Mattia Preti The Adoration of the Shepherds 1660-99
That’s all? Hard to believe. But whatever the real number, isn’t this what Christmas is about, and what should dominate the news?
More than half a million Americans are going to be homeless this coming holiday season. Despite seven years of steady progress and decline, the homeless population has now increased slightly for the second year running. A report from the Department of Housing and Urban Development has found that just under 553,000 people are homeless, with approximately 65% staying in sheltered accommodation. Out of every 10,000 people in the United States, 17 experienced homelessness on a single night in 2018.
Half of all people experiencing homelessness are in one of five states – California (129,972 people), New York (91,897), Florida (31,030), Texas (25,310) and Washington (22,304). Unsurprisingly, the problem is far more visible in urban areas and over half of all homeless people live in one of the country’s 50 largest cities. In fact, nearly a quarter of all people sleeping rough did so in either New York or Los Angeles. The Big Apple has one of the lowest levels of unsheltered homeless at 5% while in Los Angeles, 75% of people were found in unsheltered locations.
Some serious money was lost. But no-one will admit it.
Stocks plunged again on Friday, sending the Dow Jones Industrial Average to its worst week since the financial crisis in 2008, down nearly 7 percent. The Nasdaq Composite Index closed in a bear market and the S&P 500 was on the brink of one itself, down nearly 18 percent from its record earlier this year. The Federal Reserve’s rate hike on Wednesday drove the losses this week and fears of an extended government shutdown only added to the pain on Friday. The Dow Jones Industrial Average fell 414.23 points to finish at 22,445.37 in turbulent trading that sent the blue-chip index up as much as 300 points earlier in the day, only to trade back in negative territory less than one hour later.
The initial rally upward on Friday came as Federal Reserve Bank of New York President John Williams told CNBC that the central bank could reassess its interest rate policy and balance sheet reduction in the new year if the economy slows. But those gains slowly disappeared as investors used that short-term pop as a chance to sell more. The broader S&P 500 fell 2.1 percent on Friday to close at 2,416.58, while the tech-heavy Nasdaq Composite shed 2.99 percent to 6,332.99 with big losses in technology stocks including Facebook, Amazon and Apple. Stocks accelerated to their lows after President Donald Trump’s trade adviser, Peter Navarro, told Nikkei that it would be “difficult” for the U.S. and China to arrive at a permanent economic agreement after a 90-day ceasefire in the trade tensions.
Yeah, first you kill the markets and then you listen to them. Makes a lot of sense.
New York Federal Reserve President John Williams told CNBC on Friday that the central bank is listening “very carefully” to the market’s concerns on growth, but believes the U.S. economy is in good shape. Fed Chairman Jerome Powell and other central bank leaders are moving to more data dependency, Williams said, which includes listening to people in financial markets as well as local businesses. “We are listening very carefully to what’s happening in markets for two reasons. One is financial conditions have [an] important influence on [the] economic outlook,” Williams said on “Squawk on the Street” in an interview with CNBC’s Steve Liesman.
“Second, I think we are hearing something important from markets, and that is a concern risk to the economy and potential further slowdown than we currently expect in our base case.”It’s not just looking at the “hard GDP data” or “CPI data,” he added. “We’re listening to the message of the market.” Williams appeared on CNBC after the Fed on Wednesday raised its benchmark interest rate for a fourth time this year and lowered its rate hike projection for 2019 from three to two. He said Friday that this week’s rate increase was “fully justified and makes sense,” but he added the Fed is open to reconsidering its views on rate hikes next year. Stocks rose sharply during Friday’s interview, but then faded.
Nothing better to do for Christmas.
The US government has been partially shut down for the third time this year after Congress failed to agree on a comrpomise path forward as lawmakers continued to negotiate over funding for President Trump’s border wall. Senate negotiators from both parties agreed to keep talking in search of a spending deal as the House and Senate adjourned Friday night without an agreement to avoid at least a partial shutdown starting at midnight Earlier in the day, Trump scuttled an agreement that would have kept the government open until February after coming under heavy criticism from conservative talk show hosts and allies in the House because the measure didn’t include the $5 billion he wanted for the wall. According to Bloomberg, negotiations between the White House and Democrats went on late into Friday night.
Trump’s emissaries were Vice President Mike Pence, White House budget director Mick Mulvaney and senior adviser Jared Kushner, who shuttled between private meetings with lawmakers on Capitol Hill. And while negotiations to resolve the impasse are underway, it was unclear if parts of the government will remain shuttered for days or weeks as many expect a protracted fight with both side having dug in. Ending the shutdown which affects nine of 15 federal departments and dozens of agencies, requires Democratic leaders and Trump to reach a compromise, which so far has been elusive as both sides hardened their positions. The House and Senate are scheduled to convene at noon on Saturday, but lawmakers were told they’ll be given 24 hours notice of any planned votes.
The failure of elected officials to keep the government fully operating caps a chaotic week in Washington, during which Trump announced a withdrawal of all U.S. forces from Syria, a draw-down of U.S. forces in Afghanistan, and the resignation of Defense Secretary Jim Mattis. Senator Richard Shelby of Alabama, chairman of the Appropriations Committee, said Republicans made an offer on a funding measure and were waiting for a response from Senate Democratic leader Chuck Schumer of New York. “I am hopeful,” he said of the negotiations. “We’ve made some overtures.” Talks revolved around providing less money for border barriers and more restrictions than Trump initially demanded, however the president was said to balk at anything less than the $5 billion he demanded.
“The USA is worse than broke. It’s down to liquidating its rehypothecated hypotheticals.”
The stopgap spending bill before congress — to avert a government shut-down — is based on the comical idea that the money is actually there to spend. Everyone with half a brain knows that it’s not money but “money,” a hypothetical abstraction composed of hopes and wishes. The USA is worse than broke. It’s down to liquidating its rehypothecated hypotheticals. After all, financialization added up to money with its value removed. The global credit markets seem to be sensing this as the tide of borrowings retreats, exposing all the wretched, slimy creatures wheezing in the exposed mudflats who have no idea how to service their old loans or generate credible new ones. But, no matter. We’ll continue pretending until the US$ flies up its own cloacal aperture and vanishes.
Contingent on that exercise is “money” for Mr. Trump’s promised-and-requested border wall. The wall is really a symbol for the nation’s unwillingness to set a firm policy on immigration. Half of the political spectrum refuses to even make a basic distinction between people who came here legally and those who snuck in and broke the law. They’ve super-glued themselves to that position not on any plausible principle, but because they’re desperate to corral Hispanic votes — and notice how eager they are to get non-citizens on the voting rolls. Their mouthpiece, The New York Times, even ran an op-ed today, None of Us Deserve Citizenship, (is that even grammatical?) arguing that we should let everybody and anybody into the country because of our longstanding wickedness.
This scares me: “substantially increase the size of local government special bonds..”
China’s top leaders have ended a vital economic meeting with a fiscal pledge to support economic growth next year. According to state media, Beijing policymakers will keep liquidity “ample” and cut taxes on a bigger scale in a bid to keep 2019 growth within a “reasonable range.” The world’s second-largest economy grew at 6.5 percent year-on-year in the third quarter of 2018, marking the weakest pace since the global financial crisis in 2008. “The pro-active fiscal policy should enhance efficiency, implement larger-scale tax cuts and fee reductions, and substantially increase the size of local government special bonds,” Xinhua said in a translation provided by Reuters. The media outlet added that a “prudent monetary policy should be neither too loose nor too tight, keeping liquidity reasonable ample.”
Goldman blames a bunch of Malaysian government-related guys.
Goldman Sachs has been hit with two class action lawsuits on behalf of investors who claim they were misled over the bank’s involvement in the 1MDB scandal. Two separate cases have been filed at district court in New York over the past 48 hours by Pomerantz LLP and Rosen Law Firm. They allege that Goldman Sachs failed to disclose its dealings in a fraud and money laundering scheme around the Malaysian state development fund to investors, who bought shares between 2014 and 2018. The bank’s share price has fallen 29% since early November, when reports started to link it with closer involvement in the scandal.
News reports claimed Lloyd Blankfein, who was the CEO and is now chairman of Goldman Sachs, held initial meetings with Malaysian financier Jho Low, who has been accused of masterminding the fraud. Pomerantz and Rosen Law Firm have not disclosed how much they are seeking in damages through their respective class action suits. Goldman Sachs said in a statement: “The 1MDB bond offerings were meant to raise money to benefit Malaysia; instead, a huge portion of those funds were stolen for the benefit of members of the Malaysian government and their associates. The lawsuits are without merit and we intend to vigorously contest them.”
What Corbyn would do an interview with Guardian I don’t know. They happily smeared him as an anti-Semite not long ago. And report he said Stupid Woman.
Jeremy Corbyn has defiantly restated Labour’s policy of leading Britain out of the European Union with a refashioned Brexit deal, shrugging off intense pressure from Labour MPs and activists for the party to throw its weight behind a second referendum. The Labour leader insisted that even if his party won a snap general election in the new year, he would seek to go to Brussels and try to secure a better deal – if possible, in time to allow Brexit to go ahead on 29 March. “You’d have to go back and negotiate, and see what the timetable would be,” he said. [..]
Twenty-four hours after the furore in the House of Commons in which he was accused of insulting the prime minister, the Labour leader appeared much more relaxed on a visit to the Hope Centre, a homelessness charity in Northampton whose campaign against eviction he is supporting. He admitted he had lost his temper when confronted with a wall of jeering Conservative MPs at prime minister’s questions after May had accused him of lacking a clear Brexit policy. “I was extremely angry: the last point I’d made was, they’d suddenly found £4bn to prepare for no deal. £4bn. At the same time, police officers have lost their jobs; 100,000 vacancies in the NHS, a housing crisis; a homeless man dies on the steps of Westminster; and she and the Conservative party turned the whole thing into some pantomime joke,” he said.
Conservative MPs challenged Corbyn’s claim that he muttered “stupid people” and not “stupid woman”, as many viewers of video footage believed. But he was unrepentant. “It’s interesting their sudden concern about these matters. Where is their concern about the homeless people of this country?” he said, repeatedly jabbing a finger on the table to emphasise his point. “Where is their concern about universal credit? Where is their concern about 200,000 children living in poverty in this country?” [..] As to what stance Labour would take if a referendum were held, Corbyn said, “it would be a matter for the party to decide what the policy would be; but my proposal at this moment is that we go forward, trying to get a customs union with the EU, in which we would be able to be proper trading partners.”
And he struck a distinctly Eurosceptic note by again highlighting Labour’s concerns about the state aid rules that form part of the architecture of the single market. “I think the state aid rules do need to be looked at again, because quite clearly, if you want to regenerate an economy, as we would want to do in government, then I don’t want to be told by somebody else that we can’t use state aid in order to be able to develop industry in this country,” he said.
The Guardian ignores all evidence it makes up entire reports, the Spiegel tries to make it look like it was just one bad apple (and no-one had a clue for 7 years).
But they both play the same game. And its name is not Truth.
The German news weekly Der Spiegel is to publish a 23-page special report on how one of its award-winning reporters faked stories for years and dealt a blow to media credibility. Claas Relotius, 33, resigned after admitting making up stories and inventing protagonists in more than a dozen articles in the magazine’s print and online editions. Since the scandal was revealed by the magazine on Wednesday, other mainstream German outlets including Die Welt and Die Zeit, which once used Relotius as a freelancer, have also begun poring through articles that he wrote for them.
“Tell it like it is,” wrote Der Spiegel on its latest magazine cover page, in an allusion to the publication’s motto coined by its founder, Rudolf Augstein, that also hangs at the entrance of its headquarters in Hamburg. In its editorial, the magazine said the scam, involving subjects including Syrian orphans and a Holocaust survivor, was the “worst thing that can happen to an editorial team”. It also apologised for the mistake and promised to “do everything to boost our credibility again”.
[..] Der Spiegel said it was “lucky that one of our employees managed to uncover this case”. But for others, the damage was already done, particularly at a time when disinformation campaigns are posing a constant challenge to the credibility of the mainstream media. “The losers are all the journalists in the country who carry out their research in difficult or dangerous circumstances, as well as members of the editorial teams, who check through texts for quality and accuracy,” said Süddeutsche Zeitung in an editorial. It noted that politicians in the far-right party Alternative für Deutschland (AfD) had seized on the case as “evidence of the dysfunctionality of the quality media”.
The AfD, whose supporters often attack the mainstream media as the “lying press”, has been openly gloating over the scandal. One of its MPs, Götz Frömming tweeted: “Ironically, the Spiegel – the self-claimed leading media outlet that likes to slag off Trump, AfD and Co., has been for years delivering the best FakeNews via Relotius.” The public broadcaster Deutsche Welle appealed to people not to condemn all mainstream media because of the “dangerous, isolated case”. It said: “Before him there have also been other fraudsters who have fuelled the accusation of a lying press. But THE lying press doesn’t exist. Most of us are honestly, sincerely doing our work to give children like Alin and Ahmed from Aleppo a voice.”
US embassies abroad have been buying spying tools, papers released by WikiLeaks show. The documents revealed that one embassy has ordered almost 100 spy cams masked as ties, caps, pens, buttons and watches. The US Embassy Shopping List, a collection of over 16,000 procurement requests filed by US embassies around the globe, was published by WikiLeaks on Friday, a day after a targeted DDoS attack briefly disabled all of its Twitter accounts. Although the trove of quotation requests are more of an open secret, since they are considered public information, WikiLeaks created a searchable database listing even those procurement documents that are no longer linked on the embassies’ websites.
While the bulk of the documents appear to be routine requests for janitor or carpenter services, or, in the case with the US embassy in Moscow, to plant summer flowers at the ambassador’s residence, some hint at the existence of secretive surveillance operations. For instance, in August, the US embassy in El Salvador requested a curious list of items to be procured by a responsible vendor, tellingly described as “tactical spy equipment.” The list includes 94 spying devices, masquerading as everyday objects, including nine pens, 11 lighters, 11 shirt buttons, 12 watches and 12 pairs of glasses, as well as more conventional tools such as hidden cameras and binoculars.
Reuters is pretty much useless on the topic.
U.N. rights experts called on British authorities on Friday to allow WikiLeaks founder Julian Assange to leave the Ecuador embassy in London without fear of arrest or extradition. The U.N. Working Group on Arbitrary Detention reiterated its finding published in February 2016 that Assange had been de facto unlawfully held without charge in the embassy, where he has now been holed up for more than six years. He initially took asylum to avoid being extradited to Sweden, where authorities wanted to question him as part of a sexual assault investigation. That investigation was dropped.
Assange, whose website published thousands of classified U.S. government documents, denied the Sweden allegations, saying the charge was a ploy that would eventually take him to the United States where a prosecutors are preparing to pursue a criminal case against him. Britain says Assange will be arrested for skipping bail if he leaves the embassy, but that any sentence would not exceed six months, if convicted. It had no immediate comment on the experts’ call, but in June, foreign office minister Alan Duncan said Assange would be treated humanely and properly.
“… the only ground remaining for Mr. Assange’s continued deprivation of liberty is a bail violation in the UK, which is, objectively, a minor offence that cannot post facto justify the more than six years confinement that he has been subjected to since he sought asylum in the Embassy of Ecuador,” the U.N. experts said in a statement. “It is time that Mr. Assange, who has already paid a high price for peacefully exercising his rights to freedom of opinion, expression and information, and to promote the right to truth in the public interest, recovers his freedom,” they said.
RT does this much better than Reuters.
A UN-endorsed team of experts has urged London to “immediately” allow WikiLeaks co-founder Julian Assange to leave the Ecuadorian Embassy, as the court of last resort denied his appeal over a newly imposed set of ‘censure’ rules. Seong-Phil Hong, chair-rapporteur of the Working Group on Arbitrary Detention, and Michel Forst, special rapporteur on the situation of human rights defenders, reiterated calls for the UK to abide by international law and allow Assange to leave the Ecuadorian Embassy without any precondition.
“It is time that Mr Assange, who has already paid a high price for peacefully exercising his rights to freedom of opinion, expression and information, and to promote the right to truth in the public interest, recovers his freedom,” the UN experts demanded in a statement on Friday. The experts argued that “pre-trial detention must be only imposed in limited instances,” adding that the charges Assange faces in the UK for skipping his bail while applying for asylum cannot justify his six years within the embassy’s walls. Assange became holed up in the Ecuadorian Embassy in London in 2012 after being granted asylum by then-Ecuadorian president Rafael Correa. Assange, who was in the UK at the time, was unable to go to the airport for fear of being arrested and handed over to the US, where he is wanted for exposing diplomatic and military secrets, and has had to stay in the embassy since.
[..] Despite the UN experts’ support, Assange suffered a setback with the Ecuadorian justice system. On Friday, Pichincha Provincial Court reaffirmed a decision by a lower court to throw out his appeal against a new set of house rules. The rules laid out in a special protocol in October restricted Assange’s visitation rights, made him refrain from political statements, pay his own medical bills, and take better care of his cat. Shortly after the regulation was imposed, Assange gave the cat away, with reports circulating that he has become virtually isolated in the embassy after all the staff he had personally known left.
Speaking before the court via a video-link last week, Assange warned that the new rules would “inevitably lead to a health crisis for me, resulting in my death or hospitalization or a political excuse to illegally hand me over to the British, and therefore to the United States, where I face a potential life sentence.” In late October, a judge rejected his request to change the protocol, arguing that the government has the right to impose any rules it wants inside the premises. Assange’s lawyer Carlos Poveda admitted that the whistleblower is stuck with the rules since all legal options to revise them have been “exhausted.”
“The risks are greater than assumed..” is starting to sound old. Preaching to the long converted.
Policymakers have severely underestimated the risks of ecological tipping points, according to a study that shows 45% of all potential environmental collapses are interrelated and could amplify one another. The authors said their paper, published in the journal Science, highlights how overstressed and overlapping natural systems are combining to throw up a growing number of unwelcome surprises. “The risks are greater than assumed because the interactions are more dynamic,” said Juan Rocha of the Stockholm Resilience Centre. “The important message is to recognise the wickedness of the problem that humanity faces.”
The study collated existing research on ecosystem transitions that can irreversibly tip to another state, such as coral reefs bleaching and being overrun by algae, forests becoming savannahs and ice sheets melting into oceans. It then cross-referenced the 30 types of shift to examine the impacts they might have on one another and human society. Only 19% were entirely isolated. Another 36% shared a common cause, but were not likely to interact. The remaining 45% had the potential to create either a one-way domino effect or mutually reinforcing feedbacks.
[..] Until recently, the study of tipping points was controversial, but it is increasingly accepted as an explanation for climate changes that are happening with more speed and ferocity than earlier computer models predicted. The loss of coral reefs and Arctic sea ice may already be past the point of no return. There are signs the Antarctic is heading the same way faster than thought. Co-author Garry Peterson said the tipping of the west Antarctic ice shelf was not on the radar of many scientists 10 years ago, but now there was overwhelming evidence of the risks – including losses of chunks of ice the size of New York – and some studies now suggest the tipping point may have already been passed by the southern ice sheet, which may now be releasing carbon into the atmosphere.