Climateer Investing

Sunday, November 8, 2026

"After Nudging: The Rise and Fall of a Behavioral Economics Fad"

From The Daily Economy, May 1, 2026:

In “It’s On You,” Nick Chater and George Loewenstein turn from advocates of “nudging,” subtle policy efforts to shape behavior without coercion, to critics who see it as ineffective and misleading.

The zeal of the convert can be a terrifying force to behold. An acolyte convinced of their own prior heresy will often be a more thorough inquisitor than the native-born believer. This dynamic may help explain why It’s on You by Nick Chater and George Loewenstein is so shrill and devoid of self-awareness.
Having been leading researchers in behavioral psychology and economics who sought to manipulate individuals into ostensibly healthier and smarter choices — the world of “nudge” theory — they are doing a righteous penance by exposing the flaws of their former discipline. They have now decided that only government dictates can be relied upon to improve everything from retirement savings to climate change, and they are on a crusade to expose anyone who believes voluntary action by human beings can be useful for, well, anything.
As the authors recount, the popularity of luring people into making the decisions that policymakers think best, rather than outright coercing them, really took off with the success of the book Nudge: Improving Decisions About Health, Wealth, and Happiness (2008) by economist Richard Thaler and legal scholar Cass Sunstein. Sunstein would later hold an influential policy role as President Obama’s Administrator of the Office of Information and Regulatory Affairs, the chief White House overseer of proposed new federal regulations.
The idea of government officials nudging the human cattle into their government-approved chutes was soon all over the news. It was also popular in academia and in dedicated nudge policy units and working groups in governments worldwide. The authors describe having done extensive work in the area, both experimentally and by offering specific advice to policymakers. Nudge-adjacent proposals proliferated in the late 2000s and early 2010s, including ideas like changing restaurant menus to discourage gluttony and offering gamified incentives to encourage saving for retirement, exercising, and medication adherence.
But the success of nudge behavioralism, after a first flush of success, yielded disappointing long-term results. Upon wider reading and investigation, Chater and Loewenstein grew so disenchanted with their own specialty that they turned against it entirely with the vengeance of the betrayed. They now attack nudge interventions as not just ineffective but actively harmful, in part because people who are concerned about societal problems can be seduced by the supposed effectiveness of nudges, thus eroding support for more aggressive interventions.

And their preferred alternative is a bold one indeed. They claim that the major problems of the day can only be solved by flushing away any pretense of voluntary inducement and going full speed ahead on banning (or mandating) the behaviors and outcomes they want abolished (or to see more of). They now consider it absurd and unjust to expect anyone in America to actually manage how many calories they eat, decide how their retirement nest egg is invested, or pick which health plan they pay for.

Everything must be federally mandated to ensure the just outcomes that the co-authors have already helpfully decided upon. Liberating Americans from the tyranny of making their own choices will leave them, readers are helpfully reminded, with ample leisure time for hobbies and entertainment.

The number of things that would be directly regulated under the plan laid out in It’s on You would be bracingly broad. Under this technocratic utopia, the government would decide which health care plan you will have, how much and under what conditions you are allowed to gamble, how you interact with social media, what vehicle you are allowed to drive, how much you save for retirement, the THC content of the cannabis you consume, and how often you are allowed to fly. That is, if the exigencies of climate change can be strained to allow you the luxury of flying at all. But don’t worry — agoraphobes might be able to cash in their tradable flight allowances on an exchange, if there are enough credits to go around....

....MUCH MORE

September 12 - AI Apocalypse: Whatever Happened To The Nudge People?

For our younger readers, "nudge" was a fad that came out of behavioral economics wherein people who wanted other people to bend to their will at least had the decency to pretend they weren't trying to coerce/manipulate their intended manipulees.

It was very popular in government circles ca. 2008 - 2023. At it's height in the twenty-teens you couldn't go a week without someone writing something about the topic.

I miss those days.

I'm reminded of nudge because we now have this Jacob Coxon fellow telling us AI will kill everyone and disavowing any suggestion that his motives and presentation are anything but purely altruistic....

In that post venture capitalist Steve Jurvetson links to and riffs off of one of the earliest and most insightful commentaries on the AI doomer crowd's "regulate us before we kill again" hubbub. It was after this episode I began to think Dario Amodei was as sleazy as Sam Altman.

June 26 - "Hidden persuaders When behavioural economics meets politics By Edward Chancellor" which links to a first-rate piece at the Times Literary Supplement. It also has links to quite a few of our posts on nudge and the nudge people. Plus Feynman does a cameo in a hot tub.

Reminder: The European Central Bank Wants To Direct Where An Individual's Savings Are Invested

I don't think bitcoin is the answer but this is a policy proposal that could require some action on the part of savers.

From Forbes, September 8:

Europe Wants To “Mobilize” €10 Trillion Of Savings. Got Bitcoin?

European Commission President Ursula von der Leyen stood before French business leaders late last month and described trillions of euros in household savings held in bank accounts as “sitting idle.” Europe, she continued, needs to “put these savings to work for its companies.”
Her concern is valid, by some measures. European companies struggle to obtain the capital needed to grow their businesses, while households keep a large share of their wealth in bank deposits.
Yet the phrase “sitting idle” reveals an assumption about who those savings actually belong to, and whether individuals can be entrusted to assess risk and make their own decisions about how to manage their money. The European project can and should make capital investment more attractive, but when such initiatives begin to encroach on the concept of private ownership, there is a danger that the state may deign itself a better judge of what people do with their own money than the people themselves.
Europe Has A Real Capital Problem
Europe’s financing gap deserves to be taken seriously. The European Commission’s Savings and Investments Union strategy cites the Draghi report’s estimate that the EU needs an additional €750 billion to €800 billion in annual investment by 2030. Banks remain central to the European economy, but early-stage technology companies need equity capital and deep markets that can absorb risk. Many promising firms still cross the Atlantic to scale or sell themselves to larger foreign companies.
European households also save more of their income than Americans while placing far less of it in capital markets. In a November 2024 speech, European Central Bank President Christine Lagarde stated that the rate of household savings was about 13% in Europe compared to 8% in the U.S. She said Europeans held about €11.5 trillion in cash and deposits in 2023, equal to 1/3 of household financial assets.
The opportunity cost for economic growth may indeed be substantial. European Central Bank analysis estimates that matching the American ratio of deposits to financial assets could redirect up to €8 trillion into the European market. Europe has identified a bottleneck between savers and businesses, and repairing it could therotically enrich households while helping European firms grow.
What Brussels Is Actually Proposing
The language around “mobilizing” savings has invited fears that Brussels plans to seize deposits. The published policy does not support that claim. The Commission’s September 2025 recommendation on Savings and Investment Accounts asks member states to create simple investment accounts that give retail savers access to shares, bonds and regulated funds. It recommends no minimum opening balance, permits multiple accounts and allows assets to move between providers without triggering a taxable event.
Instead, the Commission intends to attract capital investment with favorable tax treatment through deductions, exemptions, deferrals or a uniform tax rate. Member states are encouraged to pair those incentives with simple accounts and broad provider access. Nothing in the account recommendation requires a household to open one. Providers are encouraged to offer diversified investments across asset classes and geographies, with options that support European priorities such as digital infrastructure, defense, and “green” infrastructure. The recommendation excludes most crypto assets from these accounts, although financial instruments with crypto exposure could qualify under existing rules.
A Bank Deposit Is Already Doing A Job
However, calling deposits idle makes sense only from the perspective of the investment Europe wants. A deposit appears inactive because it has yet to become equity in a startup, a bond issued by a European manufacturer or a fund holding European securities. The household holding it may have an entirely different objective....

....MUCH MORE

Salon Magazine Has Died, Raising Questions For The Entire Industry

From Salon, November 5:

Goodbye from Salon
It has been an extraordinary privilege.

And from Seth Dillon at the Babylon Bee:

Salon wrote some of the best satire we've ever seen. If these brilliant humorists couldn't keep the lights on, what does that mean for the rest of us? https://t.co/KLTBAM9DTb
— Seth Dillon (@SethDillon) November 6, 2026

This continues a trend we have, sadly, been all too aware of.

The Bored Elon Musk Twitter account, though still public, can't keep up with Elon any longer and has had to pivot. Keeping up with reality can be so difficult, as I, the Babylon Bee, The Pan-Arabian Enquirer, Ambrose Bierce, Jonathon Swift and so many others over the years have found. Here's the Pan-Arabian Enquirer:

Middle East satire site concedes defeat after labourers forced to run Qatari marathon in flip-flops

Editors at semi-popular Middle East satire news website The Pan-Arabia Enquirer yesterday revealed that they had “given up” in their long-running struggle to keep ahead of reality.

The announcement came following last week’s news that labourers working in Qatar had been coerced into taking part in a marathon, with many bussed in from their dormitories and forced to run in jeans and flip-flops as part of a failed bid to break the world record for number of participants.

“Honestly, simply cannot compete in these sorts of conditions,” said Enquirer acting editor Baltimore Stafford in a statement.

“Over the years, we’ve had to deal with a growing trend of real-life trying to outdo satire, especially in Saudi Arabia, but this is beyond our capabilities. To be honest, we could have probably worked around the whole ‘labourers forced to take part in marathon’ bit, but with the addition of flip-flops, jeans and the fact it was a shambolic attempt to break a record, we’ve had to concede defeat.”

The PAE attempted a comeback in 2018 but as the poet said "The dogs bark but the caravan moves on"

Nvidia CEO Jensen Huang "...allegedly had 'romantic relationship' with suspected Chinese spy, who the US believes could put Nvidia boss at risk of honey trap, report claims"

From the Daily Mail, November 7:

Billionaire Nvidia boss Jensen Huang allegedly had a romantic relationship with a Chinese businesswoman suspected of spying for Beijing, according to an explosive US intelligence memo.
The alleged tryst has raised fears of a potential honey trap targeting one of America's most powerful technology executives.
The 63-year-old tech mogul reportedly became romantically involved with Alice Huang (no relation), an executive at Singapore-based Megaspeed.
Megaspeed, a major Nvidia customer, was already under investigation over allegations it helped funnel restricted American microchips into China.
US intelligence officials believe the woman was recruited by China's Ministry of State Security, Beijing's principal civilian spy agency, to gather information about the Nvidia chief and potentially influence his decisions.
The allegations emerged in a new Financial Times report, which revealed that American officials had prepared a classified memo detailing the suspected relationship earlier this year.
The document, based on intelligence gathered by US agencies, was circulated among a small group of senior government officials shortly before President Donald Trump's trip to Beijing in May for talks with Chinese President Xi Jinping.
The revelation goes significantly further than earlier reporting by The New York Times, which disclosed that Huang had developed a 'close relationship' with the Chinese executive but stopped short of describing it as romantic....

....MUCH MORE

"US-China spy wars intensify under Trump 2.0 as tech competition heats up"

"US-China decoupling: Washington bans diplomats and staff from romance and sex with Chinese"

Possibly tit-for-tat, so to speak, for February 13's "How Not To Get Seduced By Foreign Spies: China’s Spy Agency":

....Recently, it warned people:

– not to get seduced by “tall, beautiful people”

In any event, Congressman Swalwell hardest hit

Honey Traps: Sex, lies, and spycraft.

Competitive Intelligence Macquarie Style: First Establish a Fake Family Office...

"Cato estimates DSA agenda could cost up to $212 trillion"

As I've noted previously:

Don't look at me, I don't have that kind of money.

From Financial World, September 19:

A new analysis from the libertarian Cato Institute estimates that the Democratic Socialists of America’s policy platform could require between $71 trillion and $212 trillion in additional federal spending over a decade. The unusually wide range is itself the central finding: expansive promises without detailed program designs can produce fiscal estimates that depend heavily on assumptions about eligibility, benefits and implementation.
Analyst Adam Michel summarized his critique bluntly: “DSA promises a world of plenty, paid for by somebody else. Simple math says otherwise.” He described the platform as “thin on details,” meaning the figures should be read as an ideological think tank’s scenario analysis rather than an official government score.
Large programs drive a large range
Universal health care accounts for an estimated $40 trillion to $70 trillion, while a federal jobs guarantee could reach $60 trillion. At the top of the range, the analysis says government spending would equal 92% of gross domestic product....

....MUCH MORE

Here's Cato, August 11:

Who Will Pay for Democratic Socialism’s $200 Trillion Cost?

Nike Hit With Fatwa (NKE)

From the Washington Post:

Libya’s top religious authority banned Muslims from buying or wearing Nike clothing, citing the company’s name as a reference to an ancient Greek goddess. The ban does not have legal weight, though the authority holds influence in Libyan society. https://t.co/dECip4wdfZ
— The Washington Post (@washingtonpost) November 6, 2026

TradingView

It's been a tough decade for the stock, down 22.5% over the ten years with the S&P 500 up 254% during the period. And the Nasdaq 100 index, which kicked NKE out of the cool kids club in September, is up...

Saturday, November 7, 2026

"Musk Says "SoftBank Is Defaulting On Turbine Orders"" (GEV)

Once again we see why the turbine manufacturers refused to invest big money into plant, property, and equipment.*

From ZeroHedge:

Last week's turmoil in hyperscaler and neocloud stocks suggests investors increasingly see Democrats' push to regulate data center buildouts as a possible precursor to broader moratoriums early next year. Democrats spent much of the midterm election cycle supporting nationwide construction pauses and tighter AI oversight, while Anthropic CEO Dario Amodei's AI doom warnings reinforced that political narrative.

By the end of the week, that uncertainty weighed heavily on AI stocks as unpleasant developments for bulls emerged.

We reported Friday afternoon that Microsoft was winding down its agreement to rent AI cloud capacity from Oracle. A separate report Thursday said ING was seeking to sell roughly $500 million in data center loans, while The Wall Street Journal reported that OpenAI was discussing revisions to its 2027 capacity plans.
Friday morning also brought another ominous signal that expectations and forward estimates were about to be tampered down. Bloomberg reported that the pre-IPO valuations for Anthropic's big market debut next week had been lowered to between $1.2 trillion and $1.3 trillion, with a figure as low as $1.1 trillion.
The biggest threat to the AI buildout, as we have outlined, is on the state level: 41% of planned data center development is concentrated in states and localities shifting toward Democratic control.

That threat of tighter permitting requirements and construction moratoriums jeopardizes the buildout phase, as more unraveling may be nearing.

Early Friday, Musk claimed on X that "SoftBank is defaulting on their turbine orders," adding to even more AI bubble concerns surrounding the Japanese conglomerate led by CEO Masayoshi Son. However, Musk provided no evidence of a default.

https://t.co/Ok0qtzvBos
— Katie Miller (@KatieMiller) November 6, 2026

SoftBank's planned Ohio data-center buildout includes 9.2 gigawatts of new natural gas-fired power generation. In May, an SB Energy spokesperson said SoftBank had reserved enough turbines from multiple suppliers, including GE Vernova....

[also here: https://x.com/elonmusk/status/2118590598324318415]

....MORE
*If interested see the outro from November 5's "Wind Finally Turned Profitable For GE Vernova And Now It's Being Branded As A Data Center Play (GEV)"

Also:

March 26 - "SoftBank Obtains $40B Bridge Facility for Additional OpenAI Investment"

Of all the possible weak links in the daisy-chain, and there are a few, SoftBank's increasingly central role is the most concerning.
Mr. Son's history, going back to the time he briefly held the title of world's richest person, is leveraged beta. No great technological insight (largest investor in WeWork) no fancy risk mitigation, just leverage in all its forms and like Sam Insull, at every level of the organization.
Throw in the fact that OpenAI and their ChatGPT may not be the ultimate winner of this unprecedented build-out and there are reasons to be hyper-aware. Stay tuned.
That said, this loan should be okay (barring a depression where it can't be re-financed, à la Insull) it's all the other borrowings and what Mr. Son will do in the next couple years, that could cause worldwide problems.

June 9 - "SoftBank’s Attempt to Get $6 Billion OpenAI Margin Loan Stalls"

Good. I'm not kidding when I say Mr. Son's penchant for leveraged beta could be a threat not just to the AI players but to the world economy. If the largest domino starts dropping it's hard to see it stopping short of a coordinated international bailout.
Keep an eye on 9984 - Tokyo Stock Exchange...

October 9 -"Masa Passes The Hat: SoftBank Seeks $100 Billion From The Gulf After Maxing Out Junk Bonds, Margin Loans And Japanese Retail"
Someone may have to do an intervention, or at minimum a welfare check, on Mr. Son.

And on Son in Ohio, August 17 - "Nvidia Rows Back on $250 Billion OpenAI Pledge and the Stock Rises" (NVDA)

For some reason I keep thinking of this from January 2025:

Climateer Line Of The Day: Microsoft CEO Edition (MSFT; ORCL; ARM; ELON)

Comparing Stargate with financing for his own AI infrastructure buildout plans:
“Look, all I know is, I’m good for my $80 billion,” said Nadella, laughing.

And this from August 2026

"Why Microsoft’s boss is reading up on the 1873 financial crash"

Finally, as can be seen in the simplified flowchart from "Reformatting flow diagrams for explaining complex processes," it all boils down to money:

"The new Congress must fix the $40 trillion debt—and soon"

From Barron's November 6:

Voters have spoken, and Congress has flipped blue, to counter a Republican White House. Which side will get its way? Increasingly, neither, and not just because of gridlock. America’s debt will write more of the rules from here.

The amount owed recently eclipsed the size of the economy, you might have heard. That happened once before, during World War II, when the primary driver was temporary, and kind of a biggie: converting the world’s largest economy into a global war machine deployed across two oceans to help free humanity from fascism. We’ll top that peak soon, probably by the end of the decade, only now the money is spent mostly on autopilot old-age programs and compounding interest.
Interest almost single-handedly explains why massive and growing deficits, or amounts added to the debt each year, are the new normal. This year’s deficit is pegged at $2 trillion, or 6% of the economy, an unprecedented high during a peacetime economic expansion. The interest bill is likely to be $1.1 trillion, or more than half of the deficit. A decade from now, it will be $2.1 trillion, or 69% of the deficit, which will itself have risen to 7% of the economy. That projection comes from the Congressional Budget Office, and it is almost certainly too optimistic, because Treasury bond yields recently jumped above levels the CBO used in its math.
The unbothered fellow shown above doesn’t literally owe $40 trillion, we’re happy to report. For one thing, that’s gross debt. If we subtract amounts owed by one part of the government to another, debt held by the public is closer to $32 trillion, slightly ahead of gross domestic product. By 2050, when today’s youngest are out of college, debt will have swelled to 150% of GDP, the CBO reckons. Barron’s, using projections from the Census and Internal Revenue Service, estimates that by then, the amount owed per taxpaying household will total $1.3 million, or discounted back to today’s purchasing power, about $700,000. That will be like entering the workforce with a hefty mortgage, but not the house it bought.
Voters have heard similar warnings for more than 30 years, and the math grows ever worse while the consequences never seem to arrive. But look around. The 30-year mortgage rate has jumped a point in a year, to 7.2%, paralyzing buyers and sellers. It might be only the beginning. Inflation, recently 3.7%, hasn’t been below the Federal Reserve’s 2% target for more than five years. For the past two years, the Fed had been lowering its core federal-funds target rate, but in September it shifted to a quarter-point hike, to 4%. Torsten Sløk, chief economist at Apollo Global Management, recently calculated that the Fed would have to keep hiking all the way to 6.75% by the end of next year to bring inflation down to its target. Get ready for 10% mortgages, or else a lot more growth in the cost of living.
Watch out for wilder stock swings, too. Investors in recent decades have gotten used to speedy rescues from market downturns in the form of slashed interest rates and lavish government spending. But what if high inflation and a cranky bond market don’t allow for these interventions? Deutsche Bank macro strategist Henry Allen calls it the end of the safety net. “People should prepare for a world in which volatility of the kind we haven’t seen in many years is kind of normalized again,” he says.
Your reporter writes a debt scolding once or twice a decade. He has taken pains over the years to express equal disdain for both political parties, neither of which has wrapped itself in fiscal glory. If the Democratic takeover says anything about the nation’s budgetary mood, it might have little to do with Democrats. In what has somehow become a forgotten footnote to this election, a sitting president offered $5,000 checks as a perk if his party won, but voters went in a different direction. They probably didn’t take the offer seriously. Or maybe they’re just tired of debt-funded gimmicks.
Let’s turn now to possible paths from here. What does it mean to inflate the debt away, and is that feasible? Is a grand political bargain out of the question? What’s Japanification, and what role might bond vigilantes play? Could an artificial-intelligence growth miracle bring the debt back in line? Read on for thoughts on each of these, and how investors should prepare.
The ‘Inflate It Away’ Fantasy
In a recent Deutsche Bank survey that asked how the U.S. will ultimately deal with its debt, respondents overwhelmingly chose political cowardice. That is, they favored paths that don’t require Congress to act. The top prediction is that America will run inflation hot, which we’ll look at now. A close second was that it will muddle through indefinitely, which we’ll come to.
By 1946, America and its allies had prevailed in war, but U.S. debt was left at 106% of GDP—still the record, for a little while longer. The government then allowed most prices to soar, which flattered economic growth, and by 1960, debt was back to 60% of a much higher GDP. Easy peasy? Let’s dig deeper.
The Fed, which back then worked for the Treasury, had capped bond yields starting in 1942, just after Japan attacked Pearl Harbor. The short stuff paid 0.375%, and the long, 2.5%. Patriotic savers, flush from wartime rationing, had lined up for 10-year war bonds, while institutions bought 20- and 25-year paper. As soldiers returned to factories, inflation roared, hitting 8%, then 14%, then 8% over three years ended in 1948. Unrest boiled over. In 1946 alone, more than four million workers walked off their jobs during nearly 5,000 strikes. President Harry Truman at one point threatened to draft railroad workers into the military to force them back to work.
Inflation is a kitchen table issue, and an electoral one. The 1946 midterms were called the Beefsteak Election. To appease angry workers, Truman kept many wartime price caps in place, including for beef. Ranchers, rather than sell at losses, put their cattle out to pasture. Pork ran short, too. Big city butcher shops hung cardboard signs, “No Meat Today.” High-end restaurants paid dearly for black market cuts, while ordinary families ate macaroni and beans. Hospitals appealed for emergency meat allotments to feed the anemic, and at least two resorted to serving horse. Truman briefly considered sending the military to seize pasturing cattle. Weeks before the midterms, he lifted price controls on meat. Republicans nonetheless swept Truman’s Democrats from control in the House and Senate.
Caps on yields remained in place for years. Return on investment for those 10-year war bonds was, well, freedom from tyranny on one hand. But on the other hand, it was negative 20% to 30% after inflation.
Could the same playbook work today, minus maybe the missing beef? Unlikely. After WW II, military spending plummeted from about 40% of GDP to under 5%, but today, there’s no end in sight to government spending, because most of it is for Social Security, Medicare, Medicaid, and interest. And let’s not get hung up on “waste, fraud, and abuse,” that half-century chestnut of American political rhetoric. There is squander in the spending, to be sure, much of it concentrated in Medicare and Medicaid. But the nonpartisan Government Accountability Office estimates all “improper payments,” including fraud and errors, at $175 billion to $235 billion a year. That amount should burn voters’ biscuits, but we’ll need to capture 10 times as much yearly savings just to keep from sinking deeper into the debt hole.
Last year, recall, Elon Musk raised his hand to slash government spending via a move-fast, break-things squad named for a parody crypto coin, the Department of Government Efficiency, or DOGE. Musk started with a $2 trillion savings goal, but eventually lowered it to $150 billion. When DOGE closed in July, it claimed $215 billion in cuts, but auditors failed to verify anything remotely close. According to BAD-FAIL, or the Barron’s Analysis of DOGE Finding Absolutely Itty-Bitty Largess, it had no chance, because it took military spending and entitlements off the table to start, and targeted civilian discretionary agencies, which are less than 15% of spending, with brash firings of federal workers, who are less than 5% of spending. We’re all for government efficiency, but you simply can’t fix the math we’re talking about by storming the Department of Peanuts and canning everyone.
Back to the inflate-it-away fantasy. If deficits are 6% of the economy and rising, and you wish to rerun the post–WW II playbook, you need to run inflation significantly higher than 6%, which isn’t going to be popular. Then, you somehow need to convince bond investors that you’re not actually doing the thing that you’re definitely doing, or else they’ll send long yields soaring, while the Fed, which today no longer works for the Treasury and is legally obligated to fight inflation, jacks up short yields. And we’re not talking about war bonds anymore. The adjusted weighted duration on America’s debt today is just 4.5 years, according to Kent Smetters, director of the Penn Wharton Budget Model. We doubt you’d like the rates come refinancing time.
The Tech Miracle vs. the Grand Bargain
There is a budgeting model called the debt sustainability hypothesis, or the Blanchard free lunch, named for a former chief economist of the International Monetary Fund, who wrote a 2019 paper on the matter but today no longer likes the idea. So long as the average government borrowing cost is lower than the nominal economic growth rate, or r < g on the chalkboard, governments can watch their debt/GDP levels shrink without the unpleasant work of spending less than they take in. If you’ve ever heard that debt-fueled stimulus will pay for itself with higher growth and tax receipts, those notions are almost twin siblings, like Tweedledum and Tweedledummer....

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There was a reason the outro from early a.m. November 4's "Democrats won control of Congress. Their economic agenda is set to target healthcare, tariffs, and Trump's allies" was:

Also at Yahoo Finance:

Over the next decade, the U.S. Treasury will spend $20 trillion in interest on the national debt—$200 billion a month by 2036

"The Arctic vortex could break down by 21 November"

The models mentioned here, from the European Centre for Medium-Range Weather Forecasts, are very accurate in forecasting Atlantic hurricanes, exhibiting what the modelers call "skill."

We'll see how they do up north.

From Polar Vortex Earth, November 7:

50 of 50 ECMWF ensemble forecasts turn the winds around the pole from westerly to easterly by 21 November. In 1991–2020 that happened by this date in 0 of 30 years.

No major warming since the record began in 1959 has come before 28 November (1968 and 2025).
The forecast stretches the vortex into an oval 1.9 times as long as it is wide around 16 November. That is more stretched than in 95% of 1991–2020 years on the date.

100% chance the winds reverse by 21 November
50 of 50 ECMWF forecasts. Normal for the date: 0% (0 of 30 years)
Updated 13:22 UTC, 7 Nov. ECMWF run of 7 Nov 00Z.

....MUCH MORE, maps, discussion, graphs, amaze your friends

If interested see also November 1 - "Europe's Natural Gas Prices Soar to Four-Year High as Winter Looms"

Friday, November 6, 2026

Gasoline Price: "National Average Falls 12 Cents in One Week"

It's a mid-term miracle!

And this is only to yesterday.

From the American Automobile Association:

November 05,2026

WASHINGTON, DC (November 5, 2026) – The national average for a gallon of regular gasoline is down 12 cents from last week to $4.10. Gas prices have been going down for nearly two weeks, as crude oil has dipped back into the high $80 – low $90 per barrel range. But pump prices remain the highest they’ve ever been during this time of year. Before 2026, the national average had never gone above $4 per gallon during the month of November. Currently, the national average is more than one dollar higher than it was a year ago.

Today’s National Average: $4.1003

One Week Ago: $4.2258

One Month Ago: $4.3653

One Year Ago: $3.0790

....MUCH MORE

Diesel is down to $6.2305 from $6.3204 the previous week

"'A blowout': US added 165,000 jobs in October, trouncing expectations"

From Yahoo Finance, November 6:

The US added 165,000 jobs in October, blowing past economists' expectations, as the labor market showed strength despite the Federal Reserve's recent rate hikes.

The unemployment rate ticked down to 4.1% amid a slight increase in labor force participation. September's underwhelming jobs report of 29,000 additions was also revised upward to 60,000 jobs.

"Consistent with prior, more partial indicators of the US labor market, the October Jobs Report came in very strong, across the board," economist Mohamed El-Erain posted on X.

Heather Long, chief economist at Navy Federal Credit Union, deemed the results "a blowout," in a post on X.

Economists surveyed by Bloomberg projected a gain of about 70,000 jobs in October and saw the unemployment rate holding steady.

Wage growth increased 0.4% from September, better than expectations for 0.3% month-over-month growth. Annual earnings rose 3.1%, beating expectations, but likely still lower than the current rate of inflation....

....MUCH MORE

"Germans are unironically nostalgic for the golden days of 1950s debt forgiveness"

Using Bastiat's observation as our starting point:

“Government is the great fiction through which everybody
endeavors to live at the expense of everybody else.”

—The State, Frédéric Bastiat, 1848

You can bet that over the next five years, U.S. cities like Chicago and states like New Jersey or Connecticut will be clamoring for either debt restructuring/forgiveness or their preferred wealth transfer: a Federal bailout.

From Quartz, July 21, 2022:

Couples in voluminous A-line skirts, high-waisted pants with suspenders and liberally applied hair gel swing each other across the stage, Elvis’s Blue Suede Shoes echoing throughout the square.

It feels as if Danny Zuko will roll up in his hot rod any minute, but this isn’t a scene out of Grease. The dancers are in the otherwise sleepy German city of Wettenberg, whose half-timbered houses and cobblestone streets accommodated an estimated 70,000 visitors last weekend. They came for the “Golden Oldies” festival, which celebrates “the lifestyle and luxury” of the 1950s and 1960s, often thought of as a golden age that followed West Germany’s wartime devastation.
Held on July 25 and 26, it’s the one weekend of the year when Wettenberg’s medieval castle is not the main attraction. Among the largest of its kind in Europe, the annual fete captures the zippy ambience of Germany’s “Wirtschaftswunder”—the “economic miracle” that rekindled hope for many. After enduring years of price controls and Nazi-imposed rationing, new disposable income of the period suddenly allowed Germans to purchase cars, ovens, washing machines—modern status symbols that grew fashionable as West Germany became one of the richest countries in the world.
“People had the feeling things were improving; that they could achieve something,” said Thomas Brunner, the mayor of Wettenberg and a key organizer of the event, told Quartz. “People found joy in life again.”
The festival’s nostalgia for this era of burgeoning wealth holds particular resonance in today’s tense economic milieu. While Germans go retro to commemorate their own mid 20th century emergence from economic desolation, a “miracle” buoyed by debt cancellation, Greeks are standing in line for cash allowances, food, clothing and medicine.
[n.b. things have revered in four years]
Starting in the late 1940s just following the end of World War II, the West German Wirtschaftswunder ran approximately until the early 1970s. “Germans like this time because things were looking up,” Brunner said. “The people had done it—they had managed to leave behind the damage and backwards step of the war.”
Morale certainly helped, but the international community’s 1953 forgiveness of half of Germany’s foreign debt following World War II underpinned the nation’s revitalization.
This relief facilitated then-finance minister Ludwig Erhard’s orchestration of the German economic recovery. Debt forgiveness meant Germans could turn their attention to building up the country, fueling the economy with both hard work and spending....

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Hop in your Straßenkreuzer:

Visually searched image

1948 Buick Roadmaster Convertible - SOLD at JP Frazier

And life could be a dream, sweetheart.

Capital Markets: "US Jobs Report Competes with the Unsettled Equity Market to Drive the Greenback"

From Marc Chandler at Bannockburn Global Forex:

The US dollar is broadly stronger. Against many G10 pairs, it is at its best level since Tuesday’s midterm elections. Ahead of the US jobs report, the euro and sterling are holding on to small gains for the week. The Antipodean currencies and the Norwegian krona are off 1.5%-2.25% this week.

The sharp equity losses in recent days, reflecting, in part, questions over the AI meme, and the sharp drop in oil prices this week (December WTI is off 12.6%, even after yesterday’s 2.7% recovery and firmer prices today) are important drivers this week. Ten-year yields in the G10 are off 2-14 bp this week, with nearly 14 bp decline in JGBs coming today. The 10-year Gilt yield eased the least—a little more than two basis points. A poor US jobs report can still roil the markets. Ahead of the report, the Fed funds futures are discounting a little less than a 70% chance of a December Fed hike, which is the lower end of where it has been since early September....
....Data

•The focus is squarely on the US employment report. The median forecast in Bloomberg’s survey is for a 65k increase after 29k in September. The three-month moving average is 51k. The year-over-year pace of hourly earnings may dip...

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U.N. "FAO Food Price Index edges down in October, with commodity price indices easing except for sugar and vegetable oils"

From the Food and Agriculture Organization of the United Nations, November 6:

» The FAO Food Price Index (FFPI)* averaged 133.9 points in October 2026, down 1.6 points (1.2 percent) from its revised September level. Price indices for cereals, dairy and meat products decreased from the previous month, while the vegetable oil price index increased only marginally and the sugar price index rose markedly. Compared to a year earlier, the FFPI stood 7.5 points (5.9 percent) higher but remained 26.3 points (16.4 percent) below its March 2022 peak.

» The FAO Cereal Price Index averaged 116.8 points in October, down 5.5 points (4.5 percent) from September and 13.1 points (12.6 percent) below its October 2025 level. World wheat prices declined following four consecutive monthly increases, largely reflecting subdued international demand and an improving production outlook, particularly in Argentina. Expectations of easing constraints on Black Sea export flows added to the downward pressure on prices, although continued disruptions to Black Sea logistics limited the decline. International maize quotations also eased after reaching a three-year high in September, weighed down by harvest-related pressure in the United States of America, expectations of ample supplies in major exporting countries in South America, and renewed prospects for an easing of tensions in the Black Sea region. Among other coarse grains, barley and sorghum quotations declined in tandem with wheat and maize, with favourable crop prospects in Australia exerting further downward pressure on barley prices. By contrast, the FAO All Rice Price Index increased by 1.6 percent in October 2026, as harvest delays in some rice exporting countries added to the upward price pressure exerted by adverse weather conditions and rising costs.

» The FAO Vegetable Oil Price Index averaged 199.2 points in October, up slightly by 0.6 points (0.3 percent) from September. The marginal rise in the index was mainly driven by higher soybean and sunflower oil quotations, which more than offset lower rapeseed oil prices, while palm oil prices remained virtually unchanged. World soybean oil quotations rose to their highest levels since late 2022, supported by continued firm demand from the biofuel sector and seasonally declining supplies from South America, while sunflower oil quotations rebounded from multi-month lows, underpinned by persistently tight export availabilities from the Black Sea region amid ongoing logistical disruptions. Meanwhile, international palm oil prices fluctuated only slightly in October but remained well above their year-earlier levels, supported by firm global import demand, amid improved price competitiveness relative to other vegetable oils, and expectations for lower production in the 2026/27 season across major Southeast Asian producing countries in. By contrast, global rapeseed oil prices declined amid seasonally increasing supplies and lower-than-expected demand for biodiesel feedstocks, particularly in the European Union.

» The FAO Meat Price Index averaged 125.5 points in October, down 1.6 points (1.2 percent) from September, while remaining slightly above its year-earlier level. Quotations declined for pig, ovine and bovine meat, while poultry meat prices remained broadly stable. Pig meat prices decreased, led by lower quotations in the European Union, where abundant supplies and limited export opportunities continued to weigh on the market amid subdued international demand. Ovine meat prices retreated further from record highs, as larger seasonal supplies in Australia exerted downward pressure, reinforced by currency movements. Nevertheless, overall export availability remained tight, keeping quotations well above year-earlier levels. Bovine meat prices eased slightly, reflecting lower Australian quotations amid intensified competition in global markets, although reduced market offerings, as widespread rainfall encouraged cattle retention, provided some support to prices. Meanwhile, Brazilian quotations remained broadly stable, as tighter export availabilities and stronger demand from the United States of America offset weaker buying interest from China. Poultry meat prices were little changed, with steady international demand balancing ample global supplies. In Brazil, export quotations were largely unchanged despite import restrictions imposed by some trading partners following Newcastle disease outbreaks first detected in the state of Santa Catarina on 18 October, with regionalization arrangements with major trading partners helping to limit trade disruptions.

» The FAO Dairy Price Index averaged 117.8 points in October, down 1.3 points (1.1 percent) from September, following the marginal decline recorded in the previous month. The index stood 16.9 percent below its year-earlier level, with skim milk powder (SMP) quotations 45.8 percent higher than in October 2025, butter and cheese prices 31.1 and 29.3 percent lower, respectively, and whole milk powder (WMP) prices broadly unchanged. The October decrease was driven by declines in international butter and cheese quotations, which more than offset further increases in milk powder prices. Butter and cheese markets weakened amid ample supplies and subdued buying interest, particularly in the European Union, where elevated butter stocks and ample cheese supplies continued to weigh on prices despite signs of slowing growth in milk production. Competitive export supplies from the United States of America exerted additional downward pressure on prices. By contrast, SMP prices rose markedly across major exporting regions, supported by sustained import demand and limited supplies available for prompt delivery. In the United States of America, strong demand for nonfat dry milk, coupled with competition for milk solids from higher-value dairy protein products, tightened powder availability despite overall ample milk supplies. WMP quotations edged higher, as firmer prices in Oceania more than offset a marginal price decline in Europe....

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Thursday, November 5, 2026

"Nasdaq sell-off batters Asian chip stocks as SK Hynix, Samsung, Softbank, TSMC tumble"

[second] worst Guy Fawkes day ever.

From CNBC, November 5:

Asian technology stocks tumbled Friday, tracking a sharp sell-off on Wall Street overnight that sent the tech-heavy Nasdaq Composite into correction territory.
Asian technology stocks tumbled Friday, tracking a sharp sell-off on Wall Street overnight that sent the tech-heavy Nasdaq Composite into correction territory as renewed concerns over artificial intelligence spending rattled investor sentiment.
South Korean chipmaker SK Hynix plunged over 8%, while Samsung Electronics shed 7%. LG Innotek and LG Display fell 10% and 7.7%, respectively, as selling pressure spread across the country’s technology sector.
The rout came as investors worried that Democrats’ sweeping victory in the U.S. midterm elections could lead to tighter restrictions on data-center development, potentially slowing demand for AI chips and related infrastructure.
In Japan, semiconductor-related stocks also fell, with chip-testing equipment maker Advantest plunging 12.2%, while Tokyo Electron slid 7.3%. Technology investment giant SoftBank Group tumbled 11.6%.
Shares of memory chipmaker Kioxia Holdings fell nearly 10%, while Renesas Electronics declined 7.5%.
In Taiwan, semiconductor stocks also came under heavy selling pressure, with contract chipmaker TSMC sliding 9.6%. Electronics manufacturers Hon Hai Precision Industry, also known as Foxconn, and Foxconn Technology fell 9.4% and 9.1%, respectively, as the regional technology rout deepened....

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CNBC front page

"Dow Jones Futures Fall; Nasdaq Dives 5.5%, Nvidia, Sandisk, CoreWeave, SpaceX Plunge, But Sell-Off Spreads Beyond AI"

From Investor's Business Daily, November 5:

Updated 07:19 PM ET 11/05/2026

Dow Jones futures fell overnight, while S&P 500 futures were little changed and Nasdaq futures rose. Atlassian, Cloudflare, Guardant Health and 10X Genomics were among many big earnings moves overnight. The October jobs report is on tap.

The stock market saw sharp, broad losses in a Day 2 election reaction. The Nasdaq plunged below its 200-day line, the S&P 500 tumbled from key resistance, and the Dow Jones index broke below key levels. A chip and AI meltdown hit Sandisk (SNDK), CoreWeave (CRWV), Nvidia (NVDA) and SpaceX (SPCX), but even stronger areas of the market stumbled.
Palomar Holdings (PLMR), Veeva Software (VEEV), CSX (CSX), Apple (AAPL) and ELF Beauty (ELF) are in or near buy zones. But this is a time for investors to be cautious, with minimal exposure.

The market's fear gauge surged, which could be a positive signal but doesn't have to be.
Veeva stock is on the IBD 50. Palomar was Thursday's IBD Stock Of The Day. The video embedded in the article reviews Thursday's ugly market action and analyzes CSX, Veeva Software and ELF stock.
Dow Jones Futures Today
Dow Jones futures fell 0.2% vs. fair value. S&P 500 futures were little changed, Nasdaq-100 futures rose 0.4%. Futures are moving quickly, continuing the regular session's volatility.

Crude oil prices rose slightly.

The Labor Department will release the October jobs report at 8:30 a.m. ET, with economists expecting nonfarm payrolls to rise by just 62,000 after September's 29,000. That should be enough to keep the jobless rate at 4.2%. Markets still see a December rate hike as likely.

Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Earnings

FIGS (FIGS), Cloudflare (NET), Airbnb (ABNB), Atlassian (TEAM) and Affirm (AFRM) reported late Thursday, along with Guardant Health (GH), Natera (NTRA), JFrog (FROG), Halozyme Therapeutics (HALO), Five9 (FIVN), 10X Genomics (TXG) and Dropbox (DBX).

Cloudflare and Airbnb jumped, with the latter signaling a move back above a buy point. Dropbox rose modestly within a base.
But Atlassian, Affirm, Guardant Health, Natera, Five9 and 10X Genomics sold off late. Most were already heavily damaged, but FIVN had been holding up. Halozyme and FIGS tumbled after pulling back solidly from near highs in Thursday's session.
Stock Market Action
The stock market had a broad sell-off that spread well beyond the AI epicenter.
The Dow Jones Industrial Average sold off 3.5% in Thursday's stock market trading, knifing back below the 50-day after Wednesday's 3% surge. The S&P 500 index plunged 4.35% to a three-month low, retreating from the 50-day line to near the 200-day. The Nasdaq composite dived 5.5%, decisively breaking the 200-day line and almost undercutting its late-July lows. The small-cap Russell 2000 plummeted 4.45%, putting it back below its 50-day and 200-day lines.
The Invesco S&P 500 Equal Weight ETF (RSP) tumbled 2.9% to its 21-day line after hitting a record high soon after the open.

The chip and AI sell-off turned into a full-blown meltdown Thursday as fears mounted that Democrats' sweeping election wins will end up delaying or blocking many more data centers. Sandisk stock dived 22.3%, Bloom Energy (BE) shed 16.4%, CoreWeave lost 9.8% and Nvidia dropped 9.3%. SpaceX tumbled 9.05% to 123.62, below its $135 IPO price for the first time in months. Taiwan Semiconductor (TSM), with a modest 21-day average true range of 3.3%, plunged 10.8% on Thursday.

Meanwhile, software names sold off. But so did retail, housing, financial and travel stocks. Even superdefensive insurance and staples reversed lower....

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Other than that Mrs. Lincoln....

Inflection Point: Package Delivery By Drone Is Now Totally Normal

From the Wall Street Journal, November 5:

Zipline Reaches $21.5 Billion Valuation as Drone Delivery Gains Traction
Startup expands partnership with Walmart to launch 300 additional sites

Zipline notched $1.5 billion in fresh funding, more than doubling the drone startup’s valuation from earlier this year to $21.5 billion.
Chief Executive Keller Cliffton, who co-founded Zipline in 2014, said the company’s skyrocketing valuation is a sign that autonomous delivery has finally gained wider acceptance among both investors and commercial partners.

Cliffton likens it to Waymo’s rapid rise in San Francisco. Drones similarly once felt like science fiction, and are now increasingly seen as the backbone of how cities will function, he said.
“It’s an inflection point,” Cliffton said in an interview. “It sort of happened overnight, and suddenly it’s totally normal.”
Zipline got its start delivering blood and medical supplies in Africa, a part of the business that the company says helps save more than 14,000 lives a year, and which is now growing faster than ever, according to Cliffton.
A newer piece of Zipline’s business, its commercial operations in the U.S., has also taken off. Up until just a few months ago, the company was targeting an eventual increase to one million drone deliveries a day, but now it’s seeing interest from three or four customers who each want to buy that kind of volume, Cliffton said.
“I think people have suddenly realized that teleportation-level logistics, where you can get whatever you need in 10 to 15 minutes, is a really big deal,” Cliffton said.
Among the recent customers are Uber Technologies, which signed a deal with Zipline in August to facilitate drone deliveries for takeout, grocery and retail orders on its Uber Eats platform.
And on Thursday, Walmart said it is expanding its existing partnership with Zipline, with the companies working together to launch 300 additional sites as part of a national multi-year agreement.
Zipline, which had a $7.85 billion valuation earlier this year, said it will use its new capital to keep up with the surging demand. It plans to expand its U.S. manufacturing facilities and ramp up hiring as it looks to build a drone-delivery network that spans nationwide. The company currently operates in three U.S. states—Texas, Arkansas and Ohio—with plans to soon launch in Arizona.
As it scales up, the South San Francisco, Calif., company will also continue to focus on upgrading its technology, Cliffton said.
Zipline recently rolled out new capabilities designed for quieter flying. It is also been working to allow its drones to fly higher, and carry heavier orders over longer distances.
“Zipline is an engineering company at its heart,” Cliffton said. “We focus on improving every single part of the service.”
Other players have also made headway in commercial drone delivery. Alphabet’s Wing unit similarly works with a number of restaurant, retail and healthcare partners, and delivery giant DoorDash is developing its own drones, along with related ground infrastructure and digital systems. Amazon also has its own in-house drone division offering delivery in select markets in the U.S.

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Huh, "...teleportation-level logistics"

Wind Finally Turned Profitable For GE Vernova And Now It's Being Branded As A Data Center Play (GEV)

Actually it is, sort of. As we saw yesterday, around twenty percent of their business is data centers.

From the earnings call transcript, October 28:

Electrification also posted strong growth, while wind turned profitable in the quarter despite a softer U.S. market
***
Wind guidance was revised to reflect a smaller decline in organic revenue, now expected to be down mid-single digits rather than low double digits.
***
Analysts asked about the wind business as well, and management said it is pleased with the return to profitability but still sees strategic questions ahead for 2027 and beyond.
***
Wind turned profitable on strong services improvement, and we continue improving execution in offshore as our backlog to complete continues to come down. Across all three businesses and corporate, we have investments in automation and AI with strong use cases that will expand margins over the medium term, but in 3Q in isolation remain a net expense. Point being, we are early in our margin expansion acceleration.

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It's green, green like Gumby dammit. Jeff Immelt, Al Gore, Ocasio-Cortez, Green New Deal, etc.

And as noted exiting another of our three GE Vernova posts that day:

GEV has been consciously throttling turbine manufacturing capacity and thus uptake of new orders vs working-down the approaching-$200 billion backlog.
The reason for this is that the industry has been burned, burned big, twice in the last quarter-century by adding capacity that ended up going idle a few years after completion.
GE Vernova could have spent $40 or $50 billion on new plant property and equipment two years ago, with Hitachi and Siemens Energy spending another $10 billion apiece but long memories pointed toward increasing profit margins rather than increasing volume.
Another constraint is a national labor force ill-equipped to learn, much less perform, cutting edge manufacturing. It's the same reason Ford is offering skilled mechanics $150K to start and has thousands of openings unfilled, the workers with the brains and the talents are already employed.
So what's next for GE Vernova?
We'll probably be hearing a lot more about their transformer and fuel cell and nuclear businesses as the turbine business continues to kick off increasing amounts of cash.
And who knows, maybe wind will get subsidized again, what with the new congress and all.
Earlier today:

But the market doesn't care. As has been said on Wall Street forever "when they raid the whorehouse they take the good girls with the bad. The stock is changing hands at $769.06 down another $63.77 (−7.66%). It has been a brutal week/month/half year:

TradingView

Today's low was $750.00 on the screws which may or may not have some quasi-mystical meaning.

They're Celebrating Kristallnacht in Philadelphia This Weekend

Party like it's 1938.

From City&State Pennsylvania, November 3:

‘These Zionist establishments must go!’ Organizers of upcoming Philly ‘Boycott Ride’ target Jewish-owned eateries
A coalition of pro-Palestinian activists plans to intimidate Jewish-owned businesses on the eve of the 88th anniversary of Kristallnacht, the Nazi night of terror that destroyed thousands of Jewish homes and businesses.

As a former two-term Philadelphia City Councilmember and one of the city’s most prominent real estate developers, Allan Domb has been a fixture in Philadelphia’s civic and commercial life for decades.
So he was “surprised,” he told City & State on Tuesday, to discover that one of his businesses – Schlesinger’s, a Center City Jewish deli – had been singled out for harassment by an anti-Israeli and antisemitic movement whose purported aim, according to a now-deleted Instagram post, is to “show these zio business owners that we see them for the disgusting humans they are.”
Schlesinger’s is one of a half-dozen restaurants in Philadelphia’s Center City targeted by this Sunday’s pro-Palestinian bike ride apparently called “Boycott Ride” in Rittenhouse Square, which aims to oust Jewish- and Israeli-owned businesses from the city. The others targeted by the rally are Huda Burger; Mac Mart; and Goldie’s, K’far Café and Dizengoff, all of which feature the Israeli cuisine of their acclaimed chef-restaurateur, Michael Solomonov.
Aside from Solomonov, all the other businesses are owned by American Jews, a distinction not evident in the rally flyer, which – in language reminiscent of Nazi propaganda against German Jewish businesses like “Kauf nicht bei Juden!” (“Don’t buy from Jews!”), declares: “No business for Zionists! These Zionist establishments must go! Not in our city!”
Jewish media initially reported that flyers had been circulated by the group Philly Writers Against the War on Gaza, but it appears that the main organizer is Philly Bike On Your Left, an activist group, with Philly Solidarity Calendar and Boycott CookNSolo listed on the Instagram announcement as “collaborators.” The latter group is devoted to organizing against CookNSolo, the Philadelphia restaurant group behind Solomonov’s establishments. None of the organizations listed as being “collaborators” responded to requests for comment.
The date of the action, Nov. 8, is a suggestive choice: It is the eve of the 88th anniversary of Kristallnacht, a sweeping orgy of state-sponsored anti-Jewish violence across Nazi Germany, Austria and the Sudetenland (part of modern-day Czechia) on Nov. 9-10, 1938, when more than 7,000 Jewish businesses were damaged or destroyed, along with thousands more homes and synagogues, and 30,000 Jewish men were deported to concentration camps....

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I believe the term they are looking for is Judenfrei.