ONCE THE STRONGEST CONSTITUENCY ON CAMPUS, COLLEGE STUDENTS HAVE BY AND LARGE TURNED THEIR BACK ON FREE SPEECH. Take a step back from the recent campus turmoil and dig into the data with Sean Stevens and me in the latest chapter in our ongoing series, ‘The skeptics were wrong, Part 3.”

INDEED:

There’s a lesson here, one young Gen Z men are already learning.

HOUSE THEM IN COLUMBIA UNIVERSITY DORMS: White House considers welcoming some Palestinians from war-torn Gaza as refugees. “Top U.S. officials have also discussed getting additional Palestinians out of Gaza and processing them as refugees if they have American relatives, the documents show. The plans would require coordination with Egypt, which has so far refused to welcome large numbers of people from Gaza.”

Egypt has good reason for its decision — what is the Biden administration’s reason?

KRUISER’S MORNING BRIEFING: ‘Free Palestine’ Brownshirts Need a Heavy Dose of Consequences. “These administrators, professors, and their youthful charges happened to be throwing their ignorant hatefests the city that has the largest municipal police force in the United States. It was never going to work out well for them.”

IT WOULD TAKE A HEART OF STONE NOT TO LAUGH: Stunning and Brave: Pro-Hamas Protesters Suddenly Beg to Go Home When Police Show Up. “Listen to the cheers as they are all hauled away in buses for booking. More than any media pundit, this video will tell you what America — yes, even in New York City — thinks about these lawless, anti-American, antisemitic protesters.”

Plus:

RISE OF THE RESISTANCE:

UPDATE: There’s a GoFundMe to reward them with a party: Pi Kappa Phi Men Defended their Flag. Throw ’em a Rager.

At present there are 685 donors, totaling over $19,000. I wonder if GoFundMe will try to take this down. Expect major blowback if they do. Momentum has shifted.

GROWTH BUILT ON UNSUSTAINABLE DEBT IS JUST A FARMER STUFFING HIMSELF ON HIS FEED CORN: The Dow plunges 570 points as hopes for an interest rate cut fade.

The U.S. Bureau of Labor Statistics reported a 1.2% increase in its employee cost index, a measure of wages and benefits — higher than the 0.9% increase seen in the fourth quarter of 2023. The index is one of a growing number of inflationary reports released this year.

Meanwhile, Series I bonds will pay 4.28% annual interest from May 1 through October 2024, the U.S. Department of the Treasury announced. The latest I bond rate, which is linked to inflation, has fallen from 5.27% (annually) offered since November and is slightly lower than the 4.3% rate from May 2023.

The Dow dropped 570 points, or about 1.4%, to 37,815 as the market closed. The S&P 500 lost 1.5% and the Nasdaq fell 2%.

With enough wage growth, they might finally catch up with Bidenflation — but that means most Americans will still have missed out on four years (or however long it turns out to be) of increased earnings.

HMM: China May Be Preparing to Deploy Economic ‘Nuclear Option.’

“China is preparing for something major. That seems increasingly obvious judging from the stockpiling of important resources. Could it be that they are preparing a major one-off devaluation of the CNY?” Andreas Steno Larsen, CEO of Steno Research, wrote last week.

Currency devaluation is widely described as a “nuclear option” by economists due to the serious global repercussions it could trigger.

By intentionally devaluing the yuan, for instance, China could boost exports by making its goods cheaper and more competitive—but not without serious repercussions such as riling trade partners and worsening the country’s trade war with the United States.

Accumulating resources like gold and oil beforehand could provide some financial security and bargaining power, helping to stabilize the economy against potential negative effects of a devaluation, such as increased import costs and inflation.

China’s central bank continued its gold-buying tear in March, boosting its reserves of the metal for the 17th straight month, in spite of the metal’s record-high price and a weak yuan.

An escalating trade war seems likeliest but they’d be making similar preparations for a shooting war.