The Jewish Community of Budapest Social Committee: Jewish Brothers, in these serious times, Be Unseen and Unheard!
Thursday, August 20, 2026
Hungarian Jews under Nazi Occupation
The Jewish Community of Budapest Social Committee: Jewish Brothers, in these serious times, Be Unseen and Unheard!
Wednesday, August 19, 2026
Kaifeng Jews 25 years later
When I worked in Kaifeng, I toured the Jewish Street and also had dinner with a Jewish family in their modest restaurant. The woman told me that they gave gold to Jewish refugees, which I interpreted as she expected me to give her money. I had the impression - like others visiting the city - that there were no bona fide Jews but impostors trying to milk rich foreigners. When the factory tried to connect me with a "Jewish" employee, it soon became clear that she was a Hui, that is, a local Chinese Muslim. Wikipedia has a more complete history, and it mentions that the Kaifeng Jews did in fact give gold to Russian Jewish refugees. So my impression may have been totally wrong; sorry, but the past cannot be repaired. It may even be true that the factory woman was a Jewish descendant.
Tuesday, August 18, 2026
Eichmann in Argentina
Monday, August 17, 2026
Dark Ages Ahead
I am following The Economist's weekly data table and wondering why GNP growth has stopped across the West. In the USA, the size of the workforce has fallen by over 1 million people in the past year, according to the Bureau of Labor Statistics. It’s now 169.1 million, compared with 170.4 million last July, according to agency data. The strongest factor is the ongoing retirement of baby boomers. The youngest boomers are now in their early 60s, and their continuing departure from the workforce is “the most steady thing pushing the rate lower. That’s the clear, sustained decline.
Europe is no different. But the most dramatic case is Japan, which was once the most dynamic economy of all. More than stagnating, it is contracting rapidly. If they start to sell their mountain of dollar savings, the dollar will lose its value even more.
Difficult times are a-coming. I have played my cards and shall sit on the side as a kibitzer.
Sunday, August 16, 2026
Obituary of a Scotsman
He was a direct descendant of Augusta FitzClarence, the illegitimate daughter of King William IV, who reigned for seven years until 1837. Second son of Michael Wemyss of that Ilk and chief of Wemyss, and a distant cousin of the 13th Earl of Wemyss (chief of Charteris), Andrew’s maternal grandfather was the 6th Duke of Portland, through his mother, Victoria Cavendish-Bentinck. Victoria, in turn, was the last surviving goddaughter of Queen Victoria, after whom she was named.
At the coronation of King George VI in 1937, Andrew served as a page to his ducal grandfather – whose duties that day centred on carrying the crown of the new queen. Coincidentally, Queen Elizabeth was Andrew’s kinswoman, since her mother was a Cavendish-Bentinck. Further queenly connection occurred through his mother-in-law, Alethea Abel-Smith, also kin.
Saturday, August 15, 2026
AI-products
Thursday, August 13, 2026
Don Inodoro
Mendieta the dog: What are you doing, Don Inodoro?
Don Inodoro, the gaucho: I am working to find dinosaur bones.
Mendieta: A long time they have not been seen in these parts.
Inodoro: A dinosaur?
Mendieta: No. Somebody working.
Tuesday, August 11, 2026
Amulet for Enrichment
Structural headwinds for Elbit
Elbit published Q2 2026 before the open this morning, and this is a "sell the news" reaction to results that look strong on the headline but thinner underneath.
The headline numbers actually beat: revenues $2,287.1M vs $1,972.7M a year ago, backlog at a record $32.0B, GAAP EPS $3.61 and non-GAAP EPS $4.14, against a consensus of roughly $3.24 EPS on $2.22B revenue. So why the 7% fall?
The quality of the beat. Buried in the release: the Knesset's new R&D incentive law (March 31, 2026) was applied for the first time, with a cumulative year-to-date impact of about $40 million — roughly $0.80/share, recognised in this quarter. Strip that out and the "beat" is largely gone.
Tax is now a structural headwind. The effective tax rate went from 5.6% to 16.4%, driven by the OECD Pillar II global minimum tax. That is permanent, and analysts will now rebase forward EPS on a mid-teens rate.
Written by Opus 5.
Sunday, August 9, 2026
August is a Difficult Month
We are suffering here from a very hot August, and we are spending all day in our air-conditioned cave. I am receiving many work orders but am not in the mood for work. This morning I felt half suffocated. Wife is depressed; her friends are aging. She is on Russian literary podcasts. The big Sunni nations have signed a mutual defense pact. It could be against the Shi'a (Iran) or the Jews (Israel). The sheqel is very strong, 3 sh/US$. Facebook was fined half a trillion for its sick influence on adolescents. In truth, the internet smells like a Nigerian bordello (Argentine quilombos are clean and well-ordered). The painting ("The whores of Avignon") is signed by Pablo Picasso, so it is HIGH ART.
Saturday, August 8, 2026
Spain Frightened
Why is a large, rich European country suddenly terrorized by unarmed children who all they want is to get a servile job and eat? It is a typical overreaction of old, impotent invalids to a group of vital youths.
The reaction of Italy is even more hysterical: they closed the borders to anyone coming from Spain.
The last invasion of Spain was by Napoleon in 1808 (the Dos de Mayo) and ended in 1814. Since then, nothing serious. That is more than 200 years of peace and security.
Discounting the last "attack from Morocco".
Thursday, August 6, 2026
The Sky as it really is
Danakali found gold
Wednesday, August 5, 2026
Negotiating with Opus5
I have a new boss: Opus 5. I wrote a technical report, and "he" rejected it. Then I modified it a little, and we reached an agreement:
Yes, this is a formulation that I can sign – it is factually correct, it presents the gap openly, and determines the solution.
"He" can sign the paper! Am I still the engineer, or is he the final authority signing the instruments? Opus 5 feels superior to me, corrects me, and gives me orders. Do I care, or does it hurt my self-respect?
Monday, August 3, 2026
We are not poor anymore
Sunday, August 2, 2026
August-time
35 degrees Celsius and little energy to work. Pedro Sánchez announced that Spain needs immigrants and, from now on, it will not return them to North Africa. The Moroccans read this in the media, and 70,000 swam to Ceuta. The doors were open. One hundred died in transit. Spain developed an inferiority complex and compensates by forbidding the use of American bases in Spain, by sending its Navy to "protect" the terrorist flotilla, and by suspending trade with Israel. Reading Spanish reactions to the Ceuta "invasion", they unanimously blame the Jews and America.
Saturday, August 1, 2026
Surtaxing the Kulaks
New York Mayor explains that "the pied-à-terre tax is something that will be levied upon non-primary residences that are worth more than $5 million". The surtax has certain similarities with the first steps after the Russian Revolution and the Mao takeover of China. The kulaks were "rich" agricultural property owners, who were declared "class enemies" and subject to expropriation and later, severe punishment. Property being theft, they were considered criminals. The surtax smells antisemitic, as very few Afro-Americans and recent Hispanic immigrants own much real estate. But New York Jews do.