Jan 282025
 
 January 28, 2025  Posted by at 10:25 am Finance Tagged with: , , , , , , , , , , ,  73 Responses »


Pablo Picasso The artist and his model 1926

 

A Cabinet of the Cancelled (Paul Craig Roberts)
US Army Needs Huge Shakeup – Vance (RT)
Trump Targets ‘Gender Ideology’ In The Military (RT)
Denmark Can’t Protect Greenland – Trump (RT)
Trumps Opens The War Against Russia From Greenland (Helmer)
The Trump Pardons Trigger Judicial Rage (Turley)
Russia Must Help Overthrow Europe’s Dangerous Political Elites (Karaganov)
DeepSeek Pulls Rug Out On Nvidia, ASML (ZH)
Trump Says He ‘Immediately Halted’ Hiring of New IRS Agents (ET)
Trump’s Agenda Will Force Foreign Leaders To Adopt Pro-Growth Policies (ZH)
Argentina’s Milei Attacks European Liberal ‘Epidemic’ (RT)
EU Prolongs Sanctions On Russia (RT)
Ukraine’s Top Spy Believes Country Could Cease To Exist (RT)
The CIA Report: A Low Confidence Finding is the Height of Hypocrisy (Turley)
Glug Glug. . . . (James Howard Kunstler)
Taibbi Hints FBI Communications With COVID Scientists Will Be Exposed (ZH)
Devalued Dollar Will Crash the DOW – Martin Armstrong (USAW)
The Nation That Liberated Auschwitz Is Being Excluded From Memory (Romanenko)

 

 


Mars

 

 

Tucker

NC

Homan


https://twitter.com/i/status/1883615616088842695

Ritter
https://twitter.com/i/status/1883841607566340255

Maidan 2014

Brennan
https://twitter.com/i/status/1883740561569677661

Historical course of WWII map sequence

Roger Ver

 

 

 

 

“During the next four years the fate of America’s constitutional order will be determined.”

A Cabinet of the Cancelled (Paul Craig Roberts)

Abigail Shrier writes in the City Journal that the members of Trump’s “Cabinet of the Cancelled” understand the danger of government coercion because they have experienced it firsthand. And so has Trump and thousands of his supporters. Shrier does a service by reminding us of the intense attempt of the Biden regime to revolutionize our society by attacking our principles and replacing a merit-based color-blind society with a status-based society of privileges based on race, gender, and sexual preference. The Biden regime weaponized law in order to cancel people who spoke truth to the regimes’ official narratives and to silence people by censoring and imprisoning them. 1,500 Trump supporters were sentenced for attending a rally, and right-to-life protesters were imprisoned for opposing a practice that during the first part of my life the law considered murder.

With Biden regime protection, Child Protective Services considered it child abuse for parents to oppose sex change operations or fail to use a child’s pronouns chosen for him by DEI propagandists at his public school, and children were seized from “abusive” parents. Large numbers of traditional Americans found themselves living in a dystopian novel. An effort was made to destroy the US military with DEI and mandated vaccination. Traditional military families turned their sons away from military service. Covid “vaccines” were forced on those who had too much sense to submit to vaccination with an untested experimental and known dangerous substance. The great horror of abortion advocates spread into the male population. Both genders lost control over their own bodies to coerced vaccination.

The examples are endless. Tulsi Gabbard was placed on a government watch list and subjected to airport harassment simply for being critical of the Biden regime. Stanford University Medical School professor Jay Bhattacharya was “cancelled” by social media companies at the insistence of the Biden regime’s Surgeon General. Elon Musk’s companies were targeted with regulatory harassment because he returned free speech to Twitter, now known as X. Skepticism expressed about the safety and effectiveness of the Covid “vaccine” got doctors fired, their medical licenses confiscated by utterly corrupt “medical boards” acting on Big Pharma’s orders under the protection of Fauci and the Biden FDA. Others who interfered with Big Pharma’s profits were branded “enemies of the people” and threatened with arrest.

Americans were not even permitted to object to males participating in female sports or to men gaining access to female locker rooms by self-declaring themselves to be women. During the Biden attack on America, the most serious crime was not treason or mass murder. The most serious crime was opposition to DEI. As I explained yesterday, the enemies arrayed against Trump and his supporters are in control of all American institutions, public and private. The federal bureaucracy is against him. His appointees must be culture warriors, because they are greatly outnumbered by a force that has been conducting culture war against America for decades.

The agenda of the Woke Democrats is no less than the revolutionary overthrow of the United States and its replacement with a race and gender status-based hierarchy in which white heterosexual males are second class citizens in law. White males who vote Democrat are endorsing their own demise and are the epitome of insouciant dumbshits. During the next four years the fate of America’s constitutional order will be determined.

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“We fought many wars over the last 40 years, but haven’t won a war about as long as I’ve been alive..”

US Army Needs Huge Shakeup – Vance (RT)

The US has failed to win a single war in several generations despite spending staggering sums of money on its army, Vice President J.D. Vance has said, calling for a major military overhaul. In an interview with CBS News on Sunday, Vance defended the confirmation of Pete Hegseth as the new secretary of defense, which narrowly passed the Senate with a 50-50 tie broken by the vice president himself. Hegseth has faced criticism over his controversial public comments about Islam, limited leadership experience, and accusations of sexual assault, which he has denied. Vance described Hegseth as a “disruptor” and said he was the right person to usher in long-overdue change. “We fought many wars over the last 40 years, but haven’t won a war about as long as I’ve been alive,” Vance said.

“They’ve got us a military with a major recruitment crisis, a procurement price crisis that’s totally dysfunctional, where we buy airplanes for billions and billions of dollars, terrible cost overruns, the delivery dates are always delayed. So we need a big change,” he said. The US has “gotten into way too many wars that we don’t have a plan for winning,” Vance said, adding that “we have to really, top to bottom, change the way that we fund the procurement of weapons.” Hegseth “is the guy to lead the job,” he insisted, adding that the new secretary, who served in Iraq and Afghanistan, is the one who sees “not through the perspective of the generals or the bureaucrats, [but] through the perspective of the men and women that we send off to fight.”

US President Donald Trump has vowed to end the current conflicts, having already credited himself with brokering the recent ceasefire between Israel and Hamas, while vowing to prioritize domestic issues. Shortly after his inauguration, he ordered additional troops to the US-Mexico border to stave off the migration crisis. In November, the Pentagon failed its seventh consecutive audit, having been unable to fully account for its $824 billion budget. It has not passed a single audit since 2018, when it became a legal requirement to do so. However, officials have pointed to visible progress, promising to achieve a clean audit by 2028.

Hegseth


https://twitter.com/i/status/1883891120876478807

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“..moves to end attempts to “socially engineer race and gender into every aspect of public and private life.”

Trump Targets ‘Gender Ideology’ In The Military (RT)

US President Donald Trump has signed an executive order aimed at removing “radical gender ideology” from the US armed forces. The order, titled ‘Prioritizing Military Excellence and Readiness’, was issued on Monday, just over a week after Trump’s inauguration, as part of a broader effort to dismantle diversity, equity, and inclusion (DEI) programs in the federal government. The order says that military service should be reserved for those who are mentally and physically fit for duty. It outlines a policy focusing on troop readiness, lethality, cohesion, honesty, humility, uniformity, and integrity. “This policy is inconsistent with the medical, surgical, and mental health constraints on individuals with gender dysphoria,” the order states. “This policy is also inconsistent with shifting pronoun usage or use of pronouns that inaccurately reflect an individual’s sex.”

Newly confirmed Defense Secretary Pete Hegseth, who narrowly won Senate approval last Friday, is tasked with implementing the directive. Within 60 days, Hegseth must revise medical standards for military service to align with the order’s objectives. Over the next month, he will set up a strategy to tackle the issues and submit it to Trump. The US will focus on “restoring the warrior ethos, rebuilding our military, and reestablishing deterrence,” Hegseth said in a message to the armed forces on Saturday. The executive order follows a series of actions by the new US president aimed at dismantling DEI programs within the federal government. On his first day back in office, he signed orders rolling back protections for transgender individuals and terminating DEI initiatives, describing these efforts as moves to end attempts to “socially engineer race and gender into every aspect of public and private life.”

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“They put two dog sleds there two weeks ago, they thought that was protection..”

If you’re a Greenlander, how much faith do you have in Denmark?

Denmark Can’t Protect Greenland – Trump (RT)

Denmark is not capable of adequately protecting its strategically important territory of Greenland, US President Donald Trump has claimed. Speaking to reporters on board Air Force One on Saturday, Trump appeared to ridicule the Danish plan to increase its military presence on the Arctic island. Trump first floated the idea of purchasing Greenland during his first term in office, and revived the idea following his victory in the presidential election on November 5. The US president has spoken of Greenland’s significance for US national security, refusing to rule out the use of military force to obtain it. Denmark has firmly rejected any suggestion that Greenland could be sold.Trump stated: “I do believe Greenland, we’ll get – because it really has to do with freedom of the world. It has nothing to do with the United States, other than we’re the one that can provide the freedom. [Denmark] can’t. They put two dog sleds there two weeks ago, they thought that was protection,” he said, as quoted by the Financial Times.

Trump was apparently referring to an announcement by Danish Defense Minister Troels Lund Poulsen earlier this month. He said Copenhagen was planning to add two inspection vessels, two drones, and two dog sled patrols to its current force of 75 personnel, four ships, and a surveillance plane. “I don’t really know what claim Denmark has to it, but it would be a very unfriendly act if they didn’t allow that to happen,” Trump said over the weekend. He also claimed that the “people [of Greenland] want to be with us.” Speaking to local broadcaster TV2 on Sunday, Danish Prime Minister Mette Frederiksen emphasized “how good an ally Denmark has been” to the US. The Nordic country is a NATO member state that participated in US-led military operations in Afghanistan and Iraq.

Frederiksen also reiterated that Greenland was not for sale, and its population has an exclusive right to determine its future. According to a Financial Times report on Friday, citing several anonymous European officials, the US president and the Danish prime minister had a “horrendous” phone conversation earlier this month. Trump was reportedly “very firm” about his intention to purchase Greenland, threatening Denmark with tariffs if it continues to resist his bid. The confrontational tone of the phone call is said to have “freaked out” officials in Copenhagen, making them realize that Trump’s intentions were “serious.”

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Just check the maps..

Trumps Opens The War Against Russia From Greenland (Helmer)

In the two great battles whose outcomes turned a small, defensive Anglo-Saxon island into an offensive global empire, the Battle of Hastings in 1066 and the Battle of Bosworth Field of 1485, the ruling English kings, Harold Godwinson and Richard III, launched downhill cavalry charges which almost overpowered the invading forces; almost reached the challengers William of Normandy and Henry Tudor; almost killed them. But Harold and Richard were killed instead; their kingdoms were captured. The lesson of those two cavalry charges led from the front by Harold and Richard has been erased in the story-telling which followed their deaths by the propagandists of William and Henry.

In the present battles with the US and the NATO allies on the Ukrainian battlefield, the Russians could provide an object lesson to the Danes on what they should expect to be done to them by President Donald Trump as he rushes to capture Greenland, confident that the threat of his charge will be enough to force the Danes to surrender, the Greenlanders to capitulate. Danish Prime Minister Mette Fredericksen heard it for herself. “It was horrendous,” said one of the sources in Copenhagen after she and Trump had spoken by telephone last week. Another source has added: “He was very firm. It was a cold shower. Before, it was hard to take it seriously. But I do think it is serious, and potentially very dangerous…It was a very tough conversation. He threatened specific measures against Denmark such as targeted tariffs.”

This was what was heard and reported to a London newspaper. Prime Minister Fredericksen was shy; she told the Financial Times she does: “not recognise the interpretation of the conversation given by anonymous sources”. Officially, the Russian Foreign Ministry spokesman has declared Russia to be against both Fredericksen and Trump. Their claims, Maria Zakharova said last Thursday, “neglect the crux of the issue.” That, she explained, is the concerted Danish campaign to destroy the indigenous identity, culture, and reproduction of the Inuit Greenlanders, combined with the theft and poisoning of their land by US nuclear bomber and submarine bases. “Given the extensive history of colonial exploitation by Denmark and the United States, it is unsurprising that Greenland seeks independence and the establishment of a sovereign state,” Zakharova said.

No Russian currently engaged in the serious fighting against the US believes in displaying enthusiasm for either the cavalry charge or the parley. Instead, the Russians are preparing to fight Trump’s Greenland move as the opening of a new front to attack Russia from the north. The US plan of attack on the north front isn’t new with Trump. The recent history of that plan, retold from the Russian point of view, follows.

In the US Defense Department’s “2024 Arctic Strategy” paper, Russia is the principal target, along with Russian-Chinese cooperation in natural resource mining, trade and oil and gas shipping along the Northern Sea Route. “Major geopolitical changes are driving the need for this new strategic approach to the Arctic,” the paper declared, “including Russia’s full-scale [sic] invasion of Ukraine, the accession of Finland and Sweden to the NATO Alliance, increasing collaboration between the People’s Republic of China (PRC) and Russia, and the accelerating impacts of climate change. This increasingly accessible region is becoming a venue for strategic competition, and the United States must stand ready to meet the challenge alongside Allies and partners.”

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“Rhodes previously asked to speak to the House committee that investigated the riot, but the Democrat-controlled committee refused to allow it..”

The Trump Pardons Trigger Judicial Rage (Turley)

Even though President Trump had made it a campaign pledge to pardon those involved in the Jan. 6, 2021, Capitol riot, the roughly 1,500 pardons Trump issued on his first day produced familiar reactions from politicians and pundits. In Philadelphia, District Attorney Larry Krasner pledged to pursue those pardoned or commuted with new charges on the state level — eclipsing Manhattan District Attorney Alvin Bragg in repackaging federal crimes as state offenses. Others cited the pardons as evidence of an even greater plot or purpose. On MSNBC, former NAACP Legal Defense and Educational Fund head Sherrilyn Ifill declared that the pardons were all part of a plan to build an army of “brownshirts.” Not to be outdone, Rep. Jamie Raskin (D-Md.) warned that Trump was issuing pardons to create a “reserve army of political foot soldiers to act on behalf of MAGA and Donald Trump.”

Such hyperbole, particularly the Nazi references, is now commonplace. Indeed, the left jumped the shark on the Nazi-mania and death-of-democracy mantra months ago. This week, however, some of the most strident comments seem to be coming from the federal bench itself. Indeed, some judges used dismissal hearings to launch into what seemed at points like cable-ready commentary. Take District Court Judge Tanya Chutkan, an Obama appointee who had previously presided over Trump’s election interference case. Chutkan had been criticized for failing to recuse herself from that case after she made highly controversial statements about Trump from the bench. In a sentencing hearing of a Jan. 6 rioter in 2022, Chutkan said that the rioters “were there in fealty, in loyalty, to one man — not to the Constitution.”

She added then, “[i]t’s a blind loyalty to one person who, by the way, remains free to this day.” That “one person” was still under investigation at the time and, when Trump was charged, Chutkan refused to let the case go. She then pursued Trump with a vigor second only to Special Counsel Jack Smith. In the latest hearing, Chutkan again decided to use the bench to amplify her own views of the pardons and Jan. 6. She proclaimed that the pardons could not change the “tragic truth” and “cannot whitewash the blood, feces and terror that the mob left in its wake. And it cannot repair the jagged breach in America’s sacred tradition of peacefully transitioning power.” In fairness, judges often express the gravity of offenses at sentencing, and most of us certainly share the strong revulsion over what occurred on Jan. 6. However, these cases are being dismissed after an election whose winner explicitly pledged to close the prosecutions through executive clemency.

The defendant in her courtroom was there to have a required dismissal entered in his case, not to hear Judge Chutkan speaking truth to power. In this case, she is the power. It is the power to rule dispassionately on the specific case before her. It is not the power to hold court on the merits of presidential decisions. Down the hall, Chutkan’s colleague Judge Beryl Howell, also an Obama appointee, lashed out at Trump’s actions, writing, “[T]his Court cannot let stand the revisionist myth relayed in this presidential pronouncement.” Yet, all of that paled in comparison to what their colleague U.S. District Judge Amit Mehta, also an Obama appointee, did with his Jan. 6 cases. He ordered J6 defendants to seek prior approval before going to Capitol Hill or even coming within any of the 69 square miles of the nation’s Capitol. Thus Mehta practically banished Oath Keepers founder Stewart Rhodes and seven other defendants.

It does not appear that the Trump Justice Department requested such restrictions, but Mehta was able to impose them because those defendants had received commutations rather than pardons. A commutation does not require the dismissal of a case, and courts are generally allowed to set conditions for released defendants. However, these are new conditions imposed after presidential commutations. More importantly, they could affect the exercise of First Amendment rights from free speech to free association to the right to petition the government. For example, Rhodes and others would have to disclose intended meetings with members of Congress or participation in political events. Rhodes previously asked to speak to the House committee that investigated the riot, but the Democrat-controlled committee refused to allow it. (A Yale law graduate, Rhodes insisted that the hearing be conducted in public, the very condition Hunter Biden made with the support of some of these same members.)

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“Western Europe.” By Professor Sergey Karaganov, honorary chairman of Russia’s Council on Foreign and Defense Policy, and academic supervisor at the School of International Economics and Foreign Affairs Higher School of Economics (HSE) in Moscow.

Russia Must Help Overthrow Europe’s Dangerous Political Elites (Karaganov)

Any outcome of the Ukraine conflict framed as a ‘compromise’ would be celebrated in the West as a victory and perceived as a failure by Russia. This must be avoided at all costs.

First, Russia must openly confront Western Europe’s historical culpability. It’s not the ‘garden’ its elites imagine but a field of fat weeds thriving on the blood of hundreds of millions it has enslaved, murdered, and robbed. Calling Western Europe out for its crimes – from colonialism to warmongering – legitimizes our potential use of nuclear deterrence as a justified response to aggression.

Second, Russia must emphasize the inevitability of nuclear escalation in any conflict between NATO and Russia. This message is essential not only to limit an arms race but also to underscore the futility of stockpiling conventional weapons that will be rendered irrelevant in a nuclear confrontation. NATO’s leaders must understand that they cannot avoid the consequences of their actions.

Third, we must continue advancing on the battlefield, destroying the enemy’s forces with relentless precision. However, it is equally critical to declare that Russia’s patience is finite. For every Russian soldier killed, we must make clear that a thousand Western Europeans will pay the price if their governments persist in waging war against us. The public over there must understand that their elites are preparing to sacrifice them, and nuclear weapons will not discriminate between soldiers and civilians. Western European capitals will be among the first targets of our retaliation.

Fourth, Russia must communicate to the Americans that their continued escalation of the Ukraine conflict will lead to catastrophic consequences. Should they persist, we will cross the nuclear Rubicon, targeting their allies and bases worldwide. Any non-nuclear response will provoke a nuclear strike on American soil. This clarity will force Washington to reconsider its reckless policies.

Fifth, we must strengthen our military capabilities while continuing to adjust our nuclear doctrine. If diplomacy fails, we must escalate decisively, demonstrating our readiness to use advanced weapons to defend Russia’s sovereignty and interests. While new technologies such as the Oreshnik missile system enhance our capabilities, they are no substitute for nuclear weapons, which remain the ultimate guarantor of our security.

Finally, Russia must offer the United States a dignified exit from its self-inflicted Ukrainian disaster. We have no desire to humiliate America but are prepared to help it extricate itself from this quagmire, provided it abandons its destructive policies. At the same time, Western Europe must be sidelined from global decision-making. It has become the primary threat to itself and the world.

If America withdraws, Ukraine’s defeat will follow swiftly. Russia will reclaim its rightful territories in the east and south, while a neutral, demilitarized state is established in central and western Ukraine. Those unwilling to live under Russian law will be free to relocate. Peace can only be achieved by removing Western Europe as a destabilizing force and addressing humanity’s broader challenges alongside the global majority.True peace will only come when Western Europe’s backbone is broken once more, as it was after Russia’s victories over Napoleon and Hitler. The current elites must be replaced by a new generation capable of engaging in constructive dialogue. Only then can Europe rejoin the world as a responsible partner, not a source of perpetual conflict. The stakes are clear: This is not just a battle for Russia’s future, but for the survival of human civilization as we know it.

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Overnight DeepSeek experienced a “large scale cyberattack”. They’ll be fine.

DeepSeek Pulls Rug Out On Nvidia, ASML (ZH)

There is only one topic on traders’ minds this morning that threatens to upend the multi-year AI bull trend driving chip stocks to record highs: the (extremely) cheaper Chinese DeepSeek response to OpenAI’s ChatGPT, as noted in an overnight piece titled “Goldman Asks If China’s DeepSeek is AI’s Sputnik Moment.” Bloomberg’s Mark Cudmore said earlier that the emergence of DeepSeek is terrific news for global growth and productivity. However, he cautioned that the new free, open-source large-language model undermines the massive premium paid for AI research and development by US mega-cap stocks, warning that this development could serve as a catalyst to end 15 years of US stock market exceptionalism. Perhaps the pin that bursts the AI stock bubble in the US. If so, watch out below…

The buzz over DeepSeek has stoked questions about the tens of billions of money big tech firms have spent on AI models and data centers, along with broader trends to upgrade aging power grids. As a result, chip designer Nvidia plunged 12% in premarket trading in New York, while Netherlands-based chip companies ASML and ASM International tumbled 10% and 15%, respectively. In Asia, Japanese chip-related stocks traded lower. Bitcoin was hammered lower. For Wall Street analysts, the developments raise serious questions about elevated valuations of AI-related stocks and Silicon Valley’s business model of massive research.”It does put a lot of scrutiny at the level of valuations,” said Benedicte Lowe, equity derivatives strategist at BNP Paribas Markets 360, adding, “We are quite positive on US tech stock sector. But it puts pressure on the outlook and is a turning point for the companies at this stage in the cycle.”

Jefferies analysts told clients, “Concerns have immediately emerged that it could be a disruptor to the current AI business model, which relies on high end chips and extensive computing power and hence energy.” Goldman’s Jeremy Elster offered his take on DeepSeek and market reaction:

“Only one topic to start the week, threatening to undermine much of the narrative driving eu industrials and cap goods ytd… DeepSeek .. I will defer to Privo’s take on the background this morning: “what makes DeepSeek important is not necessarily that it’s Chinese or rapidly ascended to one of the most popular downloads in the Apple App Store but that it appears quite a fundamental advancement in the efficiency of AI technology. For a lot of complicated reasons it’s basically a huge upgrade to effectiveness of inference. By some measurements, 40-50x more efficient than other models. If you can do more with less it naturally leads the question to whether you need so much capacity”…(note) => In industrials / cap goods, reactions this morning are mostly of the “shoot first” variety towards capex and power equipment plays in relevant and adjacent verticals. GSXEACDC -6% is unsurprisingly most impacted (SU most datacentre exposed,- see full list of exposures in piece from Friday here: link). Also seeing the contagion to semi-cap (Atlas Copco, VAT Group).”

In a separate Goldman note, analyst Francois Theis market outlined the DeepSeek reaction sent “Asian AI ecosystem in full profit taking mode (GS Japan AI -3.08%, GS Asia Power Grid -3.3%) and Nasdaq down significantly premarket.” Theis pointed out one key implication of the DeepSeek development: “First of all remains around Softbank’ Stargate return on investments and capex efficiency (and hence beneficiaries around supply chain and energy requirements).” JPM Market Intel desk told clients: “The DeepSeek story is forcing investors to question the market position of all the MegaCap Tech names and the entire AI supply chain.” Q&As about DeepSeek (courtesy of Bloomberg):

How does DeepSeek R1 compare to OpenAI or Meta AI? Though not fully detailed by the company, the cost of training and developing DeepSeek’s models appears to be only a fraction of what’s required for OpenAI or Meta Platforms Inc.’s best products. The much better efficiency of the model puts into question the need for vast expenditures of capital to acquire the latest and most powerful AI accelerators from the likes of Nvidia Corp. That also amplifies attention on US export curbs of such advanced semiconductors to China — which were intended to prevent a breakthrough of the sort that DeepSeek appears to represent. DeepSeek says R1 is near or better than rival models in several leading benchmarks such as AIME 2024 for mathematical tasks, MMLU for general knowledge and AlpacaEval 2.0 for question-and-answer performance. It also ranks among the top performers on a UC Berkeley-affiliated leaderboard called Chatbot Arena.

What’s raising alarm in the US? Washington has banned the export of high-end technologies like GPU semiconductors to China, in a bid to stall the country’s advances in AI, the key frontier in the US-China contest for tech supremacy. But DeepSeek’s progress suggests Chinese AI engineers have worked their way around the restrictions, focusing on greater efficiency with limited resources. While it remains unclear how much advanced AI- training hardware DeepSeek has had access to, the company’s demonstrated enough to suggest the trade restrictions have not been entirely effective in stymying China’s progress.

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“..no Federal civilian position that is vacant at noon on January 20, 2025, may be filled, and no new position may be created..”

Trump Says He ‘Immediately Halted’ Hiring of New IRS Agents (ET)

President Donald Trump on Saturday said he has halted any new hires of Internal Revenue Service (IRS) agents. “They hired—were trying to hire 88,000 new workers to go with you, and we’re in the process of developing a plan to either terminate all of them or maybe we move them to the border,” Trump remarked at a speech in Nevada, while also saying, “On day one, I immediately halted the hiring of any new IRS agents. “I think we’re going to move them to the border where they are allowed to carry guns. You know, they’re so strong on guns. But these people are allowed to carry guns. So we will probably move them to the border,” he said.

He was repeating a claim made in 2022 by Republicans that some of the IRS agents who would be hired would be able to carry firearms, although the bill did not designate money specifically for a large number of armed IRS employees. At the time, the IRS said it would also obligate about $8.64 billion of the new funding during the 2023 and 2024 fiscal years, and that 7,239 of the new hires during those years will be enforcement staff. In his administration, President Joe Biden approved plans to direct $80 billion to the IRS under the largely Democrat-passed Inflation Reduction Act of 2022. House Republicans later clawed back billions of dollars from the legislation, most recently in the attempt to avert a government shutdown in December.

The original 87,000 or 88,000 IRS agents figure appears to have come from a U.S. Treasury Department estimate in 2021 to determine the level of hiring of agents to maintain the agency’s efficiency in collecting taxes. Last year, the IRS said it was going to hire nearly 20,000 new employees and deploy new technology over the next two years as it ramps up an $80 billion investment plan to improve tax enforcement and customer service. Soon after taking office, Trump signed an executive order to freeze the hiring of federal civilian employees across the government, stating that “no Federal civilian position that is vacant at noon on January 20, 2025, may be filled, and no new position may be created except as otherwise provided for in this memorandum or other applicable law.”

“Except as provided below, this freeze applies to all executive departments and agencies regardless of their sources of operational and programmatic funding,” it adds. Aside from the hiring freeze, the president suspended Inflation Reduction Act and Infrastructure Investments and Jobs Act funding disbursements in what his office said was “terminating the green new deal,” including pausing funds “supporting programs, projects, or activities that may be implicated by the policy established in Section 2 of the order.”

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By Eric Peters, CIO of One River Asset Management.

“Biden was bad for business but good for prices,” [..] “And Trump will be good for business but bad for prices.”

Trump’s Agenda Will Force Foreign Leaders To Adopt Pro-Growth Policies (ZH)

Hope all goes well… “Builders make the most money,” I said at the luncheon, high in some tower, looking out over Dallas. “That’s why I’m sitting here today,” said the entrepreneur to my left, confident, smiling. “If you’re not building a company, the next best thing is to own equity,” I said to the oil, gas, tech execs, family offices. We discussed the new administration, geopolitics, markets, risks, opportunities, my worldview. Then I asked them all about Trump’s drill-baby-drill policy, America’s energy supply dynamics, demand. “Biden was bad for business but good for prices,” one said, many nodded. “And Trump will be good for business but bad for prices.” “The golden age of America begins right now,” said President Trump, vowing to annihilate the nation’s many challenges, sending a shiver through our country’s allies and adversaries.

Economists were quick to spread skepticism. You see, American growth is already quite robust, with GDPNow estimating Q4 real GDP of 3.0%. Unemployment is low at 4.1%. CPI inflation at 2.9% is higher than target but well off the 9.1% high in mid-2022. Nationwide gasoline prices are $3.14 a gallon, not far from levels in Trump’s first term, miles below the $5.03 mid-2022 highs. And the stock market is at all-time highs, with the Shiller P/E ratio at a level exceeded only in the 1999 bubble. So, economists argue that with a 6.3% federal budget deficit, the prospect of massive tariffs, slowing international trade, government layoffs, reduced immigration, and rising inflation, the US economy simply lacks the capacity to power ahead, even with Trump’s pledge to slash red tape. Perhaps they’re right, but economists (and central bankers) have been horribly wrong for so many years that it’s hard to do anything but take the other side of their consensus.

Our geopolitical allies and adversaries are another matter altogether. They’re simply praying Trump’s economic experiment fails. With the American economy already outpacing every country that matters, and with those nation’s electorates growing increasingly agitated, restless, riotous, the possibility of the US widening the chasm terrifies their leaders. The prospect of being held to account for their economic mismanagement, like the negligent mayor of Los Angeles, is too much to bear for the globe’s presidents, prime ministers, chancellors, paranoid dictators. And this, in an ironic twist, holds promise for a brighter global future, if the America First agenda forces panicked foreign leaders to adopt more pro-growth policies for their people.

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“..their blatant desire to eliminate dissent, criticism and ultimately freedom so they can continue to uphold a model in which they are the main beneficiaries.”

Argentina’s Milei Attacks European Liberal ‘Epidemic’ (RT)

Argentine President Javier Milei has criticized European leaders and condemned “woke ideology,” branding it an “epidemic” that must be cured. Addressing the World Economic Forum (WEF) on Thursday, he claimed that the “global hegemony” of left-wing politics and ideology is “starting to crumble.” Making his second appearance at the WEF, the outspoken president defended what he called the traditional values of the West, describing them as “the peak of the human species.” Milei then doubled down on his “cultural battle” against so-called “wokeism,” a term often used by right-wing political movements to criticize progressive policies addressing social inequalities. “What once seemed like a global hegemony of the ‘woke’ left in politics, educational institutions, in the media, in supranational organizations or even in forums like Davos, has begun to crumble,” he said.

According to Milei, wokeism seeks to penalize any kind of opposition “because beneath the rhetoric that they so often preach what truly lies is their blatant desire to eliminate dissent, criticism and ultimately freedom so they can continue to uphold a model in which they are the main beneficiaries.” He took aim at Britain, asking: “Is it not true that right now as we speak, in the UK, citizens are being imprisoned for exposing horrifying crimes committed by Muslim migrants? Crimes that the government seeks to conceal?” Milei was referring to a wave of protests in the UK last summer against Islam and mass immigration which resulted in large-scale arrests. British authorities responded to the riots in draconian fashion, with more than 1,000 people arrested, 480 charged, and 99 sentenced for their role in the disorder, according to figures published by the BBC.

The Argentine leader, who attended US President Donald Trump’s inauguration last week, also targeted the EU, accusing the bloc of scrapping the presidential election in Romania. “Didn’t the bureaucrats in Brussels suspend Romania’s elections simply because they didn’t like the party that had won?” he asked. Romanian right-wing candidate Calin Georgescu, a critic of NATO and the EU and a staunch opponent of sending aid to Ukraine, topped the now-annulled first-round vote in November, beating liberal leftist candidates. Romania’s Constitutional Court suddenly canceled the election ahead of the second-round vote, citing intelligence documents alleging “irregularities” in Georgescu’s campaign performance, which have subsequently been linked to a social media campaign run by one of his opponents.

Milei said that while there is no actual censorship in the West, there is the idea that anyone who doesn’t align with a woke ideology must be silenced. In Milei’s view, it is an “ideology that has colonized the West, a single thought regime on feminism, diversity, inclusion, immigration, abortion, environmentalism, gender ideology” representing “an epidemic that must be cured, a cancer we need to get rid of.”

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Europe will shoot its own foot until it falls off.

EU Prolongs Sanctions On Russia (RT)

EU foreign ministers have agreed to extend the bloc’s economic sanctions on Russia, after Hungary dropped a last-minute threat to block the extension over Ukraine’s refusal to restart the flow of Russian gas to the EU. EU foreign policy chief Kaja Kallas announced the extension on Monday, claiming that the move will “continue to deprive Moscow of revenues to finance its war.” The EU has imposed 15 rounds of economic penalties on Russia since the Ukraine conflict escalated in February 2022, freezing Moscow’s sovereign assets and severing almost all trade and energy links between the bloc and Russia. These sanctions must be renewed every six months with the unanimous consent of all 27 EU member states.

Last week, Hungarian Prime Minister Viktor Orban threatened to “pull the handbrake” on this renewal if Kiev does not restart a transit deal with Russian energy firm Gazprom to allow Russian gas to flow into the EU via Ukraine. Hungary relies on Russia for around three-quarters of its natural gas imports, a small percentage of which flowed through the trans-Ukraine pipeline. Budapest dropped the threat after receiving “the guarantees it has requested concerning the energy security of our country,” Hungarian Foreign Minister Peter Szijjarto wrote in a post on X. In a statement seen by Reuters, the European Commission said it would “continue discussions with Ukraine on the supply to Europe through the gas pipeline system in Ukraine.” “The Commission is ready to associate Hungary in the process along with Slovakia,” it added.

Slovak Prime Minister Robert Fico announced earlier this month that he would veto any future EU aid to Kiev over the gas cutoff, warning that he could also halt the supply of electricity to Ukraine and cut humanitarian aid deliveries. Slovakia depends on Russian gas to meet about 60% of its demand. Orban and Fico have repeatedly argued that Ukraine cannot defeat Russia on the battlefield, and that Western military aid to Kiev will only prolong the bloodshed. Both leaders have also insisted that the EU’s sanctions hurt European economies more than they hurt Russia’s, and Orban has repeatedly threatened to block the implementation of these sanctions in exchange for significant carve-outs from Brussels, including a partial exemption from the EU’s bloc-wide oil embargo and a guarantee that its nuclear sector won’t be affected by future sanctions.

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Budanov is a prime candidate to succeed Zelensky.

Ukraine’s Top Spy Believes Country Could Cease To Exist (RT)

Ukraine could face collapse by summer if it does not agree to peace negotiations with Russia, the country’s top intelligence official has told lawmakers in Kiev, according to a report on Monday by local outlet Strana.ua. According to the website’s sources, Kirill Budanov, the chief of the Main Directorate of Intelligence, made his remarks during a closed-door meeting in the Ukrainian parliament. One of the people present at the conference told the outlet that there were sensitive briefings by top military officials, including officers of the General Staff. However, the source singled out Budanov’s account. “Someone asked him: ‘How much time do we have left?’ He responded, with his signature cold smile: ‘If there are no serious negotiations by summer, very dangerous processes could begin for the very existence of Ukraine.’”

Budanov’s reported warning comes as Kiev’s forces have been pushed back across the front line by Russian troops. Ukrainian officials and commanders have also complained of manpower shortages amid a troubled mobilization campaign, with recruitment officers often facing open resistance from reluctant draftees. Earlier this week, Strana reported that top Ukrainian officials were reviewing a plan by US President Donald Trump’s team to end the conflict within 100 days. While the roadmap has not been confirmed, its key points reportedly include direct talks between the US president and his Russian counterpart Vladimir Putin to pave the way for a ceasefire along the front lines by April 20 and a peace agreement by early May.

According to the roadmap, it is believed that Ukraine would agree to abandon its NATO membership ambitions, stop cracking down on political forces advocating cooperation with Russia, and become a member of the EU by 2030. Kiev would also reportedly refrain from attempts to reclaim its former territories from Moscow without formally recognizing Russian sovereignty, with the West pledging to partially lift sanctions immediately after the peace deal. While Ukrainian officials have dismissed the roadmap as a hoax, the Kremlin has not commented on the report. However, Moscow has repeatedly said it is open to talks over Ukraine, signaling readiness for a Trump-Putin summit. Russia has ruled out the freezing of the conflict, arguing that Kiev would use such a pause to rearm itself, while insisting that peace could be reached only if Ukraine commits to permanent neutrality, demilitarization, and denazification.

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“Throughout history, censorship has never succeeded. It has never stopped a single idea or a movement. It has a perfect failure rate.”

The CIA Report: A Low Confidence Finding is the Height of Hypocrisy (Turley)

Every modern president seems to promise transparency during their campaigns, but few ever seem to get around to it. Once in power, the value of being opaque becomes evident. We will have to wait to see if President Donald Trump will fulfill his pledges, but so far this is proving the cellophane administration. Putting aside his constant press gaggles and conferences, the Administration has ordered wholesale disclosures of long-withheld files from everything from the JFK investigation to, most recently, the CIA COVID origins report. That report is particularly stinging for both the Biden Administration and its media allies. Newly-confirmed CIA Director John Ratcliffe released the report, which details how it views the lab theory as the most likely explanation for the virus.

Expressing “low confidence,” the agency still favored that theory over the natural origins theory, which was treated as sacrosanct by the media and favored by figures like Anthony Fauci. (Other recent reports have contradicted the equally orthodox view on the closing of schools, showing no material benefit in terms of slowing the transmission of COVID). Even a low-confidence finding shows the height of hypocrisy in Washington where politicians and pundits savaged any scientist who even suggested the possibility that the virus was man-made and likely originated in the Wuhan lab near the site of the outbreak. This follows a recent disclosure in the Wall Street Journal of a report on how the Biden administration may have suppressed dissenting views supporting the lab theory on the origin of the COVID-19 virus. Not only were the FBI and its top experts excluded from a critical briefing of President Biden, but government scientists were reportedly warned that they were “off the reservation” in supporting the lab theory.

As previously discussed, many journalists used the rejection of the lab theory to paint Trump as a bigot. By the time Biden became president, not only were certain government officials heavily invested in the zoonotic or natural origin theory, but so were many in the media. Reporters used opposition to the lab theory as another opportunity to pound their chests and signal their virtue. MSNBC’s Nicolle Wallace mocked Trump and others for spreading one of his favorite “conspiracy theories.” MSNBC’s Kasie Hunt insisted that “we know it’s been debunked that this virus was manmade or modified,” MSNBC’s Joy Reid also called the lab leak theory “debunked bunkum,” while CNN reporter Drew Griffin criticized spreading the “widely debunked” theory. CNN host Fareed Zakaria told viewers that “the far right has now found its own virus conspiracy theory” in the lab leak. NBC News’s Janis Mackey Frayer described it as the “heart of conspiracy theories.”

The Washington Post was particularly dogmatic. When Sen. Tom Cotton (R-Ark) raised the theory, he was chastised for “repeat[ing] a fringe theory suggesting that the ongoing spread of a coronavirus is connected to research in the disease-ravaged epicenter of Wuhan, China.” Likewise, after Sen. Ted Cruz (R-Texas) mentioned the lab theory, Post Fact Checker Glenn Kessler mocked him: “I fear @tedcruz missed the scientific animation in the video that shows how it is virtually impossible for this virus jump from the lab. Or the many interviews with actual scientists. We deal in facts, and viewers can judge for themselves.” As these efforts failed and more information emerged supporting the lab theory, many media figures just looked at their shoes and shrugged. Others became more ardent. In 2021, New York Times science and health reporter Apoorva Mandavilli was still calling on reporters not to mention the “racist” lab theory.

In Kessler’s case, he wrote that the lab theory was “suddenly credible” as if it had sprung from the head of Zeus rather than having been supported for years by scientists, many of whom had been canceled and banned. As these figures were attacking reports, Biden officials were sitting on these reports. Figures like Fauci did nothing to support those academics being canceled or censored for raising the theory. The very figures claiming to battle “disinformation” were suppressing opposing views that have now been vindicated as credible. It was not only the lab theory. In my recent book, I discuss how signatories of the Great Barrington Declaration were fired or disciplined by their schools or associations for questioning COVID-19 policies.

The suppression of the lab theory proves the ultimate fallacy of censorship. Throughout history, censorship has never succeeded. It has never stopped a single idea or a movement. It has a perfect failure rate. Ideas, like water, have a way of finding their way out in time. Yet, as the last few years have shown, it does succeed in imposing costs on those with dissenting views. For years, figures like Bhattacharya (who was recently awarded the prestigious Intellectual Freedom Award by the American Academy of Sciences and Letters) were hounded and marginalized. Others opposed Bhattacharya’s right to offer his scientific views, even under oath. For example, in one hearing, Rep. Raja Krishnamoorthi (D-Ill.) expressed disgust that Bhattacharya was even allowed to testify as “a purveyor of COVID-19 misinformation.”

Los Angeles Times columnist Michael Hiltzik decried an event associated with Bhattacharya, writing that “we’re living in an upside-down world” because Stanford University allowed dissenting scientists to speak at a scientific forum. Hiltzik also wrote a column titled “The COVID lab leak claim isn’t just an attack on science, but a threat to public health.” One of the saddest aspects of this story is that many of these figures in government, academia and the media were not necessarily trying to shield China. Some were motivated by their investment in the narrative while others were drawn by the political and personal benefits that came from joining the mob against a minority of scientists. The CIA report does not resolve this debate, but it shows that there is a legitimate debate despite the overwhelming message of the media and the attacks on scientists. Of course, the same media and political figures responsible for this culture of intimidation have simply moved on. The value of an alliance with the media is that such embarrassing contradictions are not reported. At most, these figures shrug and turn to the next subject for groupthink and mob action.

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“. . .once Trump runs out of easy ways to unfuck the federal government, his administration will hit a crossroads moment, probably sooner rather than later.” — Matt Taibbi

Glug Glug. . . . (James Howard Kunstler)

That’s the sound of a swamp being drained. And much fetid water is still backed up over the 68.3 square miles that comprise the District of Columbia. You might be just realizing that the “Joe Biden” regime was not a government at all, but rather, a colossal racketeering operation. And let’s be clear and precise: racketeering is making money dishonestly. Thus: the grubby Biden Family itself at the top of that putrid food-chain, and their smalltime harvesting of mere table-scraps. Where trillions got creamed off by the big gators, the Bidens risked all for a measly few million, like newts gorging on gnats in a drainage ditch. Are you so cynical— as the Marxians are in their so-called “critique” of capitalism — that you think all human transactions of making-and-doing are dishonest? That is yet another misreading of reality, which the recent years of nonstop official propaganda and gaslight have catastrophically aggravated to the degree that half of America can no longer think at all.

Capitalism is not a political ideology despite the “ism” incorrectly attached to it, like the tail pinned on a donkey. Capitalism is simply the management of surplus wealth. The catch is, in a hyper-complex society, the management itself becomes complex to an extreme. And that can easily lead to mismanagement, which will deform and pervert the very mechanisms that superintend wealth, sometimes so badly that the wealth disappears altogether. These are the dynamics faced by the newborn Trump command. Both political parties, per se, have fallen into a dismal habit of racketeering in this sclerotic state-of-empire. But now Mr. Trump has seized control of the Republican apparatus, at least, and the Party’s entrenched ol’ crocs and pythons descry that under DJT the regular feeding frenzy is over.

Hence: the hand-wringing over Pete Hegseth setting foot in the Pentagon, as he will sometime this dawning day. The dollars pounded down that rat-hole in this century could have funded start-ups of several empires, but instead the swag just landed in the index funds of countless board members parasitically lodged in a dark cosmos of G.I. procurement circle-jerks. A lot of that can and will be stopped. And the ones who just won’t quit are liable to be found out. Now, the Democratic Party faces more perplexing quandaries. It, too, is constructed as a gigantic grift machine. But if you subtract the employees of the multitudinous NGOs and non-profit orgs set up in recent years to receive government largess — which have spawned like smelts in the San Joaquin delta — you would eliminate much of the party’s rank-and-file. (The rest are apparently embedded in government itself and the teachers’ union.) A whole lot of activists would lose their platforms for activism in the process.

[..] The first seven days of Mr. Trump have been sheer razzle-dazzle. He and the people around him have torn through the zeitgeist like front-end-loaders through a homeless encampment. He has yet to meet a crisis. Some of the obvious traps are avoidable. For instance: seeking further injury to Russia as a way of ending the stupid Ukraine war — started by us in 2014, thanks a lot Victoria Nuland & Company — since both the US and Russia are just about unconditionally desirous of stopping the damn thing as soon as possible. It’s had no benefit for anybody but the Raytheon war lobby and the Zelensky regime’s legion of grifters. Mr. Trump’s recent tough talk has been entirely for show, just a mass of rhetorical lube to un-stick the lingering “Joe Biden” stasis in that sad-sack corner of the world.

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Good conversation. The boys are somewhat optimistic.

Taibbi Hints FBI Communications With COVID Scientists Will Be Exposed (ZH)

Award-winning independent journalist Matt Taibbi revealed in an interview with conservative commentator Tucker Carlson that communications between FBI officials and scientists related to gain-of-function research and the origins of COVID-19 is expected to one day be made public. Watch: (relevant portion begins at 34:06)

MATT TAIBBI: There are so many different areas where they are going to have to investigate and reinvestigate that. We just went through a period where there was mass stonewalling of Congress when it was trying to investigate what happened with COVID. There were key people like Peter Daszak from the EcoHealth Alliance, who just didn’t answer subpoenas, right? There are documents that we know exist that we’re going to get now with FBI communications between the bureau and a lot of these scientists dating back ten years. And it’s going to tell a crazy story, a really interesting story. There’s a reason why Fauci’s pardon is backdated to 2014, because that’s the time period they are going to have to start looking, which is, when did we start defying the ban on gain of function research. We clearly did. That’s pretty established at this point.

Why were we doing it? What connection did that have to the Wuhan thing? What kind of advanced notice did we get? What kind of lies were told about it? Who were responsible for those lies? What information did we get about the inefficacy of the vaccine and how did that connect to statement by the CDC and the White House? This also connects to the censorship issue in a major way because there was a massive effort to control the public conversation about this that went through the health agencies. We know they’re looking at that. And that’s another executive order, by the way, the free speech order. It directs the Department of Justice to come up with a comprehensive review of all the censorship stuff, so we’re going to find out about that. I just think COVID is a gigantic rat’s nest of stuff. Every direction they look there’s going to find something revelatory.

TUCKER CARLSON: The question is: will that information reach the public? There is these intermediaries like the media. Congressional brand investigators, executive brand investigators like DOJ, inspector generals, they are always constantly releasing reports and no one reads them because no one picks them up in the media. Do we have enough interested reporters to designate what they find?

MATT TAIBBI: I think we do because what we think of as the media is dead. They no longer really matter. The media that matters right now are people like you, Joe Rogan and other independent podcasters out there. There’s this gigantic, thriving independent media out there that turned the last election. It was abundantly clear that the old media no longer had any ability to control the narrative about anything. They’re totally discredited.

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“..Armstrong’s computer program “Socrates” sees a global recession no later than 2028. Socrates also sees the possibility of “war as early as April or May of 2025.”

Devalued Dollar Will Crash the DOW – Martin Armstrong (USAW)

Legendary financial and geopolitical cycle analyst Martin Armstrong is back with a warning to President Trump, who is on record wanting a weaker dollar. Trump might try to force a lower value for the US dollar to help offset the trade deficit. Just this past week, Trump is demanding lower interest rates. Experts say this might also lower the value of the US dollar. Armstrong predicts, “Everything has an international value. If you lower the value of the dollar, then oil in terms of dollars will rise. Look at gold. It’s not making new highs right now because the dollar is going up, but chart it in Canadian dollars or Euros and it’s making new highs. . . . You dramatically lower the dollar and you are going to cause a crash–again. . . . It could be 40% to 50%.”

Armstrong has deep experience in the currency markets. In 1985, Armstrong was called in by the Reagan Administration about cutting the value of the dollar to spark trade. Armstrong warned if you cut the dollar, you will have a big crash within two years. What happened? Two years later, the stock market crashed more than 22% in one day in the infamous 1987 stock market crash. It is still the record for a one-day crash in percentage terms. Armstrong says, “In the end, they said we think foreign exchange had something to do with the crash. That was the best I could get out of them. They are not going to stand up and say, oh gee, we caused it (the crash) by lowering the dollar by 40%.”

Armstrong is going to write President Trump a letter warning him NOT to force the US dollar lower. How is the war picture shaping up now that Trump, who wants to be a “peacemaker,” is in office? Armstrong says, “You have French President Macron saying he wants to send troops into Ukraine. Britian has just now sent 20,000 or 30,000 troops into Romania. They want war. They are basically on the verge of a sovereign debt crisis. So, they have a choice. They default and say, oh sorry, we screwed up. Or, it’s not us, it’s Putin. We have to go get him. The German government fell the very next day after Trump was elected. You see this going on all over Europe.”

In closing, Armstrong sees gold (and silver) going up from here. The US is still the strongest economy by far, but Armstrong’s computer program “Socrates” sees a global recession no later than 2028. Socrates also sees the possibility of “war as early as April or May of 2025.” Armstrong tells President Trump, “Get out of NATO–ASAP.”

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“On January 27, 1945, the Soviet Red Army liberated Auschwitz, revealing to the world the unimaginable horrors of the Holocaust. This event became a symbol of the triumph of humanity over the worst atrocities of the Nazi regime.”

The Nation That Liberated Auschwitz Is Being Excluded From Memory (Romanenko)

Russia’s exclusion from the commemorations marking the 80th anniversary of Auschwitz’s liberation is not just a diplomatic snub – it is an insult to history and to the memory of millions who suffered and died during World War II. This decision, part of a growing trend of historical revisionism, diminishes the decisive role played by the Soviet Union in defeating Nazi Germany and liberating concentration camps, including Auschwitz. It’s a troubling development that undermines the lessons of the past in favor of political expediency.

On January 27, 1945, the Soviet Red Army liberated Auschwitz, revealing to the world the unimaginable horrors of the Holocaust. This event became a symbol of the triumph of humanity over the worst atrocities of the Nazi regime. Yet, in 2025, Russian representatives were excluded from the anniversary ceremony at the Auschwitz-Birkenau State Museum in Poland. Piotr Cywinski, the museum’s director, justified the decision by citing Russia’s actions in the Ukraine conflict, stating that a country “that does not understand the value of liberty has something to do at a ceremony dedicated to the liberation.”

This reasoning ignores a critical truth: Auschwitz’s liberation was accomplished by Soviet soldiers, many of whom paid with their lives. The USSR bore the brunt of the Nazi war machine, suffering the loss of an estimated 27 million military personnel and civilians during the war. To exclude Russia from commemorations of such a significant event is to erase the sacrifices of those who played an indispensable role in ending the Holocaust.

This act is part of a broader pattern of attempts to revise history, downplaying or ignoring the Soviet Union’s contributions to the defeat of Nazi Germany. In recent years, statements from Western leaders have increasingly glossed over the USSR’s role in World War II. For instance, during a Memorial Day speech, then-US President Joe Biden recounted the victory over Nazi Germany without mentioning the Soviet Union, a glaring omission that Russian Ambassador Anatoly Antonov criticized as a cynical diminishment of historical truth. Similarly, current US President Donald Trump once claimed that it was “American soldiers who truly won World War II,” conveniently overlooking the critical battles of Stalingrad, Kursk, and Berlin where Soviet forces dealt the decisive blows to the Nazi regime.

Even more troubling is the West’s apparent tolerance for neo-Nazi elements in Ukraine, a country central to the current geopolitical tensions. In 2023, the Canadian Parliament hosted Yaroslav Hunka, a 98-year-old Ukrainian who served in the Waffen-SS “Galicia” division – a unit implicated in war crimes. Hunka was given a standing ovation, a shocking display that later forced the resignation of Canada’s House Speaker Anthony Rota. Such incidents highlight a disturbing willingness to whitewash history in the name of contemporary political alliances.

Russia’s exclusion from World War II commemorations is not new. In 2024, Russian officials were barred from the 80th anniversary of the D-Day landings in Normandy, France, with the French presidency stating that “the conditions for their participation are not there given the war of aggression launched in 2022.” Similarly, in 2020, Poland excluded Russian representatives from a Warsaw commemoration marking the outbreak of World War II. These decisions reflect a troubling trend: using historical remembrance as a tool of political messaging.

This selective approach to history is dangerous. World War II was a global conflict that required immense sacrifices from numerous nations, but no country paid a higher price than the Soviet Union. To erase or diminish that contribution is to distort the historical record and risk undermining the shared understanding that has underpinned the post-war international order. The decision to exclude Russia from Auschwitz’s 80th anniversary commemorations sends a troubling message about the value of historical truth in times of geopolitical conflict. If we begin to erase inconvenient aspects of history to suit present-day narratives, we risk losing sight of the lessons that history teaches us. The Holocaust and the broader atrocities of World War II were enabled by dehumanization, propaganda, and the denial of reality. To combat these forces in our time, we must commit to an honest reckoning with the past, even when it is uncomfortable.

By excluding Russia, the organizers of the Auschwitz commemorations missed an opportunity to reaffirm the shared commitment to remembering the Holocaust and the sacrifices made to end it. The liberation of Auschwitz was a moment of global significance, a reminder of what humanity can achieve when united against evil. That unity is undermined when we allow historical revisionism to take hold. In remembering Auschwitz, we must honor all those who contributed to its liberation, regardless of modern political considerations. The Soviet soldiers who freed the camp’s survivors deserve recognition, as do the millions of Soviet citizens who perished in the fight against fascism. To deny their role is not only an affront to historical truth but also a betrayal of the very ideals of liberty and justice that the commemorations seek to uphold.

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Covid Menstrual

 

 

Cranes

 

 

Bird sounds

 

 

Subsun
https://twitter.com/i/status/1883535925428297735

 

 

Ears

 

 

Creating Zen
https://twitter.com/i/status/1883764778453360855

 

 

Support the Automatic Earth in wartime with Paypal, Bitcoin and Patreon.

 

 

 

 

 

Oct 212024
 
 October 21, 2024  Posted by at 8:27 am Finance Tagged with: , , , , , , , ,  62 Responses »


David Hockney Portrait of an Artist (Pool with Two Figures) 1972

 

Market ‘Convinced’ Trump Will Win – Druckenmiller (RT)
Trump Promises To Unleash ‘America’s New Golden Age’ (JTN)
Trump Considers No Taxes For Police Officers, Firefighters And Military (ZH)
Trump Claims He Threatened Putin With Strike On Moscow (RT)
In Search of Accountability for Anti-Trump Hoaxes (TON)
Americans Getting Wise To ‘Propaganda Machine’ – Musk (RT)
The Atlantic Mocked For ‘Trump Is Hitler’ Hit-Piece (RT)
Elon Musk Launches Million-Dollar-A-Day Giveaway For Petition Signers (ZH)
Germany and UK To Sign ‘Historic’ Defense Pact – Sunday Times (RT)
Germany’s Scholz Shoots Down Ukraine’s ‘Victory Plan’ (RT)
Is Russia Finally Acknowledging Reality? (Paul Craig Roberts)
Boeing Explores Asset Sales In Potential Shrinking Of Corporate Footprint (ZH)
No, Trump Should Not Sue CBS (Turley)
Gold, Kamala, Trump, Control, Cash, Murder, Water – Austin Fitts (USAW)
‘It’s Like We’re Watching Auschwitz on TikTok’ (Gabor Maté)
Julian Would Not Have Survived Without Plea Deal – Assange’s Father (RT)
Pentagon Says There is No Hard Evidence of Aliens Visiting Earth (Sp.)

 

 

 

 

O’Leary

Lawfare

Netscape
https://twitter.com/i/status/1847827491601482109

Pinion
https://twitter.com/i/status/1847670411019911179

Margin
https://twitter.com/i/status/1847806428687585451

RFK
https://twitter.com/i/status/1847416261312913877

Voting

Broadband
https://twitter.com/i/status/1847801842337796565

1M
https://twitter.com/i/status/1847858776520687678

 

 

 

 

Coming from a Soros man…

Market ‘Convinced’ Trump Will Win – Druckenmiller (RT)

Markets have been pricing in a Donald Trump victory in the upcoming US presidential election, American billionaire investor Stanley Druckenmiller has said in an interview with Bloomberg Television. The founder of the Duquesne Family Office investment firm and hedge fund manager specified that the trend is clearly visible in bank stocks, crypto and even in the performance of the former president’s social media company Trump Media & Technology Group. “I would have to guess Trump is the favorite to win the election,” Druckenmiller told the news channel on Wednesday, emphasizing that the market has seemed “very convinced Trump is going to win” over the past 12 days.

Druckenmiller, who managed money for billionaire political activist and Democrat mega-donor George Soros for more than a decade, also commented on how a Trump victory would play out if the Republicans win Congress. According to him, it’s “extremely unlikely” that the Democrats will gain control of Congress, even if Kamala Harris makes it to the Oval Office. The investor, who funded the primary campaign of former South Carolina Governor Nikki Haley against Trump earlier this year, also said that equities may be troubled for three to six months in the event of a so-called blue sweep, when the Democrats win the Presidency, the Senate and the House of representatives. Druckenmiller added that a red sweep scenario is “probably more likely than a Trump presidency with a blue Congress.”

“Personally, I think anybody that votes for Trump is probably not going to change their ballot for a Democrat in Congress,” he added. The money manager also expects the Fed to be far more hawkish than it would be under a Harris administration. He noted that the jumbo rate cut of 50 basis points in September was a mistake, adding that his investment firm shorted bonds, betting that the obligation price would fall, after the announcement. Druckenmiller stressed that the market needs to temper its expectations about the pace and extent of central-bank easing.

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“Your vote will decide whether we give up on America, or whether we save America..”

Trump Promises To Unleash ‘America’s New Golden Age’ (JTN)

Rising in the polls, former President Donald Trump channeled some Ronald Reagan-like optimism while rallying voters in the battleground state of Pennsylvania, promising Saturday evening that if he is elected he would unleash “America’s New Golden Age.” “This election is a choice between whether we will have four more years of failure and disaster, or whether we will begin the four greatest years in the history of our country,” Trump told the crowd in Latrobe, Pa. “Your vote will decide whether we give up on America, or whether we save America,” he added. Trump rattled off the policy changes he would sweep into Washington, from tax cuts and regulatory reform to securing the border and shrinking government. “With your support, we will bring back our nation’s strength, dominance, prosperity, and pride,” he said. “This will be America’s New Golden Age. “One hundred years from now, the presidential election of 2024 will be looked upon as America’s greatest victory.”

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“..absent a Republican sweep most of Trump’s promises will end up as being just hot air..”

Trump Considers No Taxes For Police Officers, Firefighters And Military (ZH)

The race to shock and awe with the greatest number of tax cuts ahead of the November 5 election is nearing its climax. Donald Trump said he’d consider exempting police officers, firefighters, active duty military and veterans from paying taxes, the Republican nominee’s latest campaign trail idea to deliver tax breaks to key groups of supporters. “It’s something I would think about,” Trump said in response to a question about excluding first responders and military members from tax bills on an online show Maintaining with Tyrus that aired Friday. “You’re like my tax person there, but yeah. I mean something has to be done,” he said. “It’s almost an incentive to where you can get people interested.” The idea to exempt members of the military and first responders from taxation is the latest in a long list of tax proposals Trump has talked about while campaigning against Kamala Harris.

He’s pledged to i) eliminate taxes on tipped wages, ii) taxes on overtime pay and iii) taxes on Social Security benefits. To be sure, Trump didn’t give any more details about the service member tax exclusion, and any such ideas would require congressional approval in order to become law, which is why absent a Republican sweep most of Trump’s promises will end up as being just hot air. The no-taxes-on-military-and-first-responders idea could be among the largest new tax cuts he’s discussed to date, exempting more than 20 million people from federal tax payments. According to Bloomberg, there are about 18 million living veterans in the US, roughly 1.3 million active duty troops, approximately 1 million police offers in the US and more than 300,000 professional firefighters, according to several estimates. The US does offer some broad tax exemption to military members, but that is largely limited to people who are serving in active combat zones.

Over the last several months, Trump has rolled out a steady drumbeat of politically beneficial tax cut plans focused on key election constituencies, as a way to appeal to voters in an extremely tight election — particularly, low-and-middle-income Americans frustrated by high prices. The Republican nominee has thrown out such a wide range of tax proposals that even his own advisers are unsure about which ones he intends to enact if elected. Now that it is clear that neither candidate gives a rat’s ass about the war-time US budget deficit which just hit a mindblowing 6% of GDP despite US GDP allegedly growing at a 3%+ rate…… Trump it taking his tax break promises to the limit while also campaigning on extending the tax cut first passed when he was president. Major portions of that law, including lower tax brackets for households and deductions for small businesses, are set to expire at the end of 2025.

Trump has also pledged to further lower the corporate rate to 15% from 21% and expand the state and local tax deduction, a write-off popular in New York and California where Republicans face close House elections to keep their majority in the chamber. Economists have warned that his policy portfolio may balloon the federal debt, adding as much as $15 trillion to the debt over the next decade, according to an estimate from the Committee for a Responsible Federal Budget. Trump contends that economic growth and energy production would offset the loss in tax revenue.

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“You’re going to be hit so hard, and I’m going to take those f**king domes right off your head..”

Trump Claims He Threatened Putin With Strike On Moscow (RT)

Republican presidential candidate Donald Trump has claimed that he threatened to strike Moscow if Russian President Vladimir Putin launched an attack on Ukraine. Asked in a wide-ranging interview with the Wall Street Journal on Friday whether he would use military force to respond to a potential blockade of Taiwan by Beijing, Trump said he would not have to, as his Chinese counterpart, Xi Jinping, “respects me and he knows I’m f**king crazy.” Pivoting to Russia, Trump said the same is true of Putin, who he claimed to have an excellent relationship with. He added that at one point, he told him:

“Vladimir, if you go after Ukraine, I am going to hit you so hard, you’re not even going to believe it. I’m going to hit you right in the middle of fricking Moscow… We’re friends. I don’t want to do it, but I have no choice.” According to the former president, Putin reacted with disbelief, saying “no way.” “Way,” Trump responded. “You’re going to be hit so hard, and I’m going to take those f**king domes right off your head,” he reportedly said, apparently referring to the Russian leader’s Kremlin residence. Trump’s term in office expired in early 2021, more than a year before the start of Russia’s military operation in Ukraine.

Putin last spoke with Trump in 2020, according to public records. American journalist Bob Woodward, however, claimed that the two have had “maybe as many as seven” conversations since Trump left the White House. Both the Kremlin and the Trump campaign have denied the claim. The former US president has repeatedly said that the Russia-Ukraine conflict would not have happened had he been in office, and has vowed to end it within 24 hours if elected. While he provided few details on a potential peace plan, his running mate, J.D. Vance, said Trump could start talks with Russia, Ukraine, and European stakeholders to establish a demilitarized zone along the current front line, with Kiev agreeing to stay out of NATO.

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“A potential new Trump administration must act swiftly to hold accountable those who perpetrated anti-Trump scams.”

In Search of Accountability for Anti-Trump Hoaxes (TON)

It may be premature to start contemplating the implications of a potential Trump victory on November 5. Unfortunately, for certain issues, it may already be too late. This is because time is of the essence when it comes to holding individuals accountable for the numerous frauds and acts of treachery that characterized much of President Trump’s first four years in office. More specifically, federal law has a five-year statute of limitations, preventing prosecution for actions committed more than five years ago. However, urgent accountability is needed to ensure that those who defrauded the American public in their pursuit of Trump do not escape punishment. Democrats and their allies are acutely aware of the five-year time limit.

This is evident in their swift action to prosecute Twitter user Douglas Mackey for creating a meme in 2016 that jokingly encouraged Hillary Clinton voters to text in their votes. As the statute of limitations on Mackey’s “crimes” was set to lapse in 2021, Democrats, aided by “Republican” appointee Seth DuCharme, were locked and loaded to file charges as soon as Biden assumed the presidency. Republicans would do well do follow this example, albeit for actual crimes. Accountability is needed in order to prevent renewed and repeated treachery. We have examined aspects of three separate scams that may still fall within the five-year statute of limitations period by the time Trump assumes office on January 20, 2025, should he win the election.

Russiagate
The first area we examined is Russiagate, which, given that it is now almost nine years old, presents unique challenges in terms of holding anyone accountable. Russiagate originated as a Clinton campaign operation in early 2016. Of course, a dirty tricks campaign is not a crime in itself. Even lying to the media, as the Clinton campaign did repeatedly in its attempts to smear Trump as a Russian agent, is not a crime. Instead, our focus is on government actors. The first documented instance of government actors co-opting the Russiagate narrative occurred when the FBI received the fraudulent Steele dossier on July 5, 2016. This was soon followed by various other actions, such as opening the sham Crossfire Hurricane investigation and spying on several members of the Trump campaign team. However, all these actions are now over eight years old and fall outside the statute of limitations. Unfortunately, even the most egregious aspect of the Russiagate hoax—the fraudulent Intelligence Community Assessment that President Obama used to undermine the incoming Trump administration—also falls outside the statute of limitations. Subsequent actions involving corrupt FBI officials, such as Peter Strzok, James Comey, and Andrew McCabe, likewise fall outside the statute of limitations. In fact, all these individuals were fired more than five years ago.[..]

Ukraine Impeachment Hoax
It is not coincidental that Trump’s first impeachment, on charges of allegedly failing to send weapons to Ukraine, began one day after Robert Mueller testified before Congress that there was no Russian collusion. One hoax simply replaced another. On July 25, 2019, Trump had his infamous conversation with Ukraine’s President, Volodymyr Zelensky. The overarching premise of the impeachment scheme was to accuse Trump of withholding military aid to Ukraine, despite the fact that he had not done so. This allegation stemmed from a distorted interpretation of Trump’s phone call with Zelensky. It was claimed that Trump had offered a quid pro quo, suggesting that Zelensky investigate alleged corruption involving the Biden family in exchange for military assistance. However, when the actual transcript of the phone call was released in September 2019, it became clear that this characterization was false. Nevertheless, by that time, the impeachment narrative against Trump was already in full swing, and neither the Democrats nor the media were deterred by the truth.

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“..in the US people are starting to realize that the legacy media is just a propaganda machine..”

Americans Getting Wise To ‘Propaganda Machine’ – Musk (RT)

A victory for Democratic nominee Kamala Harris could usher in a crackdown on freedom of speech in the US, tech billionaire Elon Musk has warned. Speaking at a rally for Republican candidate Donald Trump in Pennsylvania on Saturday, the Tesla and X CEO was asked what kind of administration he would expect to see from Harris if she wins the November election. “We’ll see a lot of censorship under a sort of Kamala regime. Kamala is really just a puppet, frankly. If the teleprompter breaks she doesn’t know what to say,” Musk said, adding that he prefers to think of the administration as a “big government machine” that puts on a certain face to appeal to voters. In contrast, the tycoon said he finds claims that Trump is “a danger to democracy” to be “bizarre and hypocritical,” given that US President Joe Biden was “removed” from the race in an “incredibly undemocratic” fashion.

“There’s clearly a strong a strong push for censorship under the guise of fighting disinformation. But disinformation is really a propaganda word. Who’s going to decide what disinformation is? The government? That’s crazy,” Musk stated. However, the billionaire said he remains optimistic about a shift in the national mindset – as more Americans refuse to believe “everything the media tells you.” “Actually, in the US people are starting to realize that the legacy media is just a propaganda machine,” he argued, while the European audience “still thinks the news is real.” In June 2022, Harris spearheaded the creation of the White House Task Force to Address Online Harassment and Abuse, with a focus on protecting women and the LGBTQ community.

In 2019, the US vice president labeled social media platforms as purveyors of “hate” and “misinformation” and said she wanted to hold them accountable for the content they spread. Musk has repeatedly criticized the US government for overreach and attempts to introduce what he sees as excessive content moderation. While the mogul previously positioned himself as politically neutral, he publicly endorsed Donald Trump after the former president survived an assassination attempt in July, donating tens of millions of dollars to his campaign. The Republican, if he wins, has promised to create a new government post called ‘secretary of cost-cutting’ tailored specifically for Musk.

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“..you desperately decide to call him all the bad names at once.”

The Atlantic Mocked For ‘Trump Is Hitler’ Hit-Piece (RT)

The Atlantic magazine and its staff writer Anne Applebaum have faced widespread criticism after publishing an op-ed that compares former US President Donald Trump to infamous dictators like Adolf Hitler, Joseph Stalin, and Benito Mussolini. The article, which claims Trump is borrowing rhetoric from some of the 20th century’s most notorious leaders, has been ridiculed online, particularly by pro-Trump commenters and political figures. Some have also drawn attention to Applebaum’s links to the National Endowment for Democracy (NED), a CIA cutout. The controversy erupted after Applebaum, a staff writer for The Atlantic and a member of the board of NED, argued that Trump’s use of terms like “vermin” to describe his opponents and his references to “criminal illegal immigrants as animals” echoed the dehumanizing language of the named dictators.

The headline of her article –”Trump Is Speaking Like Hitler, Stalin, and Mussolini– ignited a flurry of backlash. The Trump campaign dismissed the piece as “fake news by a third-rate media outlet,” while figures on social media openly mocked Applebaum and the magazine. Among the first to respond was journalist Glenn Greenwald, who commented, “When you spend eight years calling a person every bad name you can think of—including Hitler—and it doesn’t work, so you desperately decide to call him all the bad names at once.” Elon Musk, CEO of SpaceX and Tesla, also ridiculed the piece, responding with “I can’t stop laughing.” British conservative commenter Ben Kew chimed in as well, mocking The Atlantic’s editorial process: “I love the idea that the editors sat around and thought, ‘Let’s come up with a headline for Anne Applebaum’s piece that will really scare the average voter.’”

Critics of Applebaum also pointed to her connections to the NED, a government-funded organization with links to US intelligence operations. Applebaum’s critics, including journalist Mike Benz, accused her of pushing a pro-intelligence agenda. “Anne Applebaum is on the board of directors for the most notorious CIA cut-out in US history,” Benz stated, suggesting her opinion pieces often align with US national security interests. NED is funded by the US State Department to do, in the words of its founder, Carl Gershman, what “was done covertly 25 years ago by the CIA.” In recent years, the NED helped foment the 2014 Maidan coup in Ukraine, sponsored meetings of anti-Beijing officials and delegates in Taiwan, and financed a UK-based organization working to drive right-wing American news outlets out of business.

Her published opinions and those of the US national security state rarely diverge. Writing for the Atlantic, she has advocated regime change in Russia, accused Trump of planning to “abandon” Ukraine and NATO, and accused Musk of “weakness” and “arrogance” over his refusal to help Kiev’s forces guide kamikaze drones into Russian naval targets in Crimea. Despite her prominent role at NED, she has denied any personal links to the CIA. Nonetheless, critics highlight the close alignment of her views with US foreign policy initiatives. The Atlantic has yet to respond to the widespread backlash against the article.

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“It is a federal crime to pay people with the intention of inducing or rewarding them to cast a vote or to get registered, an offense punishable by prison time.”

Elon Musk Launches Million-Dollar-A-Day Giveaway For Petition Signers (ZH)

Elon Musk continued his town hall tour through the critical battleground state of Pennsylvania on Saturday evening, this time in the working-class town of Harrisburg. Speaking to thousands packed inside a megachurch – formerly AMP Incorporated’s headquarters – Musk walked onto the stage with rock-n-roll blasting in the background. Almost immediately, he announced a $1 million-a-day giveaway. The promotion began on Saturday night. It runs until November’s election and is open to anyone who signs his online petition supporting the US Constitution. “One of the challenges we’re having is, like, how do we get people to know about this petition?” Musk told the audience of blue-collar workers, many of whom were youngsters with families, adding, “This news, I think, is going to really fly.” On X, Musk wrote, “The goal of the $1M/day prize is to maximize awareness of our petition to support The Constitution.”

Musk’s political action organization, America PAC, has been responsible for the town hall events and will be doling out a million dollars daily to anyone who signs the petition. X user DogeDesigner noted, “Elon Musk really knows how to get legacy media to promote for free.” The petition Musk has asked people to sign reads: “The First and Second Amendments guarantee freedom of speech and the right to bear arms. By signing below, I am pledging my support for the First and Second Amendments.” “Our goal is to get 1 million registered voters in swing states to sign in support of the Constitution, especially freedom of speech and the right to bear arms. This program is exclusively open to registered voters in Pennsylvania, Georgia, Nevada, Arizona, Michigan, Wisconsin and North Carolina. Expires October 21,” the petition said.

Google Trends data shows that searches for “Elon Musk petition” have surged nationwide. The Wall Street Journal commented on Musk’s announcement: “It is a federal crime to pay people with the intention of inducing or rewarding them to cast a vote or to get registered, an offense punishable by prison time.” According to OpenSecrets, America PAC has spent more than $119 million during the 2024 election cycle. Meanwhile…

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“..paving the way for both nations to step up their military drills near Russia’s borders..”

Germany and UK To Sign ‘Historic’ Defense Pact – Sunday Times (RT)

The UK and Germany will sign a bilateral defense agreement this week, paving the way for both nations to step up their military drills near Russia’s borders, The Sunday Times has reported. Under the terms of the deal, Britain and Germany will cooperate on arms procurement and development, with the agreement serving as a “first step” for a larger deal between the UK and EU next year, the British newspaper reported. The pact “is expected to enable British and German forces to conduct joint military exercises on NATO’s eastern border with Russia, most probably in Estonia and Lithuania,” The Times noted, without offering further explanation.

Britain and Germany already take part in NATO exercises, such as this year’s ‘Steadfast Defender’ drills. Conducted near Russia’s western borders, ‘Steadfast Defender’ involved 90,000 troops from all 32 NATO states, and was perceived in Moscow as open preparation for “a potential armed clash with Russia.” In addition to these multilateral exercises, Germany already takes part in smaller-scale bilateral exercises, such as Germany’s ‘Grand Quadriga’ drills with Lithuania earlier this year, and its ‘Baltic Tiger’ maneuvers with Estonia in 2022. The Times’ article suggests that Britain could join these exercises once the new deal is signed.

British Defense Secretary John Healey told the newspaper that the deal is modeled on the 2010 Lancaster House agreement between the UK and France. Under this agreement, Britain and France pledge to create a joint expeditionary force to take part in military drills, to collaborate on developing drones and submarine technology, and to share nuclear-weapons data with each other. During a two-day NATO summit in Brussels this week, Healey also announced that British troops stationed in Estonia will receive new drone warfare equipment and training, and that the UK will work with Germany, France, Poland and Italy to create new long-range missiles for Ukraine.

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..“fear of war in Europe” was the top concern (81%) of young Germans..”

Germany’s Scholz Shoots Down Ukraine’s ‘Victory Plan’ (RT)

German Chancellor Olaf Scholz has poured cold water on Vladimir Zelensky’s ‘victory plan’, refusing to acquiesce to some of its key points. He argued that the EU has a responsibility to ensure that the conflict in Ukraine does not become a war between Russia and NATO. On Wednesday, Zelensky presented his vision to the Ukrainian parliament, acknowledging that its success largely depends on Kiev’s Western backers. The plan consists of eight points, three of which are classified. Among the publicly disclosed points are a demand that Ukraine be immediately admitted into NATO. Secondly, Kiev wants its Western backers to lift all restrictions on the use of long-range missiles, including strikes against targets deep inside Russia’s internationally recognized territory.

Speaking to reporters following the EU summit in Brussels on Thursday, Scholz said that “Germany’s stance on the issues that are touched upon” in Zelensky’s plan remain the same. The chancellor added that it is his duty to prevent the Ukraine conflict from escalating into a full-blown war between NATO and Russia. With respect to Ukraine’s repeated requests for German-made Taurus long-range missiles, Scholz reiterated that he did not “deem this the right supply – and this still holds.” The German chancellor also put the brakes on Zelensky’s demand for fast-track NATO membership, pointing to the bloc’s July summit in Washington where proponents of quick membership were not able to convince skeptics, including the US and Germany. According to Scholz, the general consensus reached at the gathering was merely that Ukraine was irreversibly on its way to full membership at some unspecified point in the future when certain conditions were met.

Earlier this month, the German media reported that Zelesnky had attempted to make Scholz change his mind during the Ukrainian leader’s European tour last week, but failed. Commenting on Zelensky’s plan on Wednesday, Russian Foreign Ministry Spokeswoman Maria Zakharova dismissed it as a “set of incoherent slogans” and a “plan for the misfortune of Ukraine and the Ukrainian people.” Kremlin spokesman Dmitry Peskov, for his part, called on the Ukrainian leadership to “sober up.” Against this backdrop, a recently published survey by the British multinational oil and gas company Shell indicated that “fear of war in Europe” was the top concern (81%) of young Germans.

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“Putin understands that war between Washington and Russia means end times, and he wants to avoid that at all costs..”

Is Russia Finally Acknowledging Reality? (Paul Craig Roberts)

I see Putin as a successful leader. He has rescued Russia from demoralization from the Soviet collapse, which resulted in a once powerful state being dismembered, looted and embarrassed by its Jewish oligarchs and Washington. Putin has rebuilt the Russian economy, despite Washington’s sanctions and Putin’s incompetent central bank director. Putin has restored Russian pride, the Russian family, and civil morality. He is a rare successful leader. But as a war leader he has been Putin the Unready, caught off guard by the Georgian invasion of South Ossetia organized by Washington, by Washington’s overthrow of the Ukrainian government, and by the West’s response to his Special Military Operation in Donbas. Putin has accepted insult after insult, provocation after provocation, thus ever-widening the conflict and inviting more conflicts elsewhere as in the Middle East.

It is unclear to me why Putin accepted Washington’s overthrow of the Ukrainian government. Did he simply lack the military resources to prevent it, or was he unable to understand what was happening? The conflict that occurred 8 years later was the consequence of Putin’s failure to read the writing on the wall. Perhaps he was constrained by the treasonous class, the worshipers of the West, traitors I refer to as “Atlanticist Integrationists.” These traitors are now referred to in Russia as “the Fifth Column.” For the most part they are gone, except for the Russian central bank director, who continues to do Russia more harm than the West does. I think the explanation of Putin’s behavior is that Putin understands that war between Washington and Russia means end times, and he wants to avoid that at all costs. Thus, his willingness to accept endless insults and provocations.

But what Putin does not seem to understand is that Washington is relentless in its efforts to impose its agenda of Washington’s hegemony, and that Russia, China and Iran are obstacles in the way of this agenda and, therefore, are to be eliminated. Putin might regard such an agenda as preposterous, but it is nevertheless the agenda. Washington is yet to announce the abandonment of the Wolfowitz Doctrine of American hegemony and unilateralism. As long as this is Washington’s agenda, no understanding signed with Washington has any meaning. As long as Putin continues to accept Washington’s aggression, the aggression will continue. Putin’s acceptance of provocations have gone so far that the West no longer believes his threats. Both the outgoing and incoming NATO Secretary Generals said that we need pay no attention to whatever Putin says as he never means it. Did Putin understand that this was the price of endlessly accepting provocations? Did he understand that he was destroying the credibility of his warnings?

Putin, trying to avoid war, has repeated the same mistake in the Middle East. I was heartened when suddenly Putin showed proactive capability and quickly moved the Russian Air Force into Syria, thus preventing the American war criminal, Obama, from invading Syria. I concluded, wrongly, that Russia had decided to bring Washington’s aggression to a halt. But it was only a one time deal. Putin, trying to avoid war by leaving Syria, Iran, and Hezbollah without air protection, achieved the opposite–the onset of war. Now, according to reports, Putin is scrambling to get air protection to Iran before Israel blows up Iran’s peaceful nuclear reactors, thus spreading radiation over wide areas of Russia. Putin and the Russian General Staff failed to comprehend what happens in the absence of countervailing power. The result is not a damper put on war but the outbreak of war, with Putin now having to issue hard warnings to Israel, warnings that might have no credibility in light of Putin’s past failure to enforce red lines.

Awareness is descending on Russia that the existence of Ukraine as an independent country is an existential threat to Russia. The liberation of Donbas does not demilitarize and deNazify Ukraine or replace Ukraine’s puppet government with an independent one. Will the Russian public and the Russian General Staff permit Putin to agree to end the war simply on the basis of the liberation of Donbas, or will the Russian public and the General Staff insist that Ukraine’s existence is an existential threat to Russia’s existence and insist that the war continue until Ukraine is again a province of Russia? The Russian Fifth Column is busy at work disputing Zbigniew Brzezinski’s conclusion that Russia cannot be a great power if Ukraine is not part of Russia’s sphere of influence. Will the General Staff and the Russian population agree with the Fifth Column or with Brzezinski? If they agree with Brzezinski, they will object to Putin merely kicking the can down the road with a peace deal. It will be unfortunate if Putin’s insistence on peace destabilizes Russia.

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“..SpaceX dominates rocket launches and leads the space race in this solar system..”

Boeing Explores Asset Sales In Potential Shrinking Of Corporate Footprint (ZH)

The Wall Street Journal reported Sunday morning that Boeing is mulling over asset sales to raise cash levels for its struggling business. On Saturday, Boeing and union heads reached a tentative labor contract agreement that could soon end the money-draining months-long labor strike, while early last week, the planemaker filed a $25 billion shelf registration to provide a “variety of capital options as needed to support the company’s balance sheet over a three-year period.” The new report cites a person familiar with a recent discussion between Boeing’s board and executives at its headquarters in Arlington, Virginia. The meeting centered around potential asset sales, as executives and board members combed through internal reports on the state of each of the planemaker’s units.

Just weeks ago, Boeing CEO Kelly Ortberg told employees, “We need to be clear-eyed about the work we face,” adding, “We also need to focus our resources on performing and innovating in the areas that are core to who we are.” Ortberg replaced Dave Calhoun as the president and CEO of Boeing on August 8. He is expected to comment publicly for the first time as CEO on Wednesday, following the International Association of Machinists and Aerospace Workers’ vote on the new labor contract. The company estimated the strike to cost $1 billion. It warned of a $6 billion quarterly loss for the period ending September 30. On Tuesday, just days after Boeing announced plans to cut 10% of its workforce due to intensifying financial pressure, such as dwindling cash reserves and mounting risk of a credit downgrade, as well as prolonged strike, the beleaguered planemaker filed a $25 billion shelf registration.

“This universal shelf registration provides flexibility for the company to seek a variety of capital options as needed to support the company’s balance sheet over a three-year period,” Boeing wrote in the filing. Separately, Boeing entered into a $10 billion “supplemental credit agreement” with a consortium of lenders. It noted that the credit facility provides “additional short-term access to liquidity as we navigate through a challenging environment,” adding that it has not drawn down on this facility or its existing credit revolver. Boeing has already considered selling its rocket-launching joint venture, United Launch Alliance, with Lockheed Martin to Sierra Space for $2-$3 billion. Also, Boeing’s space division is in crisis following the malfunctioning of the Starliner spacecraft.

Separately, Boeing’s competitor, Airbus, laid off 2,500 jobs in its space division, as Elon Musk’s SpaceX dominates rocket launches and leads the space race in this solar system. Boeing’s obsession (Wall Street’s obsession) with DEI, climate, and gender justice ultimately dealt the fatal blow. It’s time to refocus on the fundamentals, like building planes that actually stay in the sky. Is that a hard ask, Boeing?

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“There is no lawsuit that could do the damage that the mainstream media is doing to itself..”

No, Trump Should Not Sue CBS (Turley)

In an interview with podcast host Dan Bongino, former President Trump said he “thinks” he will sue CBS after it was found to have edited an interview with Vice President Kamala Harris, only the latest such allegation against mainstream media. I hope that he will think again about this latest threat of litigation. I agree with the criticism of the media, including CBS, in the bias shown in the election. However, such a lawsuit would be legally groundless, in my view. If it is any solace, the media is doing enough damage to itself. Many have criticized CBS for its editing of the interview with journalist Bill Whitaker after the network shortened portions of Harris’s answer to a question about the war in Gaza in its initial broadcast. It later provided a full transcript of her remarks online. (For full disclosure, I worked twice under contract with CBS as a legal analyst).

Trump, however, took the matter further in his interview, stating, “[s]o I think I’m going to sue them actually. I think so. No, you know what, they can’t defend it and if they do and even if they win it’s going to be very embarrassing.” Such a lawsuit would fail. The media is allowed to engage in such editing. Indeed, bias itself is not generally actionable. Moreover, there were moments where Whitaker did press Harris in sharp contrast to most of her interviews on shows like The View, Howard Stern’s SiriusXM show, as well as on Late Night with Stephen Colbert. There were some tough moments where Whitaker pushed Harris to give more than soundbite answers. I have been a vocal critic of the mainstream media for its embracing of what I refer to as “advocacy journalism” in my book, The Indispensable Right.

Many in this country view mainstream media as a de facto state media due to the bias shown against Trump and for Democratic talking points. Indeed, the mantra “Let’s Go Brandon!” was embraced by millions as a criticism of the media as much as it was a criticism of President Biden. However, the threats of harassing lawsuits destroys any moral high ground for Trump. It is also entirely unnecessary. As I wrote this weekend, “journalism has become a ship of fools who increasingly write for each other rather than the dwindling numbers of actual readers.”

CBS was widely criticized for the performance of Norah O’Donnell and Margaret Brennan as moderators in the presidential debate. That includes reneging on a pledge not to “fact check” and showing manifest bias in their treatment of the candidates. Television and print outlets are experiencing a sharp decline in revenue and audiences across the industry. As discussed in this weekend’s column, the public is going elsewhere for news. Trust in the media is at a record low. There is no lawsuit that could do the damage that the mainstream media is doing to itself.

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“You can cut back on the fraudulent rackets, or you can cut back on the people.” They are cutting back on the people..”

Gold, Kamala, Trump, Control, Cash, Murder, Water – Austin Fitts (USAW)

Catherine Austin Fitts (CAF), Publisher of The Solari Report, financial expert and former Assistant Secretary of Housing (Bush 41 Admin.), gives her take on gold, Kamala, Trump, control, cash, murder and water. On gold’s rocket rise, CAF says, “Gold is very important. We divide gold into two positions: Your ‘core’ position and your ‘investment’ position. . . . Right now, gold looks phenomenally attractive as a core position. It is also attractive as an investment position.” Why the big move up now? CAF says, “Part of it is the incredible monetary policies and the monetary inflation coming from the central banks. The other is too many people are watching government implode in a variety of different ways, and people are saying I want a core position in gold.

We are also seeing the BRICs . . . and seeing states in the US move to put gold and silver in a position to be used as a currency. So, we are watching people put monetary reserves in gold and monetary liquidity in gold. That is happening steadily, and more and more people are saying they need a percentage of their assets in gold. . . . We are in a long-term bull market in gold.” On Kamala Harris, the operative word is “meltdown.” CAF says, “Kamala is in, what we call in a campaign, a ‘meltdown.’ If you look at the current meltdown, I am baffled because why would somebody with her characteristics be made the nominee? You are talking about major donors putting major money behind her. Why would they spend that much money if there were serious holes in her vetting and she is inclined to melt down this way? It’s kind of baffling.”

On Trump, what is the first thing he should do if re-elected? CAF says, “He should stop the poisoning of the American people. This is one of the reasons we did this issue on water. The American people are being poisoned. . . . I travel a lot by car. I see deterioration in the air, in the water, in the food–they are being poisoned. And, of course, the big one is the CV19 vaccines. Vaccines are poisoning Americans. There was just a big ruling against putting fluoride poison being added to municipal water supplies. One of the things you can do is to march down to your city or county and tell them to stop wasting money on putting poison in your water. If you reverse that, it is one important action you can take.”

The Deep State and central bankers want total control of your money and your life. Fitts says this is why she started pushing the use of cash instead of digital transactions. She calls it “Make Cash Great Again.” . . . If we don’t fix the finances from an actuarial standpoint, they are going to continue to delay benefits or lower life expectancy, and that is what they are doing. They are balancing the books by lowering life expectancy.” One way to lower life expectancy is to inject people with a so-called vaccine that is really a bioweapon that murders and disables people. That is exactly what happened with the CV19 vax, and the deaths or murders are still piling up. CAF says, “You can cut back on the fraudulent rackets, or you can cut back on the people.” They are cutting back on the people by any measure.

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“..it’s beyond horrendous, it’s beyond comprehension.”

‘It’s Like We’re Watching Auschwitz on TikTok’ (Gabor Maté)

Had there been YouTube and Instagram and TikTok around Auschwitz, this is what we would have seen, people burning alive. And it’s beyond horrendous, it’s beyond comprehension.” In an online meeting with French activist and film producer Frank Barat on Monday, Canadian physician Gabor Mate explored the psychological complexities of witnessing atrocities in Gaza and Palestine, saying: “It’s like we’re watching Auschwitz on TikTok.” They delve into the emotional and historical roots of violence and oppression, highlighting the trauma, guilt, and helplessness experienced by observers. Mate stresses the need to acknowledge these emotions and examines the normalisation of violence, while contemplating the future implications for Gaza and global society.

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“..looking after his children and his wife and building an understanding of his family and these… new circumstances of freedom..”

Julian Would Not Have Survived Without Plea Deal – Assange’s Father (RT)

John Shipton, the father of WikiLeaks co-founder Julian Assange, has spoken to RT about his son’s plea deal with the US and what the publisher has been doing since regaining his freedom four months ago. Assange spent five years in a high-security prison in the UK as he fought extradition to the US, which had accused him of unlawfully obtaining and disclosing classified information, much of which related to American war crimes. In June, he struck a plea bargain with the US Justice Department, formally acknowledging some guilt and waiving his right to legal recourse in exchange for freedom. “I pled guilty to journalism,” the Wikileaks founder explained later. Speaking of his son’s ordeal, Shipton – who is currently visiting Russia – told RT on Saturday that “the US, in its pursuit of those that it does not like, is clearly quite ruthless and vindictive.”

“I imagine if not for the intercession of the Australian government, the Australian people and the Australian parliament, if not for that intercession [which made the plea deal possible], Julian would not have survived,” he stressed. Shipton gave his interview in Moscow alongside Mira Terada, a Russian journalist who was extradited to the US from Finland in late 2010s on accusations of money laundering and spent 46 months in an American prison. Assange’s father arrived to Moscow on the invitation of Terada, who is now co-chair of the BRICS Journalists Association. Being in a US prison is “the worst experience” a human being can have, Terada insisted. “It is a human rights violation from the moment when they kidnap you to the moment when they release you,” she said, adding that inmates are being subject to both physical and psychological torture.

“I am confident that he [Assange] would never have a fair trial [in the US], but it is a big question if he would make it alive till the trial,” she said. Shipton recalled that he was “elated” when Assange was released from prison, saying that “a great burden had been lifted from myself and many hundreds of thousands of people, who ardently fought for Julian’s freedom for many years.” Some of those activists – in the UK, Germany, France, Russia, New Zealand, Canada, Australia and South America – became “rather like an extended family” to us, he added. According to Assange’s father, he “did not use hope as a tool for energy” when his son remained behind bars, but relied on “faith that the people of the world would object fundamentally to the site of an injustice and move towards righting that and bringing about justice.”

“I do not have fears” about Julian Assange’s future at the moment, Shipton said. “I think the arrangements that the diplomats and lawyers have made with the US are substantial enough to allow Julian to live a normal life.” The Wikileaks co-founder is now busy “looking after his children and his wife and building an understanding of his family and these… new circumstances of freedom,” he said. Assange is “a voracious reader and very curious. So I imagine that he is furthering his knowledge in the areas of his interests, which are vast.” When asked about whether his son is planning to return to journalism, Shipton replied: “I have no way of answering that question.”

Read more …

All-Domain Anomaly Resolution Office (AARO).

Pentagon Says There is No Hard Evidence of Aliens Visiting Earth (Sp.)

Pentagon Press Secretary Major General Patrick Ryder this week made it clear exactly what the US military reportedly knows about aliens’ alleged visits to Earth. “The truth is out there, Jeff, and the truth is we have no evidence to indicate extraterrestrial life has visited the planet,” he told Task and Purpose reporter Jeff Schogol during a press event on Thursday, when the latter asked him what the Pentagon knows about aliens and UFOs. Ryder’s revelations can hardly be considered a novelty as the All-Domain Anomaly Resolution Office (AARO), set up specifically to investigate UFOs (or UAPs as they are often referred to today) and other inexplicable phenomena, said as much in a report released back in March.

“To date, AARO has found no verifiable evidence for claims that the US government and private companies have access to or have been reverse-engineering extraterrestrial technology,” Maj. Gen. Ryder said in a statement issued on March 8. “Also, AARO has found no evidence that any US government investigation, academic-sponsored research, or official review panel has confirmed that any sighting of a UAP represented extraterrestrial technology.” Ryder also pointed out at the time that “all investigative efforts, at all levels of classification, concluded that most sightings were ordinary objects and phenomena and the result of misidentification.”

Read more …

 

 

 

 

Matrix

 

 

Casey Means

 

 

Dough

 

 

Ivy

 

 

Bai Cai

 

 

No way

 

 

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Jan 262020
 
 January 26, 2020  Posted by at 10:58 am Finance Tagged with: , , , , , , , , ,  22 Responses »


Jack Delano Long stairway in mill district of Pittsburgh, Pennsylvania 1941

 

Chinese Virus Deaths Rise To 56, 2,000 Infected & More Cases Abroad (RT)
Coronavirus Contagion Rate Makes It Hard To Control (R.)
No Link With Seafood Market In First Case Of China Coronavirus (SCMP)
China Stole Coronavirus From Canada And Weaponized It (GGI)
US Economic Confidence at Highest Point Since 2000 (Gallup)
Stock Market A ‘Ponzi Scheme’ That Eventually Must Collapse – Guggenheim (RT)
Neither Side Is Really Trying To Win This Trump Impeachment Trial (Turley)
Trump Defense Team Signals Focus On Schiff (Hill)
Adam Schiff Is a Dangerous Warmonger (Jacobin)
Joe Biden Lied About His Record On Social Security (IC)
VP Pence Appears To Suggest Americans, Nor Russians, Liberated Auschwitz (RT)

 

 

People’s Daily: “Chinese health authorities announced Sunday that 1,975 confirmed cases of pneumonia caused by the novel coronavirus (2019-nCoV), including 324 in critical conditions and 56 deaths, had been reported in the country by the end of Saturday.”

We’re nicely in line with the Fibonacci sequence, with Hubei infections rising from 1,400 to 2,000. 3,300 tomorrow? Note that “official” updates are provided once a day, apparently first thing in the morning. Curious that deaths the previous day rose from 26 to 41, and today to 56, i.e. by 15 in both cases. The updates are heavily controlled.

Incubation time is now estimated as up to 2 weeks, so think back at least those 14 days and think back to how safety measures were back then. Questions also arise about the origin of the virus. A dead bat, a bioweapon lab, or both? Many animals are now -officially- off the menu.


Fibonacci

Chinese Virus Deaths Rise To 56, 2,000 Infected & More Cases Abroad (RT)

The death toll from the 2019-nCoV coronavirus outbreak in China has reached 56, with hundreds of new infections detected nationwide, despite all containment efforts. A handful of news cases have also been reported outside China. The first death was reported in Shanghai, and another one in Henan Province, while 13 more people died in Hubei Province – the epicenter of the outbreak – where nearly 130 people were reportedly in serious or critical condition as of Sunday morning. In addition to hundreds of known and confirmed cases, some 7,000 people there remain under increased medical supervision due to their potentially dangerous “close contacts.”

Meanwhile, the number of those who have beaten the virus and were discharged from hospitals has increased to at least 85, according to authorities. = China is facing a “grave situation” as the new coronavirus is “accelerating its spread,” President Xi Jinping warned earlier. He added, however, that given the immense efforts to contain the outbreak, China “will definitely be able to win the battle.” Around 450 Chinese military medics, many with experience in combating SARS or Ebola, were deployed in the region to help the overworked and exhausted hospital staff, who had been on around-the-clock shifts in recent weeks. Meanwhile, local authorities are rushing to construct a new 1,000-bed facility specifically to treat victims of the deadly virus.

Chinese authorities have also imposed strict travel restrictions in the outbreak epicenter of Wuhan, as well as nearly 20 cities in Hubei Province, with nearly 50 million people virtually quarantined in the middle of the holiday season. With many mass public events canceled, additional limitations have been imposed on intercity bus routes starting Sunday. Medical staff have been tasked with checking travelers’ temperatures for any signs of fever – the most apparent symptom of coronavirus, which is followed by a dry cough and leads to shortness of breath.

Read more …

R0 rate appears to have been lowered to 2.5, from 3.8. Don’t get all happy.

Coronavirus Contagion Rate Makes It Hard To Control (R.)

Each person infected with coronavirus is passing the disease on to between two and three other people on average at current transmission rates, according to two separate scientific analyses of the epidemic. Whether the outbreak will continue to spread at this rate depends on the effectiveness of control measures, the scientists who conducted the studies said. But to be able to contain the epidemic and turn the tide of infections, control measures would have to halt transmission in at least 60% of cases. The death toll from the coronavirus outbreak jumped to 41 on Saturday, with more than 1,400 people infected worldwide – the vast majority in China.

“It is unclear at the current time whether this outbreak can be contained within China,” said Neil Ferguson, an infectious disease specialist at Imperial College London who co-led one of the studies. Ferguson’s team suggest as many as 4,000 people in Wuhan were already infected by Jan. 18 and that on average each case was infecting two or three others. A second study by researchers at Britain’s Lancaster University also calculated the contagion rate at 2.5 new people on average being infected by each person already infected. “Should the epidemic continue unabated in Wuhan, we predict (it) will be substantially larger by Feb. 4,” the scientists wrote. “Should the epidemic continue unabated in Wuhan, we predict (it) will be substantially larger by Feb. 4,” the scientists wrote.

They estimated that the central Chinese city of Wuhan where the outbreak began in December will alone have around 190,000 cases of infection by Feb. 4., and that “infection will be established in other Chinese cities, and importations to other countries will be more frequent.”

Read more …

This kind of uncertainty doesn’t help.

No Link With Seafood Market In First Case Of China Coronavirus (SCMP)

The first person known to have been infected by the Wuhan coronavirus had never visited the city’s seafood market – regarded as the epicentre of the outbreak – according to Chinese researchers, who also called for extra precautions against airborne transmission of the disease between humans. The researchers, seven of whom work at Wuhan’s Jinyintan hospital, designated for patients with the illness, revealed on Friday in The Lancet medical journal that symptoms of the new disease were first reported on December 1 – much earlier than the Wuhan government’s initial announcement on December 31 of 27 cases of the pneumonia-like infection.

According to the report, the first patient had no exposure to the Huanan seafood market which was shut down on January 1 over fears – later confirmed – that the new virus was linked to its trade in wild animals. The researchers added that none of the patient’s family had developed fever or any respiratory symptoms. There was also no epidemiological link between the first patient and the later cases, they found. The researchers analysed data from 41 patients with confirmed infections who had showed an onset of symptoms up to January 2. Six of those patients died, putting the fatality rate of the group at 15 per cent. The researchers noted that clinical presentations of the patients greatly resembled severe acute respiratory syndrome.

The first patient to die from the new coronavirus had continuous exposure to the market before he was admitted to hospital with a seven-day history of fever, cough and breathing difficulties, according to their report. Five days after the onset of symptoms, his wife, a 53-year-old woman with no known history of exposure to the market, also presented with pneumonia and was hospitalised in the isolation ward, they said. The absence of a link to the seafood market is one of the indicators for human-to-human transmission of the virus and the researchers identified another 13 patients who also had no direct exposure to the market.

Read more …

Lots of background. Viruses are potent weapons.

China Stole Coronavirus From Canada And Weaponized It (GGI)

Last year a mysterious shipment was caught smuggling Coronavirus from Canada. It was traced to Chinese agents working at a Canadian lab. Subsequent investigation by GreatGameIndia linked the agents to Chinese Biological Warfare Program from where the virus is suspected to have leaked causing the Wuhan Coronavirus outbreak. On June 13, 2012 a 60-year-old Saudi man was admitted to a private hospital in Jeddah, Saudi Arabia, with a 7-day history of fever, cough, expectoration, and shortness of breath. He had no history of cardiopulmonary or renal disease, was receiving no long-term medications, and did not smoke. Egyptian virologist Dr. Ali Mohamed Zaki isolated and identified a previously unknown coronavirus from his lungs.

After routine diagnostics failed to identify the causative agent, Zaki contacted Ron Fouchier, a leading virologist at the Erasmus Medical Center (EMC) in Rotterdam, the Netherlands, for advice. Fouchier sequenced the virus from a sample sent by Zaki. Fouchier used a broad-spectrum “pan-coronavirus” real-time polymerase chain reaction (RT-PCR) method to test for distinguishing features of a number of known coronaviruses known to infect humans. This Coronavirus sample was acquired by Scientific Director Dr. Frank Plummer of Canada’s National Microbiology Laboratory (NML) in Winnipeg directly from Fouchier, who received it from Zaki. This virus was reportedly stolen from the Canadian lab by Chinese agents.

Coronavirus arrived at Canada’s NML Winnipeg facility on May 4, 2013 from the Dutch lab. The Canadian lab grew up stocks of the virus and used it to assess diagnostic tests being used in Canada. Winnipeg scientists worked to see which animal species can be infected with the new virus. Research was done in conjunction with the Canadian Food Inspection Agency’s national lab, the National Centre for Foreign Animal Diseases which is housed in the same complex as the National Microbiology Laboratory.

In March 2019, in mysterious event a shipment of exceptionally virulent viruses from Canada’s NML ended up in China. The event caused a major scandal with Bio-warfare experts questioning why Canada was sending lethal viruses to China. Scientists from NML said the highly lethal viruses were a potential bio-weapon. Following investigation, the incident was traced to Chinese agents working at NML. Four months later in July 2019, a group of Chinese virologists were forcibly dispatched from the Canadian National Microbiology Laboratory (NML). The NML is Canada’s only level-4 facility and one of only a few in North America equipped to handle the world’s deadliest diseases, including Ebola, SARS, Coronavirus, etc.

Read more …

Elections in 9-10 months.

US Economic Confidence at Highest Point Since 2000 (Gallup)

Americans’ confidence in the U.S. economy is higher than at any point in about two decades. The latest figure from Gallup’s Economic Confidence Index is +40, the highest reading recorded since +44 in October 2000. Americans’ buoyant confidence in the economy in Gallup’s latest poll, conducted Jan. 2-15, likely reflects the U.S. unemployment rate’s continued stay at a 50-year low. Meanwhile, the Dow Jones Industrial Average continues to reach record highs — and flirts with reaching the 30,000 marker. Gallup’s Economic Confidence Index is the average of two components: Americans’ ratings of current economic conditions and their views on whether the economy is getting better or getting worse.


The index has a theoretical maximum of +100, achieved if all Americans believe the economy is excellent or good and getting better. The theoretical minimum is -100, if all Americans say the economy is poor and getting worse. The current conditions component score of +54 is the result of 62% of Americans saying the economy is “excellent” or “good” and 8% describing it as “poor.” Meanwhile, the economic outlook component score of +26 is the result of 59% saying the economy is “getting better” and 33% saying it is “getting worse.” Gallup’s tracking of economic confidence over the past 28 years has recorded index readings at or above the +40 mark in just nine other measurements, all between 1998 and 2000 — with the highest level recorded in January 2000, at +56, after a then-record high for the Dow. The latest reading of +40 is the only time the index has reached that level since 2000.

Read more …

Nothing I haven’t already said 1000 times.

Stock Market A ‘Ponzi Scheme’ That Eventually Must Collapse – Guggenheim (RT)

The rallying markets aren’t as good as they seem, says Guggenheim Partners chief Scott Minerd. He likened inflation of asset prices caused by loose money policies of central banks to a ponzi scheme that eventually must collapse. “We will reach a tipping point when investors will awake to the rising tide of defaults and downgrades,” Minerd wrote in a letter from the World Economic Forum meeting. “The timing is hard to predict, but this reminds me a lot of the lead-up to the 2001 and 2002 recession.” He cited rising defaults despite a rally in riskier assets, and reiterated a warning that BBB-rated bonds risk further downgrades.


The chief executive said that the type of debt is at a greater risk of deterioration than it was in 2007. Guggenheim Partners, which operates in the global investment and advisory space, manages more than $275 billion in assets as of September last year. The company’s fixed-income chief Anne Walsh told Yahoo Finance that 15 percent of the US economy is already in recession. According to her, the Federal Reserve’s efforts to pump liquidity into markets has created “zombie companies” that may see an outflow of capital as the utility of that money continues to diminish. The longer that this market runs, the harder the fall will be when it ends, she said.

Read more …

Don’t attack a jury.

Neither Side Is Really Trying To Win This Trump Impeachment Trial (Turley)

It is the one unbreakable rule in litigation. You can insult the defendant or the opposing attorney and, on occasion, you might even insult the judge. But the one thing you can never do is insult the jury. That is only if you want to win a jury verdict, and that may be why both legal teams in the impeachment trial of President Trump seem more eager to get the goats of Senate jurors rather than their votes. Both sides seem to be striving for the constitutional equivalent of a hung jury, not enough votes for either a bipartisan acquittal or conviction, simply the status quo. What is different is that you usually do not actually hang the jury in a hung jury strategy.

The most riveting example this week was the argument of House Judiciary Committee Chairman Jerrold Nadler, who stood in the well of the Senate and appeared to accuse Republican senators of a conspiracy to “cover up” the wrongdoing of the president. It was a moment that produced an audible gasp from the room, along with a note from Senator Susan Collins complaining to Chief Justice John Roberts, who then promptly declared that “those addressing the Senate should remember where they are.” The aspersions from Nadler alienated at least two of the four Republican senators that House impeachment managers are struggling to win over in their fight to call witnesses.

In addition to Collins, Senator Lisa Murkowski was irate and denounced the comments by Nadler as soon as she walked off the floor. Murkowski later expressed skepticism about helping House managers to call witnesses they did not seek to compel during their own investigations. That is what happens when a prosecutor incorporates the jury into the list of accomplices in an ongoing conspiracy during trial. House manager Adam Schiff produced further gasps when he repeated reports that the senators were warned that if they vote against Trump their heads “will be on a pike.” Collins and Murkowski were among those angrily responding to the “unnecessary” remarks. Other senators have had their own awkward moments.

The House managers played a clip of Senator Lindsay Graham from the Clinton impeachment trial declaring, “What is a high crime? It does not even have to be a crime. It is just when you start using your office and you are acting in a way that hurts people, you have committed a high crime.” That statement of a hurtful standard for impeachment was meant to embarrass Graham. It certainly worked. For its part, the White House could not get enough of old clips of Senator Charles Schumer promising to vote for acquittal before the Clinton trial was even scheduled. Schumer also opposed any witnesses or a full trial in the Clinton impeachment.

Read more …

He’s the face after all. They get bonus points for limiting it to 2 hours. And they seemed to do well.

Trump Defense Team Signals Focus On Schiff (Hill)

At several points during their opening argument, President Trump’s defense team trained their fire on Rep. Adam Schiff (D-Calif.), removing any doubt about their intent to make the House manager’s credibility an issue at the impeachment trial. Addressing the Senate on Saturday, Trump’s lawyers accused Schiff of repeatedly stretching the truth and creating false impressions amid his pursuit to take down the president. “Chairman Schiff has made so much of the House’s case about the credibility of interpretations that the House managers want to place on — not hard evidence — but on inferences,” said Patrick Philbin, deputy counsel to Trump.

“It is very relevant to know whether assessments of evidence he’s presented in the past are accurate,” Philbin said of Schiff. “And we would submit they have not been, and that that is relevant for your consideration.” The defense team portrayed Schiff as having first launched his overreaching efforts against Trump during former special counsel Robert Mueller’s investigation and continuing through Trump’s impeachment trial. The attacks on Schiff were perhaps unsurprising, as the House Intelligence Committee chairman has emerged as the lead prosecutor among House managers pressing the case against Trump in the Senate.

In fact, Schiff anticipated the offensive and delivered a warning to senators last night that spelled out specific attacks he expected to be lodged against him, some of which materialized Saturday. “I think the second thing you’ll hear from the president’s team is, attack the managers. Those managers are just awful. They’re terrible people,” Schiff said. “Especially that Schiff guy. He’s the worst. He’s the worst.” [..] Trump’s team today called into question whether Schiff can be trusted as an honest broker. At one point, Trump’s defense team played video of Schiff on NBC’s “Meet the Press,” saying that he had seen “evidence that is not circumstantial” that the Trump campaign had colluded in Russia’s 2016 election interference.

Trump’s lawyers contrasted Schiff’s claim with Mueller’s conclusion that his nearly two-year probe had established no coordination between the Trump campaign and Moscow. The defense team also accused Schiff and his staff of coaching the whistleblower, who raised a red flag over Trump’s July 25 phone call with the Ukrainian president that set in motion the impeachment. They paired the allegation with a clip of Schiff asserting on national television that “we have not spoken directly with the whistleblower,” a claim which fact-checkers found was false.

Read more …

The war party.

Adam Schiff Is a Dangerous Warmonger (Jacobin)

Assuring us that he is aware, actually, of what century this is, Schiff said in 2015, “Now, we’re not seeing the same bipolar world we had between communism and capitalism.” (Phew!) He then added, “But we are seeing a new bipolar world, I think, where you have democracy versus authoritarianism.” Schiff has not viewed this as a mere contest of ideas: he constantly advocated for Obama to impose tougher sanctions on Russia and give more weapons to Ukraine.

Although delicately opposed to violence in some contexts — he’s a vegan! — this isn’t the only war Schiff has championed. He supported the Afghanistan, Iraq, and Libya wars, greater US intervention in Syria, as well as the Saudi war with Yemen (although he has, in the past year, turned against the latter adventure, seeming to draw the line at sawing up journalists with bonesaws — he is a moderate after all, plus very popular with the media), and he has voted for nearly every possible increase in the defense budget.

As Jacobin’s own Branko Marcetic observed two years ago, Schiff’s bellicosity is extensively funded by arms manufacturers and military contractors. A Ukrainian arms dealer named Igor Pasternak held a $2,500 per head fundraiser for Schiff in 2013, as the late Justin Raimondo reported in a terrific analysis on Antiwar.com in 2017, at a time when Ukraine was desperately trying to counter the Obama administration’s disinterest in funding its war with Russia. Despite that disinterest, the State Department approved some very profitable dealings for Pasternak in Ukraine after that fundraiser.

And that’s only one example. In the current cycle, donations from the war industry have continued to flood his coffers. Many come from employees of firms with extensive Department of Defense contracts, including Radiance Technologies and Raytheon. PACs representing the defense industry also make a robust showing among Schiff’s contributors, according to data on Open Secrets.org; companies funneling money to Schiff — sorry, contributing to those PACs — include Lockheed Martin, Northrop Grumman, Raytheon, Radiance, and others, including L3Harris Technologies (which got in big trouble with the State Department in September and had to pay $13 million in penalties for illegal arms dealing).

Read more …

Why is everyone still talking about Biden? He’s out.

Joe Biden Lied About His Record On Social Security (IC)

Over the past few weeks, former Vice President Joe Biden has been making an effort to recast his record on Social Security as one of a champion who defended the program from assaults, rather than one who consistently argued that it ought to be cut. The value of such a revision is clear: Austerity is no longer a politically viable platform for Democrats to take in the primary. His defense of his record has included multiple television interviews, public comments, and even an ad attacking Sen. Bernie Sanders for “dishonest smears” challenging him on Social Security. In the ad, Biden makes a sweeping claim: “I’ve been fighting to protect — and expand — Social Security for my whole career. Any suggestion otherwise is just flat-out wrong.”

At Vice’s Black and Brown Forum in Iowa this week, when pressed on his proposal to freeze Social Security payments by moderator Antonia Hylton, he simply lied: “I didn’t propose a freeze.” In fact, Biden has argued for cuts or freezes to Social Security throughout much of his career. Earlier in January, The Intercept wrote about several instances in which Biden advocated for cutting Social Security over the course of his career. Biden, when he acknowledges his past support for cuts, portrays the advocacy as deep in the past. But a close inspection finds reams of more recent evidence of Biden’s support for cuts — including in Biden’s recent recounting of a conversation he had with China’s president, Xi Jinping, and in his choice of Bruce Reed, a longtime deficit hawk, as a senior policy adviser in his current presidential campaign.

Reed, a longtime Biden aide, played a central role in advocating cuts to the New Deal-era program as a co-founder of the Democratic Leadership Council, as the top staffer for a controversial commission dedicated to slashing the deficit, and then as Biden’s chief of staff during the Obama administration. In Washington, D.C., he would be the last high-level staffer a campaign would bring aboard if it was genuinely intent on expanding, not cutting, Social Security.

This past week, Biden steadily ratcheted up his revision of his record. At Vice News’s Brown and Black Forum in Iowa on Monday, he was pressed on Social Security. “Do you think though that it’s fair for voters to question your commitment to Social Security when in the past you proposed a freeze to it?” he was asked by Vice moderator Hylton. “No, I didn’t propose a freeze,” he said. “You did,” she corrected. On Tuesday, he released an ad attacking Sanders for what he called “dishonest smears.” The hit prompted a response from Sanders, who posted a short ad showing Biden boasting of his willingness to cut Social Security on the Senate floor. The Sanders ad has been viewed some 4 million times, to Biden’s less than a million.

Read more …

Does he even know?

VP Pence Appears To Suggest Americans, Nor Russians, Liberated Auschwitz (RT)

US Vice President Mike Pence’s speech on the Holocaust left the impression it was American soldiers who liberated Auschwitz, erased the Soviet Union’s well-documented act, and even used the solemn occasion to lash out at Iran. Speaking at the World Holocaust Forum in Israel on Thursday, Pence said that it was “soldiers” who opened the gates of Auschwitz on January 27, 1945. Which soldiers? Pence does not say, whether accidentally or on purpose. Pence’s omission became much more glaring a few moments later, when he honored the memory of “all the Allied forces, including more than two million American soldiers, who left hearth and home, suffered appalling casualties, and freed a continent from the grip of tyranny.”

Listening to Pence’s speech, one might be tempted to conclude that it was these American soldiers who liberated Auschwitz, or bore the brunt of the burden of liberating Europe from the Nazis. Yet if we want to talk about truly “appalling casualties,” how about the nearly 27 million soldiers and civilians of the Soviet Union who perished in that war? What about the Red Army’s 322nd Rifle Division, under General Pyotr Ivanovich Zubov, that actually kicked in the doors of Auschwitz, only to be ‘erased’ from memory by an American vice-president 75 years later? One word – “Soviet” before “soldiers” – would have sufficed to give credit where it’s due. There is nothing wrong with being an American patriot, but this sort of dissembling is at best ignorance, and at worst outright stolen valor, both entirely unbecoming of a statesman.

Pence ended his speech by praising the US alliance with Israel and urging the world to “stand strong against the Islamic Republic of Iran” as “the one government in the world that denies the Holocaust as a matter of state policy and threatens to wipe Israel off the map.” Meanwhile, at the same event, Russian President Vladimir Putin denounced the use of the Holocaust in present-day political disputes and proposed a summit of the five permanent UN Security Council members – representing the nations principally responsible for defeating Hitler and establishing the post-war world order – to address the challenges of the world today and “demonstrate our common commitment to the spirit of allied relations, historical memory and the lofty ideals and values for which our predecessors, our grandfathers and fathers fought shoulder to shoulder.”

Read more …

 

https://twitter.com/i/status/1221188593290366976

 

 

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Dec 072019
 


Saul Leiter Taxi c1957

 

When I read that Angela Merkel visited Auschwitz this week (for the first time ever, curiously, after 14 years as Chancellor, and now it’s important?), my first thought was: she should have visited Julian Assange instead. I don’t even know why, it just popped into my head. And then reflecting on it afterwards, of course first I wondered if it’s acceptable to compare nazi victims to Assange in any way, shape or form.

There are many paths to argue it is not. He is not persecuted solely for being part of a group of people (we can’t really use “race” here). There are not millions like him who are being tortured and persecuted for the same reasons he is. There is no grand scheme to take out all like him. There is no major police or army force to execute any such scheme. These things are all obvious.

But I grew up in Holland, where unlike in Merkel’s Germany, the aftermath of WWII and the Holocaust was very much present. I looked it up, and it’s already almost 10 years ago that I wrote Miep Gies Died Today, in which I explained this. Miep Gies was a woman who worked for Anne Frank’s father Otto, helped hide the family in the annex, and after the war secured Anne’s diary (or we would never have known about it) and handed it to Otto Frank.

So accusing me of anti-semitism for comparing the Holocaust to what is being done to Assange is not going to work. Why then did Merkel never visit Auschwitz before this week, and when she did, said how important it is to German history? And why did she not visit Assange instead?

Unlike the people who died in Auschwitz and other concentration camps (Anne Frank died in Bergen Belsen from typhoid), Julian Assange today, as we speak, IS being persecuted, he IS being tortured, and he IS likely to die in a prison. What does Angela Merkel think that Anne Frank would have thought about that? Would she have written in her diary that it was okay?

Would all those millions of Jewish and Roma and gay victims have thought that? There are 75+ years that have gone by. We can not get these victims back, we can not magically revive them. But we CAN make sure that what happened to them, torture and murder, doesn’t happen to people today. “Never Again”, right? Well, it IS happening again.

Are we all supposed to go say “I didn’t know” -“Ich hab es nicht gewüsst”- like the Germans did, and all those who collaborated with them across Europe?

There are victims who are dead, and there are victims who are -barely- alive. And if you claim you wish to honor the dead victims, you must ask what they would have felt about the ones like them who are still alive. Otherwise, you’re not honoring them, you’re just posing and acting and, in the end, grossly insulting them.

Julian Assange is not in a German prison, true, but Angela Merkel is still the uncrowned queen of Europe, and if she would visit Julian in his Belmarsh torture chamber it would make a huge difference. That she elects to visit Auschwitz instead, does not only make her appear hollow and empty, it is a grave insult to the likes of Anne Frank and all the other nazi victims.

 

 

Which brings me to another Assange-related issue. The Guardian’s editor, Katharine Viner, launched an appeal yesterday for people to donate money to her paper’s “climate emergency” fund. That in itself is fine. If people think they need to help save the planet with their savings, sure.

Though I will always have suspicions about all these things. From where I stand, I see too many people claiming to save the planet, oil CEOs and billionaires first, and too much money being invited to join their funds. If you want to donate something for the cause, why do it via a newspaper? But even with that in mind, yeah, whatever, it’s Christmas time. Who cares how effective the money will be?

My problem with Katharine Viner and the Guardian is that they have played a very active role in the smearing and persecution of Julian Assange. They’ve published articles that were proven to be 100% false, and never retracted them, or apologized, or attempted to make things right. The Guardian is a major reason why Julian is where he is. It has accommodated, make that encouraged, the British people’s “Ich hab es nicht gewüsst”.

You can donate to the Guardian’s climate emergency fund, if you believe they don’t run it to make you think they really care about the planet more than about their bottom line, but be careful: you will also be supporting the further smearing and persecution of Julian Assange. Are you sure you want to do that?

See, the headline for Katharine Viner’s article is: The Climate Crisis Is The Most Urgent Threat Of Our Time. And it’s not. The most urgent threat is that to Julian Assange’s health. That is today, not in 5 or 10 or 100 years. After all, what is the use of saving the planet if we allow the smartest and bravest among us to be tortured to death? What do we think Anne Frank would have said about that?

 

 

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Mar 202017
 
 March 20, 2017  Posted by at 8:26 am Finance Tagged with: , , , , , , , ,  4 Responses »


Janine Niepce Paris ca. 1950

 

The Central Bank Shell Game (WS)
Using Superannuation For Deposit ‘Irresponsible’ – Keating (Nine)
Chinese Home Prices “Unexpectedly” Rebound (ZH)
The Fed’s Global Dollar Problem (BBG)
Oil Drops On Rising Us Drilling, Failing OPEC Cuts (R.)
Smile For The Auschwitz Selfie: Why Holocaust Memorials Have Failed (NS)
Spy Comments Proof Germany Supports Group Behind Attempted Coup: Erdogan (R.)
Erdogan Accused Merkel Of Using Nazi Methods (DW)
Dijsselbloem Calls For ESM To Be Turned Into A European IMF (R.)
Defeat in Victory (Jacobin)
Greece Edges Toward Another Bailout Crisis (BBG)
How Millions In Refugee Funds Were Wasted In Greece (K.)
Avoiding Risky Sea Journey, Syrian Refugees Head To Italy ‘Pronto’ (AFP)
3,000 Migrants Rescued Off Libya On Sunday (AFP)

 

 

Great example of why there is a housing bubble everywhere, from a guest writer at Wolfstreet. The second graph is priceless. “The very premise of Swedish society is under attack..”

The Central Bank Shell Game (WS)

Sweden’s welfare state supposedly allows for success while providing a safety net for those unable to keep up with the market. In principle, it is an ideal, utopian-like state. However, Sweden’s touted economic success has come at the expense of its currency, the Krone (SEK), and long-term sustainability. Riksbank, the Swedish Central Bank, like its European contemporaries, has undertaken experimental policy, driving real and nominal interest rates below zero. Since 2014, Swedish deposit rates have been negative. Not only has overall negative real interest rate policy affected housing, but it also drove Swedish consumers deeper into debt. Embarking on the dual mandate policy may have staved off recession, but it created greater problems for the future.

Although current deposit rates are at a record low of -1.25%, the latest GDP print came in at 2.3%, and the growth rate has been tapering since 2015. Sweden’s “hot” GDP growth – hot relative to the region – could be attributed, not to industrial growth, but rather increased government spending, funding social programs. Additionally, with no incentive to save, consumer debt has taken off, along with the housing prices, while disposable income lagged. Swedish household debt is now at a record high. Hence, the Swedish growth story is not organic but rather a borrow-and-spend one.

Swedes, like Norwegians, are victims of the “exchange rate versus housing price shell game.” The SEK received today for the sale of their inflated flats has fallen 30% against the US dollar (average USDSEK in 2014 was 6.86 vs. 8.95 on March 15, 2017). Stockholm housing rose 31% during the same period in SEK terms, negating the recent gains over the same period. The SEK fell 23% against gold in the same period. Hence, the “Swedish Model” is under attack. The egalitarian underpinnings, unwinding with the negative rates, are driving a wedge into Swedish society, creating extremes on both sides of the economic spectrum. The rampant consumerism, encouraged by artificially low rates, continues to widen the wealth gap. Coincidentally, the middle class deteriorated the most between 2014 and 2015: the same time that deposit rates took a dive. Furthermore, the negative savings rates are driving the average person to “gamble” on speculative investments instead of saving and building a future over the long term.

[..] instead of undertaking experimental rate policy, Riksbank and the Swedish government should be engineering a soft-landing or a “controlled crash”, adjusting taxes and policy to ensuring a smooth transition to sustainability for the general population. There is precedent from Iceland that already exists. It is clear that the negative rate experiment is neither sustainable nor helpful to economic growth. It only inflates bubbles while widening the wealth gap in Swedish society. A once prudent and financially conservative people are now getting drunk on debt, wrecking their future. The very premise of Swedish society is under attack.

Read more …

Everybody does it. When people start borrowing less from banks for housing, economies will collapse. Superannuation is sort of like Australia’s 401(K).

Using Superannuation For Deposit ‘Irresponsible’ – Keating (Nine)

Former prime minister Paul Keating has labelled as “scandalous” the Turnbull government’s suggestion it might allow young people to raid their superannuation for house deposits. Ahead of the May budget, Mr Keating argues the idea would rob younger Australians of a large block of savings at the end of their working lives. “As an economic idea, this is scandalous. But, of course, for the Liberal Party, this is an ideological proposal,” he writes in Fairfax Media today. Mr Keating, who spearheaded Australia’s superannuation sector in 1992, said if the government were to proceed with this “irresponsible” idea it would put at risk the financial future of generations.

“It would potentially destroy superannuation for those, in the main, under 40 years of age, while at the same time, driving up the cost of the housing they are seeking to purchase,” he said. The federal government earlier this month set up a taskforce to look at new ways to promote millions of dollars of investment in community housing that could benefit one in three Australians. The taskforce will be headed up by Stephen Knight, who has had extensive experience in debt capital markets as CEO of the Treasury Corporation in NSW and as a member of the Australian Office of Financial Management advisory board. The group will report back to the government by the middle of the year. Treasurer Scott Morrison said housing affordability issues were impacting on the 30% of Australians who live in rented homes, and those who relied on affordable and social housing.

Read more …

China is caught in the same bind as Sweden, Australia, and just about the entire western world. Without ever more mortgage lending, banking systems are gone.

Chinese Home Prices “Unexpectedly” Rebound (ZH)

“The government intends to pause the surging home prices, and let them walk steadily up later,” said Xia Dan, a Shanghai-based analyst at Bank of Communications Co., adding that if curbs on demand are lifted, prices will rise further. “The government doesn’t want the prices to run all the time and ferment bubbles.” As Bloomberg notes, China’s biggest cities have seen a round of home price surges in the past year. In Beijing, new home prices rose 24% in February from a year earlier, while Shanghai saw a 25% gain. Shenzhen prices increased 14% in the same period. “Beijing’s tightening will have a short-term effect to stabilize the market, but the power of policy has become increasingly weaker,” Zhang Hongwei at Tospur Real Estate Consulting, said Friday, adding more local tightening may follow.

Or maybe not, because one may ask: is the rebound really unexpected. Perhaps not: as the WSJ reported on Sunday, “this year it seemed China was finally going to make headway on an idea familiar to U.S. homeowners: a property tax. For many Chinese families, owning a home is one of few options to build wealth, driving buying frenzies as people rush to purchase before prices soar. Imposing costs on homeowners through a property tax is seen as a way to tame such speculation, while also helping fund local governments. Lu Kehua, China’s vice housing minister, last month said the government needed to “speed up” a property-tax law. Economists and academics have long recommended the move. Yet the annual National People’s Congress came and went this month with no discussion of the topic. An NPC spokeswoman said a property tax wouldn’t be on the legislative agenda for the rest of the year.

In short, China evaluted the risk of a potential housing bubble burst, and deciding that – at least for the time being – it is not worth the threat of losing a third of Chinese GDP in “wealth effect”, got cold feet. Expect the recent dip in home prices to promptly stabilize, with gains in the short-term more likely that not.

Read more …

Long predicted. Financial warfare.

The Fed’s Global Dollar Problem (BBG)

The Federal Reserve might be doing the right thing for the U.S. economy by moving to bring interest rates back up to normal. But for foreign companies and governments that have borrowed trillions of U.S. dollars, the adjustment could be painful. Thanks in large part to a prolonged period of extremely low U.S. interest rates, borrowers around the world have gone on a dollar binge over much of the past decade – making them more vulnerable to the Fed’s policy decisions than ever before. As of September, non-bank companies and governments outside the U.S. had some $10.5 trillion in dollar-denominated debt outstanding, according to the Bank for International Settlements. That’s more than triple the level of September 2004, the last time the Fed was about this far into a cycle of rate increases. Here’s a chart:

If the Fed sticks with its plan of raising rates more than a percentage point by the end of next year, the increased interest costs could stunt growth and weigh on borrowers’ finances in places as far flung as the U.K. and China. It could also mean losses for investors holding the debt, particularly given that the duration of dollar-denominated bonds – a measure of their price sensitivity to changes in interest rates – is close to its highest point in at least two decades. An increase of 1 percentage point, for example, would take $500 billion off the value of the bonds included in the Bank of America Merrill Lynch U.S. Dollar Global Corporate and High Yield Index. Here’s a chart showing how that number has changed over the years (thanks to a combination of increased dollar debt and increased duration):

Read more …

Next up: falling demand.

Oil Drops On Rising Us Drilling, Failing OPEC Cuts (R.)

Oil prices fell on Monday, with already-bloated markets pressured by rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts. Prices for benchmark Brent crude futures were 35 cents, or 0.68%, below their last settlement at 0646 GMT, at $51.41 per barrel. U.S. West Texas Intermediate (WTI) crude futures were down 46 cents, or 0.94%, at $48.32 a barrel. Traders said that prices came under pressure from rising U.S. drilling and ongoing high supplies by OPEC despite its pledge to cut output by almost 1.8 million barrels per day (bpd) together with some other producers like Russia.

“There is good, strong momentum to the downside,” futures brokerage CMC Markets said in a note on Monday. U.S. drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631, the most since September 2015, energy services firm Baker Hughes Inc said on Friday, extending a recovery that is expected to boost shale production by the most in six-months in April. Sukrit Vijayakar of energy consultancy Trifecta said the rising drilling activity was “reinforcing the expectation of higher U.S. production offsetting (OPEC’s) supply cuts”. U.S. oil output has risen to over 9.1 million bpd from below 8.5 million bpd in June last year.

Read more …

“..for the likes of Rudd, “Never forget” means “Don’t forget for two weeks” or, if politically expedient, “Don’t forget for three days”.

“The reason they can never answer the question, ‘How could it [the Holocaust] possibly happen?’ is that it’s the wrong question. Given what people are, the question is, ‘Why doesn’t it happen more often?’”

Smile For The Auschwitz Selfie: Why Holocaust Memorials Have Failed (NS)

It is time to say that attempts to memorialise the Holocaust have failed and may even be counterproductive. The dead are still dead; anti-Semitism still exists and sometimes thrives. Myths of Jewish power circulate, now with the added insult of “playing the Holocaust card (that you presumably picked up at a Holocaust memorial gift shop)”. A clutch of these memorials, all counselling kindness to the refugee, could not save Aylan Kurdi, a three-year-old Syrian boy, from drowning in the Mediterranean Sea in 2014. In January the Home Secretary, Amber Rudd, posted a picture of herself signing a Holocaust remembrance book on Twitter. “We must never forget,” she wrote. It reminded me of my favourite line from the 1986 Woody Allen film Hannah and Her Sisters: “The reason they can never answer the question, ‘How could it [the Holocaust] possibly happen?’ is that it’s the wrong question. Given what people are, the question is, ‘Why doesn’t it happen more often?’”

Two weeks later, Rudd announced that the “Dubs amendment” – which aimed to offer sanctuary to solitary child refugees and was sponsored by Lord Dubs, who came to the UK from Czechoslovakia on the Kindertransport in March 1939 – would be discontinued after resettling just 350 children. (Even the Cameron government, no friend to the vulnerable, suggested that it could take about 3,000.) I do not expect Rudd to know that, in response to the Évian Conference on Jewish refugees, held in France in 1938, Adolf Hitler offered German Jews to the world but the world did not want them. Britain took 10,000 children, sponsored privately, and left their parents to die. After 1945, Britain agreed to take another 1,000 Jewish children but it could not find 1,000 still alive. It took 732. I now see that, for the likes of Rudd, “Never forget” means “Don’t forget for two weeks” or, if politically expedient, “Don’t forget for three days”.

But if that’s what you think, you never knew anything to forget. Rudd couldn’t see the connection between the British government of 1938 leaving children to die in far-off lands and the British government of 2016 doing the same. Her signing of a Holocaust remembrance book was so meaningless that it was, at best, hand exercise and, at worst, a cynical PR gesture. This act of Holocaust memorialising was a failure. I hope that Rudd is prevented from approaching any Holocaust-related stationery in future. But that won’t happen. The orthodoxy in these circles is: let them all come to bear witness, no matter what they do with it. Some of them might learn something. This policy led to a friend hearing a young Polish boy, touring Auschwitz, describe a fellow visitor as “a rich Jewish bitch in all that jewellery”. The boy had learned nothing, but the man had. He punched him in the face, and that is the only cheerful anecdote in this article.

Read more …

Maybe Germany and the US should make this very clear: “..the head of the BND foreign intelligence agency, who said the Turkish government had failed to convince it that Muslim cleric Fethullah Gulen was responsible for the coup attempt.”

Spy Comments Proof Germany Supports Group Behind Attempted Coup: Erdogan (R.)

Doubts expressed by Germany’s spy agency regarding the role of a U.S.-based cleric in last year’s attempted coup in Turkey are proof that Berlin supports the organization behind the attempt, Turkish President Tayyip Erdogan’s spokesman said on Sunday. Ibrahim Kalin made the comment in a live interview with broadcaster CNN Turk. On Saturday, German news magazine Der Spiegel published an interview with the head of the BND foreign intelligence agency, who said the Turkish government had failed to convince it that Muslim cleric Fethullah Gulen was responsible for the coup attempt. “Turkey has tried to convince us of that at every level but so far it has not succeeded,” Bruno Kahl was quoted as saying. Kalin said those comments were proof that Berlin supported the coup. Germany and Turkey have been locked in a deepening diplomatic row after Berlin banned some Turkish ministers from speaking to rallies of expatriate Turks ahead of a referendum next month, citing public safety concerns.

Read more …

Erdogan needs an enemy to ‘protect’ his people from, or he won’t win the referendum.

Erdogan Accused Merkel Of Using Nazi Methods (DW)

Ankara launched a new wave of anti-German rhetoric on Sunday, with President Recep Tayyip Erdogan calling out the German chancellor in a televised speech. “When we call them Nazis, they (Europe) get uncomfortable. They rally together in solidarity. Especially Merkel,” Erdogan said. “But you are right now employing Nazi measures,” he said, addressing Merkel directly and using the unofficial, personal way of saying “you” in Turkish. Erdogan has previously accused both the Netherlands and Germany of acting like Nazis after the two countries prevented Turkish ministers from holding campaign rallies on their territory. In his Sunday speech, Erdogan accused Merkel personally of using Nazi methods against his “Turkish brother citizens in Germany and brother ministers.”

The row with Europe “showed that a new page had been opened in the ongoing fight against our country,” he added. Berlin was decidedly not amused, saying that the Turkish president had “gone too far.” Foreign Minister Sigmar Gabriel told the Passauer Neue Presse that he warned Ankara against continuing this “shocking” rhetoric. “We are tolerant but we’re not stupid,” Gabriel said. “That’s why I have let my Turkish counterpart know very clearly that a boundary has been crossed here.” Ankara also responded furiously to a Kurdish rally in Frankfurt yesterday, where participants carried flags and symbols of the outlawed Kurdistan Workers’ Party (PKK) and called for a ‘no’ on the upcoming referendum. The Turkish government said the rally showed Berlin’s hypocrisy after halting similar events for the ‘yes’ camp. They also summoned the German ambassador over the incident.

Read more …

Someone should shut up Dijsselbloem. When you lose as big as he did in last week’s elections, you need to pipe down, disappear.

Dijsselbloem Calls For ESM To Be Turned Into A European IMF (R.)

The European Stability Mechanism (ESM) – the euro zone’s bailout fund – should ultimately be turned into a European version of the International Monetary Fund, the head of euro zone finance ministers told a German newspaper. “I think it would make a lot of sense for the euro zone bailout fund ESM to be developed into a European IMF in the medium to long term,” Jeroen Dijsselbloem told Monday’s edition of Frankfurter Allgemeine Zeitung. He said that would also mean that Greece’s current “troika” of lenders – the European Commission, ECB and the IMF – would need to be broken up in the longer term. “The ECB feels increasingly uncomfortable in its troika role, and rightly so I think,” Dijsselbloem said, adding that the European Commission had other “important tasks” that it should concentrate on.He said the ESM should “build up the technical expertise that only the IMF has at the moment”.

German Finance Minister Wolfgang Schaeuble has also proposed turning the ESM into a European monetary fund to improve the management of crises in Europe. Dijsselbloem said the institutions should maintain their roles for Greece’s current bailout and said he still expected the IMF to decide on a new programme, adding that it would be “most welcome” if this happened by the summer. Germany, which holds elections in September, wants the IMF on board before new money is lent to Athens. But it disagrees with the IMF over debt relief and the fiscal targets that Greece should maintain after the bailout programme ends in 2018. Dijsselbloem said he did not expect the current review of Greece’s bailout programme to be concluded quickly, adding that he did not think the institutions will complete it before a Eurogroup meeting in Malta in April.

Read more …

From a Jacobin article on the Dutch elections. Yeah, as I said last week, they’re trying to find ways to allow Dijsselbloem to ‘finish the job’ of finishing off Greece.

Defeat in Victory (Jacobin)

Under the current government, the PvdA’s rightward shift took on a whole new meaning. The party gained significant ground during the 2012 elections by arguing that a vote for Labour was the only way to avoid a VVD-led austerity government. Immediately after the elections, the party turned around and started negotiating the formation of a coalition with those very opponents. This government launched a massive austerity program, entailing almost fifty billion euros in cutbacks. PvdA ministers prided themselves on taking some of the most difficult posts, including social affairs and employment (PvdA leader Lodewijk Asscher) and finance (Jeroen Dijsselbloem).

A PvdA minister of the interior loyally executed the VVD’s anti-refugee policies. And Dijsselbloem not only enthusiastically applied the European Union’s fiscal stringency to the Netherlands but, as chairman of the Eurogroup, became its main enforcer against the Syriza government. Nothing could more fully demonstrate the PvdA’s neoliberal drift than the fact that Alexander Pechtold, leader of the liberal-democratic party Democrats 66 (D66), repeatedly suggested Dijsselbloem could continue to represent the Netherlands in Brussels “so that he can finish the job.” [..] The same anger and anxieties that created violent shocks to the political system — of which the PvdA’s collapse is only the latest example — also continue to drive large numbers to vote for allegedly safe parties that they wrongly believe will at least not make things worse.

Read more …

Greece spends more on pensions because it is the only fallback the economy has, they play the role that in other countries is played by unemployment benefits. The Troika knows this very well. It’s hard not to conclude that the lenders are trying to create a civil war in Greece.

Greece Edges Toward Another Bailout Crisis (BBG)

Greece is set to miss yet another deadline for unlocking bailout funds this week, edging closer to a repeat of the 2015 drama that pushed Europe’s most indebted state to the edge of economic collapse. Euro-area finance ministers meeting in Brussels on Monday will reiterate that the government of Alexis Tsipras has yet to comply with the terms attached to the emergency loans that have kept the country afloat since 2010. While Tsipras had promised the long delayed review of the latest bailout would be completed by March 20, a European official said last week that reaching an agreement even in April is now considered a long shot. The two sides are still far apart on reforms demanded by creditors in the Greek energy market and the government in Athens is resisting calls for additional pension cuts. And while discussions continue on how to overhaul the labor market, a finance ministry official said in an email to reporters on Friday that the issue can’t be solved in talks with technocrats.

Stalled bailout reviews and acrimony between successive governments and auditors representing creditor institutions are all too familiar themes in the seven-year crisis that has reduced the Greek economy by a quarter. Failure to resolve the latest standoff before the summer could mean that Greece may not be able to meet debt payments due in mid-July. Even as Greek bonds have performed better than most of its euro-area peers this year on expectations that the government will capitulate, uncertainty has weighed on economic activity, raising the risk that an additional bailout may be needed. Unemployment rose in the last quarter of 2016, the economy unexpectedly contracted, and a bleeding of deposits from the nation’s battered lenders resumed.

Read more …

Daniel Howden is a senior editor at Refugees Deeply. Good piece, but very incomplete. I’ll get back to that.

How Millions In Refugee Funds Were Wasted In Greece (K.)

For a story of waste and suffering, it’s notable that some of the worst decisions in response to the refugee crisis in Greece were born of good intentions. An archipelago of some 50 small refugee camps was scattered over Greece in preference to concentrating asylum seekers in larger ghettos. As an idea it had merits. In practice it was disastrous. Authorities still struggle to say how many camps there are. The Ministry of Migration Policy lists 39 but the UN says there may be more than 50. Many of these sites, which are in various states of closure, were clearly unfit for human habitation in the first place. The choice to build so many of them multiplied infrastructure costs for things like sewage systems built on private property or remote sites that will serve no public purpose in the future. Meanwhile, the Public Power Corporation is building substations at sites that will likely face closure.

The European Commission and its humanitarian operations agency ECHO are expected to cease support for all but 10 of Greece’s mainland camps in the near future. As the main donor, this will be decisive. There is similar confusion over how many asylum seekers remain in Greece from the 1.03 million who entered in 2015-16. Again the ministry and the UN disagree, with the former saying 62,000 and the latter nearer 50,000. European officials say privately that both numbers are overestimates. This shroud of confusion has contributed to a mess that will be remembered as the most expensive humanitarian response in history. Some $803 million flowed into Greece from the beginning of 2015, according to an investigation by Refugees Deeply, an independent reporting platform. The bulk of these funds were meant to be spent on services for the 57,000 refugees and migrants stranded in Greece when the borders shut one year ago. That translates to a rough cost per beneficiary of $14,000.

Nobody believes this has been money well spent. One senior aid official admitted that as many as $70 out of every $100 spent had been wasted. As anyone who followed the response in Haiti or Kosovo would affirm, the aid industry is inherently wasteful but this was excessive. The scale of this became obvious from November onward when refugees were pictured in tents in the snow and it sparked a blame game. None of the actors emerge with much credit. The UN refugee agency played mute witness to failures in refugee protection for fear of offending its second largest donor, the EU. The European Commission was content to make grandiose statements that exaggerated the funding it had committed, while doing nothing to correct the mistakes it witnessed on the ground. It also made promises on asylum service assistance that were not kept. The bigger the mess in Greece, the greater the deterrent and the stronger the message to future asylum seekers not to come this way.

Read more …

Wonderful. There is still hope. There are still people, even in governments, who are still people.

Avoiding Risky Sea Journey, Syrian Refugees Head To Italy ‘Pronto’ (AFP)

Just before midnight in a sleepy district of Beirut, dozens of Syrian refugees huddle in small groups around bulging suitcases, clutching their pinging cellphones and one-way tickets to Italy. “Torino! Pronto! Cappuccino!” They practise random Italian words in a schoolyard in the Lebanese capital’s eastern Geitawi neighbourhood, waiting for the buses that will take them to the airport, and onwards to their new lives in Italy. Under an initiative introduced last year by the Italian government, nearly 700 Syrian refugees have been granted one-year humanitarian visas to begin their asylum process in Italy. The programme is the first of its kind in Europe: a speedy third way that both avoids the United Nations lengthy resettlement process and provides refugees with a safe alternative to crammed dinghies and perilous sea crossings.

[..] A country of just four million people, Lebanon hosts more than one million Syrian refugees. For members of Mediterranean Hope, the four-person team coordinating Italy’s resettlement efforts from Lebanon, “humanitarian corridors” are the future of resettlement. The group interviews refugees many times before recommending them to the Italian embassy, which issues humanitarian visas for a one-year stay during which they begin the asylum process for permanent resettlement. “It’s safe and legal. Safe for them, legal for us, says Mediterranean Hope officer Sara Manisera. “After people cross the Mediterranean on the journey of death, they are put into centres for months while they wait. But with this programme, there are no massive centres, it costs less, and refugees can keep their dignity,” she tells AFP.

Read more …

Beware better weather conditions.

3,000 Migrants Rescued Off Libya On Sunday (AFP)

Around 3,000 migrants were rescued off the coast of Libya on Sunday as they tried to cross the Mediterranean to Europe, the Italian coast guard told AFP. “After some calm days, migrants are arriving in large numbers, taking advantage of a window of favorable weather,” said a coast guard official. The rescue was undertaken in 22 separate operations coordinated by the Italian coast guard. One participant was the Aquarius, a humanitarian ship run by the NGO SOS Mediterranean and Doctors Without Borders (MSF), which said it saved 946 people, including 200 unaccompanied minors. An MSF video showed three young children smiling and dancing on the ship to the sound of drumming. The migrants rescued by the Aquarius had been found drifting on nine wooden and rubber boats. According to the Italian government, 16,206 people have been rescued in the sea by Friday — compared to 11,911 by the same time last year.

Read more …

Mar 032017
 
 March 3, 2017  Posted by at 1:41 pm Finance Tagged with: , , , , , , , , , ,  14 Responses »


Leonardo da Vinci Head of a Woman 1470s

 

This is turning into a very rewarding series, it opens up vistas I could never have dreamed of. First, in “Not Nearly Enough Growth To Keep Growing”, I posited that peak wealth for the west, and America in particular, was sometime in the early ’70s or late ’60s of the last century.

That led to longtime Automatic Earth reader Ken Latta, who’s old enough to have been alive to see it all, writing, in “When Was America’s Peak Wealth?”, that in his view peak wealth for America was earlier, more like late ’50s to early ’60s, a carefree period for which Detroit provided the design, and the Beach Boys the soundtrack.

And I know, for those who wrote to me about this, that there’s quite a bit of myopia involved in focusing on the US, or even the western world in general, when discussing these things. But at the same time, we’re all at our best when talking about our own experiences, something this thread has made abundantly clear. That said, I would absolutely love to get a view from other parts of the world, China, Latin America, Africa, Eastern Bloc, on the same topic. I just haven’t received any yet.

What I’ve absolutely adored is how -previously- anonymous Automatic Earth readers and commenters have felt the urge to share their life experiences because of what’s been written. This happened especially after Ken’s follow-up to his initial article, “Peak American Wealth – Revisited”, which saw many of his contemporaries, as well as younger readers after I ‘poked’ them, relate their views.

Then there was distinguished emeritus professor Charles A. Hall, who took offense with neither Ken nor I including energy as an explicit factor in determining wealth. Of course he was right. I have the creeping suspicion he often is. So Charlie wrote “Peak Wealth and Peak Energy”. Which not only set us straight, it also generated a -privately- emailed response from Belgian scientists- also Automatic Earth readers- about work he has earlier published on EROI of for instance Spanish solar PV (2.45:1? That must hurt!). As of this morning, it looks as if this may lead to further cooperation. What’s not to love?

And then all this has fired up Ken Latta to write yet another article, this time on ‘freely available’ energy before the age of oil -and after it!-, in the form of human slavery. In all of its forms and shapes, including wage slavery. Is it a coincidence that at the end of the age of oil, America’s -former- middle class appears to be descending -once more- into wage and debt slavery? Or is something entirely else – and darker- going on, as Ken seems to suggest below: The currently observable rapid decline in demand for wage slaves just happens to coincide with global peak energy.

Here once more is Ken Latta:

 

 

Ken Latta: Responses to the recent Charles Hall posting at the Automatic Earth, “Peak Wealth and Peak Energy”, parried with the idea that slaves were the original black gold that allowed society to build great wealth. Not only is that a fair statement, but what the finest historians tell us is that it was always thus. It seems that whenever a cluster of mud huts went up, taking slaves was soon placed on the to-do list.

When uncoerced human power is the highest EROEI source available, usually not much gets done beyond procuring food and making basic necessities. For such societies, peak wealth occurs when a herd of grazing animals happens by. The first rule of civilization building is: find a bunch of people you can force to do things they wouldn’t otherwise be inclined to do.

In antebellum America (USA that is) there were three kinds of coerced laborers. Chattel slaves (held as real property) were the abducted Africans that made the plantation economy of the southern states possible. Something that was not well known was the practice of our colonial masters trading guns, powder and lead to the “Indians” to purchase captive natives for slave labor. They proved to be unwilling workers and frequently escaped back to their tribes.

Indentured servants were not property. Their coerced labor was legally imposed to work off a debt. Many of our ancestors got to the US by contracting to work for someone that would pay their fare. The main difference from chattel was that upon settlement of the debt they were free to leave.

 

That brings us to the thing known to wags in recent times as wage slavery. Us wrinklies may remember a bumper sticker [I can’t be fired, slaves must be sold]. Wage slaves are free to come and go and quit any time. They may also be fired. When they are trying not to be fired and not ready to quit, they must pretty much do as they are told and thus coerced labor. There could be a fourth class, in that some people refer to entrepreneurial souls as the self-exploited.

Once the infrastructure to fully exploit fossil fuels was in place, the most repugnant forms of forced servitude fell out of favor. The president known as Old Hickory outlawed chattel slavery. Not necessarily because he so loved his African constituents, who were politically considered to be two-thirds of a person, but in hopes they would do what they could to hinder the Confederate war effort.

The newly self-owned citizens often ended up doing much the same work as before except as either indentured or wage slaves. Most wage slaves have progressively gotten less back breaking work to do, though not necessarily less monotonous. Some have gotten to do quite exciting and satisfying work.

They also worked up to the point of having some effective leverage in dealing with their would-be slave masters.

 


James Gibson Group of contrabands [runaway slaves] at Foller’s house, Cumberland Landing, Virginia 1862

 

Wage slavery is categorically different in that its prevalence correlates with non animate sources of energy. Wage slaves have served as overseers of the energy slave economy according to the instructions of the bosses. Sadly, what this implies is that as fossil energy production declines, the demand for wage slaves also declines. We are observing it happening. The stagnation of wage earnings began at the time US oil production peaked. The currently observable rapid decline in demand for wage slaves just happens to coincide with global peak energy.

The actual rate of energy decline is accelerated by the associated trend of impoverishment of wage slaves and the growing pool of would-be wage slaves. And thus we will get to see the effect of Ugo Bardi’s Seneca Cliff. Named for 1st century Roman citizen Lucius Annaeus Seneca and based on this quotation:

“It would be some consolation for the feebleness of our selves and our works if all things should perish as slowly as they come into being; but as it is, increases are of sluggish growth, but the way to ruin is rapid.”
– Lucius Anneaus Seneca, Letters to Lucilius, n. 91

Demand for energy is falling faster than production, causing even the mightiest producers to teeter on the edge of insolvency. The prediction a few years ago by petroleum geologist Jean Laherrere that the Bakken fields would be played out around 2020 appears to be on target.

The great NY Yankees catcher Yogi Berra is said to have quipped that “predictions are hard, especially about the future.” I agree, but sometimes you just have to throw caution to the wind.

Ugo Bardi, an estimable professor, and a whole pack of fellow academics joined by the usual crowd of entrepreneurial hustlers are pushing a pipe filled to the brim with Hopium that ruination can be avoided or mitigated by works worthy of a sorcerers apprentice.

We just have to assemble a vast armada of solar panels and wind turbines, plus a few billion tons of rechargeable batteries and turn every suitable topographic feature of the landscape into pumped storage, et voila!, energy slaves forever.

An admirable dream, but I’m gonna let that bandwagon go on down the street without me. I share the opinion that boat sailed for NeverneverLand quite a long time ago. What already exists and whatever still gets built will keep some lights on for awhile, but preservation of industrial civilization seems to me unattainable.

 

There must be a consequence right? Yes, I think there is and nobody is gonna like what I think it will be. At some threshold level of wage slave unwagedness the perfumed princes of the shrunken “protected class” (pace Peggy Noonan) will regretfully determine that a return to indentured servitude is necessary for the maintenance of moral fabric (and the preservation of their class). Rumor has it, this is already emerging as a feature of the injustice system. The next obvious step would be press gangs grabbing people off the streets and in their homes (hovels?) to sell at auction or gift to a powerful enemy, etc.

Sounds too far fetched? It is approximately what happened in Nazi Germany. The unemployed were rounded up and forced to work on public works projects. Jews weren’t just sent to camps to be gassed, they also went to camps next to industrial facilities to work as slaves to sustain the German economy and war effort. Even Auschwitz was a slave labor camp. Famous sign over the main gate says “Arbeit Macht Frei” (work makes free). If it isn’t already happening, something similar seems likely to emerge in the Nazi glorifying madhouse called Ukraine.

This was difficult to write. It can’t have been easy to read. But, to paraphrase one of recent history’s real shitheads, we must live the dark ages with the human species we have, not the one we might wish we had.

There is an ageless quip about not shooting the messenger, but who else ya gonna shoot when he’s the only one standing there.

Let the 10 minutes hate begin.