Term limits measure critics call ‘intellectually dishonest’ placed on June ballot in Santa Clara County

Two months from now, early voting will begin for California’s June 7 primary election.

When voters in Santa Clara County look at their ballots, they’ll see a measure that asks if they want “to limit” the number of terms that board members of the Santa Clara Valley Water District — Silicon Valley’s largest water provider — may serve.

The wording is a classic example of political trickery, critics say.

Far from limiting how long members of the water district’s board are allowed to serve, the measure, if approved by a majority of voters, actually would extend the number of years they can stay on the board by loosening existing rules, while hiding that fact in dense legal language.

Based in San Jose, the district provides drinking water and flood protection to 2 million residents of Santa County. One of the largest government agencies in the county, its seven elected board members are paid up to $59,000 a year, depending on how many meetings they attend. They receive medical, dental and vision benefits, along with with life insurance, travel insurance while on district business, personal accident insurance and pet insurance from the district.

In 2010, Santa Clara County voters approved Measure C, limiting them to three successive four-year terms, with more possible if they took at least four years off.

But now several board members are facing the end of those terms. And some are saying it would be too risky for the public if they leave the agency, with the state facing a severe drought and the district struggling to complete major projects like rebuilding Anderson Dam.

“A loss of extensive experience on the board, I think, is a problem,” said Tony Estremera, a board member who would be termed out this year, in a meeting last week.

Estremera is a leading supporter of a plan that the water district board voted last week to put on the June 7 Santa Clara County ballot to allow water district board members stay longer by serving a fourth successive four-year term.

Putting the measure on the ballot cost the district, which has been steadily raising water rates, $3.2 million.

The issue sparked a sharp debate last week, when the board decided to place it on the ballot following a contentious 4-3 vote.

“Turnover is good. We need new blood,” said board member Linda LeZotte, a former San Jose city councilwoman who voted no. “I’ve been on the board for 12 years and seen four or five new board members who I think caught on pretty quickly.”

LeZotte raised particular objections to the wording of the ballot measure, which does not contain the word “extend” or indicate that board members would be allowed to stay in office longer.

“It may be legally defensible but it is intellectually dishonest to have language like that,” said LeZotte, an attorney. “It really should say we are extending our terms, not limiting them.”

The ballot language will read: “Shall the measure amending the Santa Clara Valley Water District Ordinance 11-01 to limit Board members to four successive four-year terms be adopted?”

Estremera and water district CEO Rick Callender, who proposed it, said the wording simply mirrors similar language from 1998 when Santa Clara County supervisors won voter approval for a measure to extend their terms from two to three.

“Legally we don’t even have to go to a vote of the people,” said chairman Gary Kremen, who voted for the measure.

Callender said that keeping the same board members, rather than having new people who might change direction on large projects “could ultimately and potentially save tens of millions of dollars.”

The controversy is generating opposition to the ballot measure already.

Promising a fight, the Silicon Valley Taxpayers Association said that with many of the district’s major projects — including Anderson Dam and the proposed construction of a new reservoir near Pacheco Pass — behind schedule and hundreds of millions of dollars over budget, new board members may be just what the agency needs.

“If you reward failure you get more failure,” said Mark Hinkle, president of the Silicon Valley Taxpayers Association.  “The $3 million that this cost to put on the ballot could buy a lot of water.”

Larry Gerston, a professor emeritus of political science at San Jose State University, said that voters are generally frustrated with political leaders at the moment, and that if they find out the measure actually extends terms, “it might find itself swimming upstream.”

“What they are trying to do is give the impression that they are clamping down,” Gerston added. “They are not saying shall the terms be extended. These are questions the opposition will raise fairly quickly.”

During the board debate on the measure, LeZotte asked Callender if the water district staff had polled the public on the measure.

“Have we done any polling with regard to whether the community is screaming for us to have another term?” she asked.

Callender said no such polls had been done. Gerston said that is surprising, given that the agency spent $3.2 million to put it on the ballot.

“If they haven’t done any polling, I’m just aghast,” he said. “Anything that bodes controversy these days, you check out ahead of time.”

In the end, the four members who voted to place the measure on the ballot, and the year they would otherwise be termed out are: Estremera (2022); Kremen (2026); Dick Santos (2024) and John Varela (2030). The three who voted no are LeZotte (2022); Barbara Keegan (2024) and Nai Hsueh (2024).

The last day for interested parties to submit ballot arguments to the county is March 15.

“Maybe they are not trying to fool people,” Gerston said. “But that is the impression they are giving.”

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What to Watch For: Pacheco continues to look like strong draft pick heading into Kansas City

Tune in for Round 1 in Kansas City on Friday at 8:30 p.m. ET on RidePass on Pluto TV.

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Major cruise company may use Malaga port instead of northern European destinations due to Ukraine invasion | Sur in English

CEO Fernando Pacheco says MSC has already cancelled its operations in St Petersburg, which was a key destination for the company

Daily Report – Bitcoin and Market Update (March 14 2022) – The Birb Nest

HTF 1W:

The weekly bar chart seems to be displaying a consolidation pattern – coil – below the 20-week mean. The price action is still trapped between the boundaries of the 2021 range box pattern. As long as it is, bitcoin remains neutral more than bullish or bearish for its dominant trajectory.

The average performance of bitcoin of the recent 20 weeks implies a fair price of bitcoin at $46213. With the current market price at around 39000 USD, it generates a mean reverting opportunity. A measured move, given a breakout, could result in a potential 12000 USD reversal or downwards continuation. This implies technical projections into either 56000 USD or 23000 USD. Personally, I’m leaning more towards the upwards breakout scenario.

The 7-week BTC-SPX correlation has strengthened by a lot over the last three weeks, ever since the negative low at 27th of February, around the time when Russia invaded Ukraine and the military war started. One may conclude, that the war has caused bitcoin to attach more to the equities it terms of the directions. Hence, it can not be used as an effective hedge against the war, opposing the gold.

HTF 1D:

The daily chart is clearly exposing a contracting consolidation pattern, as bitcoin’s volatility narrows towards an invisible apex. Symmetrical triangle chart pattern or a coil is relatively a neutral chart pattern, that can behave both like a reversal or continuation pattern, depending on the broader market context.

The Baseline seems to be confirming the contraction on the volatility side, as the averaged price of bitcoin seems to be performing sine-curve oscillations between 37700 USD and 42700 USD. Currently, BTCUSD is trading right below the hybrid average, while sitting at the BWAP support block.

The Level Lines show supports at the $30722 and $36229 levels. The resistances are adjusted to $440045 and $52277 accordingly.

HTF 12H:

The middaily chart of bitcoin presents a picture with the bullish or bearish factors clearly displayed in the chart and defined by the BirbicatorPRO. While the direction of bitcoin’s price movements seems to be horizontal, there are still ongoing “battles” in the field between the bulls and bears.

For now, BTCUSD is trading within the BWAP block, which shows a congestion of fair levels backed by the real volume. The zone is defined at 38200-39000 USD. Depending on the positioning of the price action, if BTC manages to get above the BWAP block, this zone could be expected to play the role of demand zone.

The CTF Trailer implies that the bears still have the upper hand and control over the market, at least at this moment. While it does not generate or inform about a sell signal, it implies that bitcoin bulls are at the mercy of bears, not the other way around. The CTF Trailer Stop at 41590 USD is the level, which bitcoin needs to break to the upside and reclaim for further upwards price expansion.

Until then, bitcoin stands a chance to nose-dive into market lows at the 33-34k USD area.

With the upcoming triple-witching Friday this week, we’ll be looking at the expiry of the monthly and quarterly futures, and options. This means that as bitcoin nears the Friday, 18th of March, it may see abnormal volatility spikes and increased risks of losing on the high-risk plays (leverage liquidations, aggressive altcoin plays, etc.)

MTF 4H:

The MTF chart is displayed with the overlay of the BPRO Wave Pivots, showing certain levels and zones that are favored by the bitcoin’s price action.

Locally, there seems to be a lot of congestion between 37000 USD and 40000 USD. Quite a large portion of the candlesticks is of indecision seen as either the little-bodied candlesticks, or long-wicked candlesticks with the wicks on both sides of the body.

Besides, the most relevant levels defined by the BPRO are: 38130 USD and 42340 USD, playing the roles of support and resistance accordingly.

A breakout to the upside through the 42340 USD resistance could unfold continuation into the 45000 USD resistance. On the other hand, a breakout to the downside through the 38000 USD support could imply a 35000 USD retest.

LTF 1H:

The hourly chart represents price action of bitcoin with a lot of noise trading going on in the horizontal direction. Excluding several traps or fake breakouts on the downside or upside, bitcoin seems to be trading horizontally most of the time.

Price action wise, I see the main levels defined by the main pivots seen in the chart as follows:

Resistance #2 42591 USD
Resistance #1 41672 USD
(Resistance #3 39300 USD)

Support #1 38244 USD
Support #2 37169 USD

A breakout and close of a higher time frame session outside the levels in the direction of the breakout could result in further continuation to the levels at the extremes.

As mentioned, the triple-witching Friday is happening this week. There are only four triple-witching days in the year. Those are the third Fridays of March, June, September, December. This could imply volatility (and risk) spikes. It makes sense, hence, not to be over exposed to high-risk positions around that time. This could be a tip from the market itself not to open any new risky altcoin positions, or leveraged bitcoin bets.

NUPL:

As CryptoQuant explains: “Net Unrealized Profit and Loss (NUPL) is the difference between market cap and realized cap divided by market cap. Assuming that the latest coin movement is the result of a purchase, NUPL indicates the total amount of profit/loss in all the coins represented as a ratio. It could be interpreted as the ratio of investors who are in profit. Values over ‘0’ indicate investors are in profit and an increasing trend in value means more investors are beginning to be in profit. This phase indicates the increasing reason to take profit which leads to an increase in sell pressure.”

Currently, NUPL at 0.36 implies that bitcoin is at similar risk levels where it was back in Q3 2021 bottoming process, or when bitcoin was trading at 8000-9000 USD in 2020.

Hence, it seems apparent that there is a lot of upside growth potential on the on-chain side, assuming no fundamental factors like nuclear bombs disturb it.

FEAR/GREED INDEX:

For the sentiment part, it’s worth noting the current index value at 23 points. It sets it under the extreme fear category.

Historically, extreme fear territory has provided better buying than selling opportunities for bitcoin investors. While it requires patience – the effects are not immediate, I expect no different this time.

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Brazil Congress fast-tracks ‘death package’ bill to mine on Indigenous lands

  • Thousands of protesters, including celebrities, activists and 150 Indigenous people from eight ethnic groups, gathered for the biggest environment protest ever held in Brazil’s capital against a series of bills dubbed the “death package” by critics.
  • Protesters say the slate of five key bills will cause unbridled environmental damage and violate Indigenous rights by encouraging commercial activities in vulnerable regions and invasions of Indigenous territories.
  • While the protests were taking place, the lower house of Congress voted to fast-track one of those bills, which would allow mining on Indigenous lands — an activity that’s banned under Brazil’s Constitution.
  • While some lawmakers say they oppose the bills and will vote against them, the bills enjoy the support of President Jair Bolsonaro and the powerful agribusiness lobby.

As thousands of people protested in Brazil’s capital against a “death package” of bills deemed anti-environmental and anti-Indigenous, the lower house of Congress agreed to fast-track one of those bills, which would allow mining inside Indigenous lands.

The move by the Chamber of Deputies triggered a public outcry, with more than 15,000 people turning out in the biggest environmental protest ever held in Brasília.

Critics say these bills encourage irreversible environmental degradation, violate the rights of Indigenous people, and fail to meet other social rights protected in the Constitution.

“O Brasil tem alma, o Brasil tem gente, o Brasil resiste”, Caetano Veloso inicia ato pela Terra em Brasília.

Among the demonstrators were around 150 Indigenous children, women and men from eight ethnic groups, who had traveled from the northeastern state of Bahia to Brasília. The rest of the protest was made up by a demonstration called “Ato Pela Terra” (Stand for the Earth) led by celebrated Brazilian musician Caetano Veloso. Renowned for his past political persecution as well as his music, Veloso was joined by thousands of fellow celebrities, activists and supporters united against the anti-environmental agenda in Congress’s docket of priority legislation this year.

In a speech to Rodrigo Pacheco, the president of Brazil’s Congress, Veloso said “deforestation in the Amazon is out of control. Violence against Indigenous and other traditional peoples has increased. A series of bills now on the agenda in the National Congress could make the situation even more serious.”

Forest loss from deforestation and deliberate fires in the Amazon has been trending upward since 2012, with deforestation rates at the start of this year the highest of any January dating back to 2008, according to data from the National Institute for Space Research (INPE). Violence against Indigenous people has been consistently high in the last five years according to reports from the Indigenist Missionary Council (CIMI), an advocacy group affiliated with the Catholic Church. In 2020, 182 Indigenous people were killed, a 66% increase from 2017. Cases of land invasion, illegal exploitation of natural resources, and damage to property came to 263 recorded cases in 2020, up from 160 in 2018.

The Indigenous protesters marched in the streets and met with lawmakers to express their opposition to two bills that would violate their rights if approved: PL 490/2007, which would set a cutoff date for Indigenous groups to claim their territory, and PL 191/2020, which would allow mining activity and hydroelectric generation inside Indigenous territories.

“Opening Indigenous lands [to mining] will harm the Indigenous population and the environment,” Indigenous chief Aruan, president of the Pataxó and Tupinambá Indigenous Federation, told Mongabay by phone. “It will destroy our forest, the animals, the fish, and contaminate our sacred soil and waters.” He added that mining on Indigenous lands would only profit large national and international companies, while generating conflicts, violence, and prostitution among Indigenous communities.

Rafael Modesto, a lawyer with CIMI , spoke to Mongabay by phone to question the legality of the PL 191/2020 bill and its threat to Indigenous rights. “It’s completely unconstitutional,” he said. “It’s one of the worst evils for the Indigenous people and their land.”

Os povos indígenas da Bahia seguem cobrando uma reunião com o ministro para discutir projetos de sustentabilidade ambiental em territórios indígenas do estado, especialmente nas áreas sobrepostas por unidades de conservação.

📷 Marina Oliveira/Cimi pic.twitter.com/GCMf0kK49H

— Cimi (@ciminacional) March 9, 2022

Despite the protests, Arthur Lira, president of the Chamber of Deputies, approved a measure to fast-track the mining bill as a matter of urgency. Deliberation of the bill will now be delegated to a group of 20 deputies and voted on in April.

Aruan said the mining bill is a way of bypassing the Constitution — which prohibits mining on Indigenous lands — to exploit their territory, and the linchpin for the government’s anti-environmental and anti-Indigenous agenda. “This bill further encourages the genocide of Indigenous people, the invasion of our lands, and the exploitation of our resources,” he said. “The Indigenous in Brazil preserve the environment. [The mining bill] is a risk to our planet and only serves Brasília’s and the mining companies’ interests.”

According to a government report, Lira sped up the approval process to give the green light for mining potassium, a key element in the fertilizers used in Brazil’s agriculture sector, one of the key drivers of the country’s economy. President Jair Bolsonaro recently stated he wants Brazil to be self-sufficient in fertilizer production and said the mining bill, backed by the influential agribusiness lobby, guarantees local production.

“Bolsonaro has used the conflict between Russia and Ukraine to justify the exploitation and mining on Indigenous lands,” Haroldo Heleno, a regional coordinator at CIMI, told Mongabay by phone. Russia is currently Brazil’s largest supplier of potassium as well as nitrogen and phosphorus, the three main elements for fertilizer production.

However, an unpublished analysis currently being conducted by Raoni Rajão and Bruno Manzolli, researchers at the Federal University of Minas Gerais, has so far found that almost all of Brazil’s potassium reserves lie outside Indigenous lands. “To say the contrary is to sell a lie with ulterior motives,” Rajão said on Twitter.

Other bills being considered by Congress include one that loosens regulations on agrochemicals, which critics say will cause environmental destruction and harm consumer health. Another relaxes environmental licensing and encourages land grabbing, a practice associated with deforestation and forest fires in the Amazon.

After the protests in Brasília, Pacheco, the president of National Congress, promised to take care while analyzing environmental bills and weigh up their negative impacts. Some deputies also reaffirmed their opposition to the bills and reiterated their support for Indigenous land rights.

However, after the measure to fast-track the mining bill passed overwhelmingly in a vote in the Chamber of Deputies, and with more bills up for consideration in the coming weeks, activists and protesters say they will continue to apply pressure on lawmakers to oppose legislation that impacts the environment and Indigenous rights.

“We are marching to show that while we Indigenous people are alive, we will continue to fight for our rights,” Aruan said. “We are resisting the Bolsonaro government who wants to take our rights and modify the Constitution to kill us, to allow mining to enter our territory, and break up our communities.”

Banner image: An Indigenous protester stands outside Funai, the federal government protection agency for Indigenous affairs. During the protests that took place over two days last week, Indigenous leaders attended audiences at Funai to oppose the bills that would put their communities and lands at risk. Image courtesy of Marina Oliveira/Indigenist Missionary Council (CIMI).

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Daily Report – Bitcoin and Market Update (March 12 2022) – The Birb Nest

HTF 12H:

The middaily chart continues to show a sequence of almost random oscillations around a technical “gravity” center at 39000 USD. As bitcoin keeps chopping around this level, it seems to be lacking an overall direction consensus from the market participants.

The price action of bitcoin shows a contracting consolidation, as the highs and lows seem to be converging towards an invisible apex. This may suggest that after a relatively calm and “boring” sequence of candlesticks, the traders may see a more explosive movement coming up relatively soon. This stems from the market’s tendency to “breathe” or pulsate, where after low volatility periods, new greater volatility tends to follow. Increased volatility implies increased risk, so it may be worth to keep the overall risk or capital exposure low.

The CTF Trailer suggests that the main invalidation level for the bearish thesis is at $42422 as of now. A strong daily close above this level should add a little bit of bullish momentum and let the price action unfold more to the upside, at least in the short term.

The Level Lines seem to be confirming that the $39158 level is the main level for the ongoing bitcoin’s fluctuations, which I would dare refer to as noise. Otherwise, the next support is defined well at the $32228 level. For the resistances, the Level Lines are adjusted at the 46877, 52670, and 59802 USD levels, accordingly.

MTF 4H:

The MTF chart displays a lot of uncertainty and intraday noise happening, portrayed as lots of little-bodied candlesticks with both upper and low wicks, often equal in the size.

Currently, BTCUSD is squeezed to extremely low volatility as the last few sessions have brought no more than 300 USD range-bound movements between 38900 USD and 39200 USD. This series of candlesticks seems to be congesting right below the BaseLine average, which provides a sort of resistance at $39250. Once broken to the upside, it may generate a little bit of bullish thrust in the breakout direction. Potentially, this increases chances of retesting the $40000 resistance.

The BaseLine Bands reveal that the average volatility of bitcoin is focused in the 36200-42500 USD zone, with the highest chances of fluctuations to happen within a tighter zone of 37500-41300 USD. A strong breakout outside either of these extremes can lead to continuation in the direction of the breakout.

The BWAP block remains at the 39000-39250 USD region, providing an arbitrary base to help traders determine if bitcoin is more short-term bullish (above BWAP) or bearish (below BWAP).

LTF 1H – 4H:

The hourly chart fairly displays the level of uncertainty I have just described in the sections above.

The number of spinning top type of candlesticks moving within a very narrow price range seems to be confirming that the market participants are rather sidelined as of now. As mentioned before, this potentially leads to a more volatile period following a potential breakout, regardless of the direction.

The way I see it, the market is in a standby mode, waiting for more fundamental (external) triggers to arrive into the market, to build or back up certain direction.

The BPRO Wave Pivots imply that the local price action is occurring mainly between a local floor of 38700 USD and a local ceiling at 42300 USD. Any major breakout outside 38700 USD could lead to the lower level defined by the BPRO at the $35000 USD support level. Otherwise, the next resistance is at the $45000 USD level.

FEAR/GREED

The sentiment remains at its lows in the extreme fear territory.

The index points at the 22 level on the 100-point scale. The other chart represents well the overall market sentiment over the course of the last three months – flat fluctuations within an overall depressing market conditions.

It does feel as if the retail side of the market had alrady resigned and quit.

Yet, historically, when the crowds get substantially pessimistic it is usually good time for purchasing.

As mentioned many times before, the crowds are usually right in the middle of trends, and usually wrong at the extremes.

It’s testing traders’ patience at the moment, it does seem.

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