Baltic
Dry Index. 792 +12 Brent
Crude 74.74
Spot
Gold 2883 U S 2 Year Yield 4.26 -0.05
US
Federal Debt. 36.481 trillion.
The dollar is our currency but your problem.
US Secretary of the Treasury, John Connolly, 1971.
In the stock casinos,
another week of great disconnect from global economic reality. Though not for
much longer I suspect.
S&P
500 closes little changed on Friday, but Wall Street notches weekly gains: Live
updates
Updated
Fri, Feb 14 2025 5:12 PM EST
The S&P 500 was little changed on Friday in a
pause from a strong performance this week, as investors weighed the latest on
the global trade and inflation fronts.
The Dow
Jones Industrial Average shed 165.35 points, or 0.37%, closing at
44,546.08. The S&P 500 ticked
down 0.01% to 6,114.63, and the Nasdaq Composite added 0.41%
to close at 20,026.77.
The three major averages ended the week in the
green, as sentiment improved after investors got more certainty around
President Donald Trump’s
tariff plans, while new inflation data wound up being more constructive than
first thought. Traders also shrugged off data released Friday that reflected a
0.9% slump in retail
sales for January, worse than the Dow Jones estimate for a 0.2% decline.
This week, the S&P 500 added about 1.5%, while
the Dow advanced roughly 0.6%. The Nasdaq was 2.6% higher on the week.
A chunk of the week’s advance came Thursday after
Trump signed a memorandum on laying out a plan to impose levies on goods from
countries with duties on U.S. products, instead of implementing immediate
tariffs.
Sentiment appeared to calm after January’s producer
price index report, released Thursday, as well as the consumer price index
report released Wednesday, suggested a softer reading for the personal
consumption expenditures price index. The PCE price index, which is due
later this month, is the Federal Reserve’s preferred inflation gauge.
“It looks like the economy and inflation aren’t
runaway accelerating, causing pressure on rates,” said Matt Stucky, chief
portfolio manager at Northwestern Mutual Wealth Management Company. He said the
recent move downward in the 10-year Treasury yield is “improving breadth, but
it’s also lifting asset prices on the equity side because of that correlation
dynamic.”
The 10-year
Treasury yield continued to slide Friday, recently dropping
nearly 5 basis points lower to 4.478%.
Stock
market news for Feb. 14, 2025
Europe
stocks close lower but notch eighth weekly gain
Updated
Fri, Feb 14 2025 12:09 PM EST
European
stock markets closed lower on Friday after hitting record highs earlier this
week.
The
pan-European Stoxx 600 closed
0.24% lower, snapping a four-session winning streak that has marked a series of
record highs. The index nonetheless marked its eighth consecutive week of
gains, which have taken it around 9% higher so far this year.
Investors
have been reacting to a flurry of corporate earnings and the prospect
of a peace deal to end the war in Ukraine.
On
Wednesday, U.S. President Donald Trump announced peace
talks were set to begin after he spoke with his Ukrainian and Russian
counterparts.
Corporate
earnings remained in focus in Europe on Friday. British lender NatWest reported its
full-year earnings, beating estimates on profit and revenues. The company,
which is still partly owned by the state, said that the U.K. government had
reduced its stake in the bank from 7.98% to 6.98%. Shares were 3% lower during
early afternoon deals.
Haute
couture fashion house Hermes also
reported better-than-expected earnings on Friday. Its shares moved 1.7% higher
by 3:43 p.m. London time.
Asia-Pacific
markets were mixed Friday, while U.S. stocks were little changed on the last
day of the week as investors considered the global trade outlook as President
Donald Trump signed a reciprocal
tariffs plan, but did not enact the levies immediately.
Europe
stocks lower after hitting highs on Ukraine peace deal hopes
Retail
sales slumped 0.9% in January, down much more than expected
Published
Fri, Feb 14 2025 8:52 AM EST
Consumers
sharply curtailed their spending in January, indicating a potential weakening
in economic growth ahead, according to a Commerce Department report Friday.
Retail sales slipped 0.9%
for the month from an upwardly revised 0.7% gain in December, even worse than
the Dow Jones estimate for a 0.2% decline. The sales totals are adjusted for
seasonality but not inflation for a month in which prices rose 0.5%.
Excluding
autos, prices fell 0.4%, also well off the consensus forecast for a 0.3%
increase. A “control” measure that strips out several nonessential categories
and figures directly into calculations for gross domestic product fell 0.8%
after an upwardly revised increase of 0.8%.
With
consumer spending making up about two-thirds of all economic activity in the
U.S., the sales numbers indicate a potential weakening in growth for the first
quarter.
Receipts
at sporting goods, music and book stores tumbled 4.6% on the month, while
online outlets reported a 1.9% decline and motor vehicles and parts spending
dropped 2.8%. Gas stations along with food and drinking establishments both
reported 0.9% increases.
Retail sales
slumped 0.9% in January, down much more than expected
HSBC
Plans Fresh Round of Investment Bank Job Cuts Next Week
February 14, 2025 at 6:37 AM GMT
HSBC
plans new investment bank job cuts next week, starting in
Asia, people familiar said. It’s unclear how many employees will be dismissed, with the
layoffs being based on performance, duplication of jobs, and simplification of
operations. They will be staggered over several weeks and months.
President
Donald Trump signed a measure to propose reciprocal tariffs on a country-by-country basis that may be implemented as soon as April. The US is said
to have told the UK and Europe that they should buy American arms to maintain the NATO alliance. Trump separately claimed the
European Union is “very difficult” and taxes the US heavily. The president also
agreed with Indian Prime Minister Narendra Modi to begin to address the US trade deficit.
---- Apple and Google will
restore TikTok to their app stores following assurances that the US
ban wouldn’t
immediately be enforced. Apple plans to overhaul its phones in China with AI features by the middle of this
year, with Baidu as a partner for features including Visual
Intelligence, people familiar said.
Doing
things differently. Minotaur Capital, a hedge fund startup
using AI to do analysts’ work, posted a 13.7%
return in its first six months, outperforming the MSCI All-Country World
Index’s 6.7%. Separately, ICE will develop new data products with Reddit,
which will help inform trading strategies and algorithms, while
gauging public sentiment of markets in real time.
More
Trump: He proposed a meeting with his
Russian and Chinese counterparts to discuss cutting defense spending in half. The president said his call with Vladimir Putin this week
lasted 1 1/2 hours, though they won’t meet when top officials including from
Ukraine gather in Saudi Arabia. He also said he’d love to bring
Russia back into the G-7.
HSBC Plans Fresh Round of Investment Bank Job Cuts Next Week - Bloomberg
Porsche
to cut almost 2,000 jobs in Germany as EV demand declines
14 February 2025
The luxury carmaker Porsche will cut 1,900 posts by
the end of the decade as its profit margins are hit by rocky market conditions.
The cuts will see a reduction in overall staffing
numbers by 15% by 2029 at its main sites in southwestern Germany,
Stuttgart-Zuffenhausen and Weissach.
This process began back in 2024 when 1,500
fixed-term contracts expired.
Now, another 500 fixed-term contracts are expiring,
although the 1,900 cuts will come on top of this.
Employees will be encouraged to leave voluntarily by
accepting early retirement or severance packages, and Porsche will take a
“restrictive approach” to hiring, the firm confirmed this week.
The carmaker blamed the job losses on “the delayed
ramp-up of electromobility” and “challenging geopolitical and economic
conditions”.
“Now it is a matter of setting the course at an
early stage and taking a close look at the adjustments we need to make in order
to be successful in the future,” the firm told Euronews. It added: “In addition
to a number of other measures, this also includes personnel costs.”
Porsche’s investments in electric vehicles have
notably backfired as weak demand has prompted the firm to walk back its EV
targets.
Last week, the manufacturer announced it would ramp
up production of its combustion engine vehicles and hybrids, which will cost
Porsche €800m this year.
The carmaker’s Taycan vehicles saw a 49% decline in
sales in 2024.
Porsche also saw an overall sales decline of 28%
year-on-year in China, which the firm attributed to “the continuing challenging
economic situation in this region”.
More
Porsche to cut almost 2,000 jobs in Germany as EV demand declines
In other news. Good
news for John Bull, maybe. Worse news for Meta. In long overdue, very bad news
for PC woke Europe and UK, VP J. D. Vance spoke truth to power, Europe’s squirming,
socialist entrenched elite.
Huge
gas field found under Lincolnshire ‘could fuel UK for decade’
14 February 2025
A huge gas field has been found under Lincolnshire that could reportedly fuel the UK for a
decade.
However, there are fears the discovery near the town
of Gainsborough could spark a row as the gas would need to be extracted via fracking, with critics arguing the practice distracts from net zero
goals.
The energy company behind the findings, which is set
to officially announce the discovery at a conference this month, claimed the
Gainsborough Trough field will boost the British economy by more than £100
billion and lead to less reliance on energy imports. Egdon Resources added that
it will lead to the creation of tens of thousands of jobs.
Consultants Deloitte, who analysed the test drilling
results on behalf of Egdon, argued that using gas from the field rather than
from abroad would have significantly less environmental impact.
The newly found field has around 480 billion cubic
metres of gas – roughly seven times what the country consumes each year – which
it is suggested could cover the UK’s gas needs for the next 10 years, due to
declining consumption, reported LBC.
However, energy secretary Ed Miliband is among the
many Labour MPs as well as others across the UK who are opposed to fracking,
the technique that would need to be used to extract the gas.
Fracking is short for hydraulic fracturing and
refers to the practice of drilling deep down into the earth to extract shale
gas and oil from porous subterranean rock formations by blasting them with a
mixture of water, sand and chemicals at high pressure.
While the practice enables energy firms to access
and exploit hard-to-reach resources and creates jobs, it has been the target of
regular protests by green activists as another example of finite fossil fuels
being exhausted when renewable energy alternatives should be being prioritised
in the interests of sustainability and arresting the progress of climate
change, with Britain committed to net zero by 2030.
However, after previous reliance on its North Sea
gas fields, which are now in decline, the UK has found itself importing more
than half of its natural gas from overseas, including from the US, Norway and
Qatar.
The country also has one of the highest energy bills
in the developed world, which hits households and business.
Egdon’s chief executive Mark Abbott argued the test
results from the Gainsborough Trough, which extends north-west towards
Doncaster and Sheffield, are “potentially world class”, adding: “We could
access all that energy from drilling pads on the ground above, each roughly the
size of one or two football fields. The land take would be far smaller than for
solar farms and the energy produced would be far greater.”
A government spokesperson told The
Independent: “We intend to ban fracking for good and make Britain a clean
energy superpower to protect current and future generations.
More
Huge gas field found under Lincolnshire ‘could fuel UK for decade’
Meta
purportedly trained its AI on more than 80TB of pirated content and then
open-sourced Llama for the greater good
13 February 2025
Meta is facing a class-action lawsuit alleging
copyright infringement and unfair competition over the training of its AI model, Llama.
According to court documents released by vx-underground, Meta allegedly downloaded nearly 82TB of
pirated books from shadow libraries such as Anna’s Archive, Z-Library, and
LibGen to train its AI systems.
Internal discussions reveal that some employees
raised ethical concerns as early as 2022, with one researcher explicitly
stating, “I don’t think we should use pirated material” while another said,
“Using pirated material should be beyond our ethical threshold.”
Meta
made efforts to avoid detection
Despite these concerns, Meta appears to have not
only ploughed on and taken steps to avoid detection. In April 2023, an employee
warned against using corporate IP addresses to access pirated content, while another said
that “torrenting from a corporate laptop doesn’t feel right,” adding a laughing
emoji.
There are also reports that Meta employees allegedly
discussed ways to prevent Meta’s infrastructure from being directly linked to
the downloads, raising questions about whether the company knowingly bypassed
copyright laws.
In January 2023, Meta CEO Mark Zuckerberg reportedly
attended a meeting where he pushed for AI implementation at the company despite
internal objections.
Meta isn't alone in facing legal challenges over AI
training. OpenAI has been sued multiple times for allegedly using copyrighted books without permission, including a case filed by The New York Times in December 2023.
Nvidia is also under legal scrutiny for training its
NeMo model on nearly 200,000 books, and a former employee had disclosed that
the company scraped over 426,000 hours of video daily for AI development.
And in case you missed it, OpenAI recently claimed that DeepSeek unlawfully
obtained data from its models, highlighting
the ongoing ethical and legal dilemmas surrounding AI training practices.
JD Vance stuns Munich
conference with blistering attack on Europe’s leaders
US vice-president
questions whether European values are worth defending as he rails against
‘threat from within’
Fri 14 Feb 2025 18.36 GMT
The US vice-president, JD Vance, has launched
a brutal ideological assault on Europe, accusing its leaders of suppressing
free speech, failing to halt illegal migration and running in fear from voters’
true beliefs.
In a chastising speech on Friday that openly
questioned whether current European values warranted defence by the US, he
painted a picture of European politics infected by media censorship, cancelled
elections and political correctness.
Arguing that the true threat to Europe stemmed not
from external actors such as Russia or China, but
Europe’s own internal retreat from some of its “most fundamental values”, he
repeatedly questioned whether the US and Europe any longer had a shared agenda.
“What I worry about is the threat from within,” Vance said.
----Vance said: “For years we have been told
everything we fund and support is in the name of our shared democratic values,
everything from our Ukraine policy to digital censorship is billed as a defence
of democracy, but when we see European courts cancelling elections and senior
officials threatening to cancel others we ought to ask ourselves if we are
holding ourselves to an appropriately high standard.”
Banning politicians representing populist parties
was wrong, he argued. “We do not have to agree with everything or anything
people say, but when political leaders represent an important constituency it
is incumbent on us to listen.”
----In remarks that will delight the German far
right days before elections there, Vance said: “Of all the pressing challenges
that the nations represented here face, I believe there is nothing more urgent
than mass migration.”
His speech came a day after a 24-year-old Afghan man
was arrested in Munich over a
car-ramming attack that injured 36 people. Vance seized on the case to
reinforce his point. “How many times must we suffer these appalling setbacks
before we change course and take our shared civilisation in a new direction?”
he asked.
Instead, he claimed, “in Britain and across Europe,
free speech, I fear, is in retreat”. He listed a
string of cases that he claimed were evidence of this, railing against
Romania for cancelling presidential elections and Sweden for arresting a man
for burning a Qur’an in public. Britain was singled out for arresting a man
praying near an abortion clinic.
Attempting to underplay Moscow’s role in the rise of
the populist right, he said it was wrong for Russia to buy social media to
influence European elections, but “if your democracy can be destroyed by a few
thousand dollars of digital media from a foreign country it was not very strong
to begin with”.
I have
come to the conclusion that politics are too serious a matter to be left to the
politicians.
Charles de Gaulle.
Global
Inflation/Stagflation/Recession Watch.
Given our Magic Money
Tree central banksters and our spendthrift politicians, inflation/recession now needs an entire
section of its own.
This weekend “get
gold.”
President
Charles de Gaulle at the Palais de l’Élysée calling for the return of a ‘gold
exchange standard’; February 4, 1965
The currencies
of the countries of Western Europe have today been restored, to such an extent
that the total gold reserves of the Six is today equivalent to that of the
Americans. They decided to convert all the dollars that they had in their
account into precious metals. In other words, the convention that gives the
dollar an over-riding value as an international currency no longer has its
initial basis, namely the possession by America of the great majority of the
gold in the world. But in addition, the fact that a large number of countries
accept, out of principle, dollars in the same way as gold to compensate, when
appropriate, any deficits that arise to their advantage from the American
balance of payments, leads the United States to become voluntarily indebted to
foreign countries. Indeed, what they owe them, they pay them at least in part,
with dollars that they hold just for these payments, instead of paying them
totally in gold, the value of which is real, that you can only possess if you
have earned it and that you cannot transfer to others without risk and without
sacrifice. This unilateral facility which America has been given contributes to
the idea that the dollar is an impartial and international symbol of foreign
exchanges being blurred, while it is an appropriate means of credit for a
country.
Obviously, there are other consequences to this situation. There is, in
particular, the fact that the United States, for want of having necessarily to
pay in gold, at least totally, for their negative balances of payment in
accordance with the old rules, that required countries to take the required
steps, sometimes rigorously, to remedy their imbalance, is suffering year after
year from a deficit balance. No less because the total of their commercial exchanges
is to their disadvantage. Quite the opposite! Their material exports always
exceed their imports. But that is also the case for dollars, exports of which
are always in excess of imports. In other words, capital sums are being built
up in America, by means of what should really be called inflation, which, in
the form of dollar loans granted to countries or to private individuals, are
being exported. As, in the United States itself, the increase in currency
circulation that results from this makes investments within the country less
remunerative, there is an increasing trend there to invest abroad.
This leads, for certain countries, to a sort of expropriation of some of their
companies. Certainly, such a practice has greatly facilitated, and still encourages
to a certain extent, the multiple and considerable aid that the United States
is providing to a large number of countries, to be used for their development,
and from which we, on other occasions, have ourselves widely benefited. But
circumstances are such today that we can even wonder how far the problem would
go if the countries that hold dollars wanted, sooner or later, to change them
into gold? Although such a general movement would never take place, it is still
the fact that there is an imbalance that is, to a certain extent, fundamental.
For all these reasons, France is in favor of the system being changed. We know
that France said this, in particular, at the Tokyo Monetary Conference. Given
the universal jolt that a crisis in this field would probably cause, we have
every reason to hope that the steps to avoid it are taken in time. We therefore
believe it to be necessary for international exchanges to be established, as
was the case before the world’s great misfortunes, on an unquestionable monetary
basis, that does not carry the mark of any particular country.
What basis? Indeed, we cannot see that, in this respect, there can be any other
criterion, any other standard, than gold. Oh, yes! Gold, which never changes
its nature, which can be shaped into bars, ingots or coins, which has no
nationality and which is eternally and universally-accepted as the unalterable
fiduciary value par excellence. Moreover, despite everything that could be
imagined, said, written, done, as huge events happened, it is a fact that there
is still today no currency that can compare, either by a direct or an indirect
relationship, real or imagined, with gold. Without doubt, we could think of
imposing on each country the way it should behave within its borders. But the supreme
law, the golden rule — we can truly say — that should be reapplied, with honor,
to international economic relationships, is an obligation to make up, between
one monetary zone and the next, by effective deliveries and withdrawals of
precious metals, the balance of payments resulting from their foreign
exchanges.
Below,
the UK sells out of gold. Approx. 50 minutes.
"The Gold isn't There" -
Alasdair Macleod on the Collapsing Paper Gold Market
"The Gold
isn't There" - Alasdair Macleod on the Collapsing Paper Gold Market -
YouTube
Betting against gold is the same as betting on governments. He
who bets on governments and government money bets against 6,000 years of
recorded human history.
Charles de Gaulle.
Covid-19
Corner
This section will
continue until it becomes unneeded.
What is the FDA trying to hide about the Pfizer covid vaccine?
FDA Misled the Judiciary about Pfizer’s Vaccine Documents
Maryanne
Demasi February
11, 2025
On December 6, 2024, a
federal judge ordered the US Food and
Drug Administration (FDA) to release documents related to the emergency use
authorisation of Pfizer’s Covid-19 vaccine. These documents had been hidden
from public view.
The legal battle traces
back to September 2021, when attorney Aaron Siri filed a lawsuit under the Freedom
of Information Act (FOIA) on behalf of the Public Health and Medical
Professionals for Transparency. The plaintiffs sought access to the vast trove
of documents the FDA relied on to approve Pfizer’s vaccine.
Initially, the FDA proposed a slow release
schedule. In November 2021, the agency stated it would release just 500 pages
per month—a pace that would have stretched the full disclosure process to 75
years.
However, in January 2022,
District Judge Mark Pittman of Texas rejected the FDA’s proposal, ordering the agency to
expedite its release to 55,000 pages per month, aiming to complete the
disclosure of all 450,000 pages by August 2022.
As the documents trickled
out, researchers began uncovering glaring gaps that prevented a systematic
review of the data. These gaps fueled suspicions about what else the FDA might
be withholding.
It became evident that
the FDA had withheld records directly tied to its emergency use authorisation
of Pfizer’s vaccine, estimated to be over one million pages.
These documents, which the FDA had full knowledge
of, were excluded from earlier disclosures, effectively misleading the
judiciary and undermining public trust.
Siri didn’t mince
words.
“The FDA has been hiding
a million pages from the Court, the plaintiff, and the public. Only those
concerned about the truth seek to conceal evidence,” said Siri in an interview.
“The FDA here is clearly concerned
about the truth and lacks confidence in the review that it conducted to license
Pfizer’s COVID-19 vaccine because it is doing everything possible to prevent
independent scientists from conducting an independent review,” he added.
Judge Pittman’s latest
court order to expedite the full disclosure of documents acknowledges the
public’s right to scrutinise the data that underpin one of the most significant
public health interventions in history.
In his ruling, Judge
Pittman invoked a powerful reminder from American revolutionary Patrick
Henry: “The liberties of a
people never were, nor ever will be, secure, when the transactions of their
rulers may be concealed from them.”
Pittman concluded, “The
COVID-19 pandemic is long passed, and so has any legitimate reason for
concealing from the American people the information relied upon by the
government in approving the Pfizer vaccine.”
More
FDA Misled the Judiciary about Pfizer's Vaccine Documents ⋆ Brownstone Institute
Technology
Update.
With events happening
fast in the development of solar power and graphene, I’ve added this section.
Scientists Just Unlocked a New Way to Supercharge Wireless Speeds
With Graphene
By Paul Logothetis, University of Ottawa February 13, 2025
Researchers have made a breakthrough in THz frequency conversion
using graphene, opening new possibilities for ultra-fast wireless
communication and advanced signal processing.
Their work focuses on overcoming previous limitations in nonlinear
THz optics, a crucial step toward efficient 6G technology.
Unlocking the Power of THz Waves in Communication
A research team from the University of Ottawa has developed new
methods to improve the frequency conversion of terahertz (THz) waves
in graphene-based structures. Their work could lead to faster, more efficient
wireless communication and signal processing technologies.
THz waves, which exist in the far-infrared region of the electromagnetic
spectrum, have a wide range of applications. They can penetrate opaque
materials, making them valuable for non-invasive imaging in security and
quality control. Additionally, they hold great potential for wireless communication.
Advances in THz nonlinear optics—techniques that alter the frequency of
electromagnetic waves—are crucial for the development of high-speed wireless
networks, including future 6G systems.
THz technology is advancing rapidly and is expected to play a key
role in healthcare, communication, security, and quality control. Jean-Michel
Ménard, Associate Professor of Physics at the University of Ottawa, and his
team have developed devices that convert electromagnetic signals into higher
oscillation frequencies. This breakthrough helps bridge the gap between
traditional GHz electronics and emerging THz photonics, bringing us closer to
next-generation communication systems.
Breakthroughs in Graphene-Based THz Frequency Conversion
These findings – published in Light: Science &
Applications – demonstrate innovative strategies for enhancing THz
nonlinearities in graphene-based devices. “The research marks a significant
step forward in improving the efficiency of THz frequency converters, a
critical aspect for multi-spectral THz applications and especially the future
of communication systems, like 6G,” says Professor Ménard, who collaborated on
the project with fellow uOttawa researchers Ali Maleki and Robert W. Boyd, plus
Moritz B. Heindl and Georg Herink from the University of
Bayreuth (Germany) and Iridian Spectral Technologies.
Harnessing Graphene’s Unique Optical Properties
This new research showcases methods to leverage the unique optical
properties of graphene, an emerging quantum material made of a single layer of
carbon atoms. This 2D material can be seamlessly integrated into devices,
enabling new applications for signal processing and communication.
Previous works combining THz light and graphene primarily focused
on fundamental light-matter interactions, often examining the effect of a
single parameter in the experiment. The resulting nonlinear effects were
extremely weak. To overcome this limitation, Professor Ménard and his
colleagues have combined multiple innovative approaches to enhance nonlinear
effects and fully leverage graphene’s unique properties.
More
Scientists Just
Unlocked a New Way to Supercharge Wireless Speeds With Graphene
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt Clocks (usdebtclock.org)
This
weekend’s music diversion. Mr Beer, aliases Bähr, Baer, or Behr. Approx. 10 minutes.
Johann
Beer (1655-1700) - Concerto à 4
Johann Beer
(1655-1700) - Concerto à 4
This
weekend’s chess diversion. Approx 11
minutes.
He's
Not Stopping! || Keymer vs Caruana || FINALS - Freestyle Chess Grand Slam
Weissenhaus (2025)
He's Not Stopping!
|| Keymer vs Caruana || FINALS - Freestyle Chess Grand Slam Weissenhaus (2025)
This
weekend’s final diversion. US trucks v European trucks. Why Europe doesn’t buy
US trucks. Approx 9 minutes.
Why
American Trucks Are Worse Than European Trucks
Why American
Trucks Are Worse Than European Trucks - YouTube
Belgium is a country invented by the British to annoy the
French.
Charles de Gaulle.
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