcare had resulted in a total of 67 million fewer childhood immunisations. This means that “in just three years, the world has lost more than a decade of progress.”

Whisper it softly for fear of being cancelled, but does the WHO understand the difference between enjoying life and existing on life support? Going by its woeful record on Covid, the answer is: No, it does not.

Yet, this is the body that wants to expand and entrench its powers to dictate our lives. What’s more and contrary to what most Westerners believe with respect to the UN system, the push for the WHO as a nanny suprastate legally empowered to override national decisions on health measures is being led by Western governments and philanthropic foundations that have captured the organisation, including one Bill Gates. In fact, had it not been for a revolt led by African governments, the push would already have succeeded last year.

Euro–US efforts to amend legally binding international health regulations and adopt a new pandemic accord (that is, treaty) on “pandemic prevention, preparedness and response” would confer extraordinary powers on the WHO, acting through the director-general and the six regional directors (for Africa, the Americas, Europe, Eastern Mediterranean, Southeast Asia, and the Western Pacific), to declare public health emergencies of international/regional concern and instruct governments to implement their recommendations. 

A new treaty would require approval by two-thirds of the WHA member states (that is, 131 countries) and be subject to their national ratification process. But the international health regulations can be amended by just 50% of member states (98 countries).

An open letter to the two houses of the UK Parliament from the Health Advisory and Recovery Team (HART) on 9 December was a welcome effort to educate parliamentarians. Rather surprisingly for such a radical recalibration of the relationship between sovereign governments and an international bureaucracy, parliamentarians and ministers have so far shown a singular lack of interest in learning just what their governments are signing up for.

To take just one example, the amendments propose that the present reference to “full respect for the dignity, human rights and fundamental freedoms of persons” in Article 3 of the IHR should be replaced by “equity, coherence, inclusivity.” This would throw out the standard vocabulary of the international human rights movement as embedded in the Universal Declaration of Human Rights with the faddish catchphrase of the current woke agenda.

Many governments argue that other issues like climate change, gun violence, and racism also constitute public health emergencies which would expand the WHO’s remit even more. Sure enough, on 2 May the Guardian reported that the next UN climate summit in November in Dubai will, for the first time ever, discuss health issues in depth.

The terminological change in the IHR (the draft new treaty sticks to “pandemics”) from a pandemic to a “public health emergency of international concern” would make it easier for the WHO to assume extraordinary powers for health crises short of pandemics. The new regulatory framework would chip away at the right of sovereign states to chart their own independent paths, just like lockdowns shifted responsibility and agency from individuals to the public health clerisy.

Because pandemics are rare events, the requirement for every country to dedicate a minimum of 5% of its health budget to pandemic preparedness (Article 19.1c of the draft new treaty) doesn’t make much sense. Why empower a bigger and richer WHO to enforce wrong groupthink on the whole world?

This is the stuff of bureaucrats’ dreams: the legal authority to declare an emergency and the power thereafter to commandeer resources for oneself from sovereign states and to redirect resources funded by the taxpayers of one country to other states. The Covid years saw a successful bureaucratic coup that displaced elected governments with cabals of unelected experts and technocrats who lorded it over citizens and intruded into the most intimate personal behaviour and business decisions.

Deeply held differences – over whether it should be legally binding or voluntary, limited to actual emergencies or extended to cover potential outbreaks, whether the WHO should be the single source of authority on pandemic information with the power to advise governments on what constitutes unreliable information, misinformation and disinformation (proposed new IHR Article 44.2e); on equitable vaccine access vs. vaccine nationalism where rich countries can price out the poor; robust regulation of wet markets, strengthened information sharing requirements etc. – will likely make the negotiations protracted and contentious and may yet scupper the initiative.

We can but live in hope.

The WHO is engaged in a silent coup against the governments of the world. If it succeeds, an organisation set up to serve governments will boss it over them instead and compel their taxpayers to pay for the privilege. It is a basic axiom of politics that power that can be abused, will be abused – some day, somewhere, by someone. The corollary holds that power once seized is seldom surrendered back voluntarily to the people.

https://www.zerohedge.com/geopolitical/who-no-longer-fit-purpose

As the stock market falls, so does Biden’s White House of economic cards

 Vice President Kamala Harris replaced President Joe Biden as the Democratic nominee for the 2024 Presidential election last month.

Time has finally caught up with the Biden-Harris administration’s disastrous economic policies.

Global markets tumbled on Monday, sparked by sharp declines in leading US indicators, a worse than expected July jobs report and fears that the dollar will weaken in the coming months.

The sum of all fears — a hard recession — is again looming after President Biden squandered his time in office jacking up unproductive government spending, subsidizing key Democratic voting constituencies with costly handouts and gaslighting the public Soviet-style whenever any negative economic news reared its ugly head.

Since Biden entered office in 2021, he has overseen annual budget deficits of $2 trillion a year, thanks in part to his student-loan bailout plan and other giveaways.

The 1.3 million public sector jobs he’s added kept unemployment figures artificially low — and with no significant firings or layoffs among government workers, last week’s spike in job losses meant they’ve come almost exclusively in the private sector.

Facade falls before elex

Biden’s irresponsible strategy ballooned the national debt by $7.9 trillion, boosted inflation and drove up interest rates.

Its obvious political goal was to keep a lid on deeper economic problems while the incumbent president was still campaigning for re-election.

Since Kamala Harris replaced Biden as the Democratic nominee in a backroom sleight of hand last month, hyping that delusion has assumed peak importance.

Now the lie is falling apart. After steadily rising over the past few months, unemployment stands at its highest level in three years, accompanied by a worsening national affordability crisis, rising consumer debt and persisting inflation.

In response to Monday’s sell-off, Wall Street’s VIX index, which measures market turbulence, spiked to its highest level since the onset of the COVID-19 pandemic in early 2020. A prospective interest rate reduction widely expected from the Federal Reserve next month turned out to be a classic case of too little, too late, if it comes at all.

Even as the election campaign gets nastier, most Americans will face November poorer, angrier, deeper in debt, more frustrated and less certain of their futures than in any election since Jimmy Carter — whose fecklessness eerily resembles Joe Biden’s — unsuccessfully sought a renewed mandate in 1980.

That’s bad news for Harris, whose campaign has advanced no economic policy of any kind, while Biden and most congressional Democrats favor tax hikes, yet more debt-based government spending and no meaningful solution to illegal immigration, which has enduring economic consequences.

No confidence

Investor confidence is sinking like a stone, with the worst recent losses suffered by leading companies in the tech sector — a longtime engine of American economic growth that seems to be breaking down in a mire of declining profits, flawed products, consumer mistrust and, ironically, a decaying relationship with its traditional allies in the Democratic Party.

No one on Wall Street trusts either the lame duck incumbent or his anointed successor — and, on Nov. 5, she may well discover that most Americans don’t, either.

Paul du Quenoy is president of the Palm Beach Freedom Institute.

https://nypost.com/2024/08/05/opinion/as-the-stock-market-falls-so-does-bidens-white-house-of-economic-cards/