Stanley Kubrick Walking the streets of New York 1946
It’s starting to feel like we’re going to need new definitions for “vaccine” as well as for “immunization”.
• Pfizer Not Sure If Someone Can Transmit Virus After Vaccination (Hill)
Pfizer chairman Albert Bourla told Dateline host Lester Holt that the pharmaceutical company was “not certain” if the vaccine prevented the coronavirus from being transmitted, saying, “This is something that needs to be examined.” In a prime-time special titled “Race for a Vaccine” set to air Thursday, Holt questioned Bourla and other individuals involved in the development and distribution of the medicine. In November, Pfizer announced that its vaccine candidate had been shown to be more than 90 percent effective at preventing COVID-19 and has applied for emergency use authorization from the Food and Drug Administration (FDA). The U.K. became the first country to approve Pfizer’s vaccine this week with the first round of immunizations expected to roll out next week.
In a list of interview highlights released before the special, Holt asked Bourla, “Even though I’ve had the protection, am I still able to transmit it to other people?” “I think this is something that needs to be examined. We are not certain about that right now with what we know,” Bourla responded. Though Pfizer’s vaccine has shown promising results, challenges have surfaced when it comes to distributing and administering it. The vaccine must be delivered and stored in extreme sub-zero temperatures, which has heightened the demand for dry ice. Once the vaccine is kept at normal refrigeration temperatures, it must be used within four or five days or be discarded. The vaccine is administered in two doses spaced a few weeks apart.
“NHS personnel will be able to take the vaccine into care homes to immunise residents later this month..”
• NHS Staff No Longer Top Priority For Covid Vaccine (G.)
NHS staff will no longer get the coronavirus vaccine first after a drastic rethink about who should be given priority, it emerged last night. The new immunisation strategy is likely to disappoint and worry thousands of frontline staff – and comes amid urgent warnings from NHS chiefs that hospitals could be “overwhelmed” in January by a third wave of Covid-19 caused by mingling over Christmas. Chris Hopson, the chief executive of NHS Providers, said: “If we get a prolonged cold snap in January the NHS risks being overwhelmed. The Covid-19 restrictions should remain appropriately tough. “Trust leaders are worried about the impact of looser regulations over Christmas.”
Frontline personnel were due to have the Pfizer/BioNTech vaccine when the NHS starts its rollout, which is expected to be next Tuesday after the Medicines and Healthcare products Regulatory Agency (MHRA) approved it on Wednesday. However, hospitals will instead begin by immunising care home staff, and hospital inpatients and outpatients aged over 80. The new UK-wide guidance on priority groups was issued by the joint committee on vaccination and immunisation (JCVI) amid uncertainty over when the rest of the 5m-strong initial batch of doses that ministers ordered will reach the UK.
NHS personnel will be able to take the vaccine into care homes to immunise residents later this month if, as expected, the MHRA agrees that the batches of 975 doses it comes in can be subdivided and the stability and safety of the drug be maintained. Dr Chaand Nagpaul, the leader of the British Medical Association, said it backed care home residents getting the jab first. However, that means NHS staff will be left at higher risk of getting infected and potentially dying, he added.
How does Sputnik V differ from the Pfizer “vaccine”?
• Half The World Could Get Russian Sputnik V COVID19 Vaccine (RT)
At least 40 countries, representing more than half of the world’s population, have expressed interest in Russia’s coronavirus vaccine, the team behind it have said as mass vaccination begins in Moscow. At a presentation to the United Nations on Thursday, scientists from the Gamaleya Institute, which developed the formula, said that preliminary orders have been placed for more than 1.2 billion doses. Trials involving 45,000 people across the globe have concluded that 95 percent of those given both doses of Sputnik V develop immunity to the virus. On Wednesday, the vaccine’s creators released footage of vials touching down in India ahead of the start of studies into its efficacy there.
A number of countries, including Hungary, Venezuela and the UAE, have already imported sufficient quantities to conduct their own tests. At the same time, the Philippines announced that it would work with Russia to secure access to supplies in order to begin mass immunizations early next year. On Thursday, Mayor of Moscow Sergey Sobyanin announced that residents of the capital would be able to access the vaccine from Saturday. Doctors, teachers and social workers will be first in line for appointments, and an “electronic immunization record” will be set up. According to Sobyanin, Muscovites will be able to get the jab at ‘vaccine points’ set up around the city. President Vladimir Putin ordered the start of the program on Wednesday, adding that “the production of Sputnik V, the world’s first registered vaccine against the coronavirus infection, is what allows us to begin the vaccination.”
Our new Supreme Court.
• Facebook Bans Anti-Vaccine “Conspiracy Theories” As US Rollout Begins (ZH)
It was probably inevitable. Just in time for the vaccine rollout in the US this coming week (as Moderna CEO Stephane Bancel said, inventory has already been loaded on to trucks, and will be en route to destinations across the country as soon as the FDA gives the green light) Facebook said Thursday that it’s “updating its policies around the coronavirus by removing false claims about upcoming vaccines”. The social media giant said it will be monitoring for misinformation that has been debunked by public health experts on both Facebook and Instagram. “This could include false claims about the safety, efficacy, ingredients or side effects of the vaccines. For example, we will remove false claims that COVID-19 vaccines contain microchips, or anything else that isn’t on the official vaccine ingredient list,” Facebook said in its announcement.
The company added that it will also remove conspiracy theories about Covid-19 vaccines that we know today are false, such as that specific populations are being forced to test the vaccine against their will. “Since it’s early and facts about COVID-19 vaccines will continue to evolve, we will regularly update the claims we remove based on guidance from public health authorities as they learn more,” Facebook added, but also said that it would “not be able to start enforcing these policies overnight.” Previously, Facebook removed Covid-19 misinformation that could contribute to “imminent physical harm.” That included false claims or cures about the disease, that the coronavirus is caused by 5G, or that it does not exist.
According to the Independent, PA News Agency editor Tom Phillips said social media companies should do more to combat misinformation, but they also must be extremely careful not to go too far and quash public debate. “We have seen a lot of the internet platforms take stricter measures against vaccine misinformation and I think that is the correct approach. Could some of them go further? Yes, possibly.” “But at the same time, it is important to remember the importance of free speech. It’s not illegitimate to have questions or worries about the vaccine and it’s important that we don’t just react by trying to suppress those questions. We allow people to ask the questions, get good quality answers and make up their minds based on good quality information.”
How crazy would it be if Crossfire Hurricane never gets thoroughly investigated?
• GOP Senators Release 400 Pages Of New Docs On Crossfire Hurricane (SAC)
Two top GOP Senators released more than 400 pages of documents related to the FBI’s investigation of the now-debunked probe into President Donald Trump and his alleged ties with Russia, known as the ‘Crossfire Hurricane’ probe. The Senators also stated in their letter Thursday that the documents they received are still far less than what they had originally requested in their official letters sent in May to the FBI and State Department. U.S. Senator Ron Johnson, R- Wisconsin, and chairman of the Senate Homeland Security and Governmental Affairs Committee, and Sen. Chuck Grassley, R -Iowa, chairman of the Senate Finance Committee, released the documents as part of their ongoing probe into the FBI’s malfeasance during the Obama administration’s probe into Trump.
Some of the documents, which SaraACarter.com is still reviewing, are now declassified Department of Justice (DOJ), and the Department of State documents. “The Committees obtained these records through joint requests, as well as Chairman Johnson’s August 6, 2020, subpoena to the FBI,” stated a press release. “The Chairmen also released a comprehensive timeline of key events related to the Crossfire Hurricane investigation.” In a joint statement from Grassley and Johnson they said “for years, the American people have demanded answers to questions regarding the FBI’s Crossfire Hurricane investigation and its targeting of the Trump campaign, the presidential transition, and the Trump administration.”
“Our committees have sought to uncover and expose misconduct by calling on agencies to declassify and produce text messages, internal emails, and other investigative material, which in turn we have made public,” they noted. “Although agency bureaucrats have fought tooth and nail to keep records hidden, our commitment to transparency has never wavered.” The chairmen added that “the documents we are releasing today are the product of our continued fight for transparency. These documents are far less than what we have requested, but we are making them public so the American people can decide for themselves what wrongdoing did and did not occur.”
In May, the Senators asked FBI Director Christopher Wray to turn over all material regarding former British Spy Christopher Steele’s communications and documents related to the now debunked dossier used to investigate Trump. Wray has been uncooperative with the Senate requests and has been slow to produce the documents since he was appointed by Trump to the position, said numerous Congressional staff familiar with the requests. In the letter to Wray, Johnson and Grassley requested that they were “seeking information about Christopher Steele’s interactions with State Department employees before the 2016 presidential election.”
Durham is starting to look like a black hole.
• DNI Ratcliffe Says He Has Given ‘1000s Of Documents To John Durham’ (JTN)
Director of National Intelligence John Ratcliffe during an interview with the Washington Examiner on Thursday said that he has given thousands of documents to U.S. Attorney John Durham, but Ratcliffe noted that much of the material includes information that cannot be publicly released. “Between my predecessor Richard Grenell in an acting capacity and myself, we have declassified most of the intelligence community documents that would be suitable for the public to see, that wouldn’t jeopardize sources and methods,” Ratcliffe told the Washington Examiner. “There are others, many many documents — I think it’s been out there that I’ve provided literally thousands of documents to John Durham, but many of those do contain sources and methods that we can’t make public for a number of reasons, including to jeopardize any investigation that’s going there. So I think the level of cooperation — I’ve given them everything that they’ve asked for.”
Ratcliffe said that wrongdoing definitely occurred and Americans are entitled to “an accounting.” “There was an abuse of power and of legal authorities, and it’s not a question about whether those things took place — they did. I mean, there’s an FBI lawyer who is going to jail for counterfeiting evidence before the FISA court. And that after all of the Obama-Biden senior national security officials said the idea of illegal spying and abuse at the FISA court is a bunch of nonsense, and now, they’re sprinting the opposite direction,” Ratcliffe stated. “I mean, literally, every one of them — Comey, McCabe, Yates — they’ve all said, ‘Oh my gosh, we’re shocked and had we only known.’ And so, again, the American people deserve an accounting, and I’ve certainly provided a lot of information to the now-special counsel to provide that accounting, and I’m counting, like all Americans, on him to talk about a lot of the things that I know that I can’t talk about.”
“..the rise of political parties undermines the separation of powers and, with it, one of the Founders’ barriers against consolidated, oppressive power..”
• The Georgia Runoffs and Our Embattled Constitution (RCP)
If Raphael Warnock and Jon Ossoff win Georgia’s Jan. 5 Senate runoffs, Democrats will control both houses of Congress as well as the presidency. The Republican Party, which won nearly half the national vote, will have no check on the Democrats, aside from the Senate’s filibuster rule. Although that rule requires a supermajority to pass some legislation and appointments, it can be abolished by a simple majority when the new Senate convenes. Preventing one-party rule is one of the strongest arguments advanced by Republican incumbent Sens. Kelly Loeffler and David Perdue. They are reminding voters of the threat posed by Senate Democratic leader Chuck Schumer, who proudly announced: “Now we take Georgia, then we change the world.”
That might be a winning line for national fundraising, but it’s more problematic for the Georgia electorate. Not many voters there want to “change the world,” so Warnock and Ossoff are downplaying it. Don’t expect to seek to see Schumer on the stump in Atlanta, Augusta, or Macon. It’s understandable that the national debate should focus on which party will control the Senate and just how radical the Democrats’ program will be if they do. But just beneath the surface lurk potential constitutional issues, which have received almost no attention. The basic problem is this: although America’s Founders were deeply concerned about tyranny, centralized power, and the suppression of individual rights and constructed institutional barriers to prevent those abuses, they never envisioned the mechanisms that pose serious threats today.
One of those threats is one-party rule. It’s understandable the Founders missed that since they worked before the age of entrenched and nationalized political parties. The closest analogues were England’s Whigs and Tories, but they were a far cry from modern parties. The political world envisioned by America’s Founders was populated not by parties but by cross-cutting “factions,” much like today’s interest groups. The Federalist Papers (especially the famous No. 10, written by James Madison as “Publius”) argued that, in a large republic like America, multiple factions would emerge, push against each other, and usually block any one from dominating.To prevent government authority from becoming too centralized and oppressive, the Constitutional Convention divided that authority among the three branches.
Each one, they figured, would have strong institutional interests in preventing the others from encroaching. It was a profound insight, and a remarkably successful one. But with the rise of modern political parties, it faced a challenge that no 18th century politician could imagine. Strong political parties unify their members across the legislative and executive branches. The stronger their common interests as Democrats or Republicans, the weaker their institutional interests as members of House or Senate, if those interests diverge from fellow partisans in the other house or branch. Put differently, the rise of political parties undermines the separation of powers and, with it, one of the Founders’ barriers against consolidated, oppressive power.
is Doug Band fully turning on the Clintons?
• Confessions of a Clintonworld Exile (VF)
Doug Band’s office at Teneo, the corporate advisory firm he cofounded, is decorated like a wing of the Bill Clinton presidential library. Framed photographs of the 42nd president adorn virtually every surface except for windows overlooking the rush hour traffic crawling down Park Avenue. “A lot of these pictures are just about moments,” Band said one morning last winter as he showed me his collection. Band, a broad-shouldered man with dark eyes and prematurely graying hair, appeared in many of the pictures. There were photos of Band and Clinton playing golf with Barack Obama, posing backstage with Michael Jackson, and meeting North Korean dictator Kim Jong-Il. “Bill Clinton was my life for almost 20 years,” Band said.
Band was 22 when he landed an unpaid internship in the White House counsel’s office midway through Clinton’s first term. He served as Clinton’s “body man” during the second while earning a Georgetown law degree at night. On paper, the job is a glorified gofer, but Band leveraged the position to build a filial bond with the leader of the free world. When Clinton left office in January 2001, Band was one of the aides Clinton invited to go with him. Band took on a role that was equal parts fixer, gatekeeper, wingman, consigliere, and adopted son. (Officially, his title was counselor.) “They were with each other all the time,” said former Clinton chief of staff John Podesta, who first got to know Band in the Clinton White House.
Band virtually invented Clinton’s postpresidential life. He set up Clinton’s Harlem office, helped launch the Clinton Foundation, and created the Clinton Global Initiative (CGI), the annual Davos-style conference that Clinton hosted in New York. Band and Clinton circled the globe in a private jet with a Rat Pack of billionaires that included supermarket magnate Ron Burkle, movie producer Steve Bing, and, infamously, Jeffrey Epstein. Before Clinton had quadruple-bypass surgery in 2004, he dialed Band at the first sign of chest pains. There were years that Clinton spent more time with Band than with any other person—including Hillary and Chelsea. But when I met Band last February, he hadn’t been in a room with Bill Clinton in nearly five years. He couldn’t remember the last time they had spoken. “I don’t want anything to do with that whole world,” Band said after we’d been talking for nearly an hour.
More Doug Band.
• Bill Clinton ‘Couldn’t Stay Away’ From Jeffrey Epstein (ZH)
Bill Clinton’s former top aide and Chelsea Clinton nemesis Doug Band has told Vanity Fair that former President Bill Clinton did visit Jeffrey Epstein’s infamous “pedo island” in January 2003, and that he was unable to push Epstein out of Clinton’s orbit since they flew to Africa together in 2002 aboard the the pedophile’s (Epstein’s) private 727, dubbed the “Lolita Express.” “Band said he had no idea about Epstein’s sex crimes back then but got enough bad vibes that he advised Clinton to end the relationship. But Clinton continued to socialize with Epstein and take his money. In 2006 Epstein donated $25,000 to the Clinton Foundation. Clinton made more than two dozen trips on Epstein’s jet around this time, Epstein’s flight logs show. In January 2003, according to Band, Clinton visited Epstein’s private Caribbean island, Little St. James. Band said it was one of the few trips he declined to go on in his time with Clinton.” -Vanity Fair
Band – who revealed the Clinton Foundation’s ‘for-profit’ activity and accused Chelsea Clinton of tapping Foundation funds to pay for her wedding (known only because of WikiLeaks) – also says Chelsea Clinton had a relationship with Epstein and his alleged co-conspirator in an underage sex trafficking ring, Ghislaine Maxwell. “Chelsea had ties to Epstein and Maxwell, Band said; he showed me a photo of Bill and Chelsea posing with Epstein and Maxwell at the King of Morocco’s wedding. Chelsea remained friends with Maxwell for years after the press revealed Maxwell was a close associate of Epstein’s. For instance, Chelsea invited Maxwell to her 2010 wedding at the Brooke Astor estate in Rhinebeck, New York, after Epstein had pleaded guilty in Florida to procuring sex from a minor.” -Vanity Fair
“Ghislaine had access to yachts and nice homes. Chelsea needed that,” said Band. Band notably created the now-defunct Clinton Global Initiative, which has helped to raise $74 billion for Clinton global charities, according to Newsmax. Thanks again to WikiLeaks, we also know that Band was soliciting donations for Clinton through his PR and investment firm, Teneo in an sordid example of “pay for play” which most of the mainstream media refused to cover – which he worried about in an email to John Podesta, saying: “If this story gets out, we are screwed.”
As rumors swirl about the Euro’s steep rise due to the ECB running out of powertools.
• Will The Empire Sacrifice the Dollar? (CHS)
Let’s keep it simple: US dollar up, stocks down. US dollar down, stocks up. Stocks up, billionaires get richer. Since that spot of bother in March 2020 when the US dollar (USD) soared and stocks cratered, the USD has been in a free-fall, boosting the wealth of America’s Robber Barons and various other skimmers, scammers and other undeserving scoundrels. Chief among the undeserving scoundrels feasting on the decline of the USD are global stock markets which have soared not because revenues and profits are soaring but because the USD has plummeted. The Federal Reserve is widely worshiped as the Ultimate Power in the Universe, a kind of financial Death Star. The Fed has seen fit to crush the USD to further boost the wealth of billionaires and save global stock markets from their well-deserved ruin.
[..] The Fed is not the Empire, it is the handmaiden of the Empire. The Fed’s dual mandate– for PR purposes, stable employment and prices–is actually balancing the conflicting demands of a global and domestic currency–Triffin’s Paradox writ large. The inherent problem with a reserve currency is that it must meet global economic needs and domestic needs, and these are intrinsically in conflict. America’s billionaires and pension funds want the US stock market to loft higher on the back of a declining USD, but that diminishes the global purchasing power of the USD–a trend heading for economic ruin.
The Fed has had numerous reasons to weaken the dollar since March: a desperate need to “save” global stock markets from well-deserved collapse, and an equally desperate need to keep the dollar weak so global debtors with loans denominated in dollars can manage to service their trillions in USD-denominated debts. But drawing a line extending this short-term necessity all the way to hyper-inflationary oblivion is a grave misreading of the Empire’s need for the exorbitant privilege of a strong dollar. The Fed is about done with its “rescue” of billionaires and global markets and debtors. Against virtually all expectations of seers, pundits, gurus, etc. the USD is about to start serving the Empire in its foundational role. As for stock markets–the devil take the hindmost.
“The 2017 decision by the Fed to do away with LIBOR is one of the most ill-considered and thoughtless actions taken by the US central bank in many years..”
• Banks To Chairman Powell On Libor: Foxtrot Oscar (Whalen)
Earlier this week, the Federal Reserve Board and other agencies blinked on the ill-advised transition from LIBOR as a pricing mechanism for financing various types of assets and secured money market transactions. “The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency today issued a statement encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, in order to facilitate an orderly—and safe and sound— LIBOR transition.” Unfortunately, as we wrote back in September in National Mortgage News (“Housing market needs SOFR alternative — now”), the proposed “replacement” for LIBOR — the secured overnight funding rate or SOFR — is not really a market price at all.
“According to the Fed, SOFR is a broad measure of the cost of borrowing cash overnight, collateralized by Treasury securities,” we wrote in NMN. “In fact, SOFR is an imaginary, backward-looking benchmark dreamed up by the economists at the Fed with no discernable market.” The 2017 decision by the Fed to do away with LIBOR is one of the most ill-considered and thoughtless actions taken by the US central bank in many years. Not only did the Fed displayed its ignorance of the workings of the US capital markets, but it also revealed its arrogance and stupidly. Simply stated, LIBOR is a price for conducting financing in dollars. SOFR is an economists’ wet dream, a backward-looking measure that may seem interesting from a research perspective, but one that lacks actual liquidity.
As we noted in NMN, the solution for the “problem” with LIBOR is to fix the existing benchmark, not to dream up some farcical concept and then try to bully insured depository institutions to use SOFR for actual risk taking. We understand that many banks have told regulators privately the same thing we hear from clients in the too-be-announced (TBA) market for mortgage backed securities (MBS): SOFR is a non-starter and must be discarded. As late as last week, the Fed and other regulators were trying to bully the large dealer banks to stop using LIBOR by December 31st. The resounding answer: “Foxtrot Oscar.” Indeed, a growing number of analysts seem to have reached the same conclusion that we made months ago, namely that asking banks to take tens of billions of dollars in risk every day using SOFR as the pricing mechanism would be unsafe and unsound.
Go to the mattresses.
• Bank of England Criticised For Losing Track Of £50bn Of Banknotes (G.)
It is known throughout the world as a byword for security. But the Bank of England is evidently a tad unclear on the whereabouts of £50bn of banknotes, and it doesn’t seem to be overly concerned about it, a powerful group of MPs has said. In a stiff rebuke for Threadneedle Street, the Commons public accounts committee said the money – equivalent to a stack of £5 notes more than 800 miles high – had essentially gone “missing” because the Bank did not keep close enough tabs on cash usage in modern Britain. Despite walls 8ft thick and an imposing reputation for guarding billions of pounds of gold bars in its vaults, the PAC said the Bank had nonetheless displayed a “lax attitude to whereabouts of bulk of sterling cash supply”.
However, banknotes by their very design are not traceable, making it hard for the Bank to follow the money and know exactly where its notes end up. According to a report from the National Audit Office, there are about £50bn worth of issued banknotes that may be being used overseas or in the UK, a tiny fraction of the trillions of pounds in money circulating in the UK economy in physical notes and by digital transfers. The PAC speculated that this money could be stashed away under mattresses as unreported household savings, may have been taken abroad, or used in the shadow economy. “The Bank of England doesn’t know,” it said.
The value of banknotes in circulation has shot up this year, which the Bank has said is probably because more people started hoarding cash during the Covid-19 pandemic in case they needed it. Coin use has declined over recent years, with the production of new pennies and pounds by the Royal Mint falling by about 65% in the last decade, a trend which could be accelerated by the pandemic as more people move to using contactless debit card payments. Meg Hillier, chair of the PAC, said: “£50bn of sterling notes – or about three-quarters of this precious and dwindling supply – is stashed somewhere but the Bank of England doesn’t know where, who by, or what for, and doesn’t seem very curious.
“..produced results in minutes calculated to take more than 2 billion years of effort by the world’s third-most-powerful supercomputer..”
• China Stakes Its Claim to Quantum Supremacy (Wired)
Last Year GOOGLE won international acclaim when its prototype quantum computer completed a calculation in minutes that its researchers estimated would have taken a supercomputer 10,000 years. That met the definition for quantum supremacy—the moment a quantum machine does something impractical for a conventional computer. Thursday, China’s leading quantum research group made its own declaration of quantum supremacy, in the journal Science. A system called Jiuzhang produced results in minutes calculated to take more than 2 billion years of effort by the world’s third-most-powerful supercomputer. The two systems work differently. Google builds quantum circuits using supercold, superconducting metal, while the team at University of Science and Technology of China, in Hefei, recorded its result by manipulating photons, particles of light.
No quantum computer is yet ready to do useful work. But the indications that two fundamentally different forms of the technology can outperform supercomputers will buoy the hopes—and investments—of the embryonic industry. Google and rivals including IBM, Microsoft, Amazon, Intel, and several large startups have all spent heavily on developing quantum computing hardware in recent years. Google and IBM offer access to their latest prototypes over the internet, while Microsoft’s and Amazon’s cloud platforms each host a smorgasboard of quantum hardware from others, including Honeywell.
The potential power of quantum computers springs from their basic building blocks, dubbed qubits. Like the bits of conventional computers, they can represent 0s and 1s of data; but qubits can also exploit quantum mechanics to attain an unusual state called a superposition that encapsulates the possibilities of both. With enough qubits it’s possible to take computational shortcuts conventional computers can’t—an advantage that grows as more qubits work together. Quantum computers don’t yet rule the world, because engineers haven’t been able to get enough qubits working together reliably enough. The quantum mechanical effects they depend on are very delicate. Google and the Chinese group were able to stage their supremacy experiments because they managed to corral qubits in relatively large numbers.
Ukraine once fed half of Europe. Seems worth a Maidan revolution.
• Dispossession and Imperialism Repackaged as “Feeding the World” (CP)
The world is fast losing farms and farmers through the concentration of land into the hands of rich and powerful land speculators and agribusiness corporations. Smallholder farmers are being criminalised and even made to disappear when it comes to the struggle for land. They are constantly exposed to systematic expulsion. In 2014, the Oakland Institute found that institutional investors, including hedge funds, private equity and pension funds, are eager to capitalise on global farmland as a new and highly desirable asset class. Financial returns are what matter to these entities, not food security.
Consider Ukraine. The organisation Grain found that in 2014 small farmers operated 16% of agricultural land in that country, but provided 55% of agricultural output, including: 97% of potatoes, 97% of honey, 88% of vegetables, 83% of fruits and berries and 80% of milk. It is clear that Ukraine’s small farms were delivering impressive outputs. Following the toppling of Ukraine’s government in early 2014, the way was paved for foreign investors and Western agribusiness to take a firm hold over the agri-food sector. Reforms mandated by the EU-backed loan to Ukraine in 2014 included agricultural deregulation intended to benefit foreign agribusiness. Natural resource and land policy shifts were being designed to facilitate the foreign corporate takeover of enormous tracts of land.
Frederic Mousseau, policy director at the Oakland Institute, stated at the time that the World Bank and IMF were intent on opening up foreign markets to Western corporations and that the high stakes around the control of Ukraine’s vast agricultural sector, the world’s third largest exporter of corn and fifth largest exporter of wheat, constitute an overlooked critical factor. He added that in recent years, foreign corporations had acquired more than 1.6 million hectares of Ukrainian land. Western agribusiness has been coveting Ukraine’s agriculture sector for quite some time, long before the coup. That country contains one third of all arable land in Europe. An article by Oriental Review in 2015 noted that since the mid-90s the Ukrainian-Americans at the helm of the US-Ukraine Business Council had been instrumental in encouraging the foreign control of Ukrainian agriculture.
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Home › Forums › Debt Rattle December 4 2020