Tucker is No Duranty

A Stain on the Fabric of Journalism [Morning Reckoning] February 08, 2024 [WEBSITE]( | [UNSUBSCRIBE]( Tucker is No Duranty Asti, Northern Italy February 08, 2024 [Sean Ring] SEAN RING Good morning Reader, The Left loves to project. Just look at it now. “Tucker Carlson is a traitor.” “Tucker Carlson hates America.” The nonsense is knee-deep. But this isn’t the first time a journalist has traveled to Russia to report. In fact, nearly a century ago, a son-of-a-bitch named Walter Duranty became - who could’ve guessed it? - The New York Times Moscow bureau chief. Duranty, God rot him, will be unfamiliar to many today. But he was a man we now know stumped for Uncle Joe Stalin and helped hide a genuine government-induced catastrophe: the Holomodor. To suggest that Tucker Carlson is doing the same for Putin demonstrates not just a lack of historical knowledge but an emotional leap that insults Ukrainians themselves. Who was Duranty? Let me tell you about this bastard. You have [(1) item]( on hold at our warehouse: Item # : [51987]( Status: On hold Value: Approx. $300 Claim by date: 02/11 at 11:59 PM To see how to claim yours simply [click here]( , our Head of Customer Experience will show you what you need to do. [LEARN MORE]( A Stain on the Fabric of Journalism In the annals of journalism, few names elicit as much controversy and disdain as Walter Duranty. Once a revered correspondent for The New York Times during the early 20th century, Duranty has become synonymous with journalistic malpractice, bias, and the perils of sacrificing truth to political agendas. The Rise of Duranty Walter Duranty carved out a niche for himself as The New York Times’ Moscow bureau chief in the 1920s and 1930s, a period rife with seismic shifts on the global stage. The Bolshevik Revolution had ushered in the Soviet era, promising a utopian socialist state but delivering a regime underpinned by terror, repression, and mass murder. Duranty, with his direct line to the Soviet elite, including Stalin himself, became the West's key informant on Soviet affairs. His reporting from the Soviet Union won him the Pulitzer Prize in 1932, ostensibly for his "dispassionate interpretive reporting of the news from Russia." However, beneath the veneer of dispassionate reporting, a more sinister reality lurked. Duranty's writings were far from unbiased accounts; instead, they were egregious examples of journalistic malfeasance that would eventually lead to a widespread reassessment of his legacy. Hiding the Holodomor Duranty's fall from grace centers on his coverage of the Ukrainian famine of 1932-1933, known as the Holodomor. This government-made catastrophe, engineered by Stalin's policies of forced collectivization, led to the deaths of millions of Ukrainians. Yet, Duranty's dispatches painted a markedly different picture of progress and optimism in the face of minor difficulties. "Reports of a famine in Russia are mostly exaggeration," Duranty famously declared, even as evidence to the contrary mounted. His denial and minimization of the Holodomor served Soviet propaganda well, helping to obscure one of the 20th century's greatest atrocities from the international community's eyes. His reports are considered a key reason why the United States recognized the government of the Soviet Union. Why Duranty's Influence Was So Detrimental Duranty's reporting did not just mislead readers; it actively contributed to the Soviet regime's ability to carry out its repressive policies with impunity. His stature and the platform The New York Times afforded him lent credibility to Stalin's government and directly influenced Western perception and policy towards the Soviet Union. The dangers of Duranty's brand of journalism are manifold. First, it underscores the importance of integrity and truth in reporting. Duranty sacrificed these principles out of personal ambition, ideological sympathy, or both. Second, his work highlights the risks of access journalism, where close relationships with sources come at the expense of objectivity and critical scrutiny. Last, Duranty's legacy is a cautionary tale about the power of media to shape narratives and, by extension, history itself. Reflections for Today's Journalists In an era where accusations of "fake news" and media bias are rampant, Duranty's story offers sobering lessons. The responsibility of journalists to report truthfully and without undue influence is paramount. The consequences of failing in this duty can be historically significant, shaping perceptions and policies with potentially dire implications. Moreover, Duranty's legacy reminds us of the need for critical media consumption. Readers must be discerning, questioning the sources of their information and the potential biases that may color reporting. In an age of information overload, this critical stance is more important than ever. Walter Duranty's influence on journalism is a stark warning about the costs of forsaking journalistic integrity. His reporting on the Soviet Union, especially the Holodomor, exemplifies the dangers of bias, misinformation, and manipulating the press by powerful interests. Wrap Up An American journalist, Tucker Carlson, flew to Moscow to interview Russian President Vladimir Putin. Why? Because Putin won’t talk to anyone in the Anglosphere media. Why? Because he won’t get a fair shake. If Carlson lobs grapefruits down Broadway and Putin hits them out of the park, then, okay, be mad. But if Carlson can create a meaningful dialogue and we can learn something from it, then that would be fantastic. Duranty would blanch at this. All the best, [Sean Ring] Sean Ring Contributing Editor, The Morning Reckoning feedback@dailyreckoning.com X (formerly Twitter): [@seaniechaos]( [Biden-Backed "Spy Tool" Could Abolish Public Privacy]( [Click here to learn more]( Behind closed doors, Biden signed a shocking Executive Order that could be a "death warrant" on American privacy. [Click here to learn more.]( [WARNING] What you’re about to see is very controversial. Viewer discretion is advised. [LEARN MORE]( In Case You Missed It… Laughing Down the Road to Climate Change Hell Greg Guenthner, Editor [Greg Guenthner] GREG GUENTHNER Good Morning Reader, I didn’t find out about my county’s new plastic bag ban until I was left standing dumbfounded with an arm full of groceries at a crowded (and bagless) self checkout station. An annoyed clerk finally walked by and handed me a paper bag, charged me five cents, and sent me on my way. Thanks to the bag ban, I have a new grocery store routine. Every last-minute trip to pick up bread, milk, and bananas now involves me forgetting to return my reusable bags back in my car. I won’t remember this detail until I’m halfway through my shopping, leaving me digging into the pile of brown paper bags at checkout, paying a few extra cents, and swearing I’ll remember those pesky bags on the next trip. For the record, I don’t mind paying an extra dime every time I go to the store. A bag of chips that used to cost a buck goes for $4.99 these days, so a couple of brown paper bags aren’t going to bust my grocery budget. But I did have the distinct feeling that the plastic bag ban wasn’t actually saving anything – not the planet, not sea turtles, and certainly not me. And I didn’t have to dig very deep to confirm my suspicions. A quick search led me to a report from the Freedonia Group examining the effects of a similar single-use plastic bag ban enacted in New Jersey in 2022. The report cites that the ban worked as intended, curbing the use of plastic grocery bags 60% statewide. Of course, this doesn’t tell the full story. The issue is consumers instead started using those thick, reusable polypropylene bags. And – you guessed it – these bags require a lot more plastic (and energy) to make and aren’t even recyclable. Even worse, the report finds most of these reusable bags are only used two to three times on average before they end up in a landfill or lost somewhere in your house. I can relate. My family owns a polypropylene bag that we’ve stuffed with at least two dozen other reusable bags we’ve accumulated over the years. It sits in a closet, and occasionally gets rifled through to find “the big bag” used to gather overdue library books. In the end, unused piles of those non-recyclable bags and forgetful consumers like me are negating any intended positive effects of the plastic bag ban. The final tally for post-ban New Jersey: greenhouse gas emissions increased 500%. Mission accomplished! Cruising for the Climate Even if ban-happy jurisdictions ran the numbers (which they won’t), I doubt the powers-that-be would reverse course. Sucking on soggy paper straws, cutting up six-pack rings, and toting around reusable sacks are the perfect low-effort “solutions” for the social media scrambled minds of the performative climate change generation. Carry your reusable bags at all times. Throw paint at an office building. Sit in the middle of the street. The road to climate change hell is paved with good intentions. The last decade has also brought about a profound shift in the way the media reports on climate issues, which has also managed to leak into the finance world. I won’t even bother to dive into ESG today – that’s a whole other can of worms. But we do need to discuss how the media is reframing every topic as a climate change concern. Don’t like a product or service? Just complain about how it’s a threat to the environment. You can find a perfect example of this phenomenon in the criticisms of Royal Caribbean's new mega cruise ship, Icon of the Seas. The world’s largest cruise ship cost $2 billion and just launched its maiden voyage packed with 7,600 passengers who are currently tearing across the big boat’s six waterslides, seven pools, and (I assume) more than a few seafood buffets. But the launch “sparked renewed concerns about the environmental impact of cruise tourism,” frets a CNBC piece. The boat runs on liquified natural gas, which burns more cleanly than conventional marine fuels. The issue with LNG is it contains high levels of methane, which is what has the climate alarmists up in arms. I’m not sure what anyone can do to please these people. Do they want folks cruising in older boats? No boats at all? Perhaps we could fly all 7,600 passengers to Hawaii instead? Would that produce a smaller carbon footprint? I’m not even going to attempt to crunch those numbers. Thankfully, I’ve found a hidden benefit to the hysteria… Building a “Green” Portfolio Charts don’t lie: The climate complainers are becoming extremely proficient at spotting strong investment candidates. The louder they scream about a company’s environmental issues, the stronger the trend. Just look at Royal Caribbean (RCL) stock: RCL shares have gained more than 200% off the October 2022 lows, compared to a gain of 37% in the S&P 500. That’s some serious climate change alpha. This little trick doesn’t just work on party boats. If we mosey on over the energy space, you’ll see the dirty coal stocks are beginning to firm up as they approach breakout levels. Arch Resources (ARCH) has posted a nice little run, gaining almost 30% over the last six months. I doubt the clean energy folks are too happy about that! But what about some of the alternative energy names? Will the climate complaint trick work in reverse? Let’s check in on solar. Most of these stocks remain well off their 2021 highs. In fact, the Invesco Solar ETF (TAN) has dropped almost 50% over the past 12 months. Score another point for “team dirty”. If you’re looking to find strong trends in this market, just follow the loudest climate change gripes. It’s the best way to help your portfolio go green. Best, [Greg Guenthner] Greg Guenthner Contributing Editor, Morning Reckoning feedback@dailyreckoning.com Thank you for reading The Morning Reckoning! We greatly value your questions and comments. Please send all feedback to [feedback@dailyreckoning.com.](mailto:dr@dailyreckoning.com) [Sean Ring] [Sean Ring, CAIA, FRM and CMT]( is a former banker and financial educator and is the editor of the Rude Awakening. Sean has trained interns and graduates from Goldman Sachs, Morgan Stanley, Citi, Bank of America, Standard Chartered Bank, DBS (Singapore), the Abu Dhabi Investment Authority (ADIA), Bank Indonesia (the central bank), HSBC, Barclays, RBS, and BlackRock. He knows the global economy is being corrupted by forces that most people can't understand and has used his unique and worldly experiences to help people navigate the markets. [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2024 Paradigm Press, LLC. 1001 Cathedral Street, Baltimore, MD 21201. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. To end your The Daily Reckoning e-mail subscription and associated external offers sent from The Daily Reckoning, feel free to [click here.]( Please note: the mailbox associated with this email address is not monitored, so do not reply to this message. We welcome comments or suggestions at feedback@dailyreckoning.com. 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