Aug 152018
 
 August 15, 2018  Posted by at 9:11 am Finance Tagged with: , , , , , , , , , , , ,


Paul Signac Maison de Van Gogh Arles 1933

 

Two Greek Soldiers Released From Turkish Jail Return Home (K.)
Turkey Shows Damage Of Fading World Order (R.)
Turkey Hikes Tariffs On Imports Of Selected US Products (AFP)
US Household Debt Rises To $13.3 Trillion In Second Quarter (R.)
Has Bezos Become More Powerful In DC Than Trump? (VF)
Trump Criticizes Some Russia Provisions Of Defense Bill (USAT)
Tonga PM Calls On China To Write Off Pacific Debt (AFP)
“Hothouse Earth” And Neoliberal Economics (IC)
We’re In A New Age Of Obesity. How Did It Happen? (Monbiot)
More Recycling Won’t Solve Plastic Pollution (SciAm)
Glyphosate Is Here To Stay In EU – At Least For Now (Pol.eu)
Help Me, My Prince: Guernsey Resident Halts Roadworks With Ancient Plea (G.)

 

 

Here’s what interesting about this: the two soldiers, who had been in detention for almost half a year for accidentally stepping across the border, were released by a provincial court, and get back home on a Greek national holiday (August 15). On that same day, another court decides that an appeal for pastor Brunson is denied. Ergo, Erdogan can claim the latter’s fate is out of his hands: it’s the court system that decides. That victory over Trump is worth more to him than the defeat of not exchanging the soldiers for the 8 Turkish servicemen who have aylum in Greece.

Two Greek Soldiers Released From Turkish Jail Return Home (K.)

Two Greek soldiers freed after months in a Turkish prison returned to Greece by government jet early Wednesday after their unexpected release by a provincial court. Defense Minister Panos Kammenos said he phoned his Turkish counterpart to express his satisfaction with the soldiers’ release and invite him to visit Greece. “This is a great day for our motherland, the day of Our Lady, the day of Tinos in 1940,” Kammenos told reporters, referring to the Feast of the Dormation, which falls on August 15 and to the Italian torpedoing on a Greek warship on this day in 1940. “I hope that their release … will herald a new day in Greek-Turkish relations. We can live together peacefully, for the benefit of both our peoples.”

The soldiers – 2nd Lieutenant Angelos Mitretodis and Sergeant Dimitris Kouklatzis – were met by Kammenos, the army chief of staff and an honor guard after their arrival at 3 a.m. at the airport in the northern city of Thessaloniki. “All I want to say is thank you,” Mitretodis told reporters. The men were arrested on March 1 for illegally entering Turkey after crossing the heavily militarized land border. Greece strongly protested their long detention in the western town of Edirne, arguing that they had strayed across during a patrol of a trail of suspected illegal immigration amid poor visibility due to bad weather.

[..] The men’s arrest had considerably strained Greek-Turkish relations. Kammenos had claimed that they were being held “hostage” by Turkey, which is trying to secure the extradition of eight Turkish servicemen who fled to Greece after the 2016 failed military coup in Turkey. Ankara accuses its servicemen of involvement in the coup, but Greek courts have refused to extradite them, arguing they would not get a fair trial in Turkey and their lives would be in danger there.

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The world order does too much damage. Just look at the IMF.

Turkey Shows Damage Of Fading World Order (R.)

Turkey’s currency crisis was easy to predict. What is more surprising is how weak the global response has been. The old world financial order is badly missed. A big mess was almost certain to arrive in a country that continually relied on short-term loans to finance a large current account deficit. That was not the only invitation to disaster. Heavy domestic borrowing denominated in foreign currencies and high inflation added to the strains. So did a government that spurned the counsel of the foreign financiers who help keep the economy afloat. President Tayyip Erdogan was lucky to avoid serious trouble so far. Now, though, he faces a disaster. The Turkish lira has fallen 42% against the dollar since the beginning of May. It will take a miracle or an international rescue to avoid a domestic banking crisis.

Much has changed since 2009 when the government, then led by Prime Minister Erdogan, announced that it no longer needed advice from the IMF. The country would “move forward without a walking stick”. Turkey had leaned heavily on the IMF crutch over preceding decades. The country had a standby arrangement with the global lender for more than half the period between 1970 and 2009. The IMF promised support if the government kept working on economic reforms. This time, however, the IMF is still waiting for a phone call from Ankara. The Washington-based institution has the expertise and probably the money needed to stabilise the lira, but Erdogan has cast it in the role of enemy of the Turkish people.

The antipathy fits with the president’s nationalist and authoritarian agenda, but it is also part of a distressing pattern. The traditional authority figures in global financial matters are crippled. The IMF’s reputation has been damaged by what was widely perceived as its blind allegiance to the doctrines of free trade, free capital movements and free markets. Though the multilateral institution’s approach has softened under Christine Lagarde, managing director since 2011, Turkey’s intransigence suggests the IMF lacks its former moral authority.

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And the lira is gaining.

Turkey Hikes Tariffs On Imports Of Selected US Products (AFP)

Turkey is hiking tariffs on imports of certain US products in response to American sanctions on Ankara that caused the value of the lira to plunge, a decree published Wednesday said. Turkish Vice President Fuat Oktay said that the rises were ordered “within the framework of reciprocity in retaliation for the conscious attacks on our economy by the US administration”. The hikes were published in Turkey’s Official Gazette in a decree signed by President Recep Tayyip Erdogan. The move comes after US President Donald Trump announced that the United States was doubling steel and aluminium tariffs on Turkey, as the two NATO allies row over the detention by Turkish authorities of American pastor Andrew Brunson.

The tensions and the tariff hike by the United States have caused the Turkish lira to bleed value, fanning fears the country is on the verge of an economic crisis that could spillover into Europe. Erdogan has repeatedly described the crisis as an “economic war” that Turkey will win. The tariff increases amount to a doubling of the existing rate, the state-run Anadolu news agency said, in an apparent parallel response to Trump’s move. The decree said the move brought tariffs to 50% on imports of US rice to 140% on hard alcoholic drinks like spirits, 60% in leaf tobacco and 60% on cosmetics. The tariffs on auto imports are now up to 120% depending on the type of vehicle.

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The rising debt is linked to a ‘solid labor market’. Well, if it were all that solid (as in higher wages etc.), people wouldn’t need to get into debt.

US Household Debt Rises To $13.3 Trillion In Second Quarter (R.)

Americans’ borrowing reached $13.29 trillion in the second quarter, up $454 billion from a year ago, marking a 16th consecutive quarter of increases, a New York Federal Reserve report released on Tuesday showed. The level of U.S. consumer debt was $618 billion higher than the previous peak of $12.68 trillion in the third quarter of 2008. It was 19.2% above a post global credit crisis low set in the second quarter of 2013, the New York Fed said. The ongoing growth in home, auto, student and credit loans has been linked with a solid labor market. The rise in indebtedness did not make it more difficult for borrowers to meet their monthly payments last quarter.

The rate on seriously delinquent loans, or those that are 90 days or more past due, was 2.3% in the second quarter, unchanged from the prior quarter. Notably, the pace of student loans turning seriously delinquent slowed to 8.6% from 8.9%, the N.Y. Fed survey showed. “While overall delinquency rates have remained stable at relatively low levels, transition rates into delinquency have fallen noticeably for student loan over the past year, reflecting an improved labor market and increased participation in various income-driven repayment plans,” Wilbert van der Klaauw, senior vice president at the New York Fed, said in a statement.

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The Big Tech mix with intelligence and military takes on scary forms.

Has Bezos Become More Powerful In DC Than Trump? (VF)

There’s a new scandal quietly unfolding in Washington. It’s far bigger than Housing Secretary Ben Carson buying a $31,000 dinette set for his office, or former EPA chief Scott Pruitt deploying an aide to hunt for a deal on a used mattress. It involves the world’s richest man, President Trump’s favorite general, and a $10 billion defense contract. And it may be a sign of how tech giants and Silicon Valley tycoons will dominate Washington for generations to come. The controversy involves a plan to move all of the Defense Department’s data—classified and unclassified—on to the cloud. The information is currently strewn across some 400 centers, and the Pentagon’s top brass believes that consolidating it into one cloud-based system, the way the CIA did in 2013, will make it more secure and accessible.

That’s why, on July 26, the Defense Department issued a request for proposals called JEDI, short for Joint Enterprise Defense Infrastructure. Whoever winds up landing the winner-take-all contract will be awarded $10 billion—instantly becoming one of America’s biggest federal contractors. But when JEDI was issued, on the day Congress recessed for the summer, the deal appeared to be rigged in favor of a single provider: Amazon. According to insiders familiar with the 1,375-page request for proposal, the language contains a host of technical stipulations that only Amazon can meet, making it hard for other leading cloud-services providers to win—or even apply for—the contract. One provision, for instance, stipulates that bidders must already generate more than $2 billion a year in commercial cloud revenues—a “bigger is better” requirement that rules out all but a few of Amazon’s rivals.

What’s more, the process of crafting JEDI bears all the hallmarks of the swamp that Trump has vowed to drain. Though there has long been talk about the Defense Department joining the cloud, the current call for bids was put together only after Defense Secretary James Mattis hired a D.C. lobbyist who had previously consulted for Amazon. The lobbyist, Sally Donnelly, served as a top advisor to Mattis while the details of JEDI were being hammered out. During her tenure, Mattis flew to Seattle to tour Amazon’s headquarters and meet with Jeff Bezos. Then, as the cloud-computing contract was being finalized, Donnelly’s former lobbying firm, SBD Advisors, was bought by an investment fund with ties to Amazon’s cloud-computing unit.

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Not enough. He should have refused to sign.

Trump Criticizes Some Russia Provisions Of Defense Bill (USAT)

At a bill signing ceremony in New York on Monday, President Donald Trump took credit for a $716 billion defense policy bill that he said would strengthen America’s military. “I am very proud to be a big, big part of it,” he said. “It was not very hard.” In a written statement hours later, Trump raised objections to 52 provisions of the law – including four of the eight provisions dealing specifically with Russia. The signing statement suggests he may not enforce provisions that he said raise constitutional concerns. As passed by Congress, the defense bill attempts to tie the president’s hands on Russia in a number of ways. It forbids him from using federal funds to recognize Russian control over Crimea and bans military cooperation with Russia until Russia pulls out of Ukraine.

It requires him to report back to Congress on steps he has taken to address Russian violations of the Open Skies Treaty, which allows reconnaissance flights over Russian territory, and the New START Treaty on nuclear weapons. Trump said those provisions undermine the president’s role “as the sole representative of the nation in foreign affairs.” Trump objected to a section requiring him to send to Congress a strategy to combat “malign foreign influence operations and campaigns.” That strategy, he said, is covered by executive privilege. Though presidential objections in signing statements are not uncommon, Trump’s pushback on Russia-related provisions is notable given his attempts to forge closer relations with Russian President Vladimir Putin [..]

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“If we fail to pay, the Chinese may come and take our assets, which are our buildings.”

Tonga PM Calls On China To Write Off Pacific Debt (AFP)

Tonga Prime Minister Akalisi Pohiva has called for China to write-off debts owed by Pacific island countries, warning that repayments impose a huge burden on the impoverished nations. Chinese aid in the Pacific has ballooned in recent years with much of the funds coming in the form of loans from Beijing’s state-run Exim Bank. Tonga has run-up enormous debts to China, estimated at more than US$100 million by Australia’s Lowy Institute think tank, and Pohiva said his country would struggle to repay them. He said the situation was common in the Oceania region and needed to be addressed at next month’s Pacific Island Forum summit in Nauru. “We need to discuss the issue,” he told the Samoa Observer in an interview published on Tuesday.

“All the Pacific Island countries should sign this submission asking the Chinese government to forgive their debts. “To me, that is the only way we can all move forward, if we just can’t pay off our debts.” Tonga took out the Chinese loans to rebuild in the wake of deadly 2006 riots that razed the centre of the capital Nuku’alofa. Beijing has previously refused to write-off the loans by turning them into aid grants but did give Tonga an amnesty on repayments. Pohiva said China now wanted the debts repaid. “By September 2018, we anticipate to pay $14 million, which cuts away a huge part of our budget,” he said. Tonga’s ability to pay has been further dented this year by another massive rebuilding effort in Nuku’alofa, this time after a category five cyclone slammed into the capital in February.

“If we fail to pay, the Chinese may come and take our assets, which are our buildings.” “That is why the only option is to sign a submission asking the Chinese government to forgive our debts.” His comments come as Australia and New Zealand ramp up aid efforts in the Pacific to counter China’s growing presence in the region. Australia has raised fears in recent months Pacific nations’ debts to China leaves them susceptible to Beijing’s influence.

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Not sure climate scientisis talking economics will be taken seriously.

“Hothouse Earth” And Neoliberal Economics (IC)

[..] embedded within the paper is a finding that’s just as stunning: that none of this is inevitable, and one of the main barriers between us and a stable planet — one that isn’t actively hostile to human civilization over the long term — is our economic system. Asked what could be done to prevent a hothouse earth scenario, co-author Will Steffen told The Intercept that the “obvious thing we have to do is to get greenhouse gas emissions down as fast as we can. That means that has to be the primary target of policy and economics. You have got to get away from the so-called neoliberal economics.” Instead, he suggests something “more like wartime footing” to roll out renewable energy and dramatically reimagine sectors like transportation and agriculture “at very fast rates.”

That “wartime footing” Steffen describes is a novel concept in 2018, but hasn’t been throughout American history when the nation has faced other existential threats. In the lead-up to World War II, the government played a heavy hand in industry, essentially shifting the U.S. to a centrally planned economy, rather than leaving things like prices and procurement of key resources up to market forces. By the end of World War II, about a quarter of all manufacturing in the United States had been nationalized. And while governments around the world continue to intervene heavily in the private sector — including in the U.S. — those interventions tend now to be on behalf of corporations, be it through subsidies to fossil fuel companies or zoning laws that favor luxury real estate developers.

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Who are you educating? A kindergarten?

We’re In A New Age Of Obesity. How Did It Happen? (Monbiot)

The light begins to dawn when you look at the nutrition figures in more detail. Yes, we ate more in 1976, but differently. Today, we buy half as much fresh milk per person, but five times more yoghurt, three times more ice cream and – wait for it – 39 times as many dairy desserts. We buy half as many eggs as in 1976, but a third more breakfast cereals and twice the cereal snacks; half the total potatoes, but three times the crisps. While our direct purchases of sugar have sharply declined, the sugar we consume in drinks and confectionery is likely to have rocketed (there are purchase numbers only from 1992, at which point they were rising rapidly. Perhaps, as we consumed just 9kcal a day in the form of drinks in 1976, no one thought the numbers were worth collecting.) In other words, the opportunities to load our food with sugar have boomed.

As some experts have long proposed, this seems to be the issue. The shift has not happened by accident. As Jacques Peretti argued in his film The Men Who Made Us Fat, food companies have invested heavily in designing products that use sugar to bypass our natural appetite control mechanisms, and in packaging and promoting these products to break down what remains of our defences, including through the use of subliminal scents. They employ an army of food scientists and psychologists to trick us into eating more than we need, while their advertisers use the latest findings in neuroscience to overcome our resistance.

They hire biddable scientists and thinktanks to confuse us about the causes of obesity. Above all, just as the tobacco companies did with smoking, they promote the idea that weight is a question of “personal responsibility”. After spending billions on overriding our willpower, they blame us for failing to exercise it.

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Stop making the stuff.

More Recycling Won’t Solve Plastic Pollution (SciAm)

The real problem is that single-use plastic—the very idea of producing plastic items like grocery bags, which we use for an average of 12 minutes but can persist in the environment for half a millennium—is an incredibly reckless abuse of technology. Encouraging individuals to recycle more will never solve the problem of a massive production of single-use plastic that should have been avoided in the first place. Beginning in the 1950s, big beverage companies like Coca-Cola and Anheuser-Busch, along with Phillip Morris and others, formed a non-profit called Keep America Beautiful. Its mission is/was to educate and encourage environmental stewardship in the public. Joining forces with the Ad Council (the public service announcement geniuses behind Smokey the Bear and McGruff the Crime Dog), one of their first and most lasting impacts was bringing “litterbug” into the American lexicon through their marketing campaigns against thoughtless individuals.

Two decades later, their “Crying Indian” PSA, would become hugely influential for the U.S. environmental movement. In the ad, a Native American man canoes up to a highway, where a motorist tosses a bag of trash. The camera pans up to show a tear rolling down the man’s cheek. By tapping into a shared national guilt for the history of mistreatment of Native Americans and the sins of a throwaway society, the PSA became a powerful symbol to motivate behavioral change. More recently, the Ad Council and Keep America Beautiful teams produced the “I Want to Be Recycled” campaign, which urges consumers to imagine the reincarnation of shampoo bottles and boxes, following the collection and processing of materials to the remolding of the next generation of products.

At face value, these efforts seem benevolent, but they obscure the real problem, which is the role that corporate polluters play in the plastic problem. This clever misdirection has led journalist and author Heather Rogers to describe Keep America Beautiful as the first corporate greenwashing front, as it has helped shift the public focus to consumer recycling behavior and actively thwarted legislation that would increase extended producer responsibility for waste management.

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EU inertia.

Glyphosate Is Here To Stay In EU – At Least For Now (Pol.eu)

Monsanto’s glyphosate-based weedkiller will be used in Europe for years to come, legal experts and campaigners say, despite a U.S. court ruling the company should pay $289 million in damages for causing cancer. The EU last year renewed use of the controversial weedkiller for another five years after a yearslong political debate over its safety and impact on the environment. That means Europe will have to wait until the end of 2022 at the earliest before making any attempt to ban the substance outright. Campaigners also say the mounting legal pressure Monsanto faces in the U.S. from thousands of other plaintiffs filing suits against the company is unlikely to be replicated in Europe, namely because Europe doesn’t have the same legal mechanism of a class action lawsuit as the U.S.

“I’m not very confident that the decision in the U.S. will expedite a ban in Europe as it’s a complicated legal process that takes time,” said Arnaud Apoteker, managing director of the NGO Justice Pesticides. “Countries could go back to the Commission to say that the proposal [to renew glyphosate] could be re-tabled, but this is a very lengthy process.” Apoteker has compiled all lawsuits involving pesticides into a single database and has so far only discovered two made against Monsanto in the EU. One dates back to 2007 and was filed by a farmer named Paul François, who alleged Monsanto’s Lasso herbicide caused his chronic illness and that the product was inadequately labeled. The other was filed at a court in Lyon last year by Sabine Grataloup, who accuses Monsanto’s Roundup weedkiller of causing severe malformations in her 11-year-old son Théo.

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What’s not to love?

Help Me, My Prince: Guernsey Resident Halts Roadworks With Ancient Plea (G.)

A woman has activated the ancient Norman rite of Clameur de Haro to protest against the narrowing of a road which she claims would endanger pedestrians and motorists. Rosie Henderson, from Guernsey, raised the clameur by kneeling and calling for help and reciting the Lord’s Prayer in Norman French. Fully enforceable in Guernsey and Jersey law, it means the construction work in St Peter Port must stop until a court decides the case. Henderson, a parish councillor, raised the clameur on Tuesday by the roads of Les Échelons and South Esplanade, near the construction site. The clameur states: “Haro! Haro! Haro! A l’aide, mon prince, on me fait tort”, translated as “Come to my aid, my prince, for someone does me wrong”.

Whoever calls the clameur has 24 hours to register it in court, but whoever it is called against must stop all work immediately. Legend says the raising of a clameur stretches back to the early Norman period in the Channel Islands and is thought to have been a plea to Rollo, the first Duke of Normandy. The feudal law dates back to the 10th century as a form of self-policing when there was no law enforcement. In 2016, plans to overhaul St Peter Port’s sunken gardens, by levelling the site with the street and moving the war memorial, were withdrawn after protesters pledged to use the Clameur de Haro to block the proposals.

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Home Forums Debt Rattle August 15 2018

This topic contains 10 replies, has 7 voices, and was last updated by  V. Arnold 3 months ago.

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  • #42330

    Paul Signac Maison de Van Gogh Arles 1933   • Two Greek Soldiers Released From Turkish Jail Return Home (K.) • Turkey Shows Damage Of Fading Worl
    [See the full post at: Debt Rattle August 15 2018]

    #42331

    V. Arnold
    Participant

    Who are you educating? A kindergarten? Ilargi

    Lol, reminds me of something Edwin Arlington Robinson said a long, long time ago:

    The world is not a prison-house but a kind of spiritual kindergarten where millions of bewildered infants are trying to spell God with the wrong blocks.
    Edwin Arlington Robinson…

    We’ll not solve this problem; plastics will be our demise…

    Help Me, My Prince: Guernsey Resident Halts Roadworks With Ancient Plea (G.)
    Wow! Remarkable. Hope we can keep up with this to see if it works.

    #42335

    Dr. D
    Participant

    Professors recommend massive central planning as a positive solution? At the same time the media has banned Venezuela’s news agency from view, perhaps so no news about the catastrophic failure of socialism and central planning hits the news every day? Typical.

    Yes, it *might* help this particular problem. But at the risk of creating hundreds of others, with thousands or millions of deaths, as demonstrated by 150 years of history. Ask any professor, who knows that self-same history, and he’ll give you a double-sided answer, usually “it’s different this time”, “not so long as they obey my brilliance and majesty” and “that wasn’t real central planning/socialism/they didn’t go far enough into economic totalitarianism.” For schmartz guys they sure are dumb.

    Not to despair, I have a solution as well: instead of looking into history and doing all the things that DIDN’T work and killed millions, why don’t we look into history and enact the things that DID work? I’m not a genius or anything, but that seems a better plan to me. Somewhere, sometime, somebody solved this. Find them and try.

    #42337

    V. Arnold
    Participant

    Maison de Van Gogh Arles 1933
    A very popular house it would seem.
    Many changes over almost 50 years…
    Nice job by Paul Signac, lovely.

    #42339

    V Arnold, it was damaged by a WWII bomb and torn down.

    And as for yesterday, yes, concrete can last, but only if it’s the right mix. Which means way more expensive, etc. ten to one no-one uses that. There’s a guy who invented self-repairing, using bacteria. But that’s not what existing infrastructure was built with.

    #42340

    zerosum
    Participant

    What’s in a name? That which we call a rose by any other name would smell as sweet.
    – William Shakespeare

    Democrates – Republicans
    isms – isms

    #42341

    V. Arnold
    Participant

    Ilargi
    My point was, what we can do; and what we actually do, is an entirely different matter.
    Some of us strive for excellence; most don’t; that cannot be helped.
    Only what we personally choose for excellence matters; the rest be damned!
    Most of us will go down with the majority, regardless of our exemplary behavior in our perception of a life well lived…
    An Italian proverb:
    After the game, the king and pawn go into the same box.” — Italian Proverb

    #42342

    Charles Alban
    Participant

    I grew up in Jersey. People would occasionally invoke Prince Rollo, usually for property disputes. It has to be done in the Royal Square, in front of the local parliament building (The States of Jersey).

    #42343

    seychelles
    Participant

    Best way to reduce obesity crisis would be to offer truly nutritious foods at affordable prices in the supermarkets. Won’t happen.

    #42345

    Patricia
    Participant

    I read somewhere and I can’t remember where, that in reality there is only one political party in America and it has two factions. One is controlled by one group of oligarchs and the other faction by another group of oligarchs. Sounds about right to me.

    #42346

    V. Arnold
    Participant

    Patricia
    The continuity over the last 70 years would support that contention.
    As the old saw goes; if voting changed anything it would be outlawed… 😉

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